Understanding the BILS ETF

What this ETF is trying to do

The STATE STREET(R) SPDR(R) BLOOMBERG 3-12 MONTH T-BILL ETF, known by its ticker symbol BILS, is an exchange-traded fund (ETF). This specific fund focuses on U.S. Treasury bills that have between three and twelve months left before they expire.

What the numbers show

As of July 15, 2026, the current price of one share is $99.27. Looking back at the last year, the price has stayed very steady. One year ago, the estimated price was about $99.25.

The fund's performance shows how much value it gained:

• Year-to-Date (YTD) Total Return: 1.8271%

• One-Year Total Return: 3.8567%

• Three-Year Total Return: 14.4434%

If you had invested $10,000 into this ETF a year ago based on the estimated price of $99.25, your investment would have grown to approximately $10,202 before any extra payments were added.

Income and distribution explanation

Some investors look for ETFs that pay them regular money, which is called a "distribution." BILS has a distribution yield of 3.766%. This means the fund paid out $3.7385 per share over the last 12 months. These payments usually happen once a month, with 12 payouts recorded in the last year.

It is important to remember that a high yield alone can be misleading. A high percentage might look good, but if the price of the ETF is falling quickly, you could lose more money in value than you gain from the payments.

NAV erosion explanation

"NAV erosion" happens when the price of an ETF's shares drops significantly over time. NAV stands for Net Asset Value, which is basically what the fund is worth. If an ETF has severe erosion, a person might see their share price fall from a high number to a much lower number. This can destroy your "principal," which is the original money you put in.

Fortunately, BILS has an erosion score of 94, which is labeled as "Stable / sideways." This means it does not show signs of severe erosion. Income investors usually prefer ETFs that go sideways (stay at a steady price) or move slightly up. They prefer this because they want to keep their original investment safe while collecting the monthly payments.

Pros

• The fund shows a stable price history.

• It provides regular monthly distributions.

• The total returns over three years have been positive.

Cons

• The price growth (price return) is relatively small compared to other types of investments.

Beginner takeaway

BILS is an ETF that focuses on short-term government debt. It is designed to be stable rather than having huge price swings. While it provides monthly income, always look at the total return—which includes both price changes and distributions—to see how the fund is actually performing.