At a glance
GOVI charges 0.15% a year, above the 0.08% average of the 7 funds most like it (the 5th cheapest of 8). It has $1.22B in assets, the 8th largest of that group; it paid 3.99% of its price in distributions over the past 12 months, monthly. Over the past year it returned −4.1% with distributions reinvested, 5th of those 8 funds; over three years it returned +3.8% a year. Its ten largest positions make up 33.5% of the fund, out of 30 in all.
The short version
Invesco Equal Weight 0-30 Year Treasury ETF (GOVI) holds a ladder of about 30 US Treasury notes and bonds. Each one matures in February of a different year, from 1 to 30 years out, and each gets an equal weight. This spreads interest-rate risk evenly across maturities instead of focusing on short or long bonds. It pays monthly, but its 0.15% expense ratio is higher than several Treasury funds that charge 0.03%.
Price history
The interactive chart needs JavaScript.
GOVI -4.1% 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 | |
|---|---|---|---|---|---|---|
| GOVI official prospectus, to Dec 31, 2024 | — | -2.95% | — | -2.80% | +0.09% | — |
| GOVI price data to Oct 27, 2026 | -2.4% | -4.1% | +3.8% | — | — | +1.5% |
- Over the year to Oct 27, 2026, GOVI returned -4.1%, 5th of 8 among similar funds.
- Its worst full calendar year was 2024 (-2.9%); its best was 2025 (+5.9%).
- The deepest fall in its price history was 9.5% (Sep 16, 2024 to Jan 13, 2025), recovered by Feb 27, 2026.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.4% | — |
| 2025 | +5.9% | — |
| 2024 | -2.9% | -2.95% |
| 2023 | — | +3.43% |
| 2022 | — | -20.34% |
| 2021 | — | -3.55% |
| 2020 | — | +12.50% |
| 2019 | — | +10.33% |
| 2018 | — | -0.37% |
| 2017 | — | +4.64% |
| 2016 | — | +0.99% |
| 2015 | — | +0.11% |
| 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 | Not in the price data, which starts Aug 28, 2023 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Aug 28, 2023 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8600 | |
| 2025 | $1.0400 | +7.2% |
| 2024 | $0.9700 |
What's inside
As of Aug 31, 2026, the fund held 30 securities; the ten largest made up 33.49% of assets, and 2.07% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Notes Bonds and notes | 3.45% | |
| U.S. Treasury Bonds Bonds and notes | 3.42% | |
| U.S. Treasury Notes Bonds and notes | 3.38% | |
| U.S. Treasury Bonds Bonds and notes | 3.38% | |
| U.S. Treasury Notes Bonds and notes | 3.37% | |
| U.S. Treasury Notes Bonds and notes | 3.33% | |
| U.S. Treasury Bonds Bonds and notes | 3.31% | |
| U.S. Treasury Notes Bonds and notes | 3.29% | |
| U.S. Treasury Bonds Bonds and notes | 3.29% | |
| U.S. Treasury Bonds Bonds and notes | 3.29% | |
| U.S. Treasury Bonds Bonds and notes | 3.28% | |
| U.S. Treasury Notes Bonds and notes | 3.28% | |
| U.S. Treasury Bonds Bonds and notes | 3.27% | |
| U.S. Treasury Bonds Bonds and notes | 3.27% | |
| U.S. Treasury Bonds Bonds and notes | 3.24% |
By country
United States 97.76%By issuer
US Treasury 97.76%The bonds mature in 14.8 years on average (weighted by size), with an average coupon of 3.65%.
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 $65.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.67%, -2.69%, +0.54%.
How it works
GOVI tracks the ICE 1-30 Year Laddered Maturity US Treasury Index, which ICE Data Indices compiles. The index builds a "ladder" of up to 30 US Treasury notes and bonds. Each "rung" is one yearly maturity point, from 1 to 30 years. Each rung targets a bond that matures in February. If no February bond exists for a rung, the index picks the closest bond that matures within six months of that target. Eligible bonds must pay a fixed coupon (interest rate). They must have at least $1 billion outstanding, not counting Federal Reserve holdings, and must have had at least 18 months to maturity when issued.
All rungs get the same weight, and the weights are reset once a year in February. If a rung has no eligible bond, its weight is split equally between the nearest rungs on either side. Once a bond is chosen, it stays in the index as long as it remains eligible. As of October 31, 2025, the index had 30 constituents. Invesco uses full replication, which means the fund buys every bond in the index at its index weight. Portfolio turnover was 14%.
