SR-UST-TR-SHRTValued October 20, 2026

Safe Rate 1-12 Month US Treasury Total Return Index

1 to 12 months, bills and aged coupons together.

Level
130.67
October 20, 2026
+0.011% on the day
Month to date
+0.236%
since Sep 30, 2026, still open
September 2026 closed +0.24%
Since inception
+30.67%
cumulative, 1.49% a year
Holdings
90
struck Sep 30, 2026
Ticker
SR-UST-TR-SHRT
Covers
1 to 12 months, bills and aged coupons together
Return type
Total return
Currency
USD
Inception
September 30, 2008, at 100
Rebalanced
Monthly, last trading day
Calculated
Daily, every trading day
Price source
US Treasury, daily ↗
TreasuryDirect FedInvest, END OF DAY column, dirty
Methodology
v1.0

Level since inception

100105110115120125130135Sep 30, 2008Oct 20, 2026Sep 30, 2008Index level100.00Oct 31, 2008Index level100.26Nov 28, 2008Index level100.46Dec 31, 2008Index level100.60Jan 30, 2009Index level100.59Feb 27, 2009Index level100.58Mar 31, 2009Index level100.66Apr 30, 2009Index level100.74May 29, 2009Index level100.76Jun 30, 2009Index level100.78Jul 31, 2009Index level100.82Aug 31, 2009Index level100.87Sep 30, 2009Index level100.91Oct 30, 2009Index level100.94Nov 30, 2009Index level100.98Dec 31, 2009Index level100.97Jan 29, 2010Index level101.02Feb 26, 2010Index level101.02Mar 31, 2010Index level101.03Apr 30, 2010Index level101.05May 28, 2010Index level101.08Jun 30, 2010Index level101.11Jul 30, 2010Index level101.14Aug 31, 2010Index level101.17Sep 30, 2010Index level101.18Oct 29, 2010Index level101.21Nov 30, 2010Index level101.21Dec 31, 2010Index level101.24Jan 31, 2011Index level101.26Feb 28, 2011Index level101.29Mar 31, 2011Index level101.31Apr 29, 2011Index level101.36May 31, 2011Index level101.37Jun 30, 2011Index level101.39Jul 29, 2011Index level101.38Aug 31, 2011Index level101.44Sep 30, 2011Index level101.44Oct 31, 2011Index level101.45Nov 30, 2011Index level101.46Dec 30, 2011Index level101.48Jan 31, 2012Index level101.48Feb 29, 2012Index level101.47Mar 30, 2012Index level101.48Apr 30, 2012Index level101.50May 31, 2012Index level101.50Jun 29, 2012Index level101.51Jul 31, 2012Index level101.54Aug 31, 2012Index level101.56Sep 28, 2012Index level101.57Oct 31, 2012Index level101.58Nov 30, 2012Index level101.60Dec 31, 2012Index level101.62Jan 31, 2013Index level101.63Feb 28, 2013Index level101.64Mar 28, 2013Index level101.66Apr 30, 2013Index level101.68May 31, 2013Index level101.69Jun 28, 2013Index level101.68Jul 31, 2013Index level101.72Aug 30, 2013Index level101.73Sep 30, 2013Index level101.75Oct 31, 2013Index level101.74Nov 29, 2013Index level101.75Dec 31, 2013Index level101.76Jan 31, 2014Index level101.77Feb 28, 2014Index level101.78Mar 31, 2014Index level101.79Apr 30, 2014Index level101.81May 30, 2014Index level101.82Jun 30, 2014Index level101.82Jul 31, 2014Index level101.83Aug 29, 2014Index level101.85Sep 30, 2014Index level101.85Oct 31, 2014Index level101.85Nov 28, 2014Index level101.86Dec 31, 2014Index level101.85Jan 30, 2015Index level101.87Feb 27, 2015Index level101.88Mar 31, 2015Index level101.88Apr 30, 2015Index level101.92May 29, 2015Index level101.93Jun 30, 2015Index level101.94Jul 31, 2015Index level101.95Aug 31, 2015Index level101.94Sep 30, 2015Index level102.01Oct 30, 2015Index level101.99Nov 30, 2015Index level101.96Dec 31, 2015Index level101.97Jan 29, 2016Index level102.05Feb 29, 2016Index level102.08Mar 31, 2016Index level102.17Apr 29, 2016Index level102.22May 31, 2016Index level102.21Jun 30, 2016Index level102.32Jul 29, 2016Index level102.34Aug 31, 2016Index level102.36Sep 30, 2016Index level102.42Oct 31, 2016Index level102.45Nov 30, 2016Index level102.46Dec 30, 2016Index level102.51Jan 31, 2017Index level102.59Feb 28, 2017Index level102.63Mar 31, 2017Index level102.64Apr 28, 2017Index level102.69May 31, 2017Index level102.73Jun 30, 2017Index level102.82Jul 31, 2017Index level102.91Aug 31, 2017Index level103.03Sep 29, 2017Index level103.11Oct 31, 2017Index level103.18Nov 30, 2017Index level103.25Dec 29, 2017Index level103.34Jan 