At a glance
BIL charges 0.14% a year, above the 0.11% average of the 7 funds most like it (the 4th cheapest of 8). It has $47.08B in assets, the 3rd largest of that group; it paid 3.65% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.3% with distributions reinvested, 3rd of those 8 funds; over three years it returned +4.3% a year. At its worst it fell 0.0% in the 2020 crash (S&P 500: 33.7%) and 0.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month after the low. Its ten largest positions make up 74.5% of the fund, out of 22 in all.
The short version
SPDR Bloomberg 1-3 Month T-Bill ETF (BIL), from State Street, tracks the Bloomberg 1-3 Month U.S. Treasury Bill Index, a basket of U.S. Treasury bills due in one to three months. Those very short maturities mean its price barely moves when interest rates change, so it can serve as a cash-like reserve that pays income monthly. Its 0.1352% expense ratio (annual fee) sits between similar funds SHV, at 0.15%, and SGOV, at 0.09%.
Price history
The interactive chart needs JavaScript.
BIL +3.3% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BIL official prospectus, to Dec 31, 2025 | — | +4.15% | — | +3.09% | +2.03% | — |
| BIL price data to Nov 2, 2026 | +2.7% | +3.3% | +4.3% | +3.7% | +2.3% | +1.4% |
- Over the year to Nov 2, 2026, BIL returned +3.3%, 3rd of 8 among similar funds.
- Its 5-year annualized return was +3.7% and its 10-year +2.3%.
- In the 2020 COVID crash, while stocks fell, it gained 0.3%.
- Its worst full calendar year was 2015 (-0.1%); its best was 2024 (+5.2%).
- The deepest fall in its price history was 0.8% (Sep 29, 2008 to Oct 17, 2008), recovered by Nov 21, 2017.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.7% | — |
| 2025 | +4.2% | +4.15% |
| 2024 | +5.2% | +5.20% |
| 2023 | +4.9% | +4.96% |
| 2022 | +1.4% | +1.36% |
| 2021 | -0.1% | -0.10% |
| 2020 | +0.4% | +0.39% |
| 2019 | +2.0% | +2.05% |
| 2018 | +1.8% | +1.70% |
| 2017 | +0.7% | +0.69% |
| 2016 | +0.1% | +0.12% |
| 2015 | -0.1% | — |
| 2014 | -0.1% | — |
| 2013 | -0.1% | — |
| 2012 | -0.0% | — |
| 2011 | -0.0% | — |
| 2010 | -0.0% | — |
| 2009 | +0.3% | — |
| 2008 | +1.6% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 2.8% over that stretch · deepest drop along the way 0.8% |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 0.3% over that stretch |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.6% over that stretch |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.3892 | |
| 2025 | $3.7800 | -17.8% |
| 2024 | $4.6000 | +2.4% |
| 2023 | $4.4900 | +262.1% |
| 2022 | $1.2400 | +353.9% |
| 2020 | $0.2732 | -85.5% |
| 2019 | $1.8900 | +23.5% |
| 2018 | $1.5300 | +150.8% |
| 2017 | $0.6100 | +916.7% |
| 2016 | $0.0600 | +689.5% |
| 2011 | $0.0076 | -94.7% |
| 2009 | $0.1427 | -90.4% |
| 2008 | $1.4800 |
Living on BIL: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Jun 30, 2026, the fund held 22 securities; the ten largest made up 74.45% of assets, and 5.52% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 12.04% | |
| United States Treasury Bonds and notes | 9.04% | |
| United States Treasury Bonds and notes | 7.22% | |
| United States Treasury Bonds and notes | 7.03% | |
| United States Treasury Bonds and notes | 6.98% | |
| United States Treasury Bonds and notes | 6.97% | |
| United States Treasury Bonds and notes | 6.85% | |
| United States Treasury Bonds and notes | 6.49% | |
| United States Treasury Bonds and notes | 6.00% | |
| United States Treasury Bonds and notes | 5.82% | |
| United States Treasury Bonds and notes | 5.57% | |
| United States Treasury Bonds and notes | 4.67% | |
| United States Treasury Bonds and notes | 2.80% | |
| United States Treasury Bonds and notes | 2.69% | |
| United States Treasury Bonds and notes | 2.43% |
By country
United States 99.57%By issuer
US Treasury 99.57%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $2.92B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.30%, +0.29%.
How it works
BIL aims to match, before fees, the Bloomberg 1-3 Month U.S. Treasury Bill Index, set by Bloomberg Index Services Limited. Treasury bills are short-term U.S. government debt. They pay no regular interest. Instead, they're issued below face value and repaid in full at maturity, and that gap is the return. The index includes every publicly issued, fixed-rate, dollar-denominated bill with at least one month but under three months left to maturity. Larger issues get larger weights, after subtracting bills held by the Federal Reserve. As of July 31, 2026, the index had about 17 bills.
