# USFR ETF: fees, returns, drawdowns and holdings

> What USFR holds, its 0.15% yearly fee, returns by year, its worst drop, and which Tactfolio strategies hold it. Updated daily.

WisdomTree Floating Rate Treasury Fund (USFR) is an exchange-traded fund (ETF) run by WisdomTree. This fund lends money to the US government through Treasury notes whose interest rate changes often. It charges 0.15% a year. From February 2014 to October 2026 it returned about 2.0% a year, and its worst drop was −2.2%.

Written by [the Tactfolio research team](https://tactfolio.com/about/editorial-policy). Fund facts checked October 17, 2026. Prices through October 16, 2026.

## Key points

- Expense ratio: 0.15% a year (about $15 on $10,000).
- Started trading on February 4, 2014.
- Last close: $50.48 on October 16, 2026.
- Return over the last year: 4.1%.
- Worst drop since 2014: −2.2%.
- No Tactfolio classic strategies hold it.

## How has USFR done since 2014?

From February 2014 to October 2026, USFR returned about 2.0% a year. The S&P 500 returned about 14.2% a year over the same dates. Say you put in $10,000 at the start. It would have been worth about $12,807 at the end, with every dividend reinvested.

| Period | USFR | S&P 500 (SPY) |
| --- | --- | --- |
| 1 month | 0.3% | 1.5% |
| 3 months | 1.0% | 1.9% |
| 6 months | 2.0% | 9.3% |
| Year to date | 3.1% | 12.8% |
| 1 year | 4.1% | 16.8% |
| 3 years, per year | 4.6% | 22.0% |
| 5 years, per year | 3.9% | 12.8% |
| 10 years, per year | 2.5% | 15.4% |
| Since 2014, per year | 2.0% | 14.2% |

Periods longer than a year show the return per year (CAGR). Prices through October 16, 2026. Figures use daily closing prices adjusted for splits, with dividends reinvested. They do not include taxes or the cost of buying and selling. Past results do not tell you what will happen next.

## USFR returns by month and year

USFR rose in 117 of its 153 months (76%). Its best month was April 2015, at 1.1%. Its worst was August 2015, at −1.2%.

| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Full year |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2026 (part) | 0.4% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.4% | 0.3% | 0.3% | 0.2% |  |  | 3.1% |
| 2025 | 0.4% | 0.3% | 0.3% | 0.3% | 0.4% | 0.4% | 0.4% | 0.3% | 0.3% | 0.4% | 0.3% | 0.4% | 4.2% |
| 2024 | 0.5% | 0.5% | 0.4% | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.3% | 0.5% | 0.5% | 0.4% | 5.5% |
| 2023 | 0.4% | 0.4% | 0.4% | 0.5% | 0.5% | 0.4% | 0.5% | 0.4% | 0.0% | 0.4% | 0.4% | 0.3% | 4.7% |
| 2022 | 0.2% | 0.0% | 0.1% | 0.2% | 0.0% | 0.1% | 0.0% | 0.2% | 0.3% | 0.2% | 0.3% | 0.4% | 2.0% |
| 2021 | 0.0% | 0.0% | 0.0% | 0.1% | −0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | −0.1% | 0.0% |
| 2020 | 0.3% | 0.1% | 0.1% | 0.1% | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | −0.1% | 0.0% | 0.6% |
| 2019 | 0.2% | 0.2% | 0.1% | 0.3% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.2% | 0.2% | 0.1% | 2.0% |
| 2018 | 0.2% | 0.2% | 0.3% | 0.0% | 0.2% | 0.1% | 0.1% | 0.2% | 0.1% | 0.2% | 0.3% | 0.1% | 2.0% |
| 2017 | 0.0% | 0.2% | 0.0% | 0.0% | 0.3% | 0.1% | 0.1% | −0.2% | 0.3% | 0.2% | 0.1% | 0.1% | 1.0% |
| 2016 | −0.3% | 0.3% | 0.0% | 0.1% | 0.0% | 0.1% | 0.4% | −0.3% | 0.2% | 0.2% | −0.2% | 0.3% | 0.9% |
| 2015 | 0.0% | 0.0% | −0.5% | 1.1% | 0.0% | −0.2% | 0.3% | −1.2% | 0.9% | −0.4% | −0.6% | 0.4% | −0.1% |
| 2014 (part) |  | −0.1% | −0.2% | 0.0% | −0.1% | 0.1% | 0.0% | 0.0% | −0.1% | −0.4% | 0.0% | 0.0% | −0.6% |

