Overview
US Treasuries in the 1-3 year band at 0.04% — SHY's exposure at nearly a quarter of the fee.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST | US Treasury Notes 1-3yr | 100% |
Fund Details
Investment Thesis
VGSH is the fee-war version of short Treasuries: identical duration and credit profile to SHY, 11 basis points cheaper, monthly rather than monthly — the arithmetic settles it for buy-and-hold cash-plus allocations. One notch of duration above bill funds means it participates modestly when the Fed cuts, which pure cash never does.
Who It's For
The rational default for the 1-3 year Treasury sleeve. SHY's only remaining edge is options liquidity, which almost no allocator needs.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $54.21 | -- |
| 2017 | $54.04 | -0.3% |
| 2018 | $54.04 | +0.0% |
| 2019 | $55.29 | +2.3% |
| 2020 | $56.67 | +2.5% |
| 2021 | $55.93 | -1.3% |
| 2022 | $53.47 | -4.4% |
| 2023 | $54.70 | +2.3% |
| 2024 | $55.74 | +1.9% |
| 2025 | $57.08 | +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 | 3.85% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $8.0B | -- |
| 2017 | $9.0B | +12.5% |
| 2018 | $10B | +11.1% |
| 2019 | $12B | +20.0% |
| 2020 | $13B | +8.3% |
| 2021 | $15B | +15.4% |
| 2022 | $17B | +13.3% |
| 2023 | $19B | +11.8% |
| 2024 | $21B | +10.5% |
| 2025 | $24B | +14.3% |
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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