What Is the UTEN ETF? A Complete Guide to Returns, Fees, Holdings and Alternative ETFs
The F/m US Treasury 10-Year Note ETF (ticker UTEN) holds only a single, most recently issued on-the-run Treasury, so its maturity exposure is clear. Its structure differs from Treasury ETFs such as IEF and VGIT, which spread holdings across several maturities, and fees and distributions are the key selection criteria.
SubscribeWhat Is the F/m US Treasury 10-Year Note ETF?
It is a single-bond ETF that tracks the most recently issued on-the-run US 10-year Treasury note. Unlike typical Treasury funds that blend multiple maturities, it is built to follow the price and yield performance of exactly the 10-year maturity segment.
It suits investors who want precise exposure to the US 10-year Treasury yield and prefer to manage their maturity range themselves.
The ETF is managed passively (index tracking) by F/m Investments.
How Does the F/m US Treasury 10-Year Note ETF Invest?
| Item | Details |
|---|---|
| Tracked index | Bloomberg US Treasury Bellwether 10 Year Index |
| Management style | Passive (index tracking) |
| Rebalancing frequency | Monthly (rolled over when a new note is issued) |
| Distribution frequency | Monthly |
| Issuer | F/m Investments |
| Total expense ratio | 0.15% |
The fund holds only a single, most recently issued on-the-run 10-year US Treasury. When the government auctions a new 10-year note, the fund sells its existing holding on a set day each month and switches into the newly issued note, keeping its maturity segment consistent.
- Holds a single Treasury issue rather than a blend of multiple maturities
- High liquidity characteristic of on-the-run Treasuries
F/m US Treasury 10-Year Note ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $265.4M, and the expense ratio is 0.15% per year.
Unlike diversified Treasury ETFs, its single-issue structure gives clear maturity exposure, but it is more directly tied to the characteristics of the individual note.
F/m US Treasury 10-Year Note ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeThe price of the US 10-year Treasury moves with the direction of interest rates, and bond prices tend to weaken when rates rise. Recently, too, volatility driven by monetary policy and inflation expectations has shaped the trend.
When the rate environment is uncertain, demand to place capital precisely in a specific maturity segment tends to flow into single-maturity Treasury ETFs. During periods of market turbulence, Treasuries also draw attention as a safe-haven asset.
F/m US Treasury 10-Year Note ETF Pros and Cons
Its strengths are clear maturity exposure and the liquidity of on-the-run Treasuries, while its weaknesses are the concentration and interest rate sensitivity that stem from the single-issue structure.
💪 Key Strengths
⚠️ Points to Watch
F/m US Treasury 10-Year Note ETF Alternative ETFs and Related Products
Among the ETFs in the table, IEF covers the 7 to 10 year segment, while VGIT, SCHR and SPTI broadly hold intermediate maturities. These are diversified Treasury ETFs whose structure differs from UTEN, which concentrates on a single maturity, and their fees and issuers also differ. If you want a shorter maturity within the same F/m single-Treasury ETF family, you can consider the 2-year UTWO, and for a longer maturity, the 30-year UTHY. If you want broad US bond exposure, the aggregate bond ETFs BND and AGG are also alternatives.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 IEF | iShares 7-10 Year Treasury Bond ETF | $91.50 | -0.3% | $44.2B | 0.15% | 4.07% | -5.5% |
 VGIT | Vanguard Intermediate-Term Treasury ETF | $57.57 | -0.3% | $40.9B | 0.03% | 3.99% | -4.3% |
 IEI | iShares 3-7 Year Treasury Bond ETF | $114.98 | -0.3% | $17.0B | 0.15% | 3.8% | -4.0% |
 SCHR | Schwab Intermediate-Term U.S. Treasury ETF | $24.07 | -0.3% | $13.7B | 0.03% | 4.05% | -4.5% |
 SPTI | State Street SPDR Portfolio Intermediate Term Treasury ETF | $27.71 | -0.3% | $12.1B | 0.03% | 3.97% | -4.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 2.99% | $118.99 | +6.6% | $3.4B | 25.6 | 0.2% |
F/m US Treasury 10-Year Note ETF Investor Checkpoints
Here are the points to review before investing in UTEN. Given the structure of a single-maturity Treasury, it is wise to confirm in advance the direction of interest rates, the suitability of the maturity segment, and, for investors who hold won, the impact of exchange rates.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check cumulative costs over a long holding period | Annual fee applies |
| 📉 Rate direction | Check the 10-year yield outlook and duration | Needs checking |
| 💧 Liquidity | Smoothness of trading in the underlying Treasury and the ETF | Fairly smooth |
| 💱 Exchange rate | Impact on returns converted to won | Not currency hedged |
Rising rates can lead to falling bond prices, and because the fund is concentrated in the 10-year maturity segment, price sensitivity to rate changes is the main driver of short-term volatility. With a single-issue structure, the diversification effect is limited.
It is a suitable tool for investors who want precise exposure to US Treasury yields in a specific maturity segment. If you want maturity diversification, it is recommended to compare IEF and VGIT, and if you want other maturity segments, UTWO and UTHY.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 11, 2026.
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