$SHV Dividend 2026: How Much $SHV Pays Per Month, Dates & History

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My $SGOV dividend guide is the most read page on this site. People want to know exactly what their cash is paying them. I've since covered $BIL and $USFR the same way. So here's the one a lot of people forget about: $SHV, the older iShares Treasury fund that was around 13 years before $SGOV existed.

If you've ever wondered whether $SHV pays more than $SGOV, why your December statement shows two $SHV dividends, or what happened to its payout when rates hit zero, this is for you.

What Is $SHV?

$SHV is the iShares 0-1 Year Treasury Bond ETF. You may know it by its old name, the iShares Short Treasury Bond ETF. It launched on January 5, 2007 and tracks the ICE Short US Treasury Securities Index, which holds U.S. Treasury securities with up to one year left until maturity. As of November 11, 2026 it had about $21.37 billion in net assets, according to iShares.

Here's what that looks like in practice. As of November 10, 2026:

• 19 holdings, all U.S. Treasury securities.
• Weighted average maturity of 0.28 years, a bit over three months.
• Effective duration of 0.28 years, so the price barely reacts to rate changes.
• Expense ratio of 0.15%, or $15 a year per $10,000.

The share price tells the story. $SHV closed at $110.14 on November 11, 2026, and its 52-week NAV range was just $110.02 to $110.45. Like every Treasury bill fund, the price stays almost flat because the interest gets paid out to you each month instead of building up in the share price.

How Much Does $SHV Pay Per Month?

Over the last 12 payments, $SHV paid between $0.29906 and $0.38584 per share. The most recent one, paid November 5, 2026, was $0.38584, the highest of the past year. The one right before it, in October, was the lowest.

Real dollars: $10,000 buys about 90.8 shares at $110.14. At the November rate, that's about $35.03 for the month. Over the last 12 payments, the same $10,000 would have collected about $365.

There are two yield numbers you'll see on the iShares page, and they measure different things:

• 12-month trailing yield: 3.65% as of November 10, 2026. The last 12 payments ($4.02) divided by the price. What actually got paid.
• 30-day SEC yield: 3.88% as of November 10, 2026. The standardized number based on the last 30 days of income, after the fee. It's the better read on what the fund is earning right now.

Here's what I actually look at: the SEC yield. At 3.88%, it's sitting about 0.2 percentage points above the trailing number. And don't read too much into one month. $SHV's check jumps around (October $0.299, November $0.386) depending on how much interest landed in each period. The 12-month total is the honest number.

$SHV Ex-Dividend Dates and Pay Schedule

$SHV runs on the standard iShares bond fund calendar. It goes ex-dividend on the first business day of the month and pays three to five days later. A few recent examples:

• November 2026: ex-date November 2, paid November 5.
• October 2026: ex-date October 1, paid October 6.
• September 2026: ex-date September 1, paid September 4.

This is the part most people miss. In December, $SHV pays twice. Last year it went ex on December 1 (paid December 4) and again on December 19 (paid December 24, 2025). Then there was no January payment. The next one went ex on February 2, 2026. The year before looked the same: December 2 and December 18, 2024, then nothing until February 3, 2025.

So if you're tracking your income month by month, you didn't lose a payment in January. It just showed up early, before the holidays.

Based on that pattern, I'd expect the next ex-date on Tuesday, December 1, 2026, a second one in the second half of December, and then nothing until early February 2027. iShares sets the dates, so check its distribution schedule before you count on an exact day. If you want to see how $SHV's timing lines up with other funds, my monthly dividend ETF calendar shows which payers land early, mid and late month.

$SHV Dividend History (2024 to 2026)

Here's every $SHV payment from December 2024 through November 2026. In 2026 so far, it has paid 10 times for $3.31 per share.

Zoom out and the trend is easy to see. By ex-date year, $SHV paid $5.53 per share in 2024, $4.50 in 2025, and $3.31 through November 2026. That slide is not the fund doing anything wrong. It's the Fed cutting short-term rates, and a T-bill fund passes those cuts straight through to your check.

The Year $SHV Paid Nothing

This is the history lesson I wish more people knew before they treated Treasury funds as an income plan.

From the December 17, 2020 ex-date through March 1, 2022, $SHV's distribution history shows $0.00 per share, month after month. Short-term Treasury yields were near zero, and after the 0.15% fee there was nothing left to pay out. All of 2021: zero.

