At a glance
UTEN charges 0.15% a year, above the 0.1% average of the 7 funds most like it (the 4th cheapest of 8). It has $267.5M in assets, the 8th largest of that group; it paid 4.59% of its price in distributions over the past 12 months, monthly. Over the past year it returned −3.3% with distributions reinvested, the weakest of those 8 funds; over three years it returned +3.8% a year.
The short version
US Treasury 10 Year Note ETF (UTEN), from F/m Investments, holds essentially one bond: the newest 10-year US Treasury note. It follows a Bloomberg index built around that single security. That gives precise exposure to 10-year rates, unlike broader funds such as IEF that spread across many notes. It charges 0.15% a year, matching IEF but above the 0.10% peer average. It paid a 4.59% yield, monthly, over the 12 months to October 27, 2026.
Price history
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UTEN -3.3% 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 | |
|---|---|---|---|---|---|---|
| UTEN official prospectus, to Dec 31, 2024 | — | -1.76% | — | — | — | -2.87% |
| Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged Index (I00093US) (reflects no deduction for fees, expenses or taxes) index, same period | — | -1.73% | — | — | — | -2.60% |
| ICE Bof A Current 10-Year US Treasury Total Return Index (reflects no deduction for fees, expenses or taxes) index, same period | — | -1.69% | — | — | — | -2.77% |
| FM Treasury Index53 index, same period | — | +0.70% | — | — | — | -0.14% |
| UTEN price data to Oct 27, 2026 | -2.7% | -3.3% | +3.8% | — | — | -0.5% |
- Over the year to Oct 27, 2026, UTEN returned -3.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (-1.7%); its best was 2025 (+7.8%).
- The deepest fall in its price history was 13.4% (Aug 10, 2022 to Oct 19, 2023), recovered by Sep 5, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.7% | — |
| 2025 | +7.8% | — |
| 2024 | -1.7% | -1.76% |
| 2023 | +3.2% | +3.12% |
| 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 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.4700 | |
| 2025 | $1.8100 | +2.3% |
| 2024 | $1.7700 | +8.6% |
| 2023 | $1.6300 |
What's inside
As of Aug 31, 2026, the fund held 1 securities; the ten largest made up 99.8% of assets.
| Holding | Weight | |
|---|---|---|
| US TREASURY N/B Bonds and notes | 99.80% |
By country
United States 99.8%By issuer
US Treasury 99.8%The bonds mature in 10 years on average (weighted by size), with an average coupon of 4.63%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $12.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.34%, -1.74%, +0.14%.
How it works
UTEN is an index fund. It aims to match, before fees, the Bloomberg US Treasury Bellwether 10Y Total Return USD Unhedged Index. That index tracks one security, the "on-the-run" 10-year Treasury note, which means the newest one the US government has sold at auction. Bloomberg models a hypothetical bond with that note's terms and price. When a new 10-year note is auctioned, the index switches to it the next day. The index rebalances on the last day of each month.
The fund must keep at least 80% of net assets in the index's securities. If the index ever lacks the newest 10-year note, the fund must hold that note directly instead. On August 31, 2026, one Treasury note made up 99.8% of the $267.5 million portfolio. It had a 4.63% coupon and about 10 years to maturity. Rolling into each new note means heavy trading: portfolio turnover was 402%. That can add trading costs that the expense ratio doesn't show.
Up to 20% of assets can go into other investments that help it track the index. These include other ETFs, some of which F/m could manage and earn fees from. The fund may also lend out securities in return for collateral worth at least 100% of the loan. It may also use reverse repurchase agreements, a form of short-term borrowing, for up to one-third of total assets. The August 2026 report showed no derivatives.
What it really costs
- UTEN charges 0.15% a year, versus an average of 0.1% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UTEN | $15 | $48 | $85 | $192 |
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 holds a single US government note whose price has moved largely apart from stocks, though it swings with interest rates.
