SR-UST-TR-BILLValued October 20, 2026

Safe Rate 1-3 Month Bill US Treasury Total Return Index

1 to 3 month bills.

Level
128.71
October 20, 2026
+0.011% on the day
Month to date
+0.222%
since Sep 30, 2026, still open
September 2026 closed +0.30%
Since inception
+28.71%
cumulative, 1.41% a year
Holdings
18
struck Sep 30, 2026
Ticker
SR-UST-TR-BILL
Covers
1 to 3 month bills
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

100105110115120125130Sep 30, 2008Oct 20, 2026Sep 30, 2008Index level100.00Oct 31, 2008Index level100.08Nov 28, 2008Index level100.13Dec 31, 2008Index level100.14Jan 30, 2009Index level100.13Feb 27, 2009Index level100.15Mar 31, 2009Index level100.17Apr 30, 2009Index level100.20May 29, 2009Index level100.20Jun 30, 2009Index level100.21Jul 31, 2009Index level100.23Aug 31, 2009Index level100.25Sep 30, 2009Index level100.26Oct 30, 2009Index level100.27Nov 30, 2009Index level100.28Dec 31, 2009Index level100.28Jan 29, 2010Index level100.28Feb 26, 2010Index level100.28Mar 31, 2010Index level100.29Apr 30, 2010Index level100.30May 28, 2010Index level100.32Jun 30, 2010Index level100.33Jul 30, 2010Index level100.35Aug 31, 2010Index level100.36Sep 30, 2010Index level100.37Oct 29, 2010Index level100.38Nov 30, 2010Index level100.39Dec 31, 2010Index level100.41Jan 31, 2011Index level100.41Feb 28, 2011Index level100.43Mar 31, 2011Index level100.45Apr 29, 2011Index level100.46May 31, 2011Index level100.46Jun 30, 2011Index level100.47Jul 29, 2011Index level100.46Aug 31, 2011Index level100.47Sep 30, 2011Index level100.47Oct 31, 2011Index level100.48Nov 30, 2011Index level100.48Dec 30, 2011Index level100.48Jan 31, 2012Index level100.47Feb 29, 2012Index level100.48Mar 30, 2012Index level100.49Apr 30, 2012Index level100.49May 31, 2012Index level100.50Jun 29, 2012Index level100.51Jul 31, 2012Index level100.51Aug 31, 2012Index level100.52Sep 28, 2012Index level100.53Oct 31, 2012Index level100.54Nov 30, 2012Index level100.55Dec 31, 2012Index level100.55Jan 31, 2013Index level100.56Feb 28, 2013Index level100.56Mar 28, 2013Index level100.57Apr 30, 2013Index level100.58May 31, 2013Index level100.58Jun 28, 2013Index level100.59Jul 31, 2013Index level100.59Aug 30, 2013Index level100.59Sep 30, 2013Index level100.59Oct 31, 2013Index level100.59Nov 29, 2013Index level100.60Dec 31, 2013Index level100.60Jan 31, 2014Index level100.61Feb 28, 2014Index level100.61Mar 31, 2014Index level100.61Apr 30, 2014Index level100.62May 30, 2014Index level100.62Jun 30, 2014Index level100.62Jul 31, 2014Index level100.62Aug 29, 2014Index level100.63Sep 30, 2014Index level100.63Oct 31, 2014Index level100.63Nov 28, 2014Index level100.63Dec 31, 2014Index level100.63Jan 30, 2015Index level100.63Feb 27, 2015Index level100.63Mar 31, 2015Index level100.63Apr 30, 2015Index level100.64May 29, 2015Index level100.64Jun 30, 2015Index level100.64Jul 31, 2015Index level100.64Aug 31, 2015Index level100.64Sep 30, 2015Index level100.65Oct 30, 2015Index level100.64Nov 30, 2015Index level100.65Dec 31, 2015Index level100.66Jan 29, 2016Index level100.66Feb 29, 2016Index level100.68Mar 31, 2016Index level100.72Apr 29, 2016Index level100.74May 31, 2016Index level100.75Jun 30, 2016Index level100.78Jul 29, 2016Index level100.80Aug 31, 2016Index level100.82Sep 30, 2016Index level100.85Oct 31, 2016Index level100.87Nov 30, 2016Index level100.88Dec 30, 2016Index level100.92Jan 31, 2017Index level100.96Feb 28, 2017Index level101.00Mar 31, 2017Index level101.03Apr 28, 2017Index level101.09May 31, 2017Index level101.15Jun 30, 2017Index level101.23Jul 31, 2017Index level101.30Aug 31, 2017Index level101.39Sep 29, 2017Index level101.48Oct 31, 2017Index level101.57Nov 30, 2017Index level101.65Dec 29, 2017Index level101.75Jan 31, 2018Index level101.86Feb 28, 2018Index level101.96Mar 29, 2018Index level102.09Apr 30, 2018Index level102.23May 31, 2018Index level102.38Jun 29, 2018Index level102.54Jul 31, 2018Index level102.70Aug 31, 2018Index level102.88Sep 28, 2018Index level103.03Oct 31, 2018Index level103.22Nov 30, 2018Index level103.42Dec 31, 2018Index level103.62Jan 31, 2019Index level103.82Feb 28, 2019Index level104.01Mar 29, 2019Index level104.23Apr 30, 2019Index level104.43May 31, 2019Index level104.67Jun 28, 2019Index level104.87Jul 31, 2019Index level105.07Aug 30, 2019Index level105.27Sep 30, 2019Index level105.44Oct 31, 2019Index level105.63Nov 29, 2019Index level105.76Dec 31, 2019Index level105.91Jan 31, 2020Index level106.05Feb 28, 2020Index level106.19Mar 31, 2020Index level106.40Apr 30, 2020Index level106.41May 29, 2020Index level106.42Jun 30, 2020Index level106.43Jul 31, 2020Index level106.45Aug 31, 2020Index level106.46Sep 30, 2020Index level106.47Oct 30, 2020Index level106.48Nov 30, 2020Index level106.48Dec 31, 2020Index level106.49Jan 29, 2021Index level106.50Feb 26, 2021Index level106.51Mar 31, 2021Index level106.51Apr 30, 2021Index level106.52May 28, 2021Index level106.52Jun 30, 2021Index level106.52Jul 30, 2021Index level106.52Aug 31, 2021Index level106.53Sep 30, 2021Index level106.53Oct 29, 2021Index level106.53Nov 30, 2021Index level106.54Dec 31, 2021Index level106.54Jan 31, 2022Index level106.55Feb 28, 2022Index level106.55Mar 31, 2022Index level106.58Apr 29, 2022Index level106.61May 31, 2022Index level106.66Jun 30, 2022Index level106.71Jul 29, 2022Index level106.80Aug 31, 2022Index level107.00Sep 30, 2022Index level107.24Oct 31, 2022Index level107.45Nov 30, 2022Index level107.79Dec 30, 2022Index level108.20Jan 31, 2023Index level108.54Feb 28, 2023Index level108.92Mar 31, 2023Index level109.38Apr 28, 2023Index level109.79May 31, 2023Index level110.23Jun 30, 2023Index level110.74Jul 31, 2023Index level111.19Aug 31, 2023Index level111.70Sep 29, 2023Index level112.21Oct 31, 2023Index level112.71Nov 30, 2023Index level113.22Dec 29, 2023Index level113.75Jan 31, 2024Index level114.25Feb 29, 2024Index level114.73Mar 28, 2024Index level115.26Apr 30, 2024Index level115.76May 31, 2024Index level116.32Jun 28, 2024Index level116.80Jul 31, 2024Index level117.33Aug 30, 2024Index level117.90Sep 30, 2024Index level118.41Oct 31, 2024Index level118.88Nov 29, 2024Index level119.34Dec 31, 2024Index level119.82Jan 31, 2025Index level120.27Feb 28, 2025Index level120.66Mar 31, 2025Index level121.07Apr 30, 2025Index level121.50May 30, 2025Index level121.95Jun 30, 2025Index level122.37Jul 31, 2025Index level122.82Aug 29, 2025Index level123.30Sep 30, 2025Index level123.72Oct 31, 2025Index level124.17Nov 28, 2025Index level124.54Dec 31, 2025Index level124.97Jan 30, 2026Index level125.35Feb 27, 2026Index level125.70Mar 31, 2026Index level126.08Apr 30, 2026Index level126.46May 29, 2026Index level126.85Jun 30, 2026Index level127.24Jul 31, 2026Index level127.67Aug 31, 2026Index level128.04Sep 30, 2026Index level128.42Oct 1, 2026Index level128.44Oct 2, 2026Index level128.49Oct 5, 2026Index level128.50Oct 6, 2026Index level128.51Oct 7, 2026Index level128.53Oct 8, 2026Index level128.54Oct 9, 2026Index level128.59Oct 13, 2026Index level128.61Oct 14, 2026Index level128.62Oct 15, 2026Index level128.63Oct 16, 2026Index level128.68Oct 19, 2026Index level128.69Oct 20, 2026Index level128.71

