FIYY vs TLTW

FIYYFGraniteshares YieldBOOST 20Y+ Treasuries ETF

TLTWAiShares 20+ Year Treasury Bond BuyWrite Strategy ETF

In short

FIYY Most Treasury option-income funds sell options on bonds. FIYY sells them on a 3x leveraged Treasury ETF, chasing three times the premium of a plain 20+ year Treasury overlay, with its own upside capped.

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

FIYY The fund seeks to earn three times the income produced by selling options on the ICE U.S. Treasury 20+ Year Bond Index, using options on leveraged ETFs targeting three times the index’s daily performance. It also seeks exposure to that leveraged ETF, subject to a gain cap.

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

• FIYY Rather than writing options on Treasury bonds, it writes them on a 3x leveraged Treasury ETF, aiming for three times the income of selling options on the 20+ year Treasury index.graniteshares.com
• Premium isn't the whole story: the fund also seeks exposure to that leveraged Treasury ETF, so a rally in long bonds can contribute, up to a stated gain cap.graniteshares.com
• It's a standard 1940 Act ETF, so the option selling happens inside one ticker: no margin agreement, no option approvals, no contracts to roll yourself.graniteshares.com

• 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

• FIYY At 1.07% a year, it costs roughly triple the plain 20+ year buy-writes TLTW and BUCK (0.35% each). The fee buys a leveraged engine, not a cheaper one.
• Writing options on a 3x fund means long-rate moves land about three times as hard, while the fund's own upside is limited by a gain cap.
• Launched in 2026, so there's little history behind it, and the prospectus discloses that distributions may include return of capital.

• 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 FIYY profile⁠

Full TLTW profile⁠