Fund · State Street(R) SPDR(R) Bloomberg 1-3 Month T-Bill ETF · measured from SEC filings
BIL holdings
BIL reports 24 holdings and behaves like 14.9 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-06-30. The fact sheet publishes the first number; this page computes the second, and traces it across 28 quarters of filings.
Measured concentration
as of 2026-06-30Read this figure with the following in mind
100% held in short-term investment vehicles: this is a cash-like fund, and its holding count measures something different
5.1% of net assets is securities-lending cash collateral, excluded from the figure; counted as filed the fund would read 14.4
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 5.25% at a quoted market price (level 1), one issuer country.
What stands out
as of 2026-06-30BIL's largest investment is U.S. Treasury Bills at 12.04% of net assets. U.S. Treasury Bills and U.S. Treasury Bills follow; the three together are 28.31%. Ten companies are 74.44% of the fund; the other 14 share the rest. Among the 12 short-term funds measured here, BIL behaves like 14.9 holdings against a median of 9.5 — 1.6 times the median. Across 28 quarterly filings BIL has held roughly steady since 2019-09-30 (12 then, 14.9 now). Between the 2026-03-31 and 2026-06-30 filings 22 positions were added and 20 dropped; 99.8% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable short-term funds on this site. Nothing here is a view on the fund.
Every filing since 2019
28Between 2019-09-30 and 2026-06-30, BIL went from behaving like 12 equally weighted positions to 14.9 — 24% more, while its top ten went from 86.19% to 74.44% of net assets. Read across the funds on the concentration-over-time table.
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-06-30 | 24 | 14.9 | 74.44% | 12.04% |
| 2026-03-31 | 22 | 15.1 | 74.26% | 10.33% |
| 2025-12-31 | 28 | 18.7 | 63.99% | 8.12% |
| 2025-09-30 | 19 | 15.2 | 72.24% | 10.16% |
| 2025-06-30 | 27 | 16.2 | 69.57% | 10.95% |
| 2025-03-31 | 29 | 17.3 | 65.35% | 9.63% |
| 2024-12-31 | 27 | 17.6 | 66.52% | 9.3% |
| 2024-09-30 | 21 | 15.2 | 73.4% | 9.41% |
Earlier filings (20 more, back to 2019-09-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-06-30 | 28 | 17.2 | 68.27% | 10.92% |
| 2024-03-31 | 19 | 15.8 | 68.34% | 9.31% |
| 2023-12-31 | 19 | 16 | 68.25% | 8.99% |
| 2023-09-30 | 19 | 15.2 | 72.93% | 10.14% |
| 2023-06-30 | 19 | 15.7 | 72.79% | 9.25% |
| 2023-03-31 | 18 | 14.7 | 74.48% | 9.58% |
| 2022-12-31 | 16 | 13.9 | 76.19% | 9.8% |
| 2022-09-30 | 14 | 12.8 | 81.09% | 9.84% |
| 2022-06-30 | 13 | 11.2 | 88.8% | 12.52% |
| 2022-03-31 | 14 | 11.5 | 87.61% | 11.78% |
| 2021-12-31 | 13 | 10.9 | 89.86% | 12.6% |
| 2021-09-30 | 13 | 11.3 | 88.96% | 12.07% |
| 2021-06-30 | 13 | 11.7 | 86.84% | 10.92% |
| 2021-03-31 | 14 | 12.4 | 83.98% | 10.64% |
| 2020-12-31 | 13 | 11.3 | 88.2% | 11.77% |
| 2020-09-30 | 14 | 11.6 | 87.11% | 11.64% |
| 2020-06-30 | 14 | 12.6 | 83.22% | 9.72% |
| 2020-03-31 | 14 | 12.1 | 85.79% | 11.18% |
| 2019-12-31 | 14 | 11.6 | 87.82% | 11.54% |
| 2019-09-30 | 14 | 12 | 86.19% | 11.3% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
As filed, collateral included
5.08% collateralBIL's filing lists 25 positions including 5.08% of net assets in securities-lending cash collateral. Counted as filed the fund reads 14.4 effective holdings with a top ten of 74.45%; on its own investments — the figure above — it reads 14.9 with a top ten of 74.44%. The collateral is matched by a liability and is not a holding the fund chose; since 2026-09-18 every figure on this site sets it aside (methodology). Both numbers are in the data.
