At a glance
XTEN charges 0.08% a year, above the 0.07% average of the 7 funds most like it (the 6th cheapest of 8). It has $1.04B in assets, the 8th largest of that group; it paid 4.49% of its price in distributions over the past 12 months, monthly. Over the past year it returned −3.6% with distributions reinvested, 6th of those 8 funds; over three years it returned +4.5% a year. Its ten largest positions make up 33.6% of the fund, out of 70 in all.
The short version
BondBloxx Bloomberg Ten Year Target Duration US Treasury ETF (XTEN) holds U.S. Treasury notes and bonds picked to keep the portfolio's duration near 10 years. Duration measures how much a bond's price reacts to interest-rate changes. Most Treasury funds hold a fixed maturity range. XTEN's Bloomberg index instead mixes two groups of bonds each month to stay on that target. It charges 0.08% a year. That is less than IEF's 0.15% but more than Vanguard's Treasury ETFs at 0.03%.
Price history
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XTEN -3.6% 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 | |
|---|---|---|---|---|---|---|
| XTEN official prospectus, to Dec 31, 2025 | — | +7.55% | — | — | — | +1.78% |
| Bloomberg US Treasury Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +6.32% | — | — | — | +2.84% |
| Bloomberg US Treasury 10 Year Duration Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +7.61% | — | — | — | +1.83% |
| XTEN price data to Oct 27, 2026 | -2.3% | -3.6% | +4.5% | — | — | +0.9% |
- Over the year to Oct 27, 2026, XTEN returned -3.6%, 6th of 8 among similar funds.
- Its worst full calendar year was 2024 (-2.2%); its best was 2025 (+7.4%).
- The deepest fall in its price history was 13.9% (Apr 6, 2023 to Oct 19, 2023), recovered by Aug 2, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.3% | — |
| 2025 | +7.4% | +7.55% |
| 2024 | -2.2% | -2.28% |
| 2023 | +4.0% | +3.74% |
| 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 | $1.8700 | -0.5% |
| 2024 | $1.8800 | +6.2% |
| 2023 | $1.7700 |
What's inside
As of Jul 31, 2026, the fund held 70 securities; the ten largest made up 33.59% of assets.
| Holding | Weight | |
|---|---|---|
| US TREAS NTS 4.25% 08/15/35 Bonds and notes | 3.82% | |
| US TREAS NTS 4.5% 11/15/33 Bonds and notes | 3.44% | |
| US TREAS NTS 4.25% 05/15/35 Bonds and notes | 3.35% | |
| US TREAS NTS 4.625% 02/15/35 Bonds and notes | 3.34% | |
| WI TREASURY SE 4.375% 05/15/34 Bonds and notes | 3.32% | |
| US TREAS NTS 4% 11/15/35 Bonds and notes | 3.29% | |
| US TREAS NTS 4% 02/15/34 Bonds and notes | 3.28% | |
| US TREAS NTS 4.25% 11/15/34 Bonds and notes | 3.27% | |
| US TREAS NTS 4.125% 02/15/36 Bonds and notes | 3.24% | |
| US TREAS NTS 3.875% 08/15/34 Bonds and notes | 3.23% | |
| US TREAS NTS 3.875% 08/15/33 Bonds and notes | 3.18% | |
| US TREAS NTS 3.375% 05/15/33 Bonds and notes | 3.04% | |
| US TREAS BDS 3.25% 05/15/42 Bonds and notes | 2.38% | |
| US TREAS BDS 2.25% 05/15/41 Bonds and notes | 2.30% | |
| US TREAS BDS 1.875% 02/15/41 Bonds and notes | 2.28% |
By country
United States 98.61%By issuer
US Treasury 98.61%The bonds mature in 13 years on average (weighted by size), with an average coupon of 3.74%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $52.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.26%, +0.57%, -2.56%.
How it works
XTEN tracks the Bloomberg US Treasury Ten Year Target Duration Index. Bloomberg Index Services builds it from the broader Bloomberg US Treasury Index. Duration estimates how much a bond's price moves when interest rates change: the higher the number, the bigger the swing. The index takes Treasuries from two "duration buckets," 6 to 10 years and 10 to 14 years. Within each bucket, bonds are weighted by market value. The two buckets are then blended in whatever mix brings the total to a 10-year duration.
The index resets on the last business day of each month, so its mix shifts as bonds age and the government issues new Treasuries. As of December 31, 2025, it held about 66 bonds, drawn from about 295 in the broader index. BondBloxx uses representative sampling. Rather than buying every bond, it holds a sample meant to match the index's duration, yield and other traits. This can create small gaps between the fund's and the index's returns, called tracking error.
