Overview
US Treasury notes maturing in three to seven years — the belly of the curve, balancing real yield against manageable interest-rate risk.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST | Treasury Note 4.25% 2029 | 3.1% |
| UST | Treasury Note 4.0% 2030 | 2.9% |
| UST | Treasury Note 4.375% 2031 | 2.8% |
| UST | Treasury Note 3.875% 2029 | 2.7% |
| UST | Treasury Note 4.125% 2032 | 2.6% |
| UST | Treasury Note 4.5% 2030 | 2.5% |
| UST | Treasury Note 3.75% 2031 | 2.4% |
| UST | Treasury Note 4.25% 2033 | 2.3% |
| UST | Treasury Note 4.0% 2028 | 2.2% |
| UST | Treasury Note 4.625% 2029 | 2.1% |
Fund Details
Investment Thesis
The 3-7 year belly is the sweet spot most bond allocators actually want: meaningfully more yield capture than T-bills, a fraction of the rate risk that mauled TLT holders in 2022, and the strongest price response if the Fed cuts into a slowdown. IEI is the clean, single-index way to own it — no credit risk, monthly income, state-tax-exempt interest.
Who It's For
Investors positioning for rate cuts without taking 20-year duration risk, portfolio builders who want their bond ballast in pure Treasuries, and anyone laddering out of cash as front-end yields fall.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $118.15 | -- |
| 2017 | $118.74 | +0.5% |
| 2018 | $118.98 | +0.2% |
| 2019 | $123.15 | +3.5% |
| 2020 | $129.30 | +5.0% |
| 2021 | $125.42 | -3.0% |
| 2022 | $112.88 | -10.0% |
| 2023 | $115.14 | +2.0% |
| 2024 | $114.56 | -0.5% |
| 2025 | $118.00 | +3.0% |
| Year | Yield |
|---|---|
| 2016 | 1.40% |
| 2017 | 1.70% |
| 2018 | 2.40% |
| 2019 | 2.10% |
| 2020 | 0.90% |
| 2021 | 0.70% |
| 2022 | 2.40% |
| 2023 | 3.90% |
| 2024 | 4.00% |
| 2025 | 3.90% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $7B | -- |
| 2017 | $8B | +14.3% |
| 2018 | $9B | +12.5% |
| 2019 | $10B | +11.1% |
| 2020 | $12B | +20.0% |
| 2021 | $11B | -8.3% |
| 2022 | $12B | +9.1% |
| 2023 | $13B | +8.3% |
| 2024 | $15B | +15.4% |
| 2025 | $18B | +20.0% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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