Largest positions, as filed
as of 2026-06-30The 15 largest of 24 positions in BIL's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: BIL.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | United States Treasury | 12.04% | 12.0% |
| 2 | United States Treasury | 9.04% | 21.1% |
| 3 | United States Treasury | 7.22% | 28.3% |
| 4 | United States Treasury | 7.03% | 35.3% |
| 5 | United States Treasury | 6.98% | 42.3% |
| 6 | United States Treasury | 6.97% | 49.3% |
| 7 | United States Treasury | 6.85% | 56.1% |
| 8 | United States Treasury | 6.49% | 62.6% |
| 9 | United States Treasury | 6.00% | 68.6% |
| 10 | United States Treasury | 5.82% | 74.4% |
| 11 | United States Treasury | 5.57% | 80.0% |
| 12 | United States Treasury | 4.67% | 84.7% |
| 13 | United States Treasury | 2.80% | 87.5% |
| 14 | United States Treasury | 2.69% | 90.2% |
| 15 | United States Treasury | 2.43% | 92.6% |
Returns the fund reported
2019-07 – 2026-06Monthly total returns from Item B.5 of BIL's own filings, 84 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference 0.01 percentage points over 84 months, which is roughly the distributions. Every month with the filing it came from: BIL.json · all funds.
Who borrows BIL's shares
2026-06-30The fund lends its holdings, and Item B.4.a of the filing names every firm holding them. At 2026-06-30, $2.5bn was out to 3 borrowers, 5.40% of net assets. The largest, JP MORGAN SECURITIES LLC, held 85.7% of it.
| Borrower | On loan | Share of the loan |
|---|---|---|
| JP MORGAN SECURITIES LLC | $2.2bn | 85.7% |
| Daiwa Capital Markets America Inc. | $293m | 11.5% |
| Bank of Montreal | $69m | 2.7% |
Cash collateral reported against the loan: 5.08% of net assets, 94.1% of the amount lent. That is a floor on the collateral, not the whole of it — collateral the fund does not hold as a position is not in this filing, so a figure under 100% is not evidence of under-collateralisation. How that figure behaves across all funds. Every quarter BIL has filed, with each borrower: BIL.json · all funds.
Since the previous filing
2026-03-31 → 2026-06-3021 positions became 23: 22 added (99.6% of the fund at the later date), 20 dropped (99.8% at the earlier date). Half the sum of all weight changes, a turnover proxy: 99.8%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of BIL compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-03-31 | 2026-06-30 | Largest decreases | 2026-03-31 | 2026-06-30 |
|---|---|---|---|---|---|
| State Street Global Advisors | 0.20% | 0.44% |
New: United States Treasury (12.04%), United States Treasury (9.04%), United States Treasury (7.22%), United States Treasury (7.03%), United States Treasury (6.98%), United States Treasury (6.97%). Gone: United States Treasury (10.33%), United States Treasury (9.28%), United States Treasury (8.78%), United States Treasury (6.98%), United States Treasury (6.93%), United States Treasury (6.79%).
Asset categories and pricing
as of 2026-06-30100.00% short-term investment as filed; 5.3% carried at a quoted market price (fair-value level 1). Categories and levels are the filer's; what a low level-1 share does and does not mean is in the measure's page.
Neighbours by effective holdings, short-term investment funds
10Every measured short-term investment fund lined up by how many holdings it behaves like; these sit either side of BIL (14.9). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| BILZ PIMCO Ultra Short Government Active Exchange-Traded Fund | 5 | 4.1 | 100% | 2026-06-30 |
| FTGC First Trust Global Tactical Commodity Strategy Fund | 13 | 4.2 * | 99.95% | 2026-06-30 |
| MSFU Direxion Daily MSFT Bull 2X Shares | 6 | 4.2 * | 100% | 2026-07-31 |
| TSLL Direxion Daily TSLA Bull 2X Shares | 6 | 5 * | 100% | 2026-07-31 |
| ALLW State Street(R) Bridgewater(R) All Weather(R) ETF | 41 | 8.2 * | 78.13% | 2026-07-31 |
| XHLF BondBloxx Bloomberg Six Month Target Duration US Treasury ETF | 28 | 15.2 | 75.74% | 2026-07-31 |
| SGOV iShares 0-3 Month Treasury Bond ETF | 23 | 17.2 | 66.79% | 2026-05-31 |
| BILS State Street(R) SPDR(R) Bloomberg 3-12 Month T-Bill ETF | 29 | 23.8 | 51.34% | 2026-06-30 |
| CMDY iShares Bloomberg Roll Select Commodity Strategy ETF | 88 | 35.1 * | 40.84% | 2026-07-31 |
| SHV iShares 0-1 Year Treasury Bond ETF | 64 | 38 | 37.93% | 2026-05-31 |
Measures applied in the essays
3Essays that examine BIL
3-
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SGOV's Role in a Long-Term Portfolio: Yield, Realized Risk, and the Cash Floor
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Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.