At a glance
SPTI charges 0.03% a year, below the 0.08% average of the 7 funds most like it (the cheapest of 8). It has $10.18B in assets, the 8th largest of that group; it paid 3.87% of its price in distributions over the past 12 months, monthly. Over the past year it returned −1.4% with distributions reinvested, 7th of those 8 funds; over three years it returned +4.2% a year. At its worst it fell 11.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 34 months after the low. Its ten largest positions make up 18.6% of the fund, out of 106 in all.
The short version
SPDR Portfolio Intermediate Term Treasury ETF (SPTI) is a State Street index fund that holds U.S. Treasury notes maturing in 3 to 10 years and tracks the Bloomberg 3-10 Year U.S. Treasury Index. Its 0.03% expense ratio ties Schwab's SCHR and Vanguard's VGIT for the lowest among similar funds, below their 0.08% average. It pays income monthly, with a trailing 12-month yield of 3.87% as of October 27, 2026.
Price history
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SPTI -1.4% 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 | |
|---|---|---|---|---|---|---|
| SPTI official prospectus, to Dec 31, 2025 | — | +7.39% | — | -0.24% | +1.64% | — |
| SPTI price data to Oct 27, 2026 | -1.5% | -1.4% | +4.2% | 0.0% | — | -0.4% |
- Over the year to Oct 27, 2026, SPTI returned -1.4%, 7th of 8 among similar funds.
- Its 5-year annualized return was 0.0%.
- Its worst full calendar year was 2022 (-10.7%); its best was 2025 (+7.4%).
- The deepest fall in its price history was 16.1% (Aug 4, 2020 to Oct 20, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.5% | — |
| 2025 | +7.4% | +7.39% |
| 2024 | +1.4% | +1.39% |
| 2023 | +4.3% | +4.26% |
| 2022 | -10.7% | -10.72% |
| 2021 | -2.5% | -2.53% |
| 2020 | — | +7.65% |
| 2019 | — | +6.38% |
| 2018 | — | +1.95% |
| 2017 | — | +1.05% |
| 2016 | — | +0.95% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 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 11.3% over that stretch · deepest drop along the way 11.9%, back to its old high 34.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8000 | |
| 2025 | $1.0700 | 0.0% |
| 2024 | $1.0700 | +23.0% |
| 2023 | $0.8700 | +117.5% |
| 2022 | $0.4000 | +122.2% |
| 2021 | $0.1800 |
What's inside
As of Jun 30, 2026, the fund held 106 securities; the ten largest made up 18.63% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 1.97% | |
| United States Treasury Bonds and notes | 1.94% | |
| United States Treasury Bonds and notes | 1.93% | |
| United States Treasury Bonds and notes | 1.91% | |
| United States Treasury Bonds and notes | 1.88% | |
| United States Treasury Bonds and notes | 1.86% | |
| United States Treasury Bonds and notes | 1.83% | |
| United States Treasury Bonds and notes | 1.80% | |
| United States Treasury Bonds and notes | 1.78% | |
| United States Treasury Bonds and notes | 1.74% | |
| United States Treasury Bonds and notes | 1.72% | |
| United States Treasury Bonds and notes | 1.66% | |
| United States Treasury Bonds and notes | 1.62% | |
| United States Treasury Bonds and notes | 1.61% | |
| United States Treasury Bonds and notes | 1.48% |
By country
United States 98.95%By issuer
US Treasury 98.95%The bonds mature in 5.6 years on average (weighted by size), with an average coupon of 3.65%.
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 added a net $460.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: 0.00%, -0.09%, +0.12%.
How it works
SPTI aims to match the price and yield of the Bloomberg 3-10 Year U.S. Treasury Index, before fees. To be in the index, a bond must be a publicly issued U.S. Treasury with at least 3 and less than 10 years left to maturity. It must also have at least $300 million outstanding and pay a fixed rate in dollars. The index leaves out TIPS (Treasuries that adjust for inflation), floating-rate notes and stripped coupons. Bloomberg, which has no ties to State Street, decides what goes in. The index held 103 securities as of July 31, 2026.
Each bond is weighted by its market value, so larger issues count for more. The index is updated on the last business day of each month. Notes that drop below three years to maturity fall out, and newly issued notes come in. The adviser, SSGA Funds Management, uses sampling. That means it may buy a subset of the index's bonds that behaves like the whole, though it must keep at least 80% of assets in index securities. As of June 30, 2026, the fund held 106 issues. None made up more than about 2% of assets, the average maturity was 5.6 years and the average coupon was 3.65%.