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+0.22%–
1 monthSep 18, 2026Oct 20, 2026+0.33%–
Quarter to dateSep 30, 2026Oct 20, 2026+0.22%–
3 monthsJul 20, 2026Oct 20, 2026+0.95%–
Year to dateDec 31, 2025Oct 20, 2026+2.99%–
1 yearOct 20, 2025Oct 20, 2026+3.81%+3.81%
3 yearsOct 20, 2023Oct 20, 2026+14.34%+4.57%
5 yearsOct 20, 2021Oct 20, 2026+20.82%+3.86%
10 yearsOct 20, 2016Oct 20, 2026+27.61%+2.47%
Since inceptionSep 30, 2008Oct 20, 2026+28.71%+1.41%

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

4.02%

Modified duration

0.10yrs

Average maturity
0.11 yrs
Average price
0.00
Convexity
0.000265
Coupon
0.00%
Holdings
18
Float par value
$0mm
Market value
$2,531,882mm

Key rate exposure

0.11
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. All of it sits at 3m. For a security with a single remaining cashflow that is the true shape, not missing data.

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+2.76%9 (partial)through Sep 30, 2026
2025+4.30%12
2024+5.33%12
2023+5.13%12
2022+1.55%12
2021+0.05%12
2020+0.55%12
2019+2.21%12
2018+1.84%12
2017+0.82%12
2016+0.26%12
2015+0.03%12
2014+0.03%12
2013+0.05%12
2012+0.08%12
2011+0.07%12
2010+0.13%12
2009+0.14%12
2008+0.14%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

18 holdings, struck Sep 30, 2026

The 5 heaviest, by weight, of the 18 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 18 holdings of 1-3 Month Bill, 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, 20269.62%0.220%0.0211%
912797TC10.000%Dec 24, 20268.31%0.218%0.0181%
912797SU20.000%Nov 27, 20268.24%0.227%0.0187%
912797UY10.000%Nov 12, 20266.66%0.223%0.0148%
912797VA20.000%Dec 3, 20266.64%0.224%0.0149%

All 18 contributions add to 0.2222%, 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.