TLTW — iShares 20+ Year Treasury Bond Buywrite Strategy ETF
Covered Call / Income Ranked #392 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
Issued by iShares, the iShares 20+ Year Treasury Bond Buywrite Strategy ETF is a covered call and income fund with $1.83 billion in assets under management. It holds a D grade, ranking 10th out of 10 peers in its category and 392nd of 458 tracked ETFs overall. The fund’s 0.35% expense ratio sits below the category median of 0.6%, while its 10.20% dividend yield significantly exceeds the peer average of 8.37%. Nearly all assets are concentrated in the iShares 20+ Year Treasury Bond ETF, which comprises 99.9% of holdings.
The fund recently received a downgrade from a C to a D grade on 2026-07-29, reflecting its current standing. While the 1-year return of +2.89% trails the category median of +18.66%, the 3-year annualized return of +4.98% offers a longer-term perspective. Short-term performance shows mixed signals, with a +0.24% daily gain contrasting against a -0.27% weekly decline. The share price of $21.21 sits near the bottom of its 52-week range, representing only 7.7% of the span between $20.97 and $24.08. Historical data is limited to the past 3.0 years, which constrains the depth of the performance record.
With a beta of 1.67, the fund exhibits higher sensitivity to market movements than the broader index. Despite this elevated beta, the annualized volatility is labeled as Very Low at 7.97%, and the maximum drawdown has been limited to -11.16%. The negative Sharpe ratio of -0.26 indicates that risk-adjusted returns have been unfavorable relative to the risk taken. Liquidity is supported by an average daily volume of 1,279,700 shares, though the bid-ask spread of 0.47% suggests moderate trading costs.
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 | 99.91% | $1.98B |
| 2 | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES | 0.16% | $3M |
| 3 | Options Clearing Corp. | -0.06% | $-1M |
Holdings as of 2026-04-30 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 |
| LQD | iShares iBoxx $ Investment Grade 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 |
| COMT | iShares GSCI Commodity Dynamic Roll Strategy ETF | 1 | 0.2% | BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES |
| USHY | iShares Broad USD High Yield Corporate 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: 4.77% (as of 2026-09-03) — 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): 14.32 (as of 2026-09-03) — 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: 3.63% (as of 2026-08-01) — 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 10.20%. 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: Quoted bid/ask spread is 0.47% and average daily volume is 1.3M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.83B 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 | +0.24% |
| 1-Week | -0.27% |
| 1-Month | +0.15% |
| 3-Month | -1.66% |
| 6-Month | -3.47% |
| YTD | -0.52% |
| 1-Year | +2.89% |
| 3-Year | +4.98% |
How TLTW Compares to Other Covered Call / Income ETFs
| Rank | Grade | Ticker | Name | 1-Year | Exp. Ratio | AUM |
|---|---|---|---|---|---|---|
| #137 | B |
QYLD | Global X NASDAQ 100 Covered Call ETF | +23.51% | 0.6% | $8.32B |
| #146 | B |
GPIX | Goldman Sachs S&P 500 Premium Income ETF | +19.54% | 0.29% | $5.59B |
| #157 | B |
XYLD | Global X S&P 500 Covered Call ETF | +18.64% | 0.6% | $3.34B |
| #164 | C |
JEPQ | JPMorgan Nasdaq Equity Premium Income ETF | +20.70% | 0.35% | $42.2B |
| #201 | C |
SPYI | Neos S&P 500(R) High Income ETF | +17.50% | 0.68% | $11.7B |
| #217 | C |
RYLD | Global X Russell 2000 Covered Call ETF | +21.04% | 0.6% | $1.39B |
| #222 | C |
JEPI | JPMorgan Equity Premium Income ETF | +9.21% | 0.35% | $46.2B |
| #296 | C |
QQQI | NEOS NASDAQ-100(R) High Income ETF | +18.68% | 0.68% | $14.3B |
| #362 | C |
NUSI | NEOS Nasdaq-100 Hedged Equity Income ETF | +12.59% | 0.68% | $324M |
| #392 | D |
TLTW | iShares 20+ Year Treasury Bond Buywrite Strategy ETF | +2.89% | 0.35% | $1.83B |