At a glance
XHLF charges 0.03% a year, below the 0.12% average of the 7 funds most like it (the cheapest of 8). It has $1.95B in assets, the 8th largest of that group; it paid 3.72% of its price in distributions over the past 12 months, monthly. Over the past year it returned +3.5% with distributions reinvested, 2nd of those 8 funds; over three years it returned +4.4% a year. Its ten largest positions make up 75.7% of the fund, out of 28 in all.
The short version
The BondBloxx Bloomberg Six Month Target Duration US Treasury ETF (XHLF) holds short-term US Treasury bills. It tracks a Bloomberg index built to keep the portfolio's average duration, a measure of how sensitive a bond is to interest rate changes, near six months. Its 0.03% expense ratio is the lowest among the similar Treasury funds compared, where the average is 0.12%. Its six-month target also reaches a little further out than 0–3 month funds such as SGOV and BIL.
Price history
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XHLF +3.5% 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 | |
|---|---|---|---|---|---|---|
| XHLF official prospectus, to Dec 31, 2025 | — | +4.23% | — | — | — | +4.59% |
| Bloomberg US Treasury Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +6.32% | — | — | — | +2.84% |
| Bloomberg US Treasury 6 Month Duration Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +4.28% | — | — | — | +4.64% |
| XHLF price data to Oct 27, 2026 | +2.8% | +3.5% | +4.4% | — | — | +4.3% |
- Over the year to Oct 27, 2026, XHLF returned +3.5%, 2nd of 8 among similar funds.
- Its worst full calendar year was 2025 (+4.2%); its best was 2024 (+5.0%).
- The deepest fall in its price history was 0.1% (Oct 10, 2022 to Oct 19, 2022), recovered by Oct 27, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +2.8% | — |
| 2025 | +4.2% | +4.23% |
| 2024 | +5.0% | +5.08% |
| 2023 | +4.9% | +4.90% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.3700 | |
| 2025 | $1.9900 | -20.1% |
| 2024 | $2.4900 | +10.7% |
| 2023 | $2.2500 |
What's inside
As of Jul 31, 2026, the fund held 28 securities; the ten largest made up 75.67% of assets.
| Holding | Weight | |
|---|---|---|
| US T BILL ZCP 05/13/27 Bonds and notes | 9.19% | |
| US T BILL ZCP 04/15/27 Bonds and notes | 9.07% | |
| US T BILL ZCP 06/10/27 Bonds and notes | 9.06% | |
| US T BILL ZCP 03/18/27 Bonds and notes | 9.05% | |
| US T BILL ZCP 01/21/27 Bonds and notes | 9.00% | |
| US T BILL ZCP 02/18/27 Bonds and notes | 8.20% | |
| US T BILL ZCP 12/24/26 Bonds and notes | 6.20% | |
| US T BILL ZCP 09/03/26 Bonds and notes | 5.50% | |
| US T BILL ZCP 08/06/26 Bonds and notes | 5.50% | |
| US T BILL ZCP 10/01/26 Bonds and notes | 4.91% | |
| US T BILL ZCP 11/27/26 Bonds and notes | 4.26% | |
| US T BILL ZCP 10/29/26 Bonds and notes | 4.19% | |
| US T BILL ZCP 08/20/26 Bonds and notes | 2.04% | |
| US T BILL ZCP 08/13/26 Bonds and notes | 1.61% | |
| US T BILL ZCP 09/10/26 Bonds and notes | 1.50% |
By country
United States 99.9%By issuer
US Treasury 99.9%The bonds mature in 0.4 years on average (weighted by size), with an average coupon of 0%.
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 added a net $71.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.29%, +0.24%, +0.34%.
How it works
XHLF tracks the Bloomberg US Treasury Six Month Target Duration Index. That index draws from the broader Bloomberg US Treasury Bill Index and sorts the bills into two buckets: those with durations of 1 to 6 months and those with 6 to 12 months. Duration is a rough measure of how much a bond's price moves when interest rates change. Inside each bucket, bills are weighted by market value. The two buckets are then blended so the index averages a six-month duration. The index resets on the last business day of every month. As of December 31, 2025, it held about 43 bills.
BondBloxx uses representative sampling. That means the fund buys a set of bills with a profile close to the index's but doesn't have to own every one. As of July 31, 2026, the fund held 28 positions with an average maturity of about 0.4 years. The four largest were bills maturing on March 18, April 15, May 13 and June 10, 2027, at about 9% each. The top ten made up about 76% of assets. At least 80% of assets must be in Treasuries averaging roughly six months' duration. Up to 20% can go into other government securities or cash.
