What this ETF is trying to do

The F/M US Treasury 10 Year Note ETF (UTEN) is an exchange-traded fund that focuses on 10-year U.S. Treasury notes. These are loans made to the U.S. government. Investors often use these types of funds to earn regular income or to have exposure to government bonds.

What the numbers show

As of October 5, 2026, the share price of UTEN is $40.41.

It is important to look at two different types of returns: price return (which only tracks the share price) and total return (which includes the cash distributions paid to investors).

• Year-to-Date (YTD): The price return is -8.28%, while the total return is -5.41%.

• One Year: The price return is -8.55%, while the total return is -4.78%.

• Three Year: The price return is -4.47%, but the total return is 7.94%.

The estimated price from roughly one year ago was $44.18. For example, if an investor had put $10,000 into the fund based on that estimated price, the value of those shares alone (without counting distributions) would have declined by approximately 8.55% over the year.

Income and distribution explanation

UTEN pays out cash to investors usually every month. Over the last 12 months, it has made 12 payouts totaling $1.76 per share. This results in a distribution yield of approximately 4.34%.

For beginners, it is important to remember that a high distribution yield alone can be misleading. A fund can pay out a high percentage in cash even while its share price is falling.

NAV erosion explanation

"NAV erosion" happens when the underlying value of a fund's assets declines over time. StockValueFinder uses an erosion-risk score to measure this. UTEN has an erosion score of 75, which is labeled as "mild price erosion." This is a measurement of risk, not a guarantee of how the fund will perform in the future.

Pros

• Regular Income: The fund provides monthly cash distributions.

• Long-term Total Return: While the short-term price has fallen, the three-year total return is positive at 7.94%.

Cons

• Price Decline: The share price has seen a decline over the last year and year-to-date.

• Mild Erosion Risk: The fund has a "mild" erosion-risk label.

Beginner takeaway

UTEN provides a way to earn monthly income from U.S. Treasury notes. However, the share price has dropped recently. This shows why income investors care about "principal stability"—which means the original amount of money invested stays steady. In this case, the total return (price plus distributions) has been higher than the price return alone, but the share price itself has decreased over the last year.