Overview
Short-maturity inflation-protected Treasuries — CPI-linked principal with under five years of duration, the inflation hedge that tracks headline prices fastest.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| TIPS | 0.125% TIPS 2027 | 5.8% |
| TIPS | 0.375% TIPS 2027 | 5.4% |
| TIPS | 0.625% TIPS 2028 | 5.2% |
| TIPS | 1.25% TIPS 2028 | 4.9% |
| TIPS | 0.875% TIPS 2029 | 4.7% |
| TIPS | 0.125% TIPS 2030 | 4.4% |
| TIPS | 1.625% TIPS 2029 | 4.2% |
| TIPS | 0.5% TIPS 2028 | 3.9% |
| TIPS | 2.375% TIPS 2027 | 3.7% |
| TIPS | 1.75% TIPS 2030 | 3.4% |
Fund Details
Investment Thesis
Short TIPS are the purest CPI trade: with minimal duration, STIP's returns track realised inflation rather than rate expectations — the fund that actually paid during 2022 while long TIPS fell. With inflation stuck near 3.4% and the Fed debating hikes, its inflation-linked coupons currently throw off distributions above 5%. The trade-off is modest real yield when inflation normalises.
Who It's For
Inflation-worried savers who want CPI protection now, not a duration bet on future rates. The cash-adjacent inflation hedge; SCHP's long-duration cousin covers the strategic version.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $88.99 | -- |
| 2017 | $89.43 | +0.5% |
| 2018 | $89.43 | +0.0% |
| 2019 | $92.12 | +3.0% |
| 2020 | $95.80 | +4.0% |
| 2021 | $99.63 | +4.0% |
| 2022 | $95.65 | -4.0% |
| 2023 | $97.56 | +2.0% |
| 2024 | $99.51 | +2.0% |
| 2025 | $102.00 | +2.5% |
| Year | Yield |
|---|---|
| 2016 | 0.50% |
| 2017 | 1.50% |
| 2018 | 2.20% |
| 2019 | 2.00% |
| 2020 | 1.10% |
| 2021 | 4.50% |
| 2022 | 6.80% |
| 2023 | 4.00% |
| 2024 | 3.60% |
| 2025 | 4.80% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1.5B | -- |
| 2017 | $2B | +33.3% |
| 2018 | $2.5B | +25.0% |
| 2019 | $3.5B | +40.0% |
| 2020 | $5B | +42.9% |
| 2021 | $9B | +80.0% |
| 2022 | $12B | +33.3% |
| 2023 | $11B | -8.3% |
| 2024 | $13B | +18.2% |
| 2025 | $15B | +15.4% |
Price history from exchange data. Dividend yields from reported distributions; some earlier years are derived from total-return vs price-return data or are ETFHub estimates. AUM history is an ETFHub estimate modelled from current assets and annual returns (fund flows not reflected) and may differ from official fund records. Data as of October 2026.
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