The fund uses no leverage and held no derivatives as of June 30, 2026. Bond prices move opposite to interest rates, so its share price rises and falls with rates.
What it really costs
- SPTI charges 0.03% a year, versus an average of 0.08% for the similar funds below (1st of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $3 in the first year and $39 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPTI | $3 | $10 | $17 | $39 |
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 almost nothing but U.S. Treasury notes, and its price has barely moved with stocks: its one-year beta was 0.08 as of October 27, 2026.
SPTI could add income and a cushion that often moves differently from stocks. Beta measures how closely a fund follows the stock market, and SPTI's one-year beta was 0.08 as of October 27, 2026. In the first quarter of 2020, as stocks crashed, it gained 7.05%, its strongest quarter in the prospectus record. It pays monthly, with a trailing 12-month yield of 3.87%. In the SEC's standard example, it costs about $3 for the first year on $10,000.
Rising rates are the main risk. In 2022, its worst calendar year, it lost 10.7%, and it didn't regain its January 2022 peak until August 1, 2025. Its deepest drop, 16.1% from August 2020 to October 2022, had not fully recovered as of October 27, 2026. Anyone who had to sell during that stretch would have locked in losses. 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
- Investors who want U.S. Treasury notes maturing in 3 to 10 years at a 0.03% expense ratio, about $3 for the first year on $10,000.
- Retirees who want monthly income from Treasuries; the trailing 12-month yield was 3.87% as of October 27, 2026.
- Those adding a diversifier to a stock-heavy portfolio: one-year beta was 0.08, and it gained 7.05% in early 2020's stock crash.
Look elsewhere if
- People seeking protection from rising rates or inflation: it lost 10.7% in 2022 and holds no TIPS.
- Savers who need steadier value for near-term cash; short-term Treasury funds such as SHY and VGSH average 1.9 years to maturity.
- Income seekers wanting higher yields from corporate or high-yield bonds; nearly 99% of assets were U.S. Treasuries as of June 30, 2026.
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 |
|---|---|---|---|---|---|
| SPTI this fund | 5.6 yrs | 0.03% | $10.18B | -1.4% | +4.2% |
| SCHR Schwab Intermediate-Term U.S. Treasury ETF | 5.5 yrs | 0.03% | $13.38B | -0.6% | +4.1% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| 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% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
Questions investors ask
Does SPTI pay monthly dividends?
Yes. SPTI pays distributions monthly from the interest on the Treasury notes it holds. In the 12 months through October 27, 2026, it paid about $1.07 per share, a trailing yield of 3.87%. Payments can vary from month to month. The prospectus warns that the fund's income may fall if interest rates drop, because maturing bonds would be replaced with lower-paying ones.
What's the difference between SPTI and VGIT?
Very little in practice. Both hold intermediate-term U.S. Treasuries and charge 0.03% a year. Vanguard's VGIT is much larger, with about $48.4 billion in net assets as of August 31, 2026. SPTI had about $10.2 billion as of June 30, 2026. Average maturities were nearly identical: 5.5 years for VGIT and 5.6 years for SPTI. Annualized three-year returns were 4.3% for VGIT as of October 29, 2026, and 4.2% for SPTI as of October 27, 2026.
Is SPTI good for retirement?
It may suit retirees who want monthly income at a 0.03% expense ratio, plus a holding that tends to move differently from stocks. It gained 7.05% in the first quarter of 2020, when stocks plunged. But it isn't risk-free. It lost 10.7% in 2022 as interest rates rose, and it took until August 2025 to regain its early-2022 peak. Whether it fits depends on the rest of the portfolio and when the money will be needed.
What is SPTI's expense ratio?
SPTI's expense ratio is 0.03% a year, according to its prospectus filed October 26, 2026. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, total costs would be about $3 after one year, $17 after five years and $39 after ten. That ties Schwab's SCHR and Vanguard's VGIT and is below the 0.08% average of similar funds. iShares' IEF charges 0.15%.
Can you lose money in SPTI?
Yes. The fund holds U.S. Treasuries, but their prices fall when interest rates rise, and the fund isn't FDIC-insured. SPTI lost 10.7% in 2022. Its deepest decline was 16.1%, from its August 2020 peak to October 2022, and it had not fully recovered as of October 27, 2026. With an average maturity of 5.6 years as of June 30, 2026, it reacts more to rate changes than short-term Treasury funds do.