Overview
Short US Treasuries in the 1-3 year band — one notch of duration above a bill fund, the traditional first step out of cash.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST | US Treasury Notes 1-3yr | 100% |
Fund Details
Investment Thesis
SHY earns slightly more than bill funds by accepting about 1.9 years of duration — enough that it gains modestly when the Fed cuts, unlike cash whose yield simply melts. That convexity is the reason to hold it: it is the shortest Treasury fund that still participates in rate rallies. In hiking cycles the same feature costs a few percent, as 2022 politely demonstrated.
Who It's For
Investors positioning for eventual rate cuts who still want near-cash stability, and conservative ladders extending just past the bill window.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $76.51 | -- |
| 2017 | $76.28 | -0.3% |
| 2018 | $76.28 | +0.0% |
| 2019 | $78.04 | +2.3% |
| 2020 | $79.99 | +2.5% |
| 2021 | $78.95 | -1.3% |
| 2022 | $75.48 | -4.4% |
| 2023 | $77.21 | +2.3% |
| 2024 | $78.68 | +1.9% |
| 2025 | $80.57 | +2.4% |
| Year | Yield |
|---|---|
| 2016 | 2.10% |
| 2017 | 2.10% |
| 2018 | 2.30% |
| 2019 | 2.60% |
| 2020 | 2.20% |
| 2021 | 1.40% |
| 2022 | 1.20% |
| 2023 | 2.60% |
| 2024 | 4.10% |
| 2025 | 3.65% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $11B | -- |
| 2017 | $12B | +9.1% |
| 2018 | $13B | +8.3% |
| 2019 | $14B | +7.7% |
| 2020 | $16B | +14.3% |
| 2021 | $17B | +6.2% |
| 2022 | $19B | +11.8% |
| 2023 | $21B | +10.5% |
| 2024 | $23B | +9.5% |
| 2025 | $25B | +8.7% |
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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