At a glance
SGOV charges 0.09% a year, below the 0.11% average of the 7 funds most like it (the 3rd cheapest of 8). It has $105.98B in assets, the 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 +3.4% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.4% a year. At its worst it fell 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 68.4% of the fund, out of 22 in all.
The short version
The iShares 0-3 Month Treasury Bond ETF (SGOV) holds Treasury bills, US government debt maturing within three months, tracking the ICE 0-3 Month US Treasury Securities Index. It behaves much like cash, barely moving through the 2022 bear market, and pays monthly income. At 0.09% a year, it costs less than the 0.11% average of similar funds, and it is the largest of them, with about $106 billion in assets as of August 31, 2026.
Price history
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SGOV +3.4% 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 | |
|---|---|---|---|---|---|---|
| SGOV official prospectus, to Dec 31, 2025 | — | +4.24% | — | +3.23% | — | +2.89% |
| ICEB Of AUS Broad Market Index index, same period | — | +7.15% | — | -0.42% | — | +0.04% |
| SGOV price data to Nov 2, 2026 | +2.8% | +3.4% | +4.4% | +3.8% | — | +3.3% |
- Over the year to Nov 2, 2026, SGOV returned +3.4%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +3.8%.
- Its worst full calendar year was 2022 (+1.6%); its best was 2024 (+5.3%).
- The deepest fall in its price history was 0.3% (Oct 30, 2026 to Nov 2, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.8% | — |
| 2025 | +4.2% | +4.24% |
| 2024 | +5.3% | +5.28% |
| 2023 | +5.1% | +5.13% |
| 2022 | +1.6% | +1.58% |
| 2021 | — | +0.02% |
| 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 0.8% over that stretch |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.6900 | |
| 2025 | $4.1100 | -19.7% |
| 2024 | $5.1200 | +5.1% |
| 2023 | $4.8700 | +233.1% |
| 2022 | $1.4620 |
Living on SGOV: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Aug 31, 2026, the fund held 22 securities; the ten largest made up 68.44% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 10.18% | |
| United States of America Bonds and notes | 8.59% | |
| United States of America Bonds and notes | 8.51% | |
| United States of America Bonds and notes | 6.82% | |
| United States of America Bonds and notes | 6.76% | |
| United States of America Bonds and notes | 6.63% | |
| United States of America Bonds and notes | 6.04% | |
| United States of America Bonds and notes | 5.18% | |
| United States of America Bonds and notes | 5.01% | |
| United States of America Bonds and notes | 4.71% | |
| United States of America Bonds and notes | 4.41% | |
| United States of America Bonds and notes | 4.35% | |
| United States of America Bonds and notes | 4.17% | |
| United States of America Bonds and notes | 4.13% | |
| United States of America Bonds and notes | 3.80% |
By country
United States 106.11%By issuer
US Treasury 106.11%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
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 $14.02B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.33%, +0.29%.
How it works
As an index fund, SGOV aims to match the ICE 0-3 Month US Treasury Securities Index, run by ICE Data Indices, which is independent of BlackRock. The index includes publicly issued Treasuries with three months or less until maturity and at least $1 billion outstanding, not counting Federal Reserve holdings. Inflation-linked Treasuries and issues marketed mainly to individual investors are excluded. Each issue is weighted by market value, so larger ones count more; the index had 39 issues as of February 28, 2026.
The index resets on the last calendar day of each month. Cash from interest and maturing bills earns the return of a one-month Treasury bill index until month-end; before October 31, 2025, that cash earned nothing. So the fund may hold meaningful cash or money market fund holdings.
BlackRock uses representative sampling: it holds a selection of securities that together match the index's yield, maturity and interest-rate sensitivity, not necessarily every issue. At least 90% of assets must be in Treasuries, and at most 10% in futures, options or swaps. As of August 31, 2026, the fund held 24 positions, all US Treasury debt, averaging about 0.1 years to maturity, with 0.77% in cash and no derivatives. It may also lend up to one-third of its assets to other institutions for extra income.