UTEN could add high-quality government bonds to a stock-heavy portfolio. Its one-year beta, a measure of how closely a fund moves with the stock market, was 0.13 as of October 27, 2026. It launched in August 2022, so it has no record through the 2008 crisis, the 2020 crash or the 2022 bear market. Its deepest drop was 13.4%, from August 2022 to October 2023. It took 22.6 months to recover, finally doing so in September 2025. Anyone forced to sell in that stretch would have locked in a loss. Its worst calendar year was 2024, at −1.7%. Income has been steadier: a 4.59% trailing yield, paid monthly, though income can fall if rates drop. Under the SEC's standard example, costs come to $15 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 wanting exposure to the 10-year Treasury note alone, held as one US government bond rather than a basket of maturities.
- Holders who value monthly income; the trailing 12-month yield was 4.59% as of October 27, 2026.
- Those pairing stocks with government bonds; UTEN's one-year beta of 0.13 shows little sensitivity to stock market moves.
Look elsewhere if
- Cost-focused investors: VGIT charges 0.03% and GOVT 0.05%, versus UTEN's 0.15%.
- Anyone uneasy with rate-driven swings: UTEN fell 13.4% from August 2022 to October 2023 and took 22.6 months to recover.
- Those preferring large funds: at $267.5 million, UTEN is the smallest of eight similar Treasury funds, while IEF holds $41.8 billion.
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 |
|---|---|---|---|---|---|
| UTEN this fund | 10 yrs | 0.15% | $267.5M | -3.3% | +3.8% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
| SHY iShares 1-3 Year Treasury Bond ETF | 1.9 yrs | 0.15% | $25.91B | +1.7% | +3.9% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
| USFR WisdomTree Floating Rate Treasury Fund | 1.5 yrs | 0.15% | $18.76B | +4.1% | +4.6% |
Questions investors ask
Does UTEN pay monthly dividends?
Yes. UTEN pays distributions monthly. Over the 12 months to October 27, 2026, it paid $1.90 per share, a trailing yield of 4.59%. The income comes from interest on the Treasury note it holds, which had a 4.63% coupon as of August 31, 2026. The prospectus warns that income may decline if interest rates fall, because the fund keeps rolling into newly issued notes that may pay less.
What's the difference between UTEN and IEF?
Both charge 0.15%, but they hold different things. iShares 7-10 Year Treasury Bond ETF (IEF) holds many Treasuries maturing in 7 to 10 years, with an 8.4-year average, and had $41.8 billion in assets. UTEN holds one note with about 10 years left, so its price reacts a bit more to rate changes. UTEN returned −3.3% over one year and 3.8% a year over three years as of October 27, 2026. IEF returned −1.4% and 4.6% as of October 30, 2026.
Why does UTEN only hold one bond?
Its index tracks just one security: the newest, or "on-the-run," 10-year US Treasury note. When the government auctions a new 10-year note, the index switches to it the next day, and the fund follows. On August 31, 2026, that one note made up 99.8% of the fund. Credit risk is minimal because the US government backs the note. The trade-off is constant trading: turnover was 402%, which can add costs.
What is UTEN's expense ratio?
UTEN's expense ratio is 0.15% a year, according to its prospectus filed December 30, 2025. That matches IEF but sits above the 0.10% average of similar funds, and well above VGIT at 0.03%. In the SEC's standard example, with $10,000 invested and a 5% yearly return, costs total $15 after one year, $48 after three, $85 after five and $192 after ten. Trading costs from its 402% turnover are not included in that figure.
How has UTEN performed since launch?
UTEN's results have been mixed. As of December 31, 2024, its official average annual return was −1.76% for one year and −2.87% since its August 2022 launch. Its index returned −1.73% and −2.6% over the same periods. Rising rates hurt early: UTEN fell 13.4% between August 2022 and October 2023. It gained 7.82% in 2025 but was down 2.74% for 2026 through October 27.