At least 80% of the fund's assets must be in Treasuries averaging a duration of about 10 years. Up to 20% may go to other government debt, agency securities or cash. As of July 31, 2026, the fund held 70 positions, with 98.6% in Treasuries, an average maturity of 13 years and no derivatives. Portfolio turnover was 38%.
What it really costs
- XTEN charges 0.08% a year, versus an average of 0.07% for the similar funds below (6th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $8 in the first year and $96 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XTEN | $8 | $24 | $42 | $96 |
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
XTEN holds only U.S. Treasuries and has moved little with stocks, which makes it a counterweight to equities rather than a source of growth.
XTEN could balance a stock-heavy portfolio. Its one-year beta, a measure of how closely it moves with the stock market, was 0.16 as of October 27, 2026. The fund launched in September 2022, so it has no record from the 2008 or 2020 crashes and missed most of the 2022 bear market. Its deepest drop, 13.9%, ran from April to October 2023 as bond prices fell. It took until August 2, 2024, about nine and a half months after the low, to recover. Its weakest calendar year was 2024, at -2.28%. Anyone who had to sell during that stretch would have locked in losses.
It paid $1.96 per share over the 12 months to October 27, 2026, a 4.49% yield, in monthly installments. Expenses are 0.08% a year. In the SEC's standard example, that comes to $96 over 10 years on $10,000. Past results don't predict future ones, 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 Treasuries held at a steady 10-year duration, rather than a fixed maturity range that drifts as bonds age.
- People who want monthly income from U.S. government debt. The trailing 12-month yield was 4.49% as of October 27, 2026.
- Stock-heavy portfolios looking for a diversifier. XTEN's one-year beta to stocks was 0.16 as of October 27, 2026.
Look elsewhere if
- Investors focused on cost. VGIT and VGLT charge 0.03% and GOVT charges 0.05%, against XTEN's 0.08%.
- Investors uneasy with interest-rate swings. XTEN fell 13.9% from April to October 2023 and lost 3.6% in the year to October 27, 2026.
- Investors who prefer very large funds. XTEN had about $1.04 billion in assets as of July 31, 2026; IEF had $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 |
|---|---|---|---|---|---|
| XTEN this fund | 13 yrs | 0.08% | $1.04B | -3.6% | +4.5% |
| 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% |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| VGSH Vanguard Short-Term Treasury ETF | 1.9 yrs | 0.03% | $39.20B | +2.2% | +4.2% |
Questions investors ask
Does XTEN pay monthly dividends?
Yes, XTEN pays income every month. Over the 12 months to October 27, 2026, it paid $1.96 per share, a trailing yield of 4.49%. The income comes from interest on the Treasury notes and bonds it holds, which had an average coupon of 3.74% as of July 31, 2026. Payments can rise or fall as the fund reinvests at new interest rates.
What's the difference between XTEN and IEF?
Both hold intermediate Treasuries, but they set their range differently. The iShares 7-10 Year Treasury Bond ETF (IEF) picks bonds by maturity, with an average of 8.4 years. XTEN targets a 10-year duration, with an average maturity of 13 years, so its price tends to react more to rate changes. XTEN costs 0.08% a year; IEF costs 0.15%. IEF is much larger, with $41.8 billion as of August 31, 2026. Over one year, IEF returned -1.4% (to October 30, 2026) and XTEN returned -3.6% (to October 27).
Is XTEN good for retirement?
It depends on the job it needs to do. XTEN holds only U.S. Treasuries, so the risk of default is low, and it pays income monthly. But its 10-year duration means its price can fall hard when rates rise. It dropped 13.9% between April and October 2023 and didn't recover until August 2024. It may suit retirees who want a counterweight to stocks and can wait out declines without selling.
Why did XTEN lose money?
XTEN's losses come from interest-rate moves, not defaults. When rates rise, older bonds with lower coupons lose value, and a 10-year duration makes that effect bigger. The fund returned -2.28% in 2024 and -3.6% over the year to October 27, 2026, though it gained 7.55% in 2025. Its worst quarter was a 6.9% drop in the three months ending September 30, 2023.
What does XTEN invest in?
XTEN invests almost entirely in U.S. Treasury notes and bonds: 98.6% of assets across 70 positions as of July 31, 2026. The largest were the 4.25% note due August 2035 (3.8% of the fund), the 4.5% note due November 2033 (3.4%) and the 4.25% note due May 2035 (3.3%). The top 10 holdings made up 33.6% of the fund. It also holds longer bonds due in 2041 and 2042.