DEFR vs TLTW: Grades, Fees and Holdings Compared

Aptus Deferred Income ETF

DEFRCCboe

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

TLTWACboe

Overlap

0.0%by weight

Expense ratio

TLTW −0.44pt a year

DEFR0.79%TLTW0.35%

Avg volume · 30D

TLTW 81.0×the volume

DEFR19.7KTLTW1.59M

DEFR vs TLTW Performance

Oct 31, 2025 – Oct 30, 2026

+0.4%DEFR−1.4%TLTW

Expense ratio: DEFR 0.79%; TLTW 0.35%, better
Fund size: DEFR $161M; TLTW $1.61B
1Y total return: DEFR +0.4%, better; TLTW −1.4%
Yield (12M): DEFR No data; TLTW 11.33%
Holdings: DEFR 5; TLTW 48
Avg volume (30D): DEFR 19.7K sh; TLTW 1.59M sh, better
NAV per share: DEFR $26.55; TLTW $21.11
52W range

ETF.net Grade

Pillar letters and Scores for DEFR, TLTW, with each pillar’s weight
Pillar	DEFR	TLTW
Cost30% weight	D31	A92Higher
Mission25% weight	Not scored	A89
Risk15% weight	D39Higher	D25
Tradability15% weight	C49	A89Higher
Holdings10% weight	C51	A75Higher
Durability5% weight	C45	A97Higher

Rank among Treasury Option Income funds

How we build Categories ›

Same Category. DEFR and TLTW are both graded against the same 13 Treasury Option Income funds, so their Grades compare head to head.

Treasury Option Income⁠

Category · 13 funds

See all 13 ›

TLTW ranks 2nd and DEFR 8th of 13 funds in the Treasury Option Income Category.

Rank 1ABENJHorizon Landmark ETFScore 76
Rank 2ATLTWiShares 20+ Year Treasury Bond BuyWrite Strategy ETFScore 75
Rank 3ABUCKSimplify Treasury Option Income ETFScore 69
Rank 7CUSDXSGI Enhanced Core ETFScore 42
Rank 8CDEFRAptus Deferred Income ETFScore 40
Rank 8CLQDMAmplify LQD Investment Grade 12% Target Income ETFScore 40

Our read on each fund

ETF.net Research

DEFRCAptus Deferred Income ETF

TLTWAiShares 20+ Year Treasury Bond BuyWrite Strategy ETF

In short

DEFR No data

TLTW Owns 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.

Stated mandate

DEFR No data

TLTW 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

DEFR No data

TLTW 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

DEFR No data

TLTW 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.

Full DEFR profile⁠

Full TLTW profile⁠

DEFR vs TLTW Holdings

How DEFR and TLTW differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of DEFR and 0.0% of TLTW.

Level by level

Asset classEquity, Fixed Income0.0%
Sector11 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile97.3%

Sector

Sector weights in DEFR and TLTW, widest gap first
Sector	More in DEFRMore in TLTW	DEFR	TLTW
Treasuries	TLTW +100.0 points	0.0%	100.0%
Technology	DEFR +60.3 points	60.3%	0.0%
Communication	DEFR +12.6 points	12.6%	0.0%
Consumer Discretionary	DEFR +10.1 points	10.1%	0.0%
Consumer Staples	DEFR +5.6 points	5.6%	0.0%
Industrials	DEFR +5.1 points	5.1%	0.0%
Health Care	DEFR +3.8 points	3.8%	0.0%
Utilities	DEFR +1.0 points	1.0%	0.0%
Materials	DEFR +0.9 points	0.9%	0.0%
Energy	DEFR +0.4 points	0.4%	0.0%
Financials	DEFR +0.2 points	0.2%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in DEFR and TLTW, widest gap first
Country	More in DEFRMore in TLTW	DEFR	TLTW
United States	TLTW +2.7 points	97.3%	100.0%
Canada	DEFR +1.1 points	1.1%	0.0%
Netherlands	DEFR +0.9 points	0.9%	0.0%
Other countries (3)	DEFR +0.8 points	0.8%	0.0%

Concentration

Weight in the 10 largest Holdings

DEFR102.4%
TLTW40.0%

Securities held

DEFR5
TLTW47

Asset class

DEFR: Equity
TLTW: Fixed Income

Holdings

Only in DEFR5
In both0
Only in TLTW47

Only in DEFR

5 securities, 100% of DEFR by weight

Qqq 11/20/2026 100 C57.10%
Qqq 11/20/2026 1100 P39.31%
United States Treasury Bill 07/08/20273.99%
Ief 03/19/2027 91 C1.22%
Tlh 03/19/2027 94 C0.77%

