At a glance
TFLO charges 0.15% a year, above the 0.12% average of the 7 funds most like it (the 4th cheapest of 8). It has $6.70B in assets, the 8th largest of that group; it paid 3.69% of its price in distributions over the past 12 months, monthly. Over the past year it returned +4.0% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.5% a year. At its worst it fell 0.2% in the 2020 crash (S&P 500: 33.7%) and 0.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month after the low.
The short version
The iShares Treasury Floating Rate Bond ETF (TFLO) tracks the Bloomberg U.S. Treasury Floating Rate Index. It holds U.S. Treasury notes whose interest resets with short-term rates. Because of that design, its price has barely moved: its worst quarter in the prospectus was -0.02%. Its 0.15% fee is the same as its closest match, WisdomTree's USFR. It costs more than Treasury bill funds such as SGOV, at 0.09%.
Price history
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TFLO +4.0% 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 | |
|---|---|---|---|---|---|---|
| TFLO official prospectus, to Dec 31, 2025 | — | +4.26% | — | +3.31% | +2.22% | — |
| Bloomberg US Universal Index index, same period | — | +7.58% | — | +0.06% | +2.44% | — |
| TFLO price data to Oct 27, 2026 | +3.2% | +4.0% | +4.5% | +4.0% | +2.5% | +2.0% |
- Over the year to Oct 27, 2026, TFLO returned +4.0%, 2nd of 8 among similar funds.
- Its 5-year annualized return was +4.0% and its 10-year +2.5%.
- In the 2020 COVID crash, while stocks fell, it gained 0.1%.
- Its worst full calendar year was 2016 (-0.1%); its best was 2024 (+5.3%).
- The deepest fall in its price history was 5% (Oct 28, 2014 to Dec 19, 2014), recovered by Dec 28, 2015.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.2% | — |
| 2025 | +4.2% | +4.26% |
| 2024 | +5.3% | +5.38% |
| 2023 | +5.1% | +5.17% |
| 2022 | +2.0% | +1.87% |
| 2021 | +0.1% | -0.04% |
| 2020 | +0.6% | +0.46% |
| 2019 | +2.1% | +2.08% |
| 2018 | +1.8% | +1.82% |
| 2017 | +1.0% | +0.91% |
| 2016 | -0.1% | +0.47% |
| 2015 | +0.7% | — |
| 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 | Gained 0.1% over that stretch · deepest drop along the way 0.2% |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 1.1% over that stretch · deepest drop along the way 0.1% |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3800 | |
| 2025 | $2.1000 | -20.2% |
| 2024 | $2.6300 | +6.9% |
| 2023 | $2.4600 | +189.4% |
| 2022 | $0.8500 | +1858.5% |
| 2021 | $0.0434 | -82.2% |
| 2020 | $0.2438 | -77.0% |
| 2019 | $1.0600 | +27.7% |
| 2018 | $0.8300 | +93.0% |
| 2017 | $0.4300 | +230.8% |
| 2016 | $0.1300 | +57.2% |
| 2015 | $0.0827 |
What's inside
As of Jul 31, 2026, the fund held 8 securities; the ten largest made up 99.6% of assets.
| Holding | Weight | |
|---|---|---|
| United States Treasury Bonds and notes | 14.37% | |
| United States Treasury Bonds and notes | 13.54% | |
| United States Treasury Bonds and notes | 13.45% | |
| United States Treasury Bonds and notes | 13.37% | |
| United States Treasury Bonds and notes | 12.93% | |
| United States Treasury Bonds and notes | 12.84% | |
| United States Treasury Bonds and notes | 12.83% | |
| United States Treasury Bonds and notes | 6.26% |
By country
United States 99.6%By issuer
US Treasury 99.6%The bonds mature in 1.1 years on average (weighted by size), with an average coupon of 3.99%.
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 withdrew a net $5.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.34%, +0.33%.
How it works
TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index, which measures floating rate notes issued by the U.S. Treasury. A regular Treasury note pays a fixed coupon (interest rate). A floating rate note's interest resets regularly in line with short-term Treasury bill rates. The index weights each note by its market value and includes only U.S.-dollar, non-convertible securities. It is updated on the last calendar day of each month, as new notes are issued and old ones mature.
