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UTWO is a passive ETF built to mirror the price and yield behavior of the current “bellwether” on-the-run 2-year U.S. Treasury note, before fees and expenses.
Instead of holding a basket, it concentrates exposure in the most recently issued (and typically most liquid) 2-year note, then rolls into the new on-the-run issue around its monthly rebalance.
The process can also use tools like reverse repos (borrowing against securities) up to one-third of total assets, mainly for cash/implementation management.
You’re basically owning one current 2-year U.S. Treasury note through an ETF wrapper, not a whole pile of different bonds. When a new 2-year note is issued, the fund sells the old one and buys the new one so it stays “current.”
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Concentrated single-asset exposure. Higher volatility.
Showing the largest holdings by weight in UTWO
| Issue Name | ISIN | ETF Weight | Market Value |
|---|---|---|---|
United States Treasury Note/Bond 3.375% 12/31/2027 | N/A | 99.94% | $393.2M |
Breakdown of UTWO by sector weightings (%)
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Top countries by weight (%)
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