At a glance
GTR charges 0.7% a year, below the 0.9% average of the 1 funds most like it. It has $69.5M in assets; it paid 5.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +9.7% with distributions reinvested; over three years it returned +15.3% a year.
The short version
WisdomTree Target Range Fund (GTR) is an actively managed ETF. It holds yearly call options on four stock ETFs (SPY, IWM, EFA and EEM) and keeps most of its assets in US Treasury bills. The aim is stock gains within a set range. Gains are capped, and the most the options can lose is what was paid for them. Even so, the fund lost 18.99% in 2022. It charges 0.70% a year.
Price history
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GTR +9.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| GTR official prospectus, to Dec 31, 2024 | — | +8.81% | — | — | — | +1.00% |
| TOPS® Global Equity Target Range® Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +9.36% | — | — | — | +1.87% |
| MSCI AC World Index (Reflects no deduction for fees, expenses or taxes) index, same period | — | +17.49% | — | — | — | +7.13% |
| GTR price data to Oct 27, 2026 | +10.1% | +9.7% | +15.3% | — | — | +6.1% |
- Over the year to Oct 27, 2026, GTR returned +9.7%.
- Its worst full calendar year was 2024 (+8.4%); its best was 2025 (+12.9%).
- The deepest fall in its price history was 16.2% (Mar 29, 2022 to Mar 15, 2023), recovered by May 15, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.1% | — |
| 2025 | +12.9% | — |
| 2024 | +8.4% | +8.81% |
| 2023 | +12.5% | +12.27% |
| 2022 | — | -18.99% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Not in the price data, which starts Feb 18, 2022 |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4300 | |
| 2025 | $1.4600 | +15.9% |
| 2024 | $1.2600 | +90.9% |
| 2023 | $0.6600 |
What's inside
As of May 31, 2026, the fund held 1 securities; the ten largest made up 78.07% of assets.
| Holding | Weight | |
|---|---|---|
| UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT Bonds and notes | 78.07% |
By country
United States 78.07%By issuer
US Treasury 78.07%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of May 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to May 31, 2026, investors added a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.77%, +6.24%, +2.60%.
How it works
GTR follows the method of the TOPS Global Equity Target Range Index, created by Valmark Advisers. It is actively managed by WisdomTree Asset Management, with Newton Investment Management North America as sub-adviser. Its returns should be similar to the index's but won't match them. The strategy is a "call spread" on four ETFs. The target mix is SPY 50%, IWM 20%, EFA 20% and EEM 10%. A call option is the right to buy shares at a set "strike" price before a set date.
Each January, the index buys calls with a strike near 85% of each ETF's price. It also sells calls with a strike near 115%. Both expire in about one year. The calls it buys capture the ETF's moves within that range. The calls it sells cap gains above 115%, and the money received from selling them offsets part of the cost. The sub-adviser may trade or reset strikes more often than the index does.
About 80–85% of assets are expected to sit in cash collateral, mostly Treasury bills, at the January roll. As of May 31, 2026, 78.07% was in a single Treasury bill maturing August 6, 2026. Options made up 21.22%, and all of them expire January 15, 2027. Investors who buy partway through the year get a different range than the one set in January.
What it really costs
- GTR charges 0.7% a year, versus an average of 0.9% for the similar funds below.
- Using the prospectus's standard example, $10,000 invested would cost about $72 in the first year and $871 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| GTR | $72 | $224 | $390 | $871 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers global stock exposure with lower volatility and a defined range of outcomes, but it can still post stock-like losses.
GTR could add global stock exposure with a narrower range of outcomes than holding the four ETFs directly. As of October 27, 2026, its three-year volatility was 10.5%. Its one-year beta was 0.7, meaning it moved about 70% as much as the market. The fund is too young to show 2008 or 2020. In 2022 it lost 18.99%. Its deepest drop, 16.2% from March 2022 to March 2023, took 14 months to recover, until May 2024. Anyone who had to sell shares in a year like 2022 would have locked in losses.
Over the 12 months to October 27, 2026, it paid $1.46 per share, a 5.34% yield, in quarterly payments. Its 0.70% expense ratio works out to about $72 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want exposure to SPY, IWM, EFA and EEM, and who accept capped gains in return for limits on option losses.
- People comfortable with a fund holding about 78% Treasury bills and 21% options, as of May 31, 2026.
- Holders willing to stay in from one January roll to the next, the yearly period the strategy is built around.
Look elsewhere if
- Investors expecting bond-like safety: it lost 18.99% in 2022, and its deepest drop took 14 months to recover.
- Cost-focused investors: under the SEC example, 0.70% a year comes to $871 over 10 years on $10,000.
- Those wanting full stock market gains: from launch through 2024 it returned 1.00% a year, versus 7.13% for the MSCI AC World Index.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| GTR this fund | 0.2 yrs | 0.7% | $69.5M | +9.7% | +15.3% |
| KMLM KFA Mount Lucas Managed Futures Index Strat… | 0.1 yrs | 0.9% | $297.9M | +19.1% | 0.0% |
Questions investors ask
Does GTR pay dividends?
Yes. GTR pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $1.46 per share, a trailing yield of 5.34%. Most of the fund sits in short-term Treasury bills, and the rest is in call options on stock ETFs, which pay no dividends. Payouts can change from quarter to quarter, so past distributions don't promise future ones.
Is GTR a buffer ETF?
Not in the usual sense. GTR does not promise a stated buffer against losses. It buys and sells one-year call options on four stock ETFs and keeps most of its money in Treasury bills. The most the options can lose is what was paid for them. Still, the prospectus says limited downside isn't guaranteed, especially for those who buy midyear or hold for shorter periods. The fund lost 18.99% in 2022.
How has GTR performed since launch?
Results have been mixed. The prospectus shows calendar-year returns of -18.99% in 2022, 12.27% in 2023 and 8.81% in 2024. From launch through December 31, 2024, it returned 1.00% a year. Its index returned 1.87% and the MSCI AC World Index returned 7.13%. Based on price, it gained 12.94% in 2025 and 10.1% in 2026 through October 27. Its three-year annualized return was 15.3% as of that date.
What does GTR actually hold?
Mostly Treasury bills, plus stock options. As of May 31, 2026, GTR had 18 positions. One Treasury bill maturing August 6, 2026 made up 78.07% of assets. Sixteen option positions made up 21.22%. The largest was a SPY call with a 590 strike, at 12.2%, followed by calls on IWM (5.1%), EFA (4.0%) and EEM (3.4%), all expiring January 15, 2027. Cash was 0.76%.
GTR vs KMLM: what's the difference?
They follow very different strategies. KMLM, the KFA Mount Lucas Managed Futures Index Strategy ETF, was matched to GTR only because both hold very short-term Treasuries. KMLM follows a managed futures strategy, while GTR uses call options on stock ETFs. So it isn't a close substitute. KMLM charges 0.90% compared with GTR's 0.70%. As of October 27, 2026, KMLM's one-year return was 19.1%, compared with 9.7% for GTR.