As of August 31, 2026, the largest position was about 3.4% of assets. The fund's average maturity was 14.8 years and its average coupon was 3.65%. Bond prices fall when interest rates rise, and the longer rungs react the most.
What it really costs
- GOVI charges 0.15% a year, versus an average of 0.08% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GOVI | $15 | $48 | $85 | $192 |
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
GOVI holds only US Treasuries and has moved largely apart from stocks, with a one-year beta of 0.15 as of October 27, 2026, but its long-dated bonds make it far from risk-free.
GOVI can offset stock losses in some crises. It gained 12.5% in 2020, and its strongest quarter was up 14.64% in early 2020, during the COVID crash. Rising rates are its weak spot: it lost 20.34% in 2022, its worst calendar year on record. Anyone selling shares for income that year would have locked in losses. It also fell 9.5% between September 2024 and January 2025, and it took about 13.5 months to recover. Return figures covering 2008 aren't available here.
GOVI pays monthly. Its trailing 12-month yield was 3.99% as of October 27, 2026. Its 0.15% expense ratio is above the 0.08% average for similar funds. Past results don't predict future returns. 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 Treasuries spread evenly from 1 to 30 years, instead of just short, intermediate or long bonds.
- Retirees who want monthly income. The trailing 12-month yield was 3.99% as of October 27, 2026.
- Stock-heavy portfolios that want a counterweight. GOVI gained 12.5% in 2020, and its one-year beta was 0.15.
Look elsewhere if
- Cost-focused investors. VGLT, SPTL and VGIT charge 0.03% and GOVT charges 0.05%, compared with GOVI's 0.15%.
- Anyone uneasy with rate-driven losses. With a 14.8-year average maturity, GOVI lost 20.34% in 2022.
- Those who want inflation protection or corporate bond yields. GOVI holds only fixed-coupon US Treasuries.
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 |
|---|---|---|---|---|---|
| GOVI this fund | 14.8 yrs | 0.15% | $1.22B | -4.1% | +3.8% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
Questions investors ask
Does GOVI pay monthly dividends?
Yes. GOVI pays distributions every month. In the 12 months to October 27, 2026, it paid $1.04 per share, a trailing yield of 3.99%. The income comes from interest on the Treasury notes and bonds it holds. As of August 31, 2026, those bonds had an average coupon of 3.65%. Payments can change over time as bonds mature and the fund replaces them with bonds paying different rates.
What's the difference between GOVI and IEF?
Both hold only US Treasuries and both charge 0.15%, but they cover different maturities. IEF, the iShares 7-10 Year Treasury Bond ETF, has an average maturity of 8.4 years. GOVI spreads evenly from 1 to 30 years and averaged 14.8 years as of August 31, 2026. That makes GOVI more sensitive to rate changes. Over one year, IEF returned -1.4% (through October 30, 2026) and GOVI returned -4.1% (through October 27, 2026). IEF is also much larger, with about $41.8 billion in net assets.
How much did GOVI lose in 2022?
GOVI lost 20.34% in 2022. That is its worst calendar year in the prospectus record, which goes back to 2015. Interest rates rose quickly that year, and bond prices fell, especially for longer bonds. GOVI also lost 3.55% in 2021. Over the 10 years ended December 31, 2024, its average annual return was 0.09%, and its five-year average was -2.8%. When rates fell in 2020, it gained 12.5%.
What is GOVI's expense ratio?
GOVI's expense ratio is 0.15%, according to its prospectus filed December 18, 2025. In the SEC's standard example, $10,000 earning 5% a year would cost about $15 in fees over one year, $85 over five years and $192 over ten. IEF and TLT charge the same 0.15%. The average among similar funds is 0.08%. VGLT, SPTL and VGIT charge 0.03%, and GOVT charges 0.05%.
Is GOVI a safe investment?
GOVI has very little default risk, but its price can swing. It holds US Treasuries, which are backed by the full faith and credit of the US government. Interest-rate risk is the bigger concern. With an average maturity of 14.8 years as of August 31, 2026, its price can fall sharply when rates climb. It lost 20.34% in 2022, and its worst quarter was -8.73% in early 2021. Its three-year volatility was 8.4% as of October 27, 2026.