HYGM vs TLTW: Grades, Fees and Holdings Compared

Amplify HYG High Yield 10% Target Income ETF

HYGMDCboe

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

TLTWACboe

Overlap

0.0%by weight

Expense ratio

TLTW −0.44pt a year

HYGM0.79%TLTW0.35%

Avg volume · 30D

TLTW 2152.2×the volume

HYGM740TLTW1.59M

HYGM vs TLTW Performance

Jul 31, 2026 – Oct 30, 2026

−0.8%HYGM+1.7%TLTW

Expense ratio: HYGM 0.79%; TLTW 0.35%, better
Fund size: HYGM $1M; TLTW $1.61B
1Y total return: HYGM No data; TLTW −1.4%
Yield (12M): HYGM No data; TLTW 11.33%
Holdings: HYGM 3; TLTW 48
Avg volume (30D): HYGM 740 sh; TLTW 1.59M sh, better
NAV per share: HYGM $23.64; TLTW $21.11
52W range

ETF.net Grade

Pillar letters and Scores for HYGM, TLTW, with each pillar’s weight
Pillar	HYGM	TLTW
Cost30% weight	D31	A92Higher
Mission25% weight	Not scored	A89
Risk15% weight	C50Higher	D25
Tradability15% weight	C40	A89Higher
Holdings10% weight	D34	A75Higher
Durability5% weight	F21	A97Higher

Rank among Treasury Option Income funds

How we build Categories ›

Same Category. HYGM 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 HYGM 11th 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 10DFIAXNicholas Fixed Income Alternative ETFScore 37
Rank 11DHYGMAmplify HYG High Yield 10% Target Income ETFScore 36
Rank 11DLTTIFT Vest 20+ Year Treasury & Target Income ETFScore 36

Our read on each fund

ETF.net Research

HYGMDAmplify HYG High Yield 10% Target Income ETF

TLTWAiShares 20+ Year Treasury Bond BuyWrite Strategy ETF

In short

HYGM 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

HYGM 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

HYGM 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

HYGM 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 HYGM profile⁠

Full TLTW profile⁠

HYGM vs TLTW