MINT includes emerging market and developed market government, corporate, mortgage-related short-term investment-grade debt. The ETF has a 0.68 year duration and comes with a 0.53% 30-day SEC yield. MINT is also slightly more expensive due to its active component, with a 0.35% expense ratio. The fund is also up 0.22% year-to-date.

GSY also includes international government and corporate debt, and it can hold up to 10% of its assets in high-yield, junk debt. The ETF has a 0.33 year duration, 0.28% expense ratio and a 0.93% 30-day SEC yield. The fund is up 0.3% year-to-date.

While investors can utilize these funds as an alternative to cash, Benz warns that the ultra safe funds can produce yields lower than true cash instruments, and investors may find that bond funds will see small fluctuations.

“Such investment types don’t guarantee–either implicitly or explicitly–that your principal value won’t fluctuate,” Benz said.

For more information on investing toward retirement, visit our retirement category.

Max Chen contributed to this article.

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