The index is reset on the last business day of each month. Bills with less than one month left drop out and newer bills join. That way the fund keeps rolling into fresh bills at the going rate, which is why its income rises and falls with short-term interest rates.
The adviser, SSGA Funds Management, uses sampling. That means it may hold only some of the index's bills or nearly all of them, but it keeps at least 80% of net assets in index securities. It may also hold other debt, cash or money market funds. As of June 30, 2026, the fund had 22 holdings, 99.6% in U.S. Treasuries, no derivatives and an average maturity of about 0.2 years. The largest single bill made up 12.0% of assets.
What it really costs
- BIL charges 0.1352% a year, versus an average of 0.11% for the similar funds below (4th of 8, cheapest first).
- Of that, 0.1345% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $14 in the first year and $173 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BIL | $14 | $44 | $76 | $173 |
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
Its short-term Treasury bills held steady through the 2008, 2020 and 2022 stock declines, so it works as a cash-like reserve rather than a growth holding.
BIL can act as a cash reserve. From the stock market's October 2007 peak to its March 2009 low, it gained 2.8%. It rose 0.3% in the 2020 COVID crash and 0.6% in the 2022 bear market. Its worst calendar years, 2015 and 2021, each lost about 0.1%. Its deepest drop, 0.8% in fall 2008, was small. But it took 109 months, until November 2017, to recover, reflecting years of very low T-bill yields. For someone who may need to cash out in a bad year for stocks, that record points to stable value, not growth.
As of October 27, 2026, its trailing 12-month yield was 3.64%, paid monthly, though that income falls when short-term rates do. The expense ratio is 0.1352%, or $14 over one year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Retirees parking near-term spending money who want a Treasury bill fund that rose during the 2008, 2020 and 2022 stock market declines.
- Investors wanting monthly income tied to short-term rates; the trailing 12-month yield was 3.64% as of October 27, 2026.
- Those wary of rate swings: in the year to October 27, 2026, BIL returned 3.7% while SHY, holding 1-3 year Treasuries, returned 1.6%.
Look elsewhere if
- Cost-focused investors: BIL's 0.1352% expense ratio is above the 0.11% average for similar funds and SGOV's 0.09% for a very similar portfolio.
- Long-term savers seeking growth: its 10-year average annual return was 2.03% through December 31, 2025, and inflation can erode returns that low.
- Those wanting to lock in a yield: its bills mature within three months, so income can fall quickly when short-term rates drop.
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 |
|---|---|---|---|---|---|
| BIL this fund | 0.2 yrs | 0.1352% | $47.08B | +3.3% | +4.3% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| SGOV iShares 0-3 Month Treasury Bond ETF | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| 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% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
Compared head to head: BIL vs SGOV · all comparisons →
Questions investors ask
Is BIL as safe as cash?
Close, but not the same. BIL holds short-term U.S. Treasury bills, and its deepest drop since its 2007 launch was 0.8%, in fall 2008. Still, it isn't insured by the FDIC, the agency that protects bank deposits. Its trading price can differ from the value of its holdings. Its prospectus also warns that a change in the U.S. government's credit standing could lower the value of its bills. Even that small 2008 dip took until November 2017 to recover.
Does BIL pay monthly dividends?
Yes. BIL pays out income every month. Over the 12 months to October 27, 2026, it paid about $3.34 per share. That's a trailing yield of 3.64%, meaning the past year's payouts divided by the share price. The money comes from the Treasury bills it holds, which are issued below face value and repaid in full. Because those bills mature within three months, payouts track short-term interest rates and shrink when rates fall.
What's the difference between BIL, SHV and SGOV?
Mostly cost and maturity, since all three hold very short-term U.S. Treasuries. SHV, the iShares Short Treasury Bond ETF, is the closest match to BIL by maturity and issuer mix. It has a slightly longer average maturity and charges 0.15%. SGOV, the iShares 0-3 Month Treasury Bond ETF, has a slightly shorter one and charges 0.09%. BIL sits between them at 0.1352%. One-year returns through October 27, 2026 were nearly identical: 3.7% for BIL and SGOV, 3.6% for SHV.
Does BIL lose value when interest rates rise?
Very little. Bond prices fall when rates rise, but the effect grows with maturity, and BIL's holdings averaged about 0.2 years to maturity as of June 30, 2026. During the 2022 bear market it gained 0.6%, and it returned 1.36% for that calendar year. Over time, rising rates tend to lift its income, because maturing bills are replaced with higher-yielding ones. Falling rates are the bigger risk, since they shrink that income.
What is BIL's expense ratio?
BIL's expense ratio, the yearly fee taken from fund assets, is 0.1352%, according to its prospectus filed October 26, 2026. Nearly all of it is a 0.1345% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs come to $14 over one year, $76 over five years and $173 over 10 years. That's above the 0.11% average for similar funds and SGOV's 0.09%, but below SHV's 0.15%.