SR-UST-TR-FRNValued October 20, 2026

Safe Rate Floating Rate US Treasury Total Return Index

Floating rate notes.

Level
131.40
October 20, 2026
+0.010% on the day
Month to date
+0.246%
since Sep 30, 2026, still open
September 2026 closed +0.35%
Since inception
+31.40%
cumulative, 2.32% a year
Holdings
7
struck Sep 30, 2026
Ticker
SR-UST-TR-FRN
Covers
Floating rate notes
Return type
Total return
Currency
USD
Inception
November 28, 2014, 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

90100110120130140Nov 28, 2014Oct 20, 2026Nov 28, 2014Index level100.00Dec 31, 2014Index level99.99Jan 30, 2015Index level100.01Feb 27, 2015Index level100.02Mar 31, 2015Index level100.03Apr 30, 2015Index level100.04May 29, 2015Index level100.05Jun 30, 2015Index level100.07Jul 31, 2015Index level100.08Aug 31, 2015Index level100.08Sep 30, 2015Index level100.06Oct 30, 2015Index level100.07Nov 30, 2015Index level100.09Dec 31, 2015Index level100.09Jan 29, 2016Index level100.16Feb 29, 2016Index level100.20Mar 31, 2016Index level100.24Apr 29, 2016Index level100.32May 31, 2016Index level100.36Jun 30, 2016Index level100.39Jul 29, 2016Index level100.45Aug 31, 2016Index level100.49Sep 30, 2016Index level100.53Oct 31, 2016Index level100.59Nov 30, 2016Index level100.66Dec 30, 2016Index level100.73Jan 31, 2017Index level100.78Feb 28, 2017Index level100.84Mar 31, 2017Index level100.94Apr 28, 2017Index level101.04May 31, 2017Index level101.15Jun 30, 2017Index level101.21Jul 31, 2017Index level101.33Aug 31, 2017Index level101.42Sep 29, 2017Index level101.51Oct 31, 2017Index level101.63Nov 30, 2017Index level101.75Dec 29, 2017Index level101.87Jan 31, 2018Index level102.03Feb 28, 2018Index level102.15Mar 29, 2018Index level102.28Apr 30, 2018Index level102.46May 31, 2018Index level102.62Jun 29, 2018Index level102.79Jul 31, 2018Index level102.96Aug 31, 2018Index level103.17Sep 28, 2018Index level103.33Oct 31, 2018Index level103.54Nov 30, 2018Index level103.77Dec 31, 2018Index level103.91Jan 31, 2019Index level104.15Feb 28, 2019Index level104.34Mar 29, 2019Index level104.53Apr 30, 2019Index level104.80May 31, 2019Index level105.04Jun 28, 2019Index level105.18Jul 31, 2019Index level105.36Aug 30, 2019Index level105.55Sep 30, 2019Index level105.72Oct 31, 2019Index level105.90Nov 29, 2019Index level106.11Dec 31, 2019Index level106.28Jan 31, 2020Index level106.52Feb 28, 2020Index level106.64Mar 31, 2020Index level106.71Apr 30, 2020Index level106.78May 29, 2020Index level106.81Jun 30, 2020Index level106.84Jul 31, 2020Index level106.88Aug 31, 2020Index level106.90Sep 30, 2020Index level106.92Oct 30, 2020Index level106.93Nov 30, 2020Index level106.95Dec 31, 2020Index level106.95Jan 29, 2021Index level106.98Feb 26, 2021Index level106.99Mar 31, 2021Index level107.00Apr 30, 2021Index level107.01May 28, 2021Index level107.02Jun 30, 2021Index level107.03Jul 30, 2021Index level107.03Aug 31, 2021Index level107.04Sep 30, 2021Index level107.05Oct 29, 2021Index level107.05Nov 30, 2021Index level107.06Dec 31, 2021Index level107.07Jan 31, 2022Index level107.15Feb 28, 2022Index level107.20Mar 31, 2022Index level107.25Apr 29, 2022Index level107.42May 31, 2022Index level107.41Jun 30, 2022Index level107.52Jul 29, 2022Index level107.71Aug 31, 2022Index level107.93Sep 30, 2022Index level108.27Oct 31, 2022Index level108.57Nov 30, 2022Index level108.93Dec 30, 2022Index level109.37Jan 31, 2023Index level109.77Feb 28, 2023Index level110.22Mar 31, 2023Index level110.64Apr 28, 2023Index level111.17May 31, 2023Index level111.71Jun 30, 2023Index level112.23Jul 31, 2023Index level112.76Aug 31, 2023Index level113.26Sep 29, 2023Index level113.81Oct 31, 2023Index level114.35Nov 30, 2023Index level114.84Dec 29, 2023Index level115.31Jan 31, 2024Index level115.89Feb 29, 2024Index level116.46Mar 28, 2024Index level116.95Apr 30, 2024Index level117.60May 31, 2024Index level118.20Jun 28, 2024Index level118.67Jul 31, 2024Index level119.19Aug 30, 2024Index level119.69Sep 30, 2024Index level120.16Oct 31, 2024Index level120.70Nov 29, 2024Index level121.22Dec 31, 2024Index level121.77Jan 31, 2025Index level122.32Feb 28, 2025Index level122.73Mar 31, 2025Index level123.15Apr 30, 2025Index level123.54May 30, 2025Index level124.07Jun 30, 2025Index level124.51Jul 31, 2025Index level125.02Aug 29, 2025Index level125.42Sep 30, 2025Index level125.82Oct 31, 2025Index level126.31Nov 28, 2025Index level126.71Dec 31, 2025Index level127.20Jan 30, 2026Index level127.67Feb 27, 2026Index level128.05Mar 31, 2026Index level128.45Apr 30, 2026Index level128.88May 29, 2026Index level129.29Jun 30, 2026Index level129.73Jul 31, 2026Index level130.22Aug 31, 2026Index level130.63Sep 30, 2026Index level131.08Oct 1, 2026Index level131.10Oct 2, 2026Index level131.14Oct 5, 2026Index level131.16Oct 6, 2026Index level131.18Oct 7, 2026Index level131.19Oct 8, 2026Index level131.21Oct 9, 2026Index level131.27Oct 13, 2026Index level131.29Oct 14, 2026Index level131.29Oct 15, 2026Index level131.32Oct 16, 2026Index level131.38Oct 19, 2026Index level131.39Oct 20, 2026Index level131.40

