BetaShares 10 Year U.S. Treasury Bond Futures ETF (US10) — Review & Analysis

US10 provides ASX-listed access to 10-year US Treasury bonds — historically the global benchmark for risk-free interest rates. The fund holds US Treasury notes and bonds with maturities clustered around the 10-year point (largest holdings have maturity dates 2033-2036 with coupons of 3.875%-4.625%). MER sits in the top 25% cheapest of ASX fixed income ETFs as at May 2026. Compare US10 across the fixed income cohort on our fixed income ETF page or use the Compare ETFs tool to evaluate against USIG, VBND or IAF.

The investment thesis is US sovereign exposure for Australian portfolios. US Treasuries are the world's most-traded debt instruments and the foundation of global risk-free interest rates. For Australian investors building diversified bond exposure, US10 provides direct access to the largest sovereign bond market in the world — exposure that's complementary to (rather than substitute for) Australian bond holdings like IAF, BOND and VAF.

US10 sits in a unique niche — there are no direct ASX-listed equivalents for pure 10-year US Treasury exposure. The closest peers are USIG (US investment-grade corporate bonds, hedged) and VBND (Vanguard's global aggregate hedged, which includes US Treasuries as part of the global mix). For investors expressing a specific view on the US 10-year yield, US10 is the cleanest instrument.

US10 is unhedged for currency, meaning returns reflect both the US Treasury price/yield movement and AUD/USD currency changes. When the USD strengthens against AUD, US10 outperforms; when AUD strengthens, US10 underperforms. Distributions reflect Treasury coupon income. Our bond and fixed income ETFs guide covers US10 alongside US dollar credit alternatives.