At a glance
PBTP charges 0.07% a year, below the 0.14% average of the 7 funds most like it (the 3rd cheapest of 8). It has $115.8M in assets, the 8th largest of that group; it paid 4.04% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +2.1% with distributions reinvested, 2nd of those 8 funds; over three years it returned +5.0% a year. At its worst it fell 5.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 47.5% of the fund, out of 24 in all.
The short version
Invesco 0-5 Yr US TIPS ETF (PBTP) tracks the ICE BofA 0-5 Year US Inflation-Linked Treasury Index. That index holds short-term Treasury Inflation-Protected Securities (TIPS), which are US government bonds whose value rises with consumer prices. Its 0.07% expense ratio is half the 0.14% average of similar funds. However, the much larger VTIP and STIP charge 0.03%. With about $116 million in net assets as of July 31, 2026, PBTP is the smallest fund in its peer group.
Price history
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PBTP +2.1% 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 | |
|---|---|---|---|---|---|---|
| PBTP official prospectus, to Dec 31, 2025 | — | +6.04% | — | +3.49% | — | +3.35% |
| PBTP price data to Oct 27, 2026 | +2.1% | +2.1% | +5.0% | +2.9% | — | +3.6% |
- Over the year to Oct 27, 2026, PBTP returned +2.1%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +2.9%.
- Its worst full calendar year was 2022 (-3.0%); its best was 2025 (+6.0%).
- The deepest fall in its price history was 5.4% (Mar 11, 2022 to Sep 30, 2022), recovered by Dec 14, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.1% | — |
| 2025 | +6.0% | +6.04% |
| 2024 | +4.7% | +4.75% |
| 2023 | +4.5% | +4.51% |
| 2022 | -3.0% | -3.00% |
| 2021 | +5.5% | +5.43% |
| 2020 | — | +4.99% |
| 2019 | — | +4.70% |
| 2018 | — | +0.48% |
| 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 Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 3.5% over that stretch · deepest drop along the way 5.4%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7400 | |
| 2025 | $1.0000 | +51.5% |
| 2024 | $0.6600 | +11.9% |
| 2023 | $0.5900 | -54.6% |
| 2022 | $1.3000 | +56.6% |
| 2021 | $0.8300 |
What's inside
As of Jul 31, 2026, the fund held 24 securities; the ten largest made up 47.5% of assets.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Inflation - Indexed Bonds Bonds and notes | 5.16% | |
| U.S. Treasury Inflation - Indexed Bonds Bonds and notes | 4.96% | |
| U.S. Treasury Inflation - Indexed Bonds Bonds and notes | 4.90% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.75% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.69% | |
| U.S. Treasury Inflation - Indexed Bonds Bonds and notes | 4.69% | |
| U.S. Treasury Inflation - Indexed Bonds Bonds and notes | 4.66% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.59% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.55% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.54% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.49% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.36% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.28% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.28% | |
| U.S. Treasury Inflation - Indexed Notes Bonds and notes | 4.27% |
By country
United States 99.56%By issuer
US Treasury 99.56%The bonds mature in 2.4 years on average (weighted by size), with an average coupon of 1.17%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $52.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.04%, -0.38%, +0.20%.
How it works
PBTP tracks the ICE BofA 0-5 Year US Inflation-Linked Treasury Index, which ICE Data Indices compiles. The index covers the short end of the TIPS market. TIPS are bonds issued by the US Treasury. Their principal and interest are tied to the Consumer Price Index, and the full faith and credit of the United States backs them. To qualify for the index, a bond must have at least one month but less than five years left until it matures, must have had at least 18 months to maturity when issued, and must have at least $1 billion outstanding. Bigger issues get bigger weights. The index had 26 bonds as of December 31, 2025.
The fund uses "full replication," which means it buys all the bonds in the index in the same proportions. It must keep at least 80% of its assets in index bonds. As of July 31, 2026, it held 24 TIPS issues, 99.6% in US Treasuries, with 0.18% in cash and no derivatives. The largest position was about 5.2%, and the top 10 made up 47.5%. The average time to maturity was 2.4 years.
When a bond gets within a month of maturing, it leaves the index and newer TIPS replace it. This helps explain the fund's 34% turnover. TIPS prices fall when real interest rates (rates after expected inflation) rise. Short maturities soften that effect.
What it really costs
- PBTP charges 0.07% a year, versus an average of 0.14% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $7 in the first year and $90 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PBTP | $7 | $23 | $40 | $90 |
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 bonds whose principal adjusts with the Consumer Price Index, so its main job is to protect spending power.