Only in TLTW

47 securities, 100% of TLTW by weight

Treasury Bond 4.75% 05/15/20554.34%
Treasury Bond 4.63% 05/15/20544.14%
Treasury Bond (Old) 5.00% 05/15/20564.08%
Treasury Bond 4.75% 11/15/20534.03%
Treasury Bond 4.25% 02/15/20543.94%
Treasury Bond 4.13% 08/15/20533.93%
Treasury Bond 4.63% 11/15/20553.91%
Treasury Bond 4.25% 08/15/20543.90%
Treasury Bond (2OLD) 4.75% 02/15/20563.89%
Treasury Bond 4.63% 02/15/20553.86%
Treasury Bond 4.50% 11/15/20543.85%
Treasury Bond 1.88% 11/15/20513.72%
Treasury Bond 4.75% 08/15/20553.47%
Treasury Bond 3.63% 05/15/20533.13%
Treasury Bond 4.00% 11/15/20523.02%
Treasury Bond 2.00% 08/15/20512.94%
Treasury Bond 3.63% 02/15/20532.63%
Treasury Bond (Otr) 5.13% 08/15/20562.55%
Treasury Bond 1.88% 02/15/20512.47%
Treasury Bond 3.00% 08/15/20482.43%
Treasury Bond 3.13% 05/15/20482.42%
Treasury Bond 1.38% 08/15/20502.38%
Treasury Bond 3.00% 02/15/20492.28%
Treasury Bond 1.63% 11/15/20502.26%
Treasury Bond 3.00% 02/15/20482.14%
Treasury Bond 3.38% 11/15/20481.94%
Treasury Bond 2.25% 08/15/20491.92%
Treasury Bond 2.00% 02/15/20501.87%
Treasury Bond 2.25% 02/15/20521.86%
Treasury Bond 2.75% 11/15/20471.82%
Treasury Bond 3.00% 08/15/20521.60%
Treasury Bond 2.88% 05/15/20521.46%
Treasury Bond 2.88% 05/15/20491.41%
Treasury Bond 1.25% 05/15/20501.13%
Treasury Bond 2.38% 05/15/20511.03%
Treasury Bond 3.00% 02/15/20470.91%
Treasury Bond 2.75% 08/15/20470.77%
Treasury Bond 2.38% 11/15/20490.43%
Treasury Bond 2.88% 11/15/20460.41%
Treasury Bond 2.50% 05/15/20460.09%
Treasury Bond 2.50% 02/15/20460.02%
Treasury Bond 4.75% 02/15/2045<0.01%
Treasury Bond 4.88% 08/15/2045<0.01%
Treasury Bond 3.13% 08/15/2044<0.01%
Treasury Bond 2.50% 02/15/2045<0.01%
Treasury Bond 3.38% 05/15/2044<0.01%
Treasury Bond 3.00% 11/15/2044<0.01%

Weight gaps

DEFR and TLTW share no securities.

All DEFR holdings⁠All TLTW holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DEFR vs TLTW Cost

Overpaying DEFR vs TLTW

$8,048

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

DEFR 0.79%
$15,174
TLTW 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

DEFR 0.79%
TLTW 0.35%
Overpaying

Year by year

Year	DEFR	TLTW	Overpaying
10	$1,405	$634	$771
20	$5,331	$2,454	$2,877
30	$15,174	$7,126	$8,048

Expense ratio

0.79%DEFR
0.35%TLTW, cheaper

TLTW0.35%DEFR0.79%

0.35%1.18%

Middle half of Treasury Option Income funds
Median 0.65%

TLTW cheapest of 13 funds

DEFR 8th cheapest of 13 funds

DEFR vs TLTW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): DEFR No data; TLTW 11.33%
Payout (12M): DEFR None; TLTW $2.39
Last payment: DEFR No data; TLTW $0.29
Ex-dividend: DEFR No data; TLTW Oct 2, 2026
Paid on: DEFR No data; TLTW Oct 7, 2026
Frequency: DEFR No data; TLTW Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

DEFRAll DEFR payments⁠

No distribution history available.

TLTWMonthly · 45 paymentsAll TLTW payments⁠

DEFR vs TLTW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: DEFR 5.0%since Jun 2025TLTW 10.0%
Return per unit of riskSharpe ratio, 3 years: DEFR 0.004since Jun 2025TLTW 0.14
Worst fallMax drawdown, 5 years: DEFR −5.0%since May 2025TLTW −18.6%since Aug 2022
Market sensitivityBeta, 5 years: DEFR 0.12TLTW 1.68; Market = 1

DEFR and TLTW in the news

All news⁠

Income Watch
BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital
Oct 11, 2026TLTW

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DEFR vs TLTW

In short

Stated mandate

Why people hold it

Worth knowing

How DEFR and TLTW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DEFR

Only in TLTW

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

BlackRock estimates 86% of the iShares Nasdaq Premium Income Active ETF's October check was return of capital

How DEFR and TLTW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in DEFR

Only in TLTW

Weight gaps