At a glance
SHV charges 0.15% a year, above the 0.1% average of the 7 funds most like it (the 6th cheapest of 8). It has $20.97B in assets, the 5th largest of that group; it paid 3.64% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.3% with distributions reinvested, 4th of those 8 funds; over three years it returned +4.3% a year. At its worst it fell 0.1% in the 2020 crash (S&P 500: 33.7%) and 0.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows. Its ten largest positions make up 37.3% of the fund, out of 62 in all.
The short version
The iShares Short Treasury Bond ETF (SHV) tracks the ICE Short US Treasury Securities Index. It holds U.S. Treasury securities that mature within one year. That makes it a cash-like place to park money: its deepest drop since its 2007 launch was about 0.4%, and it pays income monthly. The trade-off is cost. Its 0.15% expense ratio (annual fee) is higher than close rivals such as iShares' own SGOV (0.09%) and Invesco's TBLL (0.08%).
Price history
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SHV +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 | |
|---|---|---|---|---|---|---|
| SHV official prospectus, to Dec 31, 2025 | — | +4.20% | — | +3.02% | +2.10% | — |
| ICEB Of AUS Broad Market Index index, same period | — | +7.15% | — | -0.42% | +2.01% | — |
| SHV price data to Nov 2, 2026 | +2.6% | +3.3% | +4.3% | +3.6% | +2.3% | +1.6% |
- Over the year to Nov 2, 2026, SHV returned +3.3%, 4th of 8 among similar funds.
- Its 5-year annualized return was +3.6% and its 10-year +2.3%.
- In the 2020 COVID crash, while stocks fell, it gained 0.6%.
- Its worst full calendar year was 2021 (-0.1%); its best was 2024 (+5.1%).
- The deepest fall in its price history was 0.4% (Jul 30, 2024 to Jul 31, 2024), recovered by Aug 1, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.6% | — |
| 2025 | +4.2% | +4.20% |
| 2024 | +5.1% | +5.16% |
| 2023 | +5.0% | +5.04% |
| 2022 | +0.9% | +0.94% |
| 2021 | -0.1% | -0.11% |
| 2020 | +0.8% | +0.83% |
| 2019 | +2.4% | +2.33% |
| 2018 | +1.7% | +1.74% |
| 2017 | +0.7% | +0.65% |
| 2016 | +0.4% | +0.43% |
| 2015 | 0.0% | — |
| 2014 | 0.0% | — |
| 2013 | 0.0% | — |
| 2012 | +0.0% | — |
| 2011 | +0.1% | — |
| 2010 | +0.1% | — |
| 2009 | +0.2% | — |
| 2008 | +2.8% | — |
| 2007 | +5.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 3.9% over that stretch · deepest drop along the way 0.4% |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 0.6% over that stretch · deepest drop along the way 0.1% |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 0.2% over that stretch · deepest drop along the way 0.3% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.9210 | |
| 2025 | $4.5000 | -18.8% |
| 2024 | $5.5400 | +6.3% |
| 2023 | $5.2100 | +242.8% |
| 2022 | $1.5200 | +3484.9% |
| 2021 | $0.0424 | -94.8% |
| 2020 | $0.8100 | -66.7% |
| 2019 | $2.4300 | +33.5% |
| 2018 | $1.8200 | +130.4% |
| 2017 | $0.7900 | +111.2% |
| 2016 | $0.3740 | +1000.0% |
| 2015 | $0.0340 | +3677.8% |
| 2014 | $0.0009 | -85.0% |
| 2013 | $0.0060 | -18.9% |
| 2012 | $0.0074 | -91.2% |
| 2011 | $0.0840 | -2.3% |
| 2010 | $0.0860 | -77.2% |
| 2009 | $0.3770 | -83.6% |
| 2008 | $2.2940 | -48.3% |
| 2007 | $4.4340 |
What's inside
As of Aug 31, 2026, the fund held 62 securities; the ten largest made up 37.28% of assets, and 2.26% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 4.95% | |
| United States of America Bonds and notes | 4.53% | |
| United States of America Bonds and notes | 3.86% | |
| United States of America Bonds and notes | 3.60% | |
| United States of America Bonds and notes | 3.56% | |
| United States of America Bonds and notes | 3.55% | |
| United States of America Bonds and notes | 3.37% | |
| United States of America Bonds and notes | 3.33% | |
| United States of America Bonds and notes | 3.29% | |
| United States of America Bonds and notes | 3.23% | |
| United States of America Bonds and notes | 3.14% | |
| United States of America Bonds and notes | 3.04% | |
| United States of America Bonds and notes | 2.97% | |
| United States of America Bonds and notes | 2.91% | |
| United States of America Bonds and notes | 2.79% |
By country
United States 101.68%By issuer
US Treasury 101.68%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0.38%.
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 $245.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.27%, +0.34%, +0.29%.
How it works
SHV tracks the ICE Short US Treasury Securities Index from ICE Data Indices. (Its June 18, 2026 prospectus calls the fund the iShares 0-1 Year Treasury Bond ETF.) The index holds fixed-rate U.S. Treasuries with a year or less to maturity and at least $1 billion outstanding. It leaves out inflation-protected bonds, stripped zero-coupon pieces and issues marketed mainly to individual investors. Holdings are weighted by market value, and the index rebalances on the last day of each month.
