# Cheapest Bond ETFs to Trade: Bid-Ask Spreads

> BIL leads cheapest bond ETFs to trade at 0.005% (cost to trade), as of Oct 22, 2026. 100 funds from ETFIQ’s own published figures.

Data as of Oct 22, 2026. Rebuilt every trading night.

As of Oct 22, 2026 . Rebuilt every trading night.

## Cheapest bond ETFs to trade

As of Oct 22, 2026, BIL’s 30-day median bid-ask spread is 0.01%, so a $10,000 order costs $0.50 one way. See 100 funds ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among bond ETFs. Updated Oct 22, 2026.

| # | Ticker | Fund | Score | Tier | Cost to trade | At $10,000 | Full cost to own · 1 yr | Fee | Flags | Net assets |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 1 | BIL | SPDR Bloomberg 1-3 Month T-Bill ETF | 97 | Trades like a giant | 0.005% | $0.50 | 0.15% | 0.14% | None | $51.1bn |
| 2 | JNK | State Street SPDR Bloomberg High Yield Bond ETF | 94 | Trades like a giant | 0.005% | $0.50 | 0.52% | 0.40% | None | $5.6bn |
| 3 | BILS | State Street SPDR Bloomberg 3-12 Month T-Bill ETF | 97 | Trades like a giant | 0.005% | $0.50 | 0.15% | 0.14% | None | $4.0bn |
| 4 | TBLL | Invesco Short Term Treasury ETF | Not scored | No tier | 0.005% | $0.50 | Not measured | 0.08% | None | $2.6bn |
| 5 | TFLR | T. Rowe Price Floating Rate ETF | Not scored | No tier | 0.010% | $0.99 | Not measured | 0.61% | None | $864m |
| 6 | JAAA | Janus Henderson AAA CLO ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.20% | None | $32.6bn |
| 7 | PULS | PGIM Ultra Short Bond ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | None | $19.8bn |
| 8 | TBIL | F/m US Treasury 3 Month Bill Fund | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | One dealer | $7.6bn |
| 9 | FTSM | First Trust Enhanced Short Maturity ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.29% | None | $6.7bn |
| 10 | JMBS | Janus Henderson Mortgage-Backed Securities ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.21% | None | $6.7bn |
| 11 | LMBS | First Trust Low Duration Opportunities ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.66% | None | $6.5bn |
| 12 | SRLN | State Street Blackstone Senior Loan ETF | 87 | Trades like a giant | 0.010% | $1.00 | 0.81% | 0.70% | None | $5.3bn |
| 13 | GSY | Invesco Ultra Short Duration ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.22% | None | $4.0bn |
| 14 | SHM | State Street SPDR Nuveen ICE Short Term Municipal Bond ETF | 97 | Trades like a giant | 0.010% | $1.00 | 0.27% | 0.20% | None | $3.5bn |
| 15 | VNLA | Janus Henderson Short Duration Income ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.23% | None | $3.3bn |
| 16 | TFI | State Street SPDR Nuveen ICE Municipal Bond ETF | 100 | Trades like a giant | 0.010% | $1.00 | 0.30% | 0.23% | None | $3.0bn |
| 17 | FIXD | First Trust Smith Opportunistic Fixed Income ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.65% | None | $2.9bn |
| 18 | GTO | Invesco Total Return Bond ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.35% | None | $2.6bn |
| 19 | JBBB | Janus Henderson B-BBB CLO ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.47% | None | $1.4bn |
| 20 | XBIL | F/m US Treasury 6 Month Bill ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | One dealer | $784m |
| 21 | STOT | State Street DoubleLine Short Duration Total Return Tactical ETF | 89 | Trades like a giant | 0.010% | $1.00 | 0.60% | 0.45% | None | $544m |
| 22 | UTWO | F/m US Treasury 2 Year Note ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | None | $516m |
| 23 | ULST | State Street Ultra Short Term Bond ETF | 93 | Trades like a giant | 0.010% | $1.00 | 0.24% | 0.20% | None | $515m |
| 24 | OBIL | F/m US Treasury 12 Month Bill ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | None | $337m |
| 25 | UTEN | F/m US Treasury 10 Year Note ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | None | $263m |
| 26 | RBIL | F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.17% | None | $175m |
| 27 | UFIV | F/m US Treasury 5 Year Note ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | None | $25m |
| 28 | UTRE | F/m US Treasury 3 Year Note ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | One dealer | $10m |
| 29 | USVN | F/m US Treasury 7 Year Note ETF | Not scored | No tier | 0.010% | $1.00 | Not measured | 0.15% | None | $7m |
| 30 | TBUX | T. Rowe Price Ultra Short-Term Bond ETF | Not scored | No tier | 0.010% | $1.01 | Not measured | 0.17% | None | $2.0bn |
| 31 | SPIB | State Street SPDR Portfolio Intermediate Term Corporate Bond ETF | 96 | Trades like a giant | 0.015% | $1.50 | 0.10% | 0.04% | None | $11.6bn |
