The distribution for April was omitted. The ETF 'flows through' interest to investors, but if CPI moves lower then it is possible that no distribution will be paid. The fund does not 'keep' distributions but passes all income through to unit holders (after fees). From the company documents: Unlike nominal Treasury bonds that have consistent coupon payments, TIPS ETFs distributions can fluctuate from one month to another because they’re tied to CPI, which may be volatile from month to month. Distributions from TIPS ETFs consist of accrued coupon income and the principal inflation adjustment. The inflation adjustment is based on two months’ prior CPI applied to the fund’s underlying securities. ETF distribution yields may fluctuate due to short-term fluctuations in CPI, lag in CPI data, as well as due to differences in calculation conventions and distribution schedules among different ETF sponsors.
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