iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
$20.22+0.08 (+0.40%)
- 0.35%
- $1.6B
- −5.0%
- 11.86%
- 1.5M sh
- $20.13
- low $19.73high $24.08
The ETF.net TLTW Grade
A
Score 74 out of 100
- 1 of 14
Score 74 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.A88 out of 100Rank 2 of 14Mission
Whether the fund did what it promised, tested against its stated mandate.A85 out of 100Rank 2 of 5Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D26 out of 100Rank 10 of 14Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A90 out of 100Rank 1 of 14Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.A75 out of 100Rank 1 of 13Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A97 out of 100Rank 1 of 14
Our read on TLTW
AOwns the long Treasury ETF, sells calls against it monthly, and passes the premium out as income. A 2022 launch that brought the covered-call playbook to 20+ year bonds, priced below the niche's usual fee.
The Fund tracks an index that holds the iShares 20+ Year Treasury Bond ETF and writes monthly covered calls to generate income, while offering income in addition to dividends.
Why people hold it
- Fee runs 0.35% a year, under the going rate in its options-income Treasury niche, and no higher-graded peer here undercuts it.
- Plumbing is refreshingly simple: hold TLT, write monthly covered calls on it, send the premium out monthly.
- Follows its index closely, and it is an actively traded, multi-billion-dollar fund rather than a thin novelty.
- One of the stronger implementations in a small peer group of Treasury option-overlay funds.
Worth knowing
- The written calls cap upside: in a sharp long-bond rally, gains above the strike belong to the option buyer.
- Duration still rules underneath. This is a 20+ year Treasury position, so rate moves drive the price whatever the income does.
- Payouts track option premiums and may include return of capital, so the monthly distribution is not a fixed coupon.
TLTW Holdings
- Bonds
- 48
- 40%
- Treasury Bond 4.75% 05/15/2055
Geography
- United States100.00%
TLTW Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
Not enough history yet.Not enough history yet.
TLTW$9,498
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TLTW |
|---|---|
| Year to date | −4.3% |
| 1 month | −2.1% |
| 3 months | −5.1% |
| 1 year | −5.0% |
| 3 years | +3.0% |
| 5 years | — |
| 10 years | — |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TLTW |
|---|---|---|
| 2026 YTD | −4.3% | |
| 2025 | +11.4% | |
| 2024 | −2.2% | |
| 2023 | +0.8% | |
| 2022 | −10.8% |
TLTW in the news
TLTW Dividends
- 11.86%
- $2.39
- $0.29 per share
- Monthly
Distribution history
TLTW Risk
- 10.0%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.22
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −18.6%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 1.68
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TLTW Cost
0.35%
TLTW0.35%
- The middle half of Treasury Option Income funds
- Median 0.65%
No Treasury Option Income fund charges less.
Other funds in Treasury Option Income
- ABENJHorizon Landmark ETFExpense ratio 0.40%1 year return +3.8%
- BBUCKSimplify Treasury Option Income ETFExpense ratio 0.35%1 year return +3.6%
- BJUCYAptus Enhanced Yield ETFExpense ratio 0.60%1 year return +6.3%
- COVTOverlay Shares Short Term Bond ETFExpense ratio 0.79%1 year return +4.4%
- CTLTINEOS Enhanced Income 20+ Year Treasury Bond ETFExpense ratio 0.58%1 year return −7.7%