BlackRock's adviser, BFA, uses "representative sampling." It doesn't have to buy every note in the index. Instead it holds a group with similar duration (sensitivity to rate changes), maturity, yield and credit quality. At least 80% of assets must be in index securities and at least 90% in U.S. Treasuries. Up to 10% can go into futures, options and swaps. The fund may also lend out up to one-third of its assets for extra income. As of July 31, 2026, it held eight Treasury floating rate notes and no derivatives. The largest note was 14.4% of assets, and cash was 0.86%.
The coupons reset, so the fund's price reacts little when rates change. Average maturity was 1.1 years as of July 31, 2026. The trade-off is that income falls when short-term rates fall. Portfolio turnover was 40%.
What it really costs
- TFLO charges 0.15% a year, versus an average of 0.12% for the similar funds below (4th 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 |
|---|---|---|---|---|
| TFLO | $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
It holds only short U.S. Treasury floating rate notes, and its price has barely moved even when stocks fell sharply.
TFLO could serve as a stable reserve for money a retiree may need within a year or two. In the 2020 COVID crash, its deepest dip was about 0.2%, and it recovered within days. During the 2022 bear market it gained about 1.1%. Its weakest calendar year in the prospectus was 2021, at -0.04%. Its deepest price drop, about 5% in late 2014, took about 12 months to recover. The fund launched in 2014, so it has no 2008 record. Someone selling shares in a bad year would not have faced large losses in those episodes.
As of October 27, 2026, the fund had yielded 3.69% over the past 12 months, paid monthly. That income falls when short-term rates fall. The 0.15% expense ratio is above the 0.12% average for similar funds. 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 keeping near-term spending money who want U.S. Treasury credit and monthly income that rises when short-term rates rise.
- Investors worried about rising rates: with a 1.1-year average maturity and resetting coupons, its worst prospectus quarter was -0.02%.
- Retirees wanting a steady cash reserve: it gained about 1.1% during the 2022 bear market and dipped only 0.2% in 2020.
Look elsewhere if
- Cost-focused investors: TFLO's 0.15% expense ratio compares with 0.09% for SGOV and 0.03% for VGSH, both short-term Treasury funds.
- Anyone seeking long-term growth: its 10-year average annual return was 2.22% as of December 31, 2025.
- Investors wanting to lock in income: payouts drop when short-term rates fall, while fixed-rate bonds keep paying the same coupon.
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 |
|---|---|---|---|---|---|
| TFLO this fund | 1.1 yrs | 0.15% | $6.70B | +4.0% | +4.5% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
| 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% |
| 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% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
Questions investors ask
Does TFLO pay monthly dividends?
Yes. TFLO pays distributions monthly. Over the 12 months to October 27, 2026, it paid about $1.87 per share, a trailing yield of 3.69%. The fund holds U.S. Treasury floating rate notes whose interest resets with short-term rates, so the monthly amount can change. If short-term rates fall, the payments are likely to shrink.
What's the difference between TFLO and USFR?
Very little in what they hold. Both own U.S. Treasury floating rate notes and both charge 0.15% a year. WisdomTree's USFR is larger: about $17.0 billion in net assets as of May 31, 2026, against about $6.7 billion for TFLO as of July 31, 2026. One-year returns were close: 4.1% for USFR as of October 29, 2026, and 4.0% for TFLO as of October 27, 2026.
Can TFLO lose money?
Yes, though its losses have been small. Its worst quarter in the prospectus was -0.02%, in the third quarter of 2021. Its only negative calendar year there was 2021, at -0.04%. Its deepest price drop, about 5%, came in late 2014 and took about 12 months to recover. Floating rate notes can still lose value if their coupons lag market rates or the U.S. government's credit standing weakens.
TFLO vs SGOV: what's the difference?
They hold different kinds of short-term Treasuries. SGOV, also from iShares, owns Treasury bills maturing within three months, with an average maturity of about 0.1 years. It charges 0.09%. TFLO holds floating rate notes with an average maturity of 1.1 years and charges 0.15%. One-year returns were close: 3.7% for SGOV as of October 29, 2026, and 4.0% for TFLO as of October 27, 2026.
What is TFLO's expense ratio?
TFLO's expense ratio is 0.15%, according to its prospectus filed February 23, 2026. The SEC's standard example assumes $10,000 invested and a 5% annual return. On that basis, costs would total about $15 after one year, $48 after three, $85 after five and $192 after ten. The fee is above the 0.12% average for its similar funds, and it ranks 4th of 8 on cost.