At a glance
TBLL charges 0.08% a year, below the 0.11% average of the 7 funds most like it (the 3rd cheapest of 8). It has $2.58B in assets, the 8th largest of that group; it paid 3.61% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.6% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.4% a year. Its ten largest positions make up 24.0% of the fund, out of 82 in all.
The short version
Invesco Short Term Treasury ETF (TBLL) tracks the ICE U.S. Treasury Short Bond Index, which means it holds U.S. government debt that matures within 12 months. It may suit cash that someone wants to keep low-risk while it earns interest. Its expense ratio (the yearly fee) is 0.08%, below the 0.11% average for similar funds. It is the smallest of its peer group, with about $2.6 billion in net assets as of May 31, 2026.
Price history
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TBLL +3.6% 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 | |
|---|---|---|---|---|---|---|
| TBLL official prospectus, to Dec 31, 2024 | — | +5.13% | — | +2.40% | — | +2.12% |
| TBLL price data to Oct 27, 2026 | +2.9% | +3.6% | +4.4% | — | — | +4.5% |
- Over the year to Oct 27, 2026, TBLL returned +3.6%, 2nd of 8 among similar funds.
- Its worst full calendar year was 2025 (+4.2%); its best was 2024 (+5.1%).
- The deepest fall in its price history was 0.4% (Sep 28, 2023 to Sep 29, 2023), recovered by Oct 20, 2023.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.9% | — |
| 2025 | +4.2% | — |
| 2024 | +5.1% | +5.13% |
| 2023 | — | +4.97% |
| 2022 | — | +1.12% |
| 2021 | — | -0.01% |
| 2020 | — | +0.92% |
| 2019 | — | +2.36% |
| 2018 | — | +1.80% |
| 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) | $3.1300 | |
| 2025 | $4.2900 | -18.3% |
| 2024 | $5.2500 |
What's inside
As of May 31, 2026, the fund held 82 securities; the ten largest made up 23.99% of assets.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Bills Bonds and notes | 2.79% | |
| U.S. Treasury Bills Bonds and notes | 2.68% | |
| U.S. Treasury Bills Bonds and notes | 2.65% | |
| U.S. Treasury Bills Bonds and notes | 2.62% | |
| U.S. Treasury Bills Bonds and notes | 2.57% | |
| U.S. Treasury Bills Bonds and notes | 2.30% | |
| U.S. Treasury Bills Bonds and notes | 2.23% | |
| U.S. Treasury Bills Bonds and notes | 2.15% | |
| U.S. Treasury Bills Bonds and notes | 2.13% | |
| U.S. Treasury Notes/Bonds Bonds and notes | 1.87% | |
| U.S. Treasury Notes Bonds and notes | 1.82% | |
| U.S. Treasury Notes Bonds and notes | 1.82% | |
| U.S. Treasury Notes Bonds and notes | 1.77% | |
| U.S. Treasury Bills Bonds and notes | 1.67% | |
| U.S. Treasury Bills Bonds and notes | 1.67% |
By country
United States 97.27%By issuer
US Treasury 97.27%The bonds mature in 0.3 years on average (weighted by size), with an average coupon of 0.99%.
Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $137.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +0.29%, +0.29%.
How it works
The fund aims to match the ICE U.S. Treasury Short Bond Index, which ICE Data Indices builds and maintains. To be in the index, a Treasury bill, note or bond must be issued in U.S. dollars, pay a fixed interest rate, have at least $300 million outstanding, and have more than one month and no more than 12 months left until it matures when the index rebalances. The index leaves out inflation-protected Treasuries, STRIPS (bonds split into separate interest and principal pieces), securities sold mainly to individual savers, and debt from government agencies. Each bond is weighted by its market value, so larger issues count for more. The index had 91 bonds as of October 31, 2025.
The fund doesn't buy every bond in the index. Instead, its manager, Invesco Advisers, uses "sampling": it picks a smaller set of bonds meant to behave like the full index. As of May 31, 2026, the fund held 82 holdings, and the average one matured in about 0.3 years. The largest was a Treasury bill at 2.8% of assets, and the top 10 together made up 24%.
TBLL is not a money market fund, so its share price can move up and down instead of staying at a fixed $1. Unlike most ETFs, it pays out cash when large investors redeem shares. That may force it to sell bonds, which can make it less tax-efficient.
