New US T-Bill ETFs from Global X

As mentioned elsewhere, I try to keep about 5% of my retirement savings in what I loosely refer to as “cash”. Of course, it’s not cash, cash doesn’t earn any interest, and that would drive me bonkers. Instead, I’ve been using ZMMK and ICSH (two of my ETF all-stars) to serve this purpose. I made a more detailed assessment of available products at the time over here.

But Global X (a company who I do a lot of business with, thanks to XEQT, XGRO and HXT) has launched 4 products that invest solely in US Treasury Bills.

• TSTX/TSTX.U/TSTX.F: all based on 1-3 year treasury bills, which, in common bond lingo, is “short” duration. TSTX is the one that’s probably of greatest interest to most of you since it trades in CAD. TSTX.U is the same thing but it trades in USD, and TSTX.F trades in CAD but uses currency hedging to smooth out the CAD/USD exchange rate¹.
• TLTX/TLSX.U/TLTX.F: same idea as above, but these products are based on 20 year T-Bills, which would be considered “long” duration and are much more sensitive to changes in the prime interest rate.

They are brand spanking new (launched Oct 7, 2025), but have already paid out their first distributions at the end of October:

	CAD ETF Distribution	USD (.U) ETF Distribution	Hedged (.F) ETF Distribution
TSTX family (1-3y)	0.14090	0.13991	0.13990
TLTX family (20y)	0.16056	0.15943	0.15941

The TSTX family is paying 3.4% yield, which is way better than any CAD product I’ve evaluated previously². It’s not as good as USD HISAs, but being able to get US-like interest rates in a Canadian denominated product is a cool thing. T-Bills of this duration are not super sensitive to changes in interest rates, but the 20y ones would be. TSTX is a product I’ll be keeping an eye on as an alternative to ZMMK, potentially, as long as the prime rate in the US remains significantly higher than Canada’s.

Reduced Fees for CNDX (S&P/TSX 60 index)

Global X was running a promo this year that I talked about previously, but they’ve set a new low price for their flagship Canadian index fund at 0.09% MER starting in 2026. (The MER is 0% at the moment). I don’t hold CNDX myself (I use XIC and VCN, which both include all of the TSX and costs 0.06%), but if you like to focus on the larger part of the Canadian market, you may want to take a look here.

1. I don’t like hedging as a rule, as it just adds cost and I figure that over time, the USD/CAD exchange rate is reasonably stable. ↩︎
2. And if these ETFs existed at the time, I probably wouldn’t have looked at them because they have a duration that’s a little too long for me to consider them “cash-like”. But I like my “cash” to be cashflow positive, with no downsides. ZMMK and ICSH aren’t guaranteed to do that, but their super-short average duration (90 days or so) makes it far more likely. ↩︎