BlackRock’s Cash-Like ETF Eclipses Infamous Long-Bond Trade

To see how the “T-bill-and-chill” mindset is reshaping fixed-income investing, look no further than the diverging fortunes of two BlackRock Inc. exchange-traded funds.

The phrase captures a preference for short-term government debt in the aftermath of the Federal Reserve’s most aggressive rate hiking cycle in decades — a strategy that delivers steady income without exposure to the monetary-driven whiplash of longer-maturity Treasuries.