What it really costs
- SGOV charges 0.09% a year, versus an average of 0.11% for the similar funds below (3rd of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $9 in the first year and $115 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SGOV | $9 | $29 | $51 | $115 |
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 very short-term US Treasury debt and its price has barely moved, so it works more as a cash reserve than a source of growth.
SGOV may serve as a retirement portfolio's cash reserve for near-term spending. Launched in May 2020, it has no record from the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it gained 0.8%. Its deepest drop rounded to 0% and was erased within days in August 2022; its weakest full calendar year was 2021, at 0.02%. That stability means drawing on it in a bad year for stocks need not lock in a loss.
It yielded 3.65% over the 12 months to October 27, 2026, paid monthly, and the SEC's standard example puts costs at $9 for the first year on $10,000. The catch: income falls soon after rates drop, and over long periods it is unlikely to keep pace with stocks. 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 parking near-term spending money who want US Treasury backing and a price that barely moved, even during the 2022 bear market.
- Income seekers who want monthly payments from short-term government debt; the yield was 3.65% over the 12 months to October 27, 2026.
- Cost-conscious investors comparing T-bill funds: its 0.09% expense ratio undercuts BIL's roughly 0.14% and SHV's 0.15%.
Look elsewhere if
- Investors seeking long-term growth: SGOV's average annual return from its May 2020 launch through December 31, 2025 was 2.89%.
- Anyone wanting to lock in a yield for years; its bills mature within three months, so income falls soon after rates drop.
- Investors wanting inflation protection specifically: the index excludes inflation-linked Treasuries, so funds holding them may be worth comparing.
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 |
|---|---|---|---|---|---|
| SGOV this fund | 0.1 yrs | 0.09% | $105.98B | +3.4% | +4.4% |
| BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 0.2 yrs | 0.1356% | $47.08B | +3.3% | +4.3% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1.9 yrs | 0.03% | $12.95B | +2.1% | +4.2% |
| 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% |
Compared head to head: BIL vs SGOV · SGOV vs USFR · all comparisons →
Questions investors ask
Can SGOV lose money?
Yes, though it has been very stable so far. SGOV owns US Treasury debt maturing within three months, so rising interest rates barely dent its price; its deepest drop rounded to 0% and was erased within days in August 2022. Its prospectus still warns that investors could lose money, for example if the US government's financial condition or credit rating weakened, or if trading in the fund's shares were disrupted. It is not a bank deposit, and its income can fall.
Does SGOV pay monthly dividends?
Yes. SGOV pays distributions every month. Over the 12 months to October 27, 2026, it paid $3.67 per share, a yield of 3.65%. The money comes from interest on the Treasury bills it holds, so payments track short-term interest rates. Because its bills mature within three months, the fund reinvests often, and when rates fall it must move into lower-yielding bills, so monthly payments can shrink quickly.
SGOV vs BIL: what's the difference?
Mainly cost and maturity range; otherwise the funds are very similar. SGOV tracks an ICE index of Treasuries maturing in 0-3 months and charges 0.09% a year. The SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) holds bills with 1-3 months left and charges about 0.14%. Both returned 3.7% over the year to October 27, 2026, and over three years SGOV averaged 4.5% a year versus 4.4% for BIL. SGOV had about $106 billion in assets as of August 31, 2026; BIL had $47 billion as of June 30, 2026.
Is SGOV good for retirement?
It can play a defensive role, mainly as a cash reserve. SGOV's price barely moved during the 2022 bear market, and it pays monthly, which may suit money set aside for near-term spending. It is built for stability, not growth: its average annual return from its May 2020 launch through December 31, 2025 was 2.89%, and it returned just 0.02% in 2021. Over long periods, stocks and longer-term bonds have the potential for more growth, with bigger swings along the way.
What is SGOV's expense ratio?
SGOV's expense ratio, its yearly fee as a share of assets, is 0.09%, according to its prospectus filed June 18, 2026. In the SEC's standard example of $10,000 earning 5% a year, costs total about $9 after one year, $51 after five and $115 after ten. That is below the 0.11% average of similar funds. Schwab's SCHO and Vanguard's VGSH charge 0.03%, but their bonds average about 1.9 years to maturity, versus about 0.1 years for SGOV, so their prices react more to rate changes.