UTWO ETF — US Treasury 2 Year Note ETF

US Treasury 2 Year Note ETF (UTWO)

Updated October 16, 2026.

UTWO is a low-cost ETF. its distribution rate is 3.99%, its trailing-12-month yield is 3.64%, its expense ratio is 0.15%. Dividend Vision Distribution Safety Score™ is 86/100 (Safe). Total return is 12.3% over the past 4.2 years, 83.9 points behind SPY at 96.2%.

This ETF tracks a one-security index comprised of the most recently issued 2-year U.S. Treasury note, holding at least 80% of its assets in that component security. The fund offers a modest current distribution rate paid monthly, with an expense ratio of 0.15%. It appeals to fixed-income investors seeking exposure to short-duration U.S. government debt with regular income distributions.

UTWO performance versus SPY

Price and return data through 2026-10-16.

Total return is 12.3% over the past 4.2 years, 83.9 points behind SPY at 96.2%. Over the past year its total return — price change plus distributions reinvested — is 1.3%. Its deepest 1-year drawdown was 0.9%.

UTWO key facts

Distribution Safety Score™

86 · Safe

Safety-Adjusted Yield

3.43%

Issuer

F/m Investments

Asset type

ETF

Asset class

Fixed Income

Inception date

08/08/2022

Expense ratio

0.15%

Distribution rate

3.99%

Distribution frequency

Monthly

Trailing yield

3.64%

Last close

$47.59 (as of 2026-10-16)

AUM

$505,446,887

Average volume

135561.0

Dividend

$0.1584

Ex-dividend date

09/28/2026

Payment date

09/29/2026

Beta

0.24

How Dividend Vision calculates yield and returns

Distribution rate (3.99%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.64%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: F/m Investments; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

UTWO risks and drawbacks

UTWO's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 0.9%.

Who may consider UTWO — and who may not

UTWO may suit someone looking for low-cost broad dividend exposure, a high Distribution Safety Score, moderate current income with a quality tilt. It is a weaker fit for investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on UTWO

• All tickers starting with U

Tagged: Fixed Income, Treasury, Short-Term Treasury.

Frequently asked questions

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