What it really costs
- TBLL charges 0.08% 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 $8 in the first year and $102 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBLL | $8 | $26 | $45 | $102 |
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 U.S. Treasury debt, and its price has barely moved, even in years when markets were under stress.
TBLL could hold cash a retiree expects to spend over the next year or so. It launched in 2017, so it has no record from the 2008 crisis. It returned 0.92% in 2020 and 1.12% in 2022, both years when stocks fell sharply. Its worst calendar year was 2021, at -0.01%. In price data starting August 2023, its deepest drop was 0.4% in September 2023, and it recovered in about three weeks. That steadiness makes it less likely a retiree would have to sell at a meaningful loss in a bad year. The trade-off is that its income follows short-term interest rates. The trailing 12-month yield was 3.61% as of October 27, 2026, paid monthly, but returns were under 1% in 2020 and 2021. Under the SEC's standard example, it costs $8 in the first year on a $10,000 investment. 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
- Savers holding cash they may need within a year. The fund holds only Treasury debt, with an average maturity of 0.3 years as of May 31, 2026.
- Cost-conscious investors comparing short-term Treasury funds. Its 0.08% expense ratio is below SHV's 0.15% and BIL's 0.14%.
- Retirees who want monthly income from U.S. government debt. Its trailing 12-month yield was 3.61% as of October 27, 2026.
Look elsewhere if
- Investors who need a fixed $1 share price. TBLL is not a money market fund, and its price can move up or down.
- Investors seeking long-term growth. The fund returned 0.92% in 2020 and -0.01% in 2021, when short-term rates were low.
- Investors who prefer the largest funds in a category. At about $2.6 billion, TBLL ranks last in size among eight similar funds.
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 |
|---|---|---|---|---|---|
| TBLL this fund | 0.3 yrs | 0.08% | $2.58B | +3.6% | +4.4% |
| SHV iShares Short Treasury Bond ETF | 0.3 yrs | 0.15% | $20.97B | +3.3% | +4.3% |
| 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% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| SCHO Schwab Short-Term U.S. Treasury ETF | 1.9 yrs | 0.03% | $12.95B | +2.1% | +4.2% |
Questions investors ask
Does TBLL pay monthly dividends?
Yes. TBLL pays income every month. Over the 12 months to October 27, 2026, it paid $3.81 per share, a trailing yield of 3.61%. The money comes from interest on the Treasury bills and notes it holds. Because those bonds mature within a year and are replaced with new ones, the payments follow short-term interest rates. When rates rise, the payouts grow, and when rates fall, they shrink fairly quickly.
What's the difference between TBLL and SHV?
Not much in what they hold, but they differ in cost and size. Both own U.S. Treasury debt that matures within a year, with an average maturity of 0.3 years. Their holdings are a 98% match. TBLL charges 0.08% a year and SHV charges 0.15%. Their returns over 1 and 3 years were nearly the same as of late October 2026: about 3.6% and 4.4% a year. SHV is far larger, with about $21 billion in net assets, versus about $2.6 billion for TBLL.
Is TBLL a money market fund?
No. The prospectus says plainly that TBLL is not a money market fund and doesn't try to keep a fixed share price. Money market funds must follow strict rules on the quality, maturity and liquidity of what they own. TBLL doesn't have to follow those rules, though it holds only U.S. Treasury debt and cash. Its price can move a little each day, and it trades on an exchange like a stock.
Can you lose money in TBLL?
Yes, but its losses have been very small so far. Its worst calendar year was 2021, at -0.01%, and its worst quarter was the first quarter of 2022, at -0.07%. In price data starting August 2023, its deepest drop was 0.4%, and it recovered in about three weeks. Bond prices fall when interest rates rise. Because TBLL's bonds mature so soon, rate changes move its price much less than they move a longer-term bond fund.
What is TBLL's expense ratio?
TBLL's expense ratio is 0.08% a year, according to the prospectus filed December 18, 2025. In the SEC's standard example, which assumes $10,000 invested and a 5% yearly return, total costs would be $8 after one year, $26 after three, $45 after five and $102 after ten. That's below the 0.11% average for similar funds. Vanguard's VGSH and Schwab's SCHO cost less, at 0.03%, but they hold longer bonds, with average maturities around 1.9 years.