BlackRock doesn't try to beat the index. It uses representative sampling: it owns a mix of Treasuries that matches the index's maturity, yield and duration (sensitivity to rate changes) without holding every issue. At least 90% of assets go into Treasuries, and the fund targets a weighted average maturity under a year. As of August 31, 2026, it held 62 issues averaging 0.3 years to maturity. The 10 largest made up 37% of assets, and all were Treasury bills (short-term government debt).
Short maturities mean the fund replaces its holdings often: portfolio turnover was 115%. Since October 31, 2025, the index credits cash from interest payments and maturing bills with a one-month Treasury bill return until month-end, so the fund may hold cash and money market funds. It may lend up to a third of its assets. It can use derivatives but held none as of August 31, 2026.
What it really costs
- SHV charges 0.15% a year, versus an average of 0.1% for the similar funds below (6th 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 |
|---|---|---|---|---|
| SHV | $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
Its holdings mature within a year and its deepest drop since 2007 was about 0.4%, so it acts as a cash-like reserve rather than a source of growth.
SHV has held steady when stocks fell. From the October 2007 market peak to the March 2009 low, it gained 3.9%. It rose 0.6% in the 2020 COVID crash and 0.2% in the 2022 bear market. Its worst calendar year was 2021, at -0.11%, and its deepest drops, about 0.4%, were made up within days. That could help someone who needs cash in a bad year without cashing out falling stocks. It pays income monthly: $4.00 per share over the 12 months to October 29, 2026, a 3.62% yield.
The trade-offs: it returned just 2.10% a year over the 10 years to December 31, 2025, and its income shrinks when short-term rates fall. Its 0.15% fee comes to $15 in the first year on $10,000 in the SEC's standard example. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Savers holding cash they may need within a year: its deepest drop since its 2007 launch was about 0.4%, made up within days.
- Investors who want monthly income from U.S. Treasuries: it paid $4.00 per share over 12 months, a 3.62% yield as of October 29, 2026.
- Investors who want Treasuries maturing out to one year, slightly longer than the bills in SGOV or BIL, averaging 0.3 years as of August 31, 2026.
Look elsewhere if
- Cost-focused investors: its 0.15% expense ratio ranks 6th of 8 similar funds, above SGOV (0.09%), TBLL (0.08%) and the 0.10% peer average.
- Long-term investors seeking growth: it returned 2.10% a year over the 10 years to December 31, 2025, and isn't built to grow much.
- Income seekers wanting steady payouts for years: holdings mature within a year, so income resets quickly; it returned 0.83% in 2020 and -0.11% in 2021.
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 |
|---|---|---|---|---|---|
| SHV this fund | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| TBLL Invesco Short Term Treasury ETF | 0.3 yrs | 0.08% | $2.85B | +3.6% | +4.4% |
| 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% |
| 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% |
Questions investors ask
Does SHV pay monthly dividends?
Yes. SHV pays income monthly. It paid about $4.00 per share over the 12 months to October 29, 2026, a trailing yield of 3.62%. A trailing yield is the past year's income divided by the share price. The money comes from interest on short-term U.S. Treasury securities, so payouts move with short-term interest rates. The prospectus warns that income may fall when rates fall, because maturing bonds get replaced with lower-yielding ones.
What's the difference between SHV, SGOV and TBLL?
Mostly cost and maturity; returns have been nearly identical. Invesco Short Term Treasury ETF (TBLL) is the closest match. It charges 0.08% and holds Treasuries with a similar average maturity of about 0.3 years. iShares 0-3 Month Treasury Bond ETF (SGOV) charges 0.09% and holds shorter bills, averaging 0.1 years as of August 31, 2026. SHV charges 0.15%. Over one year to October 29, 2026, SHV returned 3.6% and SGOV 3.7%. TBLL returned 3.6% through October 27.
Can SHV lose money?
Yes, but its losses have been tiny. SHV's worst calendar year was 2021, at -0.11%, and its worst quarter was the first quarter of 2022, at -0.15%. Its deepest drop since its 2007 launch was about 0.4%, made up within days. Its holdings mature within a year, so rising interest rates barely dent its price; funds holding longer bonds react much more. Its prospectus still warns that changes in the U.S. government's credit rating or finances could lower the value of its holdings.
Is SHV a money market fund?
No. SHV is an exchange-traded fund that tracks an index of U.S. Treasury securities maturing within a year. It trades on an exchange like a stock and doesn't aim for a fixed share price, so its price can move a little. As of August 31, 2026, it held 62 Treasury issues averaging 0.3 years to maturity, plus about 2% in cash. Its largest positions were all Treasury bills. Under its index rules, it may also hold money market funds.
Is SHV good for retirement?
It may suit the cash reserve part of a retirement portfolio rather than the growth part. SHV gained 3.9% from the October 2007 stock market peak to the March 2009 low, and it rose during the 2020 crash and the 2022 bear market. It pays income monthly. But it returned only 2.10% a year over the 10 years to December 31, 2025, and its income falls when short-term rates drop. Its 0.15% fee is also higher than close alternatives such as SGOV and TBLL. Past results don't predict future returns.