$USFR Dividend 2026: How Much $USFR Pays Per Month, Dates & History

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My $SGOV dividend guide is the most visited page on this site, and my $BIL dividend breakdown is right behind it. People want to know exactly what their cash is paying them. So here's the third big one, and the one that works a little differently: $USFR.

$USFR doesn't hold T-bills. It holds floating rate Treasury notes. In practice it behaves a lot like a T-bill fund, but it pays on a different day of the month and its income resets in a slightly different way. If you've ever wondered why your $USFR check shows up at the end of the month while $SGOV pays at the start, this is for you.

What Is $USFR?

$USFR is the WisdomTree Floating Rate Treasury Fund. It launched on February 4, 2014 and tracks the Bloomberg U.S. Treasury Floating Rate Bond Index. As of November 6, 2026 it had about $21.33 billion in assets, according to WisdomTree.

Here's what's actually inside. As of November 6, the fund held just four U.S. Treasury floating rate notes (FRNs):

• FRN maturing January 31, 2028: 29.87%
• FRN maturing April 30, 2028: 29.87%
• FRN maturing July 31, 2028: 29.86%
• FRN maturing October 31, 2028: 10.41%

That's 100% U.S. Treasury, with an average of about 1.54 years to maturity. But here's the part that matters: the effective duration is just 0.02 years. Because the interest rate on these notes keeps resetting, the price barely reacts to rate changes. $USFR's NAV was $50.44 on November 6, 2026, and it closed at $50.45.

How Much Does $USFR Pay Per Month?

Over the last 12 payments, $USFR paid between $0.14489 and $0.17115 per share. The most recent one, paid October 29, 2026, was $0.17115, the highest of the past year.

Real dollars: $10,000 buys about 198 shares at $50.45. At the October rate, that's about $33.92 for the month. Over the last 12 payments, the same $10,000 would have collected about $371.

Same as with $SGOV and $BIL, there are three yield numbers floating around:

• Trailing 12-month yield: about 3.71%. The last 12 payments ($1.87) divided by the $50.45 price. What actually got paid.
• 30-day SEC yield: 4.01% as of November 6, 2026. The standardized number based on the last 30 days of income, after the fee.
• Average yield to maturity: 4.10% as of November 6, before fees.

Here's what I actually look at: the SEC yield. Right now it's sitting about 0.3 percentage points above the trailing yield, which lines up with October's payment being the biggest of the year. If that holds, the next few checks should look more like October's than like the spring's. But that's a reading of the current number, not a promise.

$USFR Ex-Dividend Dates and Pay Schedule

This is the part most people miss. $USFR does not pay on the same schedule as $SGOV and $BIL. Those two go ex-dividend on the first business day of the month. $USFR goes ex in the last week of the month, usually between the 24th and the 28th, and pays about two business days later. For example:

• October 2026: ex-date October 27, paid October 29.
• September 2026: ex-date September 25, paid September 29.
• August 2026: ex-date August 26, paid August 28.

Last year's November payment went ex on November 24, 2025 and paid November 26. So I'd expect the next ex-date in the last week of November 2026. Check WisdomTree's distribution schedule before you count on an exact date.

And December was normal last year. $USFR paid once in December 2025 (ex December 26, paid December 30) and then again in late January. No double December payment and no skipped January like $BIL had.

Why does the timing matter? If you hold $SGOV and $USFR together, you get one check at the start of the month and one at the end. That's a simple way to smooth out your cash flow. My monthly dividend ETF calendar shows which other funds pay early, mid and late month.

$USFR Dividend History (2025 to 2026)

Here's every $USFR payment from March 2025 through October 2026. In 2026 so far, it has paid 10 times for $1.56 per share.

How a Floating Rate Treasury Fund Pays You

A normal bond pays a fixed coupon. A Treasury floating rate note doesn't. The U.S. Treasury issues FRNs with a two-year maturity, and their interest rate resets every week based on the 3-month T-bill auction, plus a small fixed spread set when the note is first sold. WisdomTree describes it simply: the notes are priced at a spread over 3-month T-bills and fluctuate with the most recent 3-month bill rates.

