##  [# ETF Version of Money Market Funds Growing Fast ](/sections/news/etf-version-money-market-funds-growing-fast) 

 

# ETF Version of Money Market Funds Growing Fast 

 

 

‘BIL’ and ‘SGOV’ are the two most popular funds in the ultra-short segment this year.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Nov 07, 2023

 Edited by: Kent Thune 

 

 

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The closest thing to money market funds in the ETF space are ultra-short term bond ETFs. Like their mutual fund counterparts, these exchange-traded funds hold debt with maturities of one year or less.

There are around 32 of these ETFs listed in the U.S. today and they collectively have around $131 billion in assets under management.

That’s a fraction of the money invested in money market funds—$5.7 trillion, according to the Investment Company Institute—but assets are growing fast.

So far this year, $33 billion has flowed into ultra-short term bond ETFs, primarily those that invested in Treasury bills.

## Top Ultra-Short Term Bond ETFs

The most popular funds in the category this year include the [**SPDR Bloomberg 1-3 Month T-Bill ETF (BIL)**](https://www.etf.com/bil) and the [**iShares 0-3 Month Treasury Bond ETF (SGOV)**](https://www.etf.com/sgov), which have pulled in $12.7 billion and $10.6 billion of new money, respectively.

The [**US Treasury 3 Month Bill ETF (TBIL)**](https://www.etf.com/tbil), a “single-bond ETF,” which invests in the most recently auctioned U.S. 3-month Treasury Bill, has also been popular among investors. It’s pulled in around $2.4 billion of fresh cash so far this year.

Each of these ETFs, along with the [**SPDR Bloomberg 3-12 Month T-Bill ETF (BILS)**](https://www.etf.com/BILS) and the [**iShares Short Treasury Bond ETF (SHV)**](https://www.etf.com/shv)—the two ETFs which round the list of the five most popular ultra-short term bond ETFs this year—have delivered year-to-date gains of just over 4%.

The [**JPMorgan Ultra-Short Income ETF (JPST)**](https://www.etf.com/JPST), which is the largest active ETF in the segment and the second-largest ultra-short term bond ETF overall with AUM of $23 billion, hasn’t been very popular this year. The fund registered outflows of nearly $800 million and it underperformed with a return of 3.8%.

Unlike the other ETFs mentioned so far, JPST takes on credit risk in an effort to generate higher yields. It’s a strategy that has historically delivered outperformance, but not this year.

 
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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


 Related Topics  [Ultra-Short Term](http://www.etf.com/topics/ultra-short-term) 

 [Fixed Income](http://www.etf.com/topics/fixed-income)