TLTW — iShares 20+ Year Treasury Bond Buywrite Strategy ETF

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.

Overview

The iShares 20+ Year Treasury Bond Buywrite Strategy ETF (TLTW) operates within the Covered Call / Income category, which currently contains 10 ETFs tracked by ETFValuer. Issued by iShares, the fund has accumulated assets under management of $1.92 billion and trades at a price of $21.56. It holds an overall rank of #379 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 50.0 out of 100. The fund charges an expense ratio of 0.35% while offering a dividend yield of 9.86%. This substantial yield combined with the fund's significant asset base suggests a strategy focused on generating income rather than capital appreciation. The current price and asset size reflect the fund's established position within its specific niche of treasury bond strategies.

Recent performance data shows a mixed trajectory across various time horizons, starting with a 1-day return of +0.16% followed by a 1-week decline of -1.03%. The fund experienced further losses over the last month with a -3.57% return and a -2.14% drop over the three-month period. A slight recovery occurred over six months with a -1.20% return, while year-to-date performance sits at -0.24%. In contrast, the one-year return stands at +5.99%, and the three-year annualized return is +0.39%. This pattern indicates a divergence where short-term volatility has been negative, yet the fund has managed to post positive returns over the longer one-year and three-year windows.

TLTW carries a volatility label of Very Low despite exhibiting a beta of 1.68, which indicates higher sensitivity to market movements than the broader benchmark. The fund's Sharpe ratio is recorded at 0.13, suggesting that the risk-adjusted returns generated have been relatively modest relative to the volatility experienced. A maximum drawdown of -16.11% highlights the potential for significant temporary losses during market downturns. This combination of a high beta and a low volatility label implies that the fund's price movements may be driven by specific factor exposures rather than general market swings. The low Sharpe ratio alongside the substantial drawdown suggests that the income generated has not fully compensated for the magnitude of the price declines observed.

AI-generated summary based on the data on this page.

TLTW Top Holdings

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).

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: 4.71% (as of 2026-07-23) — 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): 18.70 (as of 2026-07-23) — 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 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

TLTW Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.14% and average daily volume is 1.6M/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 $1.92B 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

How TLTW Compares to Other Covered Call / Income ETFs