At a glance
BILS charges 0.14% a year, above the 0.11% average of the 7 funds most like it (the 4th cheapest of 8). It has $3.87B in assets, the 8th largest of that group; it paid 3.67% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.6% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.4% a year. At its worst it fell 0.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months after the low. Its ten largest positions make up 51.3% of the fund, out of 27 in all.
The short version
SPDR Bloomberg 3-12 Month T-Bill ETF (BILS), from State Street, holds US Treasury bills that mature in three to 12 months and tracks the Bloomberg 3-12 Month U.S. Treasury Bill Index. It holds bills a little longer than funds focused on 0-3 month bills, so it can keep a given rate for longer. It costs 0.14% a year. The average for similar funds is 0.11%, and iShares' SGOV charges 0.09%.
Price history
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BILS +3.6% 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 | |
|---|---|---|---|---|---|---|
| BILS official prospectus, to Dec 31, 2025 | — | +4.21% | — | +3.00% | — | +2.85% |
| BILS price data to Oct 27, 2026 | +2.8% | +3.6% | +4.4% | +3.6% | — | +3.2% |
- Over the year to Oct 27, 2026, BILS returned +3.6%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +3.6%.
- Its worst full calendar year was 2022 (+0.9%); its best was 2024 (+5.2%).
- The deepest fall in its price history was 0.4% (Feb 22, 2021 to Jun 14, 2022), recovered by Sep 29, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.8% | — |
| 2025 | +4.3% | +4.21% |
| 2024 | +5.2% | +5.20% |
| 2023 | +4.9% | +4.96% |
| 2022 | +0.9% | +0.85% |
| 2021 | — | -0.08% |
| 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 | Gained 0.1% over that stretch · deepest drop along the way 0.3% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.6700 | |
| 2025 | $4.0700 | -18.1% |
| 2024 | $4.9700 | +0.6% |
| 2023 | $4.9400 | +208.8% |
| 2022 | $1.6000 |
What's inside
As of Jun 30, 2026, the fund held 27 securities; the ten largest made up 51.34% of assets, and 8.06% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 6.87% | |
| United States Treasury Bonds and notes | 6.70% | |
| United States Treasury Bonds and notes | 6.44% | |
| United States Treasury Bonds and notes | 5.34% | |
| United States Treasury Bonds and notes | 4.47% | |
| United States Treasury Bonds and notes | 4.47% | |
| United States Treasury Bonds and notes | 4.40% | |
| United States Treasury Bonds and notes | 4.29% | |
| United States Treasury Bonds and notes | 4.21% | |
| United States Treasury Bonds and notes | 4.17% | |
| United States Treasury Bonds and notes | 4.16% | |
| United States Treasury Bonds and notes | 4.16% | |
| United States Treasury Bonds and notes | 3.80% | |
| United States Treasury Bonds and notes | 3.69% | |
| United States Treasury Bonds and notes | 2.82% |
By country
United States 99.67%By issuer
US Treasury 99.67%The bonds mature in 0.4 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 $198.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.29%, +0.26%.
How it works
SSGA Funds Management, State Street's adviser, runs BILS as an index fund. It aims to match the Bloomberg 3-12 Month U.S. Treasury Bill Index, before fees. Treasury bills, or T-bills, are short-term US government debt. They pay no regular interest; they are sold below face value and repay the full amount at maturity. The index includes every publicly issued, fixed-rate, US dollar T-bill with 3 to under 12 months left to maturity, about 23 securities as of July 31, 2026. Bloomberg Index Services Limited, an independent firm, picks the bills and their weights.
Bills are weighted by market value, after subtracting bills the Federal Reserve holds. The index is rebalanced on the last business day of each month. Bills that have slipped under 3 months to maturity drop out and newer ones join, so the fund keeps replacing aging bills with fresh ones.
The fund uses sampling: it may buy some of the index's bills, or nearly all. At least 80% of net assets must stay in index securities, and shareholders get 60 days' notice before that changes. The rest may go into other debt, cash or money market funds, including ones SSGA advises. It uses no leverage or options. As of June 30, 2026, it held no derivatives, and its average holding matured in about 0.4 years.