| 32 | SPSB | State Street SPDR Portfolio Short Term Corporate Bond ETF | 96 | Trades like a giant | 0.015% | $1.50 | 0.09% | 0.04% | None | $11.2bn |
| 33 | SPTS | State Street SPDR Portfolio Short Term Treasury ETF | 93 | Trades like a giant | 0.015% | $1.50 | 0.08% | 0.03% | None | $7.3bn |
| 34 | FLRN | State Street SPDR Bloomberg Investment Grade Floating Rate ETF | 93 | Trades like a giant | 0.015% | $1.50 | 0.24% | 0.15% | None | $3.2bn |
| 35 | HTRB | Hartford Total Return Bond ETF | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.29% | None | $2.2bn |
| 36 | PHYL | PGIM Active High Yield Bond ETF | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.39% | None | $1.5bn |
| 37 | HFSI | Hartford Strategic Income ETF | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.49% | One dealer | $1.1bn |
| 38 | SPTB | State Street SPDR Portfolio Treasury ETF | 89 | Trades like a giant | 0.015% | $1.50 | 0.09% | 0.03% | None | $463m |
| 39 | UTHY | F/m US Treasury 30 Year Bond ETF | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.15% | None | $220m |
| 40 | UTWY | F/m US Treasury 20 Year Bond ETF | Not scored | No tier | 0.015% | $1.50 | Not measured | 0.15% | None | $11m |
| 41 | SPHY | State Street SPDR Portfolio High Yield Bond ETF | 87 | Trades like a giant | 0.020% | $2.00 | 0.23% | 0.05% | None | $11.7bn |
| 42 | SPTL | State Street SPDR Portfolio Long Term Treasury ETF | 90 | Trades like a giant | 0.020% | $2.00 | 0.10% | 0.03% | None | $11.7bn |
| 43 | SPTI | State Street SPDR Portfolio Intermediate Term Treasury ETF | 90 | Trades like a giant | 0.020% | $2.00 | 0.09% | 0.03% | None | $10.9bn |
| 44 | SPAB | State Street SPDR Portfolio Aggregate Bond ETF | 86 | Trades like a giant | 0.020% | $2.00 | 0.10% | 0.03% | None | $10.5bn |
| 45 | CGMU | Capital Group Municipal Income ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.27% | None | $7.4bn |
| 46 | CGCB | Capital Group Core Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.27% | None | $6.7bn |
| 47 | CGMS | Capital Group U.S. Multi-Sector Income ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.39% | None | $5.4bn |
| 48 | SJNK | State Street SPDR Bloomberg Short Term High Yield Bond ETF | 88 | Trades like a giant | 0.020% | $2.00 | 0.56% | 0.40% | None | $4.3bn |
| 49 | HYMB | State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 85 | Trades like a giant | 0.020% | $2.00 | 0.73% | 0.35% | None | $3.8bn |
| 50 | CGHM | Capital Group Municipal High-Income ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.34% | None | $3.3bn |
| 51 | UCON | First Trust Smith Unconstrained Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.86% | None | $3.1bn |
| 52 | VRP | Invesco Variable Rate Preferred ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.50% | None | $3.0bn |
| 53 | CGSD | Capital Group Short Duration Income ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.25% | None | $2.7bn |
| 54 | FTSL | First Trust Senior Loan Fund | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.70% | None | $2.5bn |
| 55 | SPBO | State Street SPDR Portfolio Corporate Bond ETF | 90 | Trades like a giant | 0.020% | $2.00 | 0.13% | 0.03% | None | $2.1bn |
| 56 | VRIG | Invesco Variable Rate Investment Grade ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.30% | None | $1.9bn |
| 57 | CGSM | Capital Group Short Duration Municipal Income ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.25% | None | $1.6bn |
| 58 | GOVI | Invesco Equal Weight 0-30 Year Treasury ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.15% | None | $1.2bn |
| 59 | PWZ | Invesco California AMT-Free Municipal Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.28% | None | $1.2bn |
| 60 | SPIP | State Street SPDR Portfolio TIPS ETF | 90 | Trades like a giant | 0.020% | $2.00 | 0.18% | 0.12% | None | $1.1bn |
| 61 | MYCH | State Street My2028 Corporate Bond ETF | 85 | Trades like a giant | 0.020% | $2.00 | 0.27% | 0.15% | None | $878m |
| 62 | BSJQ | Invesco BulletShares 2026 High Yield Corporate Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.43% | None | $690m |
| 63 | FISR | State Street Fixed Income Sector Rotation ETF | 86 | Trades like a giant | 0.020% | $2.00 | 0.58% | 0.50% | None | $641m |
| 64 | ICLO | Invesco AAA CLO Floating Rate Note ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.19% | None | $613m |
| 65 | CGUI | Capital Group Ultra Short Income ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.18% | None | $374m |