31, 2018Index level103.45Feb 28, 2018Index level103.53Mar 29, 2018Index level103.67Apr 30, 2018Index level103.81May 31, 2018Index level103.98Jun 29, 2018Index level104.16Jul 31, 2018Index level104.32Aug 31, 2018Index level104.52Sep 28, 2018Index level104.66Oct 31, 2018Index level104.85Nov 30, 2018Index level105.07Dec 31, 2018Index level105.29Jan 31, 2019Index level105.53Feb 28, 2019Index level105.73Mar 29, 2019Index level105.99Apr 30, 2019Index level106.20May 31, 2019Index level106.46Jun 28, 2019Index level106.75Jul 31, 2019Index level106.91Aug 30, 2019Index level107.18Sep 30, 2019Index level107.34Oct 31, 2019Index level107.61Nov 29, 2019Index level107.73Dec 31, 2019Index level107.89Jan 31, 2020Index level108.07Feb 28, 2020Index level108.32Mar 31, 2020Index level108.77Apr 30, 2020Index level108.82May 29, 2020Index level108.82Jun 30, 2020Index level108.84Jul 31, 2020Index level108.87Aug 31, 2020Index level108.88Sep 30, 2020Index level108.89Oct 30, 2020Index level108.91Nov 30, 2020Index level108.92Dec 31, 2020Index level108.93Jan 29, 2021Index level108.94Feb 26, 2021Index level108.95Mar 31, 2021Index level108.97Apr 30, 2021Index level108.97May 28, 2021Index level108.98Jun 30, 2021Index level108.97Jul 30, 2021Index level108.98Aug 31, 2021Index level108.98Sep 30, 2021Index level108.99Oct 29, 2021Index level108.99Nov 30, 2021Index level108.98Dec 31, 2021Index level108.97Jan 31, 2022Index level108.91Feb 28, 2022Index level108.89Mar 31, 2022Index level108.84Apr 29, 2022Index level108.84May 31, 2022Index level108.94Jun 30, 2022Index level108.82Jul 29, 2022Index level108.93Aug 31, 2022Index level109.06Sep 30, 2022Index level109.16Oct 31, 2022Index level109.30Nov 30, 2022Index level109.65Dec 30, 2022Index level110.08Jan 31, 2023Index level110.45Feb 28, 2023Index level110.77Mar 31, 2023Index level111.35Apr 28, 2023Index level111.70May 31, 2023Index level112.04Jun 30, 2023Index level112.52Jul 31, 2023Index level113.00Aug 31, 2023Index level113.50Sep 29, 2023Index level114.01Oct 31, 2023Index level114.52Nov 30, 2023Index level115.09Dec 29, 2023Index level115.67Jan 31, 2024Index level116.16Feb 29, 2024Index level116.58Mar 28, 2024Index level117.09Apr 30, 2024Index level117.56May 31, 2024Index level118.13Jun 28, 2024Index level118.62Jul 31, 2024Index level119.21Aug 30, 2024Index level119.83Sep 30, 2024Index level120.41Oct 31, 2024Index level120.80Nov 29, 2024Index level121.26Dec 31, 2024Index level121.78Jan 31, 2025Index level122.22Feb 28, 2025Index level122.63Mar 31, 2025Index level123.06Apr 30, 2025Index level123.50May 30, 2025Index level123.89Jun 30, 2025Index level124.33Jul 31, 2025Index level124.73Aug 29, 2025Index level125.28Sep 30, 2025Index level125.74Oct 31, 2025Index level126.18Nov 28, 2025Index level126.56Dec 31, 2025Index level127.04Jan 30, 2026Index level127.40Feb 27, 2026Index level127.76Mar 31, 2026Index level128.09Apr 30, 2026Index level128.49May 29, 2026Index level128.87Jun 30, 2026Index level129.22Jul 31, 2026Index level129.66Aug 31, 2026Index level130.06Sep 30, 2026Index level130.37Oct 1, 2026Index level130.41Oct 2, 2026Index level130.45Oct 5, 2026Index level130.46Oct 6, 2026Index level130.48Oct 7, 2026Index level130.50Oct 8, 2026Index level130.51Oct 9, 2026Index level130.56Oct 13, 2026Index level130.57Oct 14, 2026Index level130.58Oct 15, 2026Index level130.60Oct 16, 2026Index level130.65Oct 19, 2026Index level130.66Oct 20, 2026Index level130.67

216 monthly rebalances, chained from 100 at September 30, 2008. The y axis is an index level, not a rate. The last 13 points are daily, through October 20, 2026: the index is valued every trading day and reconstitutes its holdings monthly. At inception the index is constituted at 100 and its first portfolio is struck. That is not a rebalance — nothing preceded it to rebalance from. The first REbalance is the next month-end, which is also the first level in the published series, and it already carries a month of return: the series therefore begins one month after the index does.

