At a glance
BBSB charges 0.04% a year, below the 0.12% average of the 7 funds most like it (the 2nd cheapest of 8). It has $55.1M in assets, the 8th largest of that group; it paid 3.77% of its price in distributions over the past 12 months, monthly. Over the past year it returned +1.7% with distributions reinvested, 6th of those 8 funds; over three years it returned +4.1% a year. Its ten largest positions make up 14.9% of the fund, out of 91 in all.
The short version
JPMorgan BetaBuilders U.S. Treasury Bond 1-3 Year ETF (BBSB) tracks the ICE U.S. Treasury 1-3 Year Bond Index. The index holds U.S. Treasury notes that mature in one to three years. The fund's 0.04% expense ratio is well below the 0.12% average of similar funds, though Vanguard's VGSH charges 0.03%. It had $55.1 million in assets as of August 31, 2026, which makes it far smaller than its rivals.
Price history
The interactive chart needs JavaScript.
BBSB +1.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BBSB official prospectus, to Dec 31, 2025 | — | +5.12% | — | — | — | +4.41% |
| BBSB price data to Oct 27, 2026 | +1.1% | +1.7% | +4.1% | — | — | +3.6% |
- Over the year to Oct 27, 2026, BBSB returned +1.7%, 6th of 8 among similar funds.
- Its worst full calendar year was 2024 (+4.0%); its best was 2025 (+5.1%).
- The deepest fall in its price history was 1.6% (May 4, 2023 to Jul 6, 2023), recovered by Nov 3, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.1% | — |
| 2025 | +5.1% | +5.12% |
| 2024 | +4.0% | +4.00% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.7200 | |
| 2025 | $3.6500 | -23.0% |
| 2024 | $4.7400 |
What's inside
As of Aug 31, 2026, the fund held 91 securities; the ten largest made up 14.93% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 2.01% | |
| United States of America Bonds and notes | 1.62% | |
| United States of America Bonds and notes | 1.59% | |
| United States of America Bonds and notes | 1.49% | |
| United States of America Bonds and notes | 1.39% | |
| United States of America Bonds and notes | 1.38% | |
| United States of America Bonds and notes | 1.37% | |
| United States of America Bonds and notes | 1.36% | |
| United States of America Bonds and notes | 1.36% | |
| United States of America Bonds and notes | 1.35% | |
| United States of America Bonds and notes | 1.34% | |
| United States of America Bonds and notes | 1.34% | |
| United States of America Bonds and notes | 1.34% | |
| United States of America Bonds and notes | 1.30% | |
| United States of America Bonds and notes | 1.30% |
By country
United States 98.96%By issuer
US Treasury 98.96%The bonds mature in 1.9 years on average (weighted by size), with an average coupon of 3.13%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $10.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.07%, +0.15%, +0.24%.
How it works
BBSB is an index fund. It aims to match, before fees, the ICE U.S. Treasury 1-3 Year Bond Index, which is run by ICE Data Indices. The index holds fixed-rate U.S. Treasury debt with more than one year and up to three years left until it matures. It leaves out inflation-protected Treasuries, floating-rate notes, Treasury bills and government agency debt. The index's average maturity was 1.9 years as of May 29, 2026. Bonds are weighted by their market value, so larger issues take up more of the index.
The fund does not have to buy every bond in the index. It uses "representative sampling": it buys a selection of bonds picked to mirror the index's yield, duration (a measure of how much prices react to rate changes), maturity and liquidity. At least 80% of assets must stay in index securities. As of August 31, 2026, the fund had 91 holdings. U.S. Treasury notes made up 98.96% of assets and cash 0.35%. No single note was more than about 2%, and the top 10 together came to 14.93%.
The fund is rebalanced monthly, along with the index. Notes drop out once they have a year or less left to maturity, and newer notes replace them. The prospectus reports portfolio turnover of 62%. The fund held no derivatives as of August 31, 2026, and it uses no leverage. Short maturities make its price move less than longer bond funds when rates change. It still falls when rates rise.