Then the Fed started hiking in 2022. $SHV's payout came back at $0.018 in April 2022, climbed to $0.31 by December 2022, and then paid $5.21 per share in 2023 and $5.53 in 2024.

Same fund. Same holdings. From zero to over $5 a share in about two years, and now drifting lower again. That's the trade with any T-bill ETF: your principal is about as safe as it gets, but your income is whatever the Fed says it is.

How Much $SHV for $500, $1,000 or $2,000 a Month?

Using the last 12 payments ($4.02 per share) and the $110.14 price:

Same honest truth as every Treasury fund: it's safe, but it takes a lot of capital to make real income. Almost $330,000 for $1,000 a month. Want to model your own numbers, with or without reinvesting? Plug them into DividendProjection.com.

$SHV vs $SGOV vs $BIL vs $USFR

$SHV's closest sibling is $SGOV, also from iShares. The big difference is how far out each one reaches: $SGOV only holds bills maturing in 3 months or less, while $SHV can hold Treasuries out to one year. Here's how the four big cash ETFs line up:

Look at that yield row. All four are within about 0.1 percentage point of each other. On SEC yield, $SHV (3.88%) and $SGOV (3.85%) were just 0.03 points apart on November 10. That's the honest takeaway: none of these is going to pay you meaningfully more than the others over time.

So what actually separates them?

• Fee. $SGOV charges 0.09% versus $SHV's 0.15%. On $100,000, that's $60 a year in $SGOV's favor.
• Maturity. $SHV reaches out to one year, so when the Fed is cutting, it holds onto slightly older, higher rates a little longer than $SGOV does. When rates rise, the reverse happens. With a 0.28-year duration, the difference is small either way.
• Track record. $SHV has paid through the 2008 crisis, zero rates and the 2022 hikes. $SGOV only dates back to 2020.

For the full head to head of the bill funds, see my $SGOV vs $BIL vs $USFR vs $TBIL comparison.

Are $SHV Dividends Taxable?

Yes, at the federal level. $SHV's distributions come from interest on U.S. Treasury securities, so they're taxed as ordinary income, not at the lower qualified dividend rate. At a ~3.9% yield, a high earner can lose a big slice of that to federal tax.

The good news is on the state side. Interest from U.S. Treasury obligations is generally exempt from state income tax, and for a fund that holds only Treasuries, most or all of the income usually qualifies. iShares publishes the exact percentage after each year ends. I walked through how this works in is $SGOV state tax exempt, and the same logic applies to $SHV. This is not tax advice, so talk to a tax pro if it matters for you, especially if you live in a high-tax state like California or New York.

The Real Risks

• Falling rates. The big one. $SHV's income tracks short-term Treasury yields, and 2021 proved that can go all the way to zero. You can see the slide from $5.53 a share in 2024 to $4.50 in 2025.
• A higher fee than $SGOV. 0.15% versus 0.09%. Small, but you pay it every year.
• Inflation and taxes. A yield under 4%, taxed as ordinary income, doesn't leave much after inflation. This is a parking spot, not a growth plan.
• Not a bank account. It's not FDIC insured, and the price can move a few cents, especially around the monthly payout.

What's not really a risk: price decay. $SHV's NAV was $110.13 on November 11, 2026, and its 52-week NAV range was only 43 cents wide. There just isn't much room for the price to move.

My Take

I've been a dividend investor for over 10 years, and I reached financial freedom at 31 by building income. $SHV goes in the same bucket as $SGOV, $BIL and $USFR: it's the cash drawer, not the engine.

If I were picking one Treasury cash fund for new money today, I'd still lean $SGOV for the lower fee. But if you already own $SHV, there's no urgent reason to sell it and trigger a taxable event over a 0.06% fee gap. It's a big, liquid, old-school Treasury fund that does exactly what it says.

What I'd never do is treat any of these as a long-term income plan. The zero-dividend stretch from late 2020 to early 2022 is all the proof you need. I'd rather keep a slice in Treasuries for safety and build the core of my income on funds that can grow. That's what the TopDividendETFsPRO screener is built for.

If you want more income, start with my list of the best ETFs for monthly income in 2026 or browse every monthly dividend ETF we track. If you'd rather get paid every week, WeeklyETFs.com tracks every weekly payer. And to see how cash funds compare once everything is counted, check ETFTotalReturns.com.

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Sponsored By Read carefully before investing. Prospectus: https://lsfunds.com/hubfs/Regulatory/Prospectus.pdf?hsLang=en