| 66 | BSMR | Invesco BulletShares 2027 Municipal Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.18% | None | $370m |
| 67 | BSMS | Invesco BulletShares 2028 Municipal Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.18% | None | $350m |
| 68 | BSJU | Invesco BulletShares 2030 High Yield Corporate Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.42% | None | $324m |
| 69 | EMHC | State Street SPDR Bloomberg Emerging Markets USD Bond ETF | 80 | Liquid | 0.020% | $2.00 | 0.47% | 0.23% | None | $315m |
| 70 | BSMT | Invesco BulletShares 2029 Municipal Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.18% | None | $300m |
| 71 | BSMQ | Invesco BulletShares 2026 Municipal Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.18% | None | $254m |
| 72 | SEIX | Virtus Seix Senior Loan ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.57% | None | $251m |
| 73 | PBTP | Invesco 0-5 Yr US TIPS ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.07% | None | $247m |
| 74 | KCSH | KraneShares Sustainable Ultra Short Duration Index ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.20% | None | $161m |
| 75 | MYCI | State Street My2029 Corporate Bond ETF | 86 | Trades like a giant | 0.020% | $2.00 | 0.24% | 0.15% | Small but liquid | $58m |
| 76 | ZTRE | F/m 3-Year Investment Grade Corporate Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.15% | None | $42m |
| 77 | OBND | State Street Loomis Sayles Opportunistic Bond ETF | 79 | Liquid | 0.020% | $2.00 | 0.80% | 0.55% | Small but liquid | $31m |
| 78 | ZTEN | F/m 10-Year Investment Grade Corporate Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.15% | One dealer | $29m |
| 79 | IIGD | Invesco Investment Grade Defensive ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.13% | One dealer | $24m |
| 80 | ZTWO | F/m 2-Year Investment Grade Corporate Bond ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.15% | None | $18m |
| 81 | TLDR | The Laddered T-Bill ETF | Not scored | No tier | 0.020% | $2.00 | Not measured | 0.20% | None | $11m |
| 82 | TAXE | T. Rowe Price Intermediate Municipal Income ETF | Not scored | No tier | 0.020% | $2.03 | Not measured | 0.24% | None | $363m |
| 83 | CGCP | Capital Group Core Plus Income ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.34% | None | $8.3bn |
| 84 | SPMB | State Street SPDR Portfolio Mortgage Backed Bond ETF | 88 | Trades like a giant | 0.025% | $2.50 | 0.14% | 0.04% | None | $6.9bn |
| 85 | BKLN | Invesco Senior Loan ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.65% | None | $6.0bn |
| 86 | BSCR | Invesco BulletShares 2027 Corporate Bond ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.10% | None | $4.5bn |
| 87 | PZA | Invesco National AMT-Free Municipal Bond ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.28% | None | $4.1bn |
| 88 | BSCS | Invesco BulletShares 2028 Corporate Bond ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.10% | None | $3.5bn |
| 89 | BSCT | Invesco BulletShares 2029 Corporate Bond ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.10% | None | $3.1bn |
| 90 | BSCQ | Invesco BulletShares 2026 Corporate Bond ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.10% | None | $3.0bn |
| 91 | FTCB | First Trust Core Investment Grade ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.56% | None | $2.7bn |
| 92 | PFFA | Virtus InfraCap U.S. Preferred Stock ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 2.11% | None | $2.5bn |
| 93 | EBND | State Street SPDR Bloomberg Emerging Markets Local Bond ETF | 82 | Liquid | 0.025% | $2.50 | 0.52% | 0.30% | None | $2.3bn |
| 94 | TIPX | State Street SPDR Bloomberg 1-10 Year TIPS ETF | 88 | Trades like a giant | 0.025% | $2.50 | 0.23% | 0.15% | None | $2.1bn |
| 95 | PREF | Principal Spectrum Preferred Securities Active ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.55% | One dealer | $1.9bn |
| 96 | FPEI | First Trust Institutional Preferred Securities and Income ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.85% | None | $1.8bn |
| 97 | BSCW | Invesco BulletShares 2032 Corporate Bond ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.10% | None | $1.5bn |
| 98 | FSIG | First Trust Limited Duration Investment Grade Corporate ETF | Not scored | No tier | 0.025% | $2.50 | Not measured | 0.44% | None | $1.5bn |
| 99 | BWX | State Street SPDR Bloomberg International Treasury Bond ETF | 75 | Liquid | 0.025% | $2.50 | 0.56% | 0.35% | One dealer | $1.3bn |
| 100 | SPLB | State Street SPDR Portfolio Long Term Corporate Bond ETF | 86 | Trades like a giant | 0.025% | $2.50 | 0.20% | 0.04% | None | $1.2bn |