Total return

Cumulative and annualized total return over trailing periods to October 20, 2026.
PeriodFrom (close)To (close)CumulativeAnnualized
Month to dateSep 30, 2026Oct 20, 2026+0.24%–
1 monthSep 18, 2026Oct 20, 2026+0.33%–
Quarter to dateSep 30, 2026Oct 20, 2026+0.24%–
3 monthsJul 20, 2026Oct 20, 2026+0.91%–
Year to dateDec 31, 2025Oct 20, 2026+2.86%–
1 yearOct 20, 2025Oct 20, 2026+3.69%+3.69%
3 yearsOct 20, 2023Oct 20, 2026+14.25%+4.54%
5 yearsOct 20, 2021Oct 20, 2026+19.90%+3.70%
10 yearsOct 20, 2016Oct 20, 2026+27.55%+2.46%
Since inceptionSep 30, 2008Oct 20, 2026+30.67%+1.49%

Periods under one year are not annualized, and the dash in that column is a refusal rather than a gap: restating one month as a yearly rate extrapolates a single month's movement across twelve, which overstates gains and losses alike. Month, quarter and year to date are partial periods and are not annualized. Every period is measured between CLOSING levels, so the From date is the last day BEFORE the period rather than its first day — month to date begins at the previous month's close, which is why a September figure starts on an August date.

Characteristics at October 20, 2026

Struck at the Sep 30, 2026 rebalance and held until the next one. The constituent file for this period is published when it closes; the most recent published file is the period to Sep 30, 2026.

Yield to maturity

4.20%

Modified duration

0.31yrs

Average maturity
0.32 yrs
Average price
99.30
Convexity
0.00279
Coupon
1.12%
Holdings
90
Float par value
$2,348,773mm
Market value
$6,512,481mm

Key rate exposure

0.11
0.12
0.08
3m
6m
1y
2y
3y
5y
7y
10y
15y
20y
25y
30y
Sensitivity to a one basis point move at each point on the curve, in years. Concentrated in 3 of twelve buckets, summing to 0.318 years against a modified duration of 0.313.

Returns

Download the full calendar-year history (CSV)Free, no registration. Citation required, and it is inside the file.

Total return by calendar year since inception.
YearReturnMonths
2026+2.62%9 (partial)through Sep 30, 2026
2025+4.32%12
2024+5.27%12
2023+5.08%12
2022+1.02%12
2021+0.04%12
2020+0.96%12
2019+2.47%12
2018+1.89%12
2017+0.82%12
2016+0.52%12
2015+0.12%12
2014+0.09%12
2013+0.13%12
2012+0.14%12
2011+0.23%12
2010+0.27%12
2009+0.36%12
2008+0.60%3 (partial)from Sep 30, 2008

Market value weighted, rebalanced monthly on the last trading day. Amount outstanding is what was auctioned, less par Treasury has bought back and retired, less what the Federal Reserve holds, a bond the Fed owns is outstanding but not investable, so deducting it is what makes the weights describe a portfolio somebody could actually hold. Levels are month-end figures, so this sits behind the daily prices elsewhere on this site by design.

Largest holdings

90 holdings, struck Sep 30, 2026

The 5 heaviest, by weight, of the 90 the index holds now. Weights were struck at the Sep 30, 2026 rebalance and hold until the next one. Return and contribution are month to date through Oct 20, 2026 and move every trading day — a closed month’s figures are final, these are not.

The 5 heaviest of the 90 holdings of 1-12 Month, struck at the 2026-09-30 rebalance, with each one's weight and its month-to-date return and contribution through 2026-10-20.
CUSIPMaturityWeightReturn MTDContribution MTD
912797UM70.000%Nov 5, 20263.74%0.220%0.0082%
912797TC10.000%Dec 24, 20263.23%0.218%0.0071%
912797SU20.000%Nov 27, 20263.20%0.227%0.0073%
912797UY10.000%Nov 12, 20262.59%0.223%0.0058%
912797VA20.000%Dec 3, 20262.58%0.224%0.0058%

All 90 contributions add to 0.2362%, and the weights to 100.0000%. That return is what the published levels give for the index between Sep 30, 2026 and Oct 20, 2026, reached without using this table — so the holdings account for the month so far, to the decimal place shown.

Index levels before September 30, 2026 are back-tested. They were computed after the fact by applying the rules to historical data, which benefits from hindsight in the choice of rules, and an index cannot be invested in directly. Methodology v1.0 takes effect at that rebalance, when levels begin to be struck on the day; the rulebook is identical either way, and the version is published on every row.

A fitted curve is a fit, not a quote. Daily error averages 3.8 basis points across the history and reaches about 20 on the worst days, in December 2008, when the market was genuinely hard to fit one smooth curve to. Every curve page publishes its own fit error rather than burying it.

Safe Rate™, Safe Rate Indices™ and the Safe Rate US Treasury Index™ are trademarks of Safe Rate, claimed through use in commerce and not registered. Third-party marks are the property of their owners, which are not affiliated with and do not endorse this data.

Curves are fitted from public Treasury data and carry fit error; figures are not a record of trading, and an index cannot be invested in directly. No claim of compliance with the IOSCO Principles for Financial Benchmarks is made or implied. Not investment advice, not an offer, and not a recommendation to buy or sell any security.