SPTB vs TFLO: Grades, Fees and Holdings Compared

State Street SPDR Portfolio Treasury ETF

SPTBANYSE Arca

iShares Treasury Floating Rate Bond ETF

TFLO—NYSE Arca

Overlap

No data

Expense ratio

SPTB −0.12pt a year

SPTB0.03%TFLO0.15%

Avg volume · 30D

TFLO 13.3×the volume

SPTB128KTFLO1.71M

SPTB vs TFLO Performance

Oct 31, 2025 – Oct 30, 2026

−0.3%SPTB+4.0%TFLO

Expense ratio: SPTB 0.03%, better; TFLO 0.15%
Fund size: SPTB $463M; TFLO $7.35B
1Y total return: SPTB −0.3%; TFLO +4.0%, better
Yield (12M): SPTB 4.22%, better; TFLO 3.72%
Holdings: SPTB 289; TFLO 10
Avg volume (30D): SPTB 128K sh; TFLO 1.71M sh, better
NAV per share: SPTB $29.30; TFLO $50.68
52W range

ETF.net Grade

—TFLOUnder classification review

Pillar letters and Scores for SPTB, TFLO, with each pillar’s weight
Pillar	SPTB	TFLO
Cost30% weight	A97	Not scored
Mission25% weight	A95	Not scored
Risk15% weight	C40	Not scored
Tradability15% weight	B55	Not scored
Holdings10% weight	A84	Not scored
Durability5% weight	C51	Not scored

Rank among US Treasury & Government funds

How we build Categories ›

US Treasury & Government⁠

Category · 16 funds

See all 16 ›

SPTB ranks 2nd of 16 funds in the US Treasury & Government Category.

Rank 1AGOVTiShares U.S. Treasury Bond ETFScore 79
Rank 2ASPTBState Street SPDR Portfolio Treasury ETFScore 78
Rank 3AVTGVanguard Total Treasury ETFScore 75
TFLONot yet graded

Our read on each fund

ETF.net Research

SPTBAState Street SPDR Portfolio Treasury ETF

TFLO—iShares Treasury Floating Rate Bond ETF

In short

SPTB State Street's Treasury slice of the Agg in one ticker: the whole curve from a year out to the long end, roughly 300 bonds, for three basis points. It arrived in 2024 as the Treasury building block in the SPDR Portfolio suite.

TFLO No data

Stated mandate

SPTB The fund seeks to track, before fees and expenses, the price and yield performance of the Bloomberg U.S. Treasury Index and provides exposure to U.S. Treasuries with at least one year remaining to maturity.

TFLO No data

Why people hold it

SPTB Three basis points. The typical fund in the Treasury cohort charges about five times that, and SPTB undercuts iShares' GOVT at five while tying Vanguard's VTG.
One ticker covers the full Treasury curve, everything with at least a year to maturity, instead of stacking separate short, intermediate and long sleeves.ssga.com
Plain index replication of the Bloomberg U.S. Treasury Index: government paper only, no credit sleeve, no derivatives overlay in the mandate.ssga.com
Pays income monthly, and the implementation ranks in the top quartile of its Treasury peer group on our review.

TFLO No data

Worth knowing

SPTB Full-curve means long bonds are in the mix, so the price swings with interest rates far more than a short-term Treasury fund does.
It launched in 2024, so the live record is short next to cohort veterans that have traded through multiple rate cycles.
Moderately traded rather than the volume leader in its category, so bigger orders are worth routing with limits and a glance at the spread.

TFLO No data

Full SPTB profile⁠

Full TFLO profile⁠

SPTB vs TFLO Holdings

How SPTB and TFLO differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for SPTB.

Country, concentration and asset class

Country by domicile

Country weights in SPTB and TFLO, widest gap first
Country	More in SPTBMore in TFLO	SPTB	TFLO
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SPTB7.8%
TFLO110.8%

Securities held

SPTB285
TFLO9

Asset class

SPTB: Fixed Income
TFLO: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. SPTB holds 285 securities, TFLO 9.

All 299 SPTB holdings⁠All 9 TFLO holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SPTB vs TFLO Cost

Overpaying TFLO vs SPTB

$2,499

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

SPTB 0.03%
$638
TFLO 0.15%
$3,137

Amount$10,000

Years30 years

Cost over time

SPTB 0.03%
TFLO 0.15%
Overpaying

Year by year

Year	SPTB	TFLO	Overpaying
10	$55	$274	$219
20	$216	$1,071	$855
30	$638	$3,137	$2,499

Expense ratio

0.03%SPTB, cheaper
0.15%TFLO

SPTB0.03%TFLO0.15%

0.03%1.04%

Middle half of US Treasury & Government funds
Median 0.15%

SPTB cheapest of 16 funds

TFLO 7th cheapest of 16 funds

SPTB vs TFLO Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SPTB 4.22%, better; TFLO 3.72%
Payout (12M): SPTB $1.24; TFLO $1.89
Last payment: SPTB $0.10; TFLO $0.16
Ex-dividend: SPTB Oct 1, 2026; TFLO Oct 1, 2026
Paid on: SPTB Oct 6, 2026; TFLO Oct 6, 2026
Frequency: SPTB Monthly; TFLO Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

SPTBMonthly · 29 paymentsAll SPTB payments⁠

TFLOMonthly · 45 paymentsAll TFLO payments⁠

SPTB vs TFLO Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: SPTB 4.4%since Jun 2024TFLO 0.2%
Return per unit of riskSharpe ratio, 3 years: SPTB −0.19since Jun 2024TFLO 0.07
Worst fallMax drawdown, 5 years: SPTB −5.0%since May 2024TFLO −0.1%
Market sensitivityBeta, 5 years: SPTB 0.07TFLO −0.02; Market = 1

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