Key Highlights

  • TBIL (ASX:TBIL) holds US Treasury bills of one to three months, with a 3.59% annual yield.
  • GGOV (ASX:GGOV) holds 40 long-dated US Treasury bonds, hedged to AUD, with a 4.03% annual yield.
  • UTIP (ASX:UTIP) holds 48 inflation-linked US Treasury securities, hedged to AUD, with a 3.63% annual yield.

Three ASX-listed funds give Australian investors US government bond exposure, but along different parts of the curve. TBIL (ASX:TBIL) traded at $47.69 during the trading session on 30 October 2026, up 0.18%. GGOV (ASX:GGOV) traded at $12.35, up 0.48%, and UTIP (ASX:UTIP) traded at $25.15, up 0.23%. Their maturities and inflation treatment set them apart.

TBIL: Short-Dated Bills

TBIL holds treasury bills with one to three months to maturity, and cash makes up 99.97% of the fund. Fund size is $108.48 million, fees are 0.22% and the annual yield is 3.59%. The top holding is 10.29% of the portfolio.

GGOV: Long-Dated Bonds, Hedged

GGOV holds 40 US Treasury bonds with maturities of 20 years and longer. The largest issues are a 5% bond at 4.21% and several 4.75% and 4.625% bonds. Fund size is $82.20 million, fees are 0.22% and the annual yield is 4.03%, with the currency hedged to AUD.

UTIP: Inflation-Linked, Hedged

UTIP holds 48 US Treasury Inflation-Protected issues, with the largest at 1.875% notes at 3.98% and 2.125% notes at 3.94%. Fund size is $104.42 million, fees are 0.22% and the annual yield is 3.63%, with the currency hedged to AUD.

Comparing the Government Bond Mix

TBIL is the shortest and holds bills, so its price barely moves. GGOV is the longest and most sensitive to long-term rates. UTIP sits in the middle of the maturity range but adds inflation protection to the principal. Two of the three are hedged, which means the Australian dollar return reflects the bonds rather than the US dollar.

Which Government Bond Exposure Fits

TBIL, GGOV and UTIP give three different slices of US government debt: short bills, long bonds and inflation-linked notes. Their yields and price behaviour differ because their maturities and inflation features differ.