What it really costs
- BBSB charges 0.04% a year, versus an average of 0.12% for the similar funds below (2nd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBSB | $4 | $13 | $23 | $51 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It holds short-term U.S. Treasury notes whose prices have moved little, so it may suit money that could be needed within a few years.
BBSB launched on April 19, 2023, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its deepest drop so far was 1.6%, from May to July 2023. It recovered by November 2023, about four months later. Its weakest calendar year, 2024, still gained 4%. That steadiness may help someone who has to sell shares or draw cash while stocks are down. Still, a short history says little about how it would do in a severe crisis.
It pays income monthly. Its trailing 12-month yield was 3.77% as of October 27, 2026, and that yield can fall if short-term rates drop. Under the SEC's standard $10,000 example, costs come to about $51 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want short-term U.S. Treasury notes for a 0.04% expense ratio, well below the 0.12% average of similar funds.
- Retirees setting aside money for spending in the next one to three years who like monthly income payments.
- Investors who can accept small price swings; its deepest drop since its April 2023 launch was 1.6%.
Look elsewhere if
- Investors who prefer a large, heavily traded fund; at $55.1 million in assets, BBSB is far smaller than SHY or VGSH.
- Investors who want almost no interest-rate risk; T-bill funds such as SGOV and BIL hold maturities of well under a year.
- Investors seeking inflation protection, since the index excludes inflation-linked Treasuries, or a track record through stock market crashes.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBSB this fund | 1.9 yrs | 0.04% | $55.1M | +1.7% | +4.1% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
Questions investors ask
Does BBSB pay monthly dividends?
Yes. BBSB pays income monthly. Its trailing 12-month yield was 3.77% as of October 27, 2026, based on $3.68 per share paid over that period. The income comes from interest on the U.S. Treasury notes it holds. Those notes had an average coupon (interest rate) of 3.13% as of August 31, 2026. Payments can shrink if short-term interest rates fall, because new notes the fund buys would pay less interest.
BBSB vs VGSH: what's the difference?
The two funds are very similar. Both hold U.S. Treasuries that mature in one to three years, with an average maturity of 1.9 years as of August 31, 2026. VGSH charges 0.03% a year, and BBSB charges 0.04%. VGSH is far larger, with about $39.2 billion in assets compared with BBSB's $55.1 million. Over three years, VGSH returned 4.2% a year and BBSB 4.1%, as of October 30 and October 27, 2026, respectively.
Is BBSB cheaper than SHY?
Yes. BBSB's expense ratio is 0.04%, compared with 0.15% for iShares' SHY, which holds a similar mix of 1-3 year Treasuries. The SEC's standard example puts BBSB's costs on a $10,000 investment at $4 for one year and $51 over 10 years. SHY is much bigger, with about $25.9 billion in assets as of August 31, 2026. The lower fee did not lead to a higher return: SHY's one-year return was 2.1% as of October 30, 2026, and BBSB's was 1.7% as of October 27.
Can BBSB lose money?
Yes, though its losses so far have been small. Bond prices fall when interest rates rise, and BBSB's Treasury notes are no exception. Its deepest drop since its April 2023 launch was 1.6%, between May and July 2023, and it recovered by November 2023. Its weakest quarter was a 0.11% loss in the fourth quarter of 2024. The U.S. government backs Treasuries, but the fund itself is not insured by the FDIC or any other government agency.
What is BBSB's track record?
BBSB's record is short but steady. Its prospectus shows returns of 5.12% in 2025 and 4% in 2024, and an average annual return of 4.41% from its April 2023 launch through December 31, 2025. As of October 27, 2026, it was up 1.1% for the year to date and 1.7% over the past year. Among 8 similar funds, it ranked 7th over both one and three years, behind both SHY and VGSH.