Each month runs from the last close of the month before. The first month counts from the first close.

## How risky is USFR compared with the S&P 500?

Measured from October 2021 to October 2026, on the days both traded.

- **Beta 0.00.** When the S&P 500 moved 1% in a day, USFR tended to move about 0.00%.
- **Correlation -0.01.** USFR moved mostly on its own, apart from the S&P 500.
- **Up and down months.** In months the S&P 500 rose, USFR rose 9% as much on average. In months it fell, USFR rose on average.

| Measure | USFR | S&P 500 (SPY) |
| --- | --- | --- |
| Return per year | 3.9% | 12.8% |
| Volatility | 0.4% | 17.1% |
| Worst drop | −0.4% | −24.5% |
| Sharpe ratio | 8.98 | 0.79 |
| Sortino ratio | 15.75 | 1.15 |
| Calmar ratio | 9.82 | 0.52 |

Volatility is how much the price swings in a year. The Sharpe ratio is return per unit of volatility, the Sortino ratio counts only the falls, and the Calmar ratio is the return per year over the worst drop. Higher ratios mean more return for the risk taken.

## Is USFR above its 200-day average?

USFR closed 1.6% above its 200-day average on October 16, 2026. A rule that holds USFR only above that average would hold it today.

- Its 50-day average is 1.2% above its 200-day average.
- It closed at its highest price of the last 52 weeks.

A moving average is the average close over the last so many days. Trend rules such as [the 10-month moving average strategy](https://tactfolio.com/strategies/faber-10-month-moving-average.md) hold a fund only while it is above one. You can [build that rule for USFR](https://tactfolio.com/builder) and backtest it in a minute.

## What was USFR's worst drop?

A drawdown is how far a fund falls from its last high point. USFR's worst fall was −2.2%, from February 4, 2014 to December 22, 2014. It got back to that high on April 20, 2015. On October 16, 2026 it closed at a new high.

Big drops are normal for some funds. They matter because selling during a drop locks in the loss.

## What does USFR hold?

This fund lends money to the US government through Treasury notes whose interest rate changes often. That keeps its price fairly steady, a lot like cash. When short term interest rates fall, its income falls too.

It tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. It had 5 holdings as of February 28, 2026, according to WisdomTree.

| Fact | USFR |
| --- | --- |
| Full name | WisdomTree Floating Rate Treasury Fund |
| Issuer | WisdomTree |
| Expense ratio | 0.15% a year |
| Started trading | February 4, 2014 |
| Tracks | Bloomberg U.S. Treasury Floating Rate Bond Index |
| Type | Cash and T-bills, ETF |
| Holdings | 5 holdings as of February 28, 2026 |
| Facts checked | October 17, 2026 on the [WisdomTree fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm) |

## What is the USFR expense ratio?

USFR charges 0.15% a year. An expense ratio is the yearly fee a fund takes to run itself. On $10,000, a 0.15% fee comes to about $15 a year. Of the 162 ETFs on Tactfolio, 42% charge more.

You never get a bill for it. The fund takes the fee out of its own value a little each day.

## Which Tactfolio strategies hold USFR?

No classic strategy holds USFR yet. You can add it to your own rules in the [builder](https://tactfolio.com/builder) and see how they would have done.