So two things move your monthly $USFR check:

• Short-term interest rates. When 3-month T-bill rates go up, the notes' rates go up within a week, and so does your payout. When rates fall, your payout falls. Look at the history: mid-2025 payments were mostly $0.17 to $0.19. Early 2026 dropped to about $0.145 to $0.157. October 2026 bounced back to $0.171.
• The number of days in the period. A payment covering more days of interest is bigger, even if rates didn't change. That's part of why months like February tend to come in smaller.

The upshot: $USFR's income tracks T-bill rates almost as closely as $SGOV does. You're not locking anything in. You're renting the current short-term rate, one week at a time.

How Much $USFR for $500, $1,000 or $2,000 a Month?

Using the last 12 payments ($1.87 per share) and the $50.45 price:

Same honest truth as every Treasury fund: it's safe, but it takes a lot of capital to make real income. Over $320,000 for $1,000 a month. If you want to model your own numbers, including reinvesting, plug them into DividendProjection.com.

$USFR vs $SGOV vs $BIL vs $TFLO

$USFR has one direct twin, the iShares Treasury Floating Rate Bond ETF ($TFLO), and two big T-bill cousins. Here's how they line up:

The trailing yields are all within about 0.1 percentage point of each other. That's the honest takeaway: none of these is going to pay you meaningfully more than the others over time. The differences are fee, size and payment timing.

$SGOV is the cheapest by a mile at 0.09%. On $100,000, the 0.06 point gap versus $USFR is about $60 a year. $USFR's edge is the end-of-month pay date and the fact that it holds notes, not bills, which some investors like as a second flavor of cash. $TFLO is the same strategy as $USFR at the same fee, just much smaller. For the full head to head, see my $SGOV vs $BIL vs $USFR vs $TBIL comparison.

Are $USFR Dividends Taxable?

Yes, at the federal level. $USFR's distributions come from interest on Treasury notes, so they're taxed as ordinary income, not at the lower qualified dividend rate. WisdomTree's own after-tax numbers show how much that bites: a 4.05% one-year NAV return became about 2.49% after taxes at the highest federal rate (as of October 31, 2026).

On the state side, interest from U.S. Treasury obligations is generally exempt from state income tax, and that usually carries through to funds that hold only Treasuries. The exact rules depend on your state, so check the fund's year-end tax info. I walked through how this works in is $SGOV state tax exempt, and the same logic applies here. This is not tax advice, so talk to a tax pro if it matters for you.

The Real Risks

• Falling rates. The big one. Your income resets every week, so if short-term rates drop, your check drops fast. You can see it in the slide from about $0.18 in mid-2025 to about $0.15 in early 2026.
• A higher fee than $SGOV. 0.15% versus 0.09%. Small, but it's there every year.
• Inflation and taxes. A yield around 4% taxed as ordinary income doesn't leave much after inflation. This is a parking spot, not a growth plan.
• Concentration in a handful of notes. Four holdings sounds scary, but they're all U.S. Treasury notes. The credit risk is the U.S. government, same as $SGOV.
• Not a bank account. It's not FDIC insured, and the price can tick around by a few cents.

What's not really a risk: price decay. $USFR's NAV is about $50.44 and its effective duration is 0.02 years. There just isn't much room for the price to move.

My Take

I've been a dividend investor for over 10 years, and I reached financial freedom at 31 by building income. For me, $USFR is in the same bucket as $SGOV and $BIL: it's the cash drawer, not the engine.

If I were picking just one Treasury cash fund for new money, I'd still lean $SGOV for the lower fee. But $USFR is a perfectly good choice, especially if you like the idea of a check that lands at the end of the month. Pairing the two is a simple way to get paid twice a month on your safe money.

What I wouldn't do is treat any of these as a long-term income plan. When rates fall, so does your income, and there's no growth to make up for it. I'd rather keep a slice in Treasuries and build the core of my income on funds that can grow. That's what the TopDividendETFsPRO screener is built for.

If you want more income, start with my list of the best ETFs for monthly income in 2026 or browse every monthly dividend ETF we track. And if you'd rather get paid every week, WeeklyETFs.com tracks every weekly payer. To see how cash funds compare with everything counted, check ETFTotalReturns.com.

$USFR Dividend FAQ

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Sponsored By Read carefully before investing. Prospectus: https://lsfunds.com/hubfs/Regulatory/Prospectus.pdf?hsLang=en