What it really costs
- BILS charges 0.1353% 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 |
|---|---|---|---|---|
| BILS | $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
It holds only short-term US Treasury bills, and its price barely moved during the 2022 sell-off in stocks and bonds.
BILS could hold cash that a retiree plans to spend within about a year. Its record covers the 2022 bear market but not 2008 or the 2020 crash, which came before its September 2020 launch. In 2022 its deepest dip was about 0.3%, and it had recovered by September 1, 2022. Its largest drop overall was 0.4%, from February 2021 to June 2022, and it took about 3.5 months to recover. Its only losing calendar year was 2021, at -0.08%. So far, selling in a bad year has not meant taking a meaningful loss. It pays income monthly, with a trailing 12-month yield of 3.67% as of October 27, 2026. Under the SEC's standard example, $10,000 invested would cost $14 in the first year.
The trade-off is modest growth: it returned 3.00% a year over the five years to December 31, 2025, which may trail inflation over time. 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
- People setting aside near-term spending money who want US Treasury bills, monthly income and, historically, price drops under 1%.
- Investors who want to hold a rate for a few more months than 0-3 month funds like BIL or SGOV, with a 0.4-year average maturity.
- Investors who want State Street's version of a T-bill fund at 0.14% a year, about the same cost as its sister fund BIL.
Look elsewhere if
- Cost-focused investors: iShares' SGOV charges 0.09% versus 0.14%. It is also far larger, with about $106 billion in net assets.
- Anyone seeking long-term growth: BILS returned 3.00% a year over the five years to December 31, 2025.
- Investors who need income that holds steady if rates fall. With bills maturing within 12 months, the 3.67% yield can fall quickly when 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 |
|---|---|---|---|---|---|
| BILS this fund | 0.4 yrs | 0.1353% | $3.87B | +3.6% | +4.4% |
| 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% |
| 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% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
Questions investors ask
Does BILS pay monthly dividends?
Yes. BILS pays income monthly. The income comes from the T-bills it holds, which are sold below face value and repaid in full when they mature. Its trailing 12-month yield was 3.67% as of October 27, 2026, or about $3.65 per share over that period. Because the bills mature within a year, payouts follow short-term interest rates. If rates fall, monthly income will likely fall soon after.
Can you lose money in BILS?
Yes, but historically only small amounts. The fund is not FDIC-insured, and its price can move with interest rates, trading conditions and the US government's credit standing. Its deepest drop was about 0.4%, from February 2021 to June 2022, and it recovered by September 29, 2022. Its only losing calendar year was 2021, at -0.08%. Its worst quarter was -0.16%, in early 2022.
What's the difference between BILS and SHV?
Both hold short-term US Treasury securities and have nearly matched each other. As of late October 2026, each returned about 3.6% over one year and 4.4% a year over three years. BILS costs 0.14% a year; iShares' SHV costs 0.15%. SHV is much larger, with about $21 billion in net assets as of August 31, 2026, versus about $3.9 billion for BILS as of June 30. SHV's average maturity is slightly shorter, at 0.3 years versus 0.4.
BILS vs BIL: which T-bill ETF is which?
Both are State Street SPDR funds tracking Bloomberg T-bill indexes, and both charge about 0.14% a year. BIL holds bills maturing in one to three months, with an average of 0.2 years. BILS holds bills maturing in three to 12 months, with an average of 0.4 years. That means BILS can keep a rate a bit longer, for better or worse. BIL is much bigger, with about $47 billion in net assets versus about $3.9 billion as of June 30, 2026.
What is the BILS expense ratio?
The expense ratio is 0.1353%, or about 0.14% a year, according to the prospectus filed October 26, 2026. Under the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would be about $14 after one year, $44 after three, $76 after five and $173 after ten. That is above the 0.11% average for similar funds and SGOV's 0.09%, and slightly below SHV's 0.15%.