At a glance
GBIL charges 0.12% a year, the same as the average of the 7 funds most like it (the 3rd cheapest of 8). It has $7.64B in assets, the 8th largest of that group; it paid 3.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.6% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.4% a year. At its worst it fell 0.1% in the 2020 crash (S&P 500: 33.7%) and 0.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows. Its ten largest positions make up 53.5% of the fund, out of 39 in all.
The short version
The Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) holds US Treasury bills and notes that mature within 12 months. It tracks the FTSE US Treasury 0-1 Year Composite Select Index. Its price barely moves, and its income rises and falls with short-term interest rates. At 0.12% a year, it costs the same as the average similar fund. That is less than SHV's 0.15% but more than SGOV's 0.09%.
Price history
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GBIL +3.6% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GBIL official prospectus, to Dec 31, 2024 | — | +5.15% | — | +2.34% | — | +2.00% |
| GBIL price data to Oct 27, 2026 | +2.8% | +3.6% | +4.4% | +3.6% | +2.4% | +2.3% |
- Over the year to Oct 27, 2026, GBIL returned +3.6%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +3.6% and its 10-year +2.4%.
- In the 2020 COVID crash, while stocks fell, it gained 0.6%.
- Its worst full calendar year was 2021 (-0.1%); its best was 2024 (+5.2%).
- The deepest fall in its price history was 0.8% (Mar 28, 2024 to Apr 1, 2024), recovered by May 23, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.9% | — |
| 2025 | +4.1% | — |
| 2024 | +5.2% | +5.15% |
| 2023 | +4.9% | +4.94% |
| 2022 | +1.1% | +1.01% |
| 2021 | -0.1% | -0.09% |
| 2020 | +0.8% | +0.81% |
| 2019 | +2.3% | +2.32% |
| 2018 | +1.8% | +1.77% |
| 2017 | +0.7% | +0.71% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 0.6% over that stretch · deepest drop along the way 0.1% |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.3% over that stretch · deepest drop along the way 0.2% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.6300 | |
| 2025 | $4.0400 | -17.9% |
| 2024 | $4.9200 | +3.1% |
| 2023 | $4.7700 | +245.7% |
| 2022 | $1.3800 | +68.3% |
| 2020 | $0.8200 | -62.9% |
| 2019 | $2.2100 | +29.2% |
| 2018 | $1.7100 | +131.1% |
| 2017 | $0.7400 |
What's inside
As of Aug 31, 2026, the fund held 39 securities; the ten largest made up 53.52% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 7.21% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 7.16% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 6.81% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 6.58% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 6.54% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 4.19% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.93% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.84% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.63% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.63% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.42% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 3.29% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.63% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.60% | |
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 2.42% |
By country
United States 99.74%By issuer
US Treasury 99.74%The bonds mature in 0.4 years on average (weighted by size), with an average coupon of 1.29%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $37.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +0.32%, +0.31%.
How it works
The fund aims to match the FTSE US Treasury 0-1 Year Composite Select Index, which is run by FTSE Fixed Income LLC, part of the London Stock Exchange Group. The index includes Treasury bills, notes and floating rate bonds with 1 to 12 months left until they mature. Each issue must have at least $5 billion outstanding. Ten- and 30-year Treasury bonds can't be included, and neither can special issues such as stripped coupons. Larger issues get larger weights, and the index is rebalanced on the last day of each month. As of November 30, 2025, it held 87 issues with an average maturity of 0.36 years.
Goldman Sachs uses "representative sampling." That means the fund buys a smaller set of index securities chosen to behave like the whole index. As of August 31, 2026, the fund held 39 positions, and its 10 largest made up about 54% of assets. The biggest were Treasury bills maturing October 8, 2026, and November 27, 2026, at about 7.2% each. The average time to maturity was 0.4 years.
As bills mature, the fund replaces them with new ones, so its income follows short-term rates. The prospectus states that GBIL is not a money market fund and does not try to keep a stable share value.
