iShares TIPS Bond ETF (TIP)
The iShares TIPS Bond ETF, ticker TIP, launched in December 2003 and is the oldest TIPS ETF covered on this site. This page explains what the iShares TIPS ETF holds, what it costs next to cheaper rivals and what its three yield figures mean, using sponsor data checked September 29, 2026.
What TIP holds and tracks
TIP holds U.S. Treasury Inflation-Protected Securities across the full maturity range. It tracks the ICE U.S. Treasury Inflation Linked Bond Index. It trades on NYSE Arca and pays distributions monthly. As a rolling fund, it keeps buying and selling bonds to stay close to the index, so it has no maturity date of its own.
Key facts
| Measure | TIP | As of |
|---|---|---|
| Expense ratio | 0.18% | Prospectus |
| Inception | December 4, 2003 | Fund page |
| Net assets | $14.31 billion | September 28, 2026 |
| Holdings | 49 | September 28, 2026 |
| Effective duration | 6.17 years | September 28, 2026 |
| Weighted average maturity | 7.01 years | September 28, 2026 |
| Real yield | 2.85% | September 28, 2026 |
| 30-day SEC yield | 1.41% | September 25, 2026 |
| 12-month trailing yield | 4.69% | September 25, 2026 |
| Distributions | Monthly | Fund page |
Sources: iShares TIP fund page, checked September 29, 2026. Fund data changes daily.
The 0.18% fee against SCHP and VTP
TIP charges more than the other broad TIPS ETFs. The Schwab U.S. TIPS ETF (SCHP) lists 0.03%. The Vanguard Total Inflation-Protected Securities ETF (VTP) lists 0.05% on its June 30, 2026 factsheet. VTP launched July 7, 2025 and tracks the same ICE index family as TIP.
| Fund | Expense ratio | Fee per $10,000 a year |
|---|---|---|
| TIP | 0.18% | $18 |
| VTP | 0.05% | $5 |
| SCHP | 0.03% | $3 |
Sources: iShares, Vanguard VTP factsheet and Schwab SCHP, checked September 29, 2026. The VTP figure is from the June 30, 2026 factsheet.
The gap between TIP and SCHP is $15 a year per $10,000. Fees are only one input. Trading spreads, fund size and how closely each fund tracks its index also matter. TIP reports a 30-day median bid/ask spread of 0.01%.
What 6.17 years of duration implies
Duration estimates how much a fund's price moves when real yields change. TIP's effective duration is 6.17 years. A rise of one percentage point in real yields would suggest a price decline of about 6.17%. On $10,000, that is roughly $617. A one-point fall would suggest a gain of about the same size.
This is a first-order estimate. It leaves out convexity, income, inflation accruals, fees and changes that hit different maturities unevenly. It is a scenario, not a forecast. See how TIPS prices are calculated for the mechanics.
Why the 4.69% trailing yield is not a forecast
The 12-month trailing yield adds up the distributions paid over the past year and divides by the current price. For a TIPS fund, those distributions include inflation accruals. When inflation runs high, the fund passes more of it through as income. When inflation slows, distributions shrink.
That makes the trailing figure a record of a past year. It does not tell you what the next twelve months will pay. Distribution amounts can also swing from month to month.
30-day SEC yield against real yield
TIP shows three yield numbers, and they measure different things.
| Label | TIP figure | What it measures |
|---|---|---|
| Real yield | 2.85% | Portfolio yield above inflation |
| 30-day SEC yield | 1.41% | Recent income after fund expenses, annualized |
| 12-month trailing yield | 4.69% | Past distributions divided by price |
Read the sponsor's definition and date before comparing any of these with a Treasury real yield. For reference, the Treasury 10-year real yield was 2.90% on September 28, 2026. The real yield history page charts it.
Monthly distributions and sibling funds
TIP pays monthly. Several other TIPS funds, including VTIP and VTP, pay quarterly, so check each fund's schedule. iShares also lists two shorter-maturity siblings. The iShares 0-5 Year TIPS Bond ETF (STIP) has a 0.03% expense ratio, an effective duration of 2.28 years and a real yield of 2.83% as of September 28, 2026. The iShares 0-1 Year TIPS Bond ETF (ICPI) also exists. See TIPS ETFs compared for the wider set.
TIP versus holding individual TIPS to maturity
An individual TIPS held to maturity pays back inflation-adjusted principal on a known date. TIP has no such date. Its price moves with real yields, and you receive whatever the market pays when you sell. Fund holders also give up the choice of specific maturities. A fund fits broad, ongoing exposure. Individual bonds fit a dated bill.
The funds versus individual TIPS page sets out the trade-offs. To see what a dated ladder looks like, read the TIPS ladder walkthrough.
How the figures were computed
Fee per $10,000 equals $10,000 times the expense ratio. So 0.18% gives $18, 0.05% gives $5 and 0.03% gives $3. The TIP to SCHP gap is $18 minus $3, or $15. This treats the balance as constant. Actual fees accrue on changing asset values.
The duration estimate is price change of about negative duration times yield change. With duration 6.17 and a yield change of 1.00 point, the change is about negative 6.17%. Applied to $10,000, that is about $617. Inputs came from the iShares TIP page (September 28, 2026) and the Vanguard and Schwab pages cited above. The VTP fee comes from a June 30, 2026 factsheet, so its date differs from the others. This page is educational and does not recommend any fund.