Treasury bills pay no coupon. They're bought below face value and repaid in full at maturity, and that gap is the fund's income, which it pays out monthly. The fund is passive and doesn't take defensive positions when markets fall.
What it really costs
- XHLF charges 0.03% a year, versus an average of 0.12% 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 |
|---|---|---|---|---|
| XHLF | $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 only short-term US Treasury bills, and its price has barely moved since launch, so it can work as a reserve for money needed soon.
XHLF can work as a cash reserve for spending a retiree expects to need in the next year or two. It launched in September 2022, so it has no record through the 2008 crisis or the 2020 COVID crash and missed most of the 2022 bear market. Its weakest calendar year was 2025, and that was still a gain of about 4.2%. Its deepest drop was 0.1% in October 2022, and it recovered by October 27, 2022. That steadiness means selling shares in a bad year for stocks has not meant locking in a real loss, though there's no guarantee. The trailing 12-month yield was 3.72% as of October 27, 2026, paid monthly. That income will shrink if short-term rates fall. The fund costs 0.03% a year, and it offers little growth beyond its yield. 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 holding near-term spending money who want US Treasury bills at a 0.03% expense ratio, below the 0.12% average of similar funds.
- Investors who want monthly income from Treasury bills, with a trailing 12-month yield of 3.72% as of October 27, 2026.
- Savers who want to hold onto T-bill yields a bit longer than 0–3 month funds such as SGOV or BIL do, at about six months' duration.
Look elsewhere if
- Investors seeking long-term growth: calendar-year returns of roughly 4% to 5% from 2023 to 2025 came with no stock-like upside.
- Investors who put weight on fund size: at about $1.95 billion as of July 31, 2026, XHLF is the smallest of eight similar funds compared.
- Investors needing steady income if rates fall: T-bills mature within a year, so the fund's payouts can drop quickly when short-term rates decline.
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 |
|---|---|---|---|---|---|
| XHLF this fund | 0.4 yrs | 0.03% | $1.95B | +3.5% | +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% |
| 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% |
Questions investors ask
Does XHLF pay monthly dividends?
Yes. XHLF pays distributions monthly. Over the 12 months through October 27, 2026, it paid about $1.87 per share, a trailing yield of 3.72%. The income comes from the Treasury bills it holds, which are bought below face value and repaid in full at maturity. Because those bills mature within a year and are replaced at the going rate, the monthly payout rises and falls with short-term interest rates.
What's the difference between XHLF and SHV?
Both hold short-term US Treasuries, but XHLF costs less and holds slightly longer bills. XHLF charges 0.03% a year, compared with 0.15% for the iShares Short Treasury Bond ETF (SHV). XHLF's average maturity was about 0.4 years, versus 0.3 years for SHV. SHV is much larger, with about $21 billion in net assets as of August 31, 2026, versus $1.95 billion for XHLF as of July 31, 2026. Their three-year annualized returns were both about 4.4% through late October 2026.
Is XHLF a safe investment?
XHLF is about as low-risk as funds get, but it isn't risk-free. It holds US Treasury bills backed by the federal government's full faith and credit. Its deepest drop since its September 2022 launch was 0.1%, and that was made back within weeks. Still, it isn't FDIC-insured, its share price can fall, and the prospectus notes that changes in the US government's credit standing could hurt its value. Inflation can also wear away the real value of its income.
How has XHLF performed since launch?
XHLF has delivered steady, modest gains. The prospectus shows calendar-year returns of 4.9% in 2023, 5.08% in 2024 and 4.23% in 2025. Its average annual return since inception was 4.59% through December 31, 2025, close to its index's 4.64% before fees. Its weakest quarter was still a gain of 0.77%, in the fourth quarter of 2022. Based on price history, it returned about 3.5% over the year ending October 27, 2026.
How much does XHLF cost to own?
XHLF's expense ratio is 0.03% a year, the lowest among the similar Treasury funds compared, which average 0.12%. Under the SEC's standard example, $10,000 invested with a 5% annual return would cost about $3 after one year, $10 after three years, $17 after five years and $39 after ten years. For comparison, the iShares 0-3 Month Treasury Bond ETF (SGOV) charges 0.09% and the SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) about 0.14%.