PBTP may help protect the part of a portfolio set aside for spending over the next few years from inflation. Its worst calendar year was 2022, with a loss of 3.00%. Its deepest drop in price data since June 2020 was 5.4%, from March 11 to September 30, 2022. It took about 14.5 months to recover, by December 14, 2023. Someone who sold near that low would have taken a loss, though a small one. The price data here doesn't cover 2008 or the 2020 crash, but the prospectus shows a 4.99% gain for 2020. The trailing 12-month yield was 4.04% as of October 27, 2026, paid quarterly. TIPS payouts include inflation adjustments, so they can shrink when inflation cools. The fund costs 0.07% a year. 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
- Retirees who want Treasury-backed inflation protection, with holdings averaging 2.4 years to maturity to limit price swings when interest rates change.
- Investors who want a fully replicated short-TIPS index fund at 0.07% a year, half the 0.14% average of similar funds.
- People who can accept modest dips, like the 5.4% drop in 2022, in exchange for income paid quarterly.
Look elsewhere if
- Cost-focused investors: VTIP and STIP hold similar short-term TIPS for 0.03%, and each has billions in net assets against PBTP's roughly $116 million.
- Investors who need steady, predictable income, since TIPS payouts rise and fall with inflation and quarterly amounts can vary a lot.
- Investors seeking growth: the fund's five-year average annual return was 3.49% as of December 31, 2025.
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 |
|---|---|---|---|---|---|
| PBTP this fund | 2.4 yrs | 0.07% | $115.8M | +2.1% | +5.0% |
| VTIP Vanguard Short-Term Inflation-Protected Sec… | 2.4 yrs | 0.03% | $71.01B | +2.8% | +5.3% |
| STIP iShares 0-5 Year TIPS Bond ETF | 2.4 yrs | 0.03% | $15.91B | +2.1% | +4.8% |
| TDTT FlexShares iBoxx 3-Year Target Duration TIP… | 2.9 yrs | 0.18% | $2.55B | +1.4% | +4.9% |
| STPZ PIMCO 1-5 Year US TIPS Index Exchange-Trade… | 2.9 yrs | 0.2% | $526.5M | +1.4% | +4.8% |
| TIPX SPDR Bloomberg 1-10 Year TIPS ETF | 4.6 yrs | 0.15% | $1.91B | +0.5% | +4.8% |
| TDTF FlexShares iBoxx 5-Year Target Duration TIP… | 5.2 yrs | 0.18% | $1.04B | 0.0% | +4.8% |
| TIP iShares TIPS Bond ETF | 6.9 yrs | 0.18% | $14.60B | -0.3% | +4.1% |
Questions investors ask
Is PBTP a good inflation hedge?
PBTP gives direct but imperfect inflation protection. It holds only TIPS, whose principal and interest are tied to the Consumer Price Index. But TIPS prices also fall when real interest rates rise, and that can outweigh the inflation gains for a while. The fund lost 3.00% in 2022, its worst calendar year. Its short maturities, averaging 2.4 years as of July 31, 2026, limit how much rate changes move its price.
What's the difference between PBTP and VTIP?
Both hold short-term TIPS with an average maturity of 2.4 years, but VTIP costs less and is far bigger. VTIP charges 0.03% against PBTP's 0.07%. VTIP had about $71 billion in net assets as of June 30, 2026, compared with roughly $116 million for PBTP as of July 31, 2026. Over one year, VTIP returned 2.8% through October 30, 2026, and PBTP returned 2.1% through October 27, 2026. STIP, also at 0.03%, is another close match.
Does PBTP pay monthly dividends?
No. PBTP pays distributions quarterly, not monthly. Its trailing 12-month yield was 4.04% as of October 27, 2026, which works out to about $1.04 per share. TIPS fund payouts include inflation adjustments to the bonds' principal, so quarterly amounts can rise when inflation is high and shrink when it cools. Anyone who relies on the income should expect it to vary from one payment to the next.
What does PBTP hold?
PBTP holds only US Treasury Inflation-Protected Securities that mature in less than five years. As of July 31, 2026, it owned 24 TIPS issues, which made up 99.6% of assets, with 0.18% in cash and no derivatives. The largest single bond was about 5.2% of the fund, and the top 10 holdings made up 47.5%. The average coupon (the bond's stated interest rate before inflation adjustments) was 1.17%.
How much does PBTP cost to own?
PBTP charges a 0.07% expense ratio, according to its prospectus filed February 26, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $7 in fees over one year, $23 over three years, $40 over five years and $90 over 10 years. That ranks it 3rd cheapest of 8 similar funds. The peer average is 0.14%, while VTIP and STIP charge 0.03%.