What it really costs
- GBIL charges 0.12% a year, versus an average of 0.12% for the similar funds below (3rd of 8, cheapest first).
- Of that, 0.14% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $12 in the first year and $177 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GBIL | $12 | $43 | $77 | $177 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
GBIL holds only US Treasuries that mature within a year, so its price has barely moved even when stocks crashed.
GBIL could hold money a retiree expects to spend within the next year or so. It launched in 2016, so it has no record from the 2008 crisis. During the 2020 COVID crash it gained 0.6% while stocks plunged, and it gained 0.3% over the 2022 bear market. Its worst calendar year was 2021, at -0.09%. Its deepest drop was about 0.8% in spring 2024, and it recovered in about 1.7 months. For someone who must sell shares in a bad year, that steadiness is the main appeal.
Income came to a trailing 3.6% as of October 27, 2026, paid monthly. It will shrink if short-term rates fall. Long-run growth has been modest: about 2.4% a year over the 10 years to that date. The fund costs 0.12% a year. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Savers who want a cash reserve held in US Treasuries maturing within 12 months, from a fund whose worst calendar year was -0.09%.
- Investors who want monthly income that follows short-term rates. The trailing yield was 3.6% as of October 27, 2026.
- Those comparing Treasury bill funds who are open to slightly longer maturities, averaging 0.4 years, than SGOV or BIL, at 0.12% a year.
Look elsewhere if
- Investors focused on the lowest cost: SGOV charges 0.09%, and GBIL's 0.12% depends on a 0.02% fee waiver.
- Investors seeking long-term growth: GBIL returned about 2.4% a year over the 10 years to October 27, 2026.
- Anyone who needs a fixed share price or FDIC insurance. GBIL is not a money market fund or a bank deposit.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GBIL this fund | 0.4 yrs | 0.12% | $7.64B | +3.6% | +4.4% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
Questions investors ask
Is GBIL a money market fund?
No. GBIL's prospectus says it is not a money market fund and does not try to keep a stable share value. Its price moves slightly each day, and it trades on an exchange like a stock. Like a money market fund, though, it holds very short-term government debt. As of August 31, 2026, about 99.7% of its assets were US Treasury securities, with an average of 0.4 years to maturity. It is not FDIC insured.
Does GBIL pay monthly dividends?
Yes, GBIL pays monthly. Over the 12 months to October 27, 2026, its payouts came to about 3.6% of the share price. Most of that income comes from interest on short-term Treasuries, so it rises and falls with short-term interest rates. Results have varied widely: the fund returned -0.09% in 2021 but 5.15% in 2024. If short-term rates fall, the monthly payments shrink.
What's the difference between GBIL and SHV?
The two are very similar. Both hold short-term US Treasuries, and both returned about 3.6% over one year and 4.4% a year over three years as of late October 2026. GBIL costs 0.12% a year, compared with 0.15% for the iShares Short Treasury Bond ETF (SHV). As of August 31, 2026, GBIL held slightly longer maturities, averaging 0.4 years against SHV's 0.3. SHV is much larger, with about $21 billion in net assets against GBIL's $7.6 billion.
Can you lose money in GBIL?
Yes, but its losses have been small and brief. Its worst calendar year was 2021, at -0.09%, and its worst quarter was -0.11% in early 2022. Its deepest price drop was about 0.8% in spring 2024, and it recovered in about 1.7 months. Because it holds Treasuries that mature within a year, rising interest rates hurt its price far less than they hurt longer-term bond funds. It is not a bank deposit and is not insured by the FDIC.
What is GBIL's expense ratio?
GBIL's expense ratio is 0.12% a year, according to its prospectus filed December 29, 2025. That is a 0.14% management fee minus a 0.02% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost about $12 in the first year and $177 over 10 years. That matches the 0.12% average for similar funds. SGOV charges 0.09% and SHV charges 0.15%. If the waiver ends, the cost could rise.