### Method

Every ETF ETFIQ places among bond ETFs whose issuer states a 30-day median bid-ask spread, by the cost to trade a $10,000 order one way: half that spread. A tie is broken by net assets. 222 of the 4,708 ETFs that may be listed qualify tonight, and the first 100 are shown. The IQ Liquidity Score measures trading conditions, not the fund, and no list here is a recommendation. The list sorts one published figure, with no scoring or weighting. Too new and closing funds are left out, as are funds no longer listed.

### Questions people ask

What does an ETF’s bid-ask spread cost? Half the spread each way, on average, when you trade at the quote. A limit order at the midpoint plus half the spread caps it. Which ETF tops this list as of Oct 22, 2026? BIL , at 0.005% one way, $0.50 on $10,000, from a 30-day median spread of 0.01% to Oct 22, 2026.

### Where to next

### Where these figures came from

ETFIQ links to the documents behind every figure; a link is not an endorsement.

A ranking is not a recommendation or an opinion. ETFIQ is an independent publisher, not an adviser. Standards and sources

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Source: ETFIQ, independent ETF data. Recomputed nightly from public filings and prices.
Cite: ETFIQ, Cheapest bond ETFs to trade, ranked by cost to trade $10,000 one way, half the 30-day median bid-ask spread, lowest first, among bond ETFs, data as of Oct 22, 2026. https://etfiq.com/rankings/trading-cheapest-bond-etfs-to-trade
Licence: https://etfiq.com/license/ Figures ETFIQ computes are free to use with attribution: ETFIQ (etfiq.com). Issuer data stays under its owner's terms.
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