# TFLO ETF: fees, returns, drawdowns and holdings

> What TFLO holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

iShares Treasury Floating Rate Bond ETF (TFLO) is an exchange-traded fund (ETF) run by iShares (BlackRock). This fund owns US Treasury notes whose interest rate changes often to follow short term rates. It charges 0.15% a year. From February 2014 to October 2026 it returned about 2.0% a year, and its worst drop was −5.0%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.15% a year (about $15 on $10,000).
- Started trading on February 3, 2014.
- Worst drop since 2014: −5.0%.
- No Tactfolio classic strategies hold it.

## What does TFLO hold?

This fund owns US Treasury notes whose interest rate changes often to follow short term rates. Because of that, its price barely moves when rates change. Its income goes down when short term rates fall.

It tracks the Bloomberg U.S. Treasury Floating Rate Index. It had 8 holdings as of October 15, 2026, according to iShares (BlackRock).

| Fact | TFLO |
| --- | --- |
| Full name | iShares Treasury Floating Rate Bond ETF |
| Issuer | iShares (BlackRock) |
| Expense ratio | 0.15% a year |
| Started trading | February 3, 2014 |
| Tracks | Bloomberg U.S. Treasury Floating Rate Index |
| Type | Cash and T-bills, ETF |
| Holdings | 8 holdings as of October 15, 2026 |
| Facts checked | October 17, 2026 on the [iShares (BlackRock) fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf) |

## What is the TFLO expense ratio?

TFLO charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## How has TFLO done since 2014?

From February 2014 to October 2026, TFLO returned about 2.0% a year. Say you put in $10,000 at the start. It would have been worth about $12,858 at the end, with every dividend reinvested.

| Measure | TFLO |
| --- | --- |
| Total return | 28.6% |
| Return per year (CAGR) | 2.0% |
| Worst drop from a high | −5.0% |
| Volatility (how much it swings) | 1.9% |
| Last 12 months | 4.0% |
| Last 3 years, per year | 4.6% |
| Last 5 years, per year | 4.0% |
| Last 10 years, per year | 2.5% |

Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## TFLO returns by year

| Year | TFLO return |
| --- | --- |
| 2026 (part of the year) | 3.1% |
| 2025 | 4.2% |
| 2024 | 5.3% |
| 2023 | 5.1% |
| 2022 | 2.0% |
| 2021 | 0.0% |
| 2020 | 0.4% |
| 2019 | 2.0% |
| 2018 | 1.8% |
| 2017 | 1.0% |
| 2016 | −0.1% |
| 2015 | 0.7% |
| 2014 (part of the year) | 0.1% |

## What was TFLO's worst drop?

A drawdown is how far a fund falls from its last high point. TFLO's worst fall was −5.0%, from October 28, 2014 to December 19, 2014. It got back to that high on December 28, 2015.

The chart shows how far below its last high the fund was on each day. Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## Which Tactfolio strategies hold TFLO?

No classic strategy holds TFLO yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done.

## How does TFLO compare with similar ETFs?

Funds that can stand in for TFLO:

- [SGOV](https://tactfolio.com/etf/sgov.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year
- [BIL](https://tactfolio.com/etf/bil.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year
- [SHV](https://tactfolio.com/etf/shv.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year
- [USFR](https://tactfolio.com/etf/usfr.md): WisdomTree Floating Rate Treasury Fund, 0.15% a year

See [all 6 TFLO alternatives](https://tactfolio.com/alternatives/tflo.md), compared on the same dates as TFLO.

## Test TFLO in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add TFLO, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for TFLO. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns.

Fund facts come from iShares (BlackRock). We checked them on October 17, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures.
- [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of TFLO?

TFLO charges 0.15% a year, according to iShares (BlackRock) as of October 17, 2026. That is about $15 a year for every $10,000 you hold.

### When did TFLO start trading?

TFLO started trading on February 3, 2014. It is run by iShares (BlackRock).

### What does TFLO track?

TFLO tracks the Bloomberg U.S. Treasury Floating Rate Index. This fund owns US Treasury notes whose interest rate changes often to follow short term rates.

### How much has TFLO returned per year?

From February 2014 to October 2026, TFLO returned about 2.0% a year with dividends reinvested. Its worst drop was −5.0%. Past returns do not tell you what it will do next.

### Which strategies use TFLO?

None of Tactfolio's classic strategies hold TFLO yet. You can test it in your own rules in the builder.

## Sources

- [iShares (BlackRock): iShares Treasury Floating Rate Bond ETF fund page](https://www.ishares.com/us/products/260652/ishares-treasury-floating-rate-bond-etf)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.