## How does USFR compare with similar ETFs?

Funds that can stand in for USFR:

- [SGOV](https://tactfolio.com/etf/SGOV.md): iShares 0-3 Month Treasury Bond ETF, 0.09% a year
- [BIL](https://tactfolio.com/etf/BIL.md): State Street SPDR Bloomberg 1-3 Month T-Bill ETF, 0.1353% a year
- [SHV](https://tactfolio.com/etf/SHV.md): iShares 0-1 Year Treasury Bond ETF, 0.15% a year
- [TFLO](https://tactfolio.com/etf/TFLO.md): iShares Treasury Floating Rate Bond ETF, 0.15% a year

See [all 6 USFR alternatives](https://tactfolio.com/alternatives/USFR.md), compared on the same dates as USFR.

## Test USFR in your own rules

Tactfolio is a platform where you build rules-based investing strategies, backtest them on decades of real prices, share them, and run them automatically in your own Alpaca account. Open the [builder](https://tactfolio.com/builder), add USFR, and see how a rule such as "hold it only above its 200-day average" would have done. Strategies run on daily prices and hold US stocks and ETFs only.

## The details

Prices come from Tactfolio's stored daily prices for USFR and SPY. Each close is adjusted for splits, and dividends are reinvested on the day the fund pays them out. CAGR is the steady yearly return that turns the starting value into the ending value. Volatility is the yearly standard deviation of daily returns. Beta and correlation compare daily returns with the S&P 500 over the same dates.

Fund facts come from WisdomTree. We checked them on October 17, 2026. Read [what a backtest simulates](https://tactfolio.com/docs/backtests.md) and [how to read drawdown and CAGR](https://tactfolio.com/docs/concepts/reading-a-backtest.md) for more on these measures.

## Research and test it

- [Tactical asset allocation](https://tactfolio.com/learn/tactical-asset-allocation): What tactical asset allocation is, how it differs from strategic allocation, and what Faber's model did in 2008 and after, with dated backtest figures.
- [Trend following](https://tactfolio.com/learn/trend-following): What trend following is, the research back to 1880, five classic ETF trend rules with dated backtests, and the whipsaws and flat years that come with it.
- [ETF screener](https://tactfolio.com/screener.md): A free ETF screener for 162 US-listed funds. Filter by type, issuer and fee, sort by returns or worst drop, and compare funds side by side.
- [ETF expense ratio](https://tactfolio.com/learn/etf-expense-ratio): What an ETF expense ratio is, how the fund charges it, and how 0.03% vs 1% adds up over 10 and 30 years, with real fund examples.
- [Backtest a portfolio](https://tactfolio.com/trading-tools/backtest-portfolio): Backtest a portfolio of US stocks and ETFs. Enter tickers and shares, pick when to rebalance, and get the results with a link to share.
- [Backtesting](https://tactfolio.com/backtesting): Free backtesting software for stocks, ETFs, and crypto perps.

## Common questions

### What is the expense ratio of USFR?

USFR charges 0.15% a year, according to WisdomTree as of October 17, 2026. That is about $15 a year for every $10,000 you hold.

### When did USFR start trading?

USFR started trading on February 4, 2014. It is run by WisdomTree.

### What does USFR track?

USFR tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. This fund lends money to the US government through Treasury notes whose interest rate changes often.

### How much has USFR returned per year?

From February 2014 to October 2026, USFR returned about 2.0% a year with dividends reinvested. Its worst drop was −2.2%. Past returns do not tell you what it will do next.

### Is USFR above its 200-day moving average?

On October 16, 2026, USFR closed 1.6% above its 200-day moving average. This page updates after each US market close.

### Which strategies use USFR?

None of Tactfolio's classic strategies hold USFR yet. You can test it in your own rules in the builder.

## Sources

- [WisdomTree: WisdomTree Floating Rate Treasury Fund fund page](https://www.sec.gov/Archives/edgar/data/1350487/000121465926012371/usfr926497k.htm)

> Not financial advice. Tactfolio is a research and automation tool. It is not a broker or a financial adviser. This page is for education only. Backtests are hypothetical. They show how rules would have done on past prices, not how they will do. All investing involves risk, including losing the money you put in.