Goldman Sachs Access Treasury 0-1 Year ETF

GBIL

Market cap $6.26B

Goldman Sachs entered the ETF market nearly 10 years ago, yet two of its most popular products in 2025 are relatively new, both with less than a two-year track record. The Goldman Sachs ActiveBeta US Large Cap Equity ETF (GSLC), launched in September 2015, is a $13 billion fund that employs a multifactor smart-beta approach.

Recent market turmoil has shown that pure treasury funds like GBIL are the safest cash parking vehicles, outperforming other short-term funds during sell-offs. The Fund's longer duration profile and 0.12% expense ratio make it favorable in today's environment with expected Fed cuts, offering a stable NAV and 4.15% yield. Yield enhancement funds with higher dividends, like CSHI and JAAA, experienced significant drawdowns, highlighting the trade-off between higher yields and increased volatility.

KBW praises Citi's value, Goldman's revenue upside and Bank of America's expected net interest income growth.

The ECB cut rates by 25bp as widely anticipated, but a slightly hawkish tilt bear flattened the EUR curve, which in our view remains priced aggressively. In the US, as the markets head towards the Fed's first rate cut, the probability of a larger cut rose slightly on Thursday.

How's a 5.6% safe return on your cash sound? For a growing number of ETF investors fearful of the S&P 500's future, it's a sweet deal.

Goldman Sachs Access Treasury 0-1 Year ETF offers convenience for investors seeking exposure to Treasury Bills without the hassle of buying directly from Treasury Direct. The GBIL ETF tracks the performance of the FTSE US Treasury 0-1 Year Composite Select Index and provides exposure to safe and stable short-term U.S. government debt. The fund has over $5 billion in assets and offers a 30-Day SEC Yield of about 5.16%, making it an appealing option for investors seeking yield with no default risk.

After seeing their third-largest weekly outflow on record, money markets have recorded three straight weeks of inflows. Mixed-assets funds was the only group to suffer outflows. Spot bitcoin ETFs saw an inflow a week after seeing their first outflow since the products launched.

It generally takes a few years for changes in Federal Reserve rates to fully impact bond fund dividends. Bond funds are still benefitting from prior rate hikes. Perhaps by enough to cancel out any future rate cuts. By my estimations, and under current Fed guidance, most bond funds would only start to see declining dividends in 2025, at the earliest.

The Fed may have shifted its policy stance, but the yield curve remains as inverted as ever. Market expectations seem aggressive and investors exposed to duration are risking quite a bit. Funds like GBIL, which offer the yield and principal protection benefits of the front-end, stand out.

Equity markets traded slightly up, while short-term Treasury yields increased by more than 2.0%. After logging a record-breaking weekly inflow last week, high-yield ETFs posted their second-largest weekly inflow. Short/intermediate investment grade funds have seen 10 straight weekly outflows while recording three consecutive weekly gains.