142 monthly rebalances, chained from 100 at November 28, 2014. 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+0.25%–
1 monthSep 18, 2026Oct 20, 2026+0.35%–
Quarter to dateSep 30, 2026Oct 20, 2026+0.25%–
3 monthsJul 20, 2026Oct 20, 2026+1.06%–
Year to dateDec 31, 2025Oct 20, 2026+3.31%–
1 yearOct 20, 2025Oct 20, 2026+4.20%+4.20%
3 yearsOct 20, 2023Oct 20, 2026+15.08%+4.79%
5 yearsOct 20, 2021Oct 20, 2026+22.75%+4.19%
10 yearsOct 20, 2016Oct 20, 2026+30.66%+2.71%
Since inceptionNov 28, 2014Oct 20, 2026+31.40%+2.32%

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

4.12%

Spread duration

1.00yrs

0.001 yrs to next reset

Average maturity
1.03 yrs
Average price
100.11
Convexity
0.015
Spread over index
0.12%
Holdings
7
Float par value
$601,977mm
Market value
$608,260mm

Key rate exposure

<.01
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+3.05%9 (partial)through Sep 30, 2026
2025+4.46%12
2024+5.60%12
2023+5.43%12
2022+2.14%12
2021+0.11%12
2020+0.64%12
2019+2.27%12
2018+2.00%12
2017+1.14%12
2016+0.64%12
2015+0.10%12
2014-0.01%1 (partial)from Nov 28, 2014

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

7 holdings, struck Sep 30, 2026

The 5 heaviest, by weight, of the 7 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 7 holdings of Floating Rate, 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
91282CPG04.403%Oct 31, 202714.30%0.253%0.0361%
91282CNQ04.372%Jul 31, 202714.29%0.237%0.0339%
91282CMX64.373%Apr 30, 202714.29%0.244%0.0348%
91282CQM64.315%Apr 30, 202814.29%0.248%0.0355%
91282CPX34.311%Jan 31, 202814.29%0.252%0.0359%

All 7 contributions add to 0.2460%, 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.