Federal Reserve holds interest rates, impacting T-bill ETF yields

BlackRock’s iShares reports a 30-day SEC yield of 3.83% for its primary T-bill fund, as of November 5, 2026. This follows a rate increase that took effect on September 17, 2026, raising the range from 3.50% to 3.75%. The lower limit had been at 3.50% since December 11, 2025.

T-bill ETFs hold short-term loans to the U.S. government, and their yields quickly adjust as older bills mature and are replaced with new ones. This approach also minimizes the price volatility often associated with long-term bond funds. The weighted average maturity, indicating the average time until holdings are repaid, is short for these portfolios. iShares lists a maturity of 0.11 years for the iShares 0-3 Month Treasury Bond ETF (NYSEARCA:SGOV) as of November 6, 2026, while State Street Global Advisors reports 0.14 years for the State Street SPDR Bloomberg 1-3 Month T-Bill ETF (NYSEARCA:BIL), also as of November 6, 2026. ProShares lists 48.17 days for the ProShares GENIUS Money Market ETF (NYSEARCA:IQMM) as of October 30, 2026.

Investors should pay attention to the type of yield reported. The SEC yield, a standardized figure after fees, provides the most accurate reflection of current income. A trailing yield, which looks back over the past year, will show a lower figure due to previous periods of lower rates. For example, iShares reports a 30-day SEC yield of 3.83% and a 12-month trailing yield of 3.63% for SGOV, both as of November 5, 2026. State Street Global Advisors reports a 30-day SEC yield of 3.84% and a 365-day trailing yield of 3.67% for BIL, both as of November 6, 2026. ProShares reports a 7-day SEC yield of 3.84% for IQMM, as of October 30, 2026.

With rates held steady, T-bill ETF yields are expected to remain near current levels. However, these funds are not FDIC-insured and yields could decrease if the Federal Reserve decides to lower rates in the future. Expense ratios also impact yields, with iShares’ SGOV at 0.09%, BIL at 0.1352%, and IQMM ranging from 0.15% to 0.20% depending on a contractual fee waiver.

Ultimately, selecting a fund with lower fees and understanding the difference between SEC and trailing yields are more important than attempting to time the Federal Reserve’s actions. Investors should consult the fund sponsor’s website for the most up-to-date information and compare yields and expense ratios against the current federal funds target range.