Why does Prismfolio count SGOV as cash?

SGOV and BIL hold U.S. Treasury bills maturing in zero to three months. The ticker reads like a bond ETF, but the behavior is a cash parking spot that happens to pay yield: near-zero duration, no meaningful price risk. Prismfolio groups ultra-short Treasury vehicles — SGOV, BIL, SHV, and similar funds — under Cash & Equivalents because that mix is meant to answer one question: how much of your money is at market risk? Other views of the same funds are not wrong, just aimed at a different question: Morningstar categorizes these funds as Ultrashort Bond, and many brokerage statements list them under fixed income, so your broker's allocation view may not match Prismfolio's. The logic Prismfolio follows is the standard accounting convention that instruments with a remaining maturity of three months or less are cash equivalents. Classifying a row as cash doesn't erase its cost — these rows keep their real expense ratios visible (SGOV runs about 0.09%), so cash-classified never means fee-free. This is educational information about how Prismfolio classifies holdings, not individualized recommendations.