TLTW — iShares 20+ Year Treasury Bond Buywrite Strategy ETF
Covered Call / Income Ranked #378 of 458 tracked ETFs · Issued by iShares
TLTW Price Performance — Growth of $10,000
Value of a $10,000 investment in TLTW over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.
TLTW Drawdown
The "underwater" chart: TLTW's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.
What If You'd Invested in TLTW?
See what a lump sum in TLTW would have grown to, with the option to add a regular monthly contribution on top. Figures use total returns — dividends are assumed reinvested.
Past performance doesn't predict future results. Assumes contributions on the first trading day of each month, no trading costs or taxes, and reinvested distributions. History is limited to the range published in the site's daily return data.
Overview
The iShares 20+ Year Treasury Bond Buywrite Strategy ETF is a covered call and income fund issued by iShares, managing $1.68 billion in assets. It holds a D grade with an overall rank of 378 out of 458 tracked ETFs, placing it last among the 10 funds in its specific category. The fund charges an expense ratio of 0.35%, which is below the category median of 0.6%, while offering a dividend yield of 11.40% compared to the median 11.79%. Its portfolio is concentrated in the iShares 20+ Year Treasury Bond ETF, which comprises 99.9% of its assets.
The fund’s price of $20.93 sits at 27.6% of its 52-week range, reflecting a recent 1D decline of 0.14% after a 1W gain of 1.48%. Short-term performance shows a 1M increase of 2.79%, contrasting with a 3M decrease of 0.66% and a 6M loss of 2.51%. Over the longer term, the 1-year return of -2.97% trails the category median of +13.14%, though the 3-year return stands at +16.45%. The ETFValuer grade has remained unchanged at D for the last 35 tracked days, and price history is available for 3.0 years.
With a beta of 1.62, the fund exhibits higher sensitivity to market movements than the broader market. Annualized volatility is labeled as Low at 8.35%, yet the Sharpe ratio is negative at -0.95, indicating poor risk-adjusted returns. The maximum drawdown recorded is -11.11%, highlighting the extent of recent losses. Liquidity is supported by an average daily volume of 1,675,784 shares, suggesting adequate trading activity for the fund's size.
AI-generated summary based on the data on this page.
TLTW Top Holdings
| # | Holding | % of Net Assets | Value |
|---|---|---|---|
| 1 | iShares 20+ Year Treasury Bond ETF | 99.92% | $1.84B |
| 2 | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | 0.16% | $3M |
| 3 | Options Clearing Corp. | -0.07% | $-1M |
Holdings as of 2026-07-31 per the fund's most recent SEC N-PORT-P filing. Top 3 holdings make up 100.0% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how TLTW's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.
Which Funds Overlap With TLTW
Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with TLTW's top 10 — EMB overlaps most, holding 1 of the same companies as TLTW's top 10 (0.2% of TLTW's assets).
| ETF | Name | Shared Companies | TLTW Weight | Examples |
|---|---|---|---|---|
| EMB | iShares J.P. Morgan USD Emerging Markets Bond ETF | 1 | 0.2% | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES |
| FLOT | iShares Floating Rate Bond ETF | 1 | 0.2% | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES |
| LQD | iShares iBoxx $ Investment Grade Corporate Bond ETF | 1 | 0.2% | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES |
| HYG | iShares iBoxx $ High Yield Corporate Bond ETF | 1 | 0.2% | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES |
| ICVT | iShares Convertible Bond ETF | 1 | 0.2% | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES |
Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.
Market Backdrop
10-Year Treasury Yield: 4.96% (as of 2026-10-22) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.
CBOE Volatility Index (VIX): 19.03 (as of 2026-10-22) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.
Federal Funds Rate: 3.75% (as of 2026-09-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.
What TLTW's Fees Cost You
TLTW charges an expense ratio of 0.35% a year, deducted automatically from the fund's value. Small percentages compound into real money — adjust the figures below to see the impact on your own numbers.
Assumes a constant gross return and no additional contributions — a simplification, but it isolates exactly what the expense ratio costs. Try the full fee calculator to model contributions and compare any two funds.
TLTW Dividend Income Estimator
TLTW currently yields 11.40%. Enter an amount to see the income that implies, or set a monthly income target to see the investment it would take.
Based on the fund's current trailing yield, which varies with price and distributions — treat it as an estimate, not a guarantee. Yields are not adjusted for tax.
TLTW Liquidity, Domicile & Tax Treatment
Liquidity: Average daily volume is 1.7M/day. Higher volume and a larger fund generally mean lower round-trip trading costs. AUM of $1.68B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.
Domicile & tax treatment: TLTW is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.
TLTW Performance History
| Period | Return |
|---|---|
| 1-Day | -0.14% |
| 1-Week | +1.48% |
| 1-Month | +2.79% |
| 3-Month | -0.66% |
| 6-Month | -2.51% |
| YTD | -0.42% |
| 1-Year | -2.97% |
| 3-Year | +16.45% |
How TLTW Compares to Other Covered Call / Income ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #84 | B |
GPIX | Goldman Sachs S&P 500 Premium Income ETF | +15.79% | 0.29% | $6.03B |
| #128 | B |
XYLD | Global X S&P 500 Covered Call ETF | +15.50% | 0.6% | $3.38B |
| #142 | B |
QYLD | Global X NASDAQ 100 Covered Call ETF | +18.53% | 0.6% | $8.48B |
| #164 | B |
SPYI | Neos S&P 500(R) High Income ETF | +14.14% | 0.68% | $12.2B |
| #176 | B |
JEPQ | JPMorgan Nasdaq Equity Premium Income ETF | +13.70% | 0.35% | $44.3B |
| #195 | C |
JEPI | JPMorgan Equity Premium Income ETF | +7.47% | 0.35% | $45.3B |
| #256 | C |
NUSI | NUSI | +12.59% | — | — |
| #283 | C |
RYLD | Global X Russell 2000 Covered Call ETF | +12.09% | 0.6% | $1.32B |
| #287 | C |
QQQI | NEOS NASDAQ-100(R) High Income ETF | +11.99% | 0.68% | $14.9B |
| #378 | D |
TLTW | iShares 20+ Year Treasury Bond Buywrite Strategy ETF | -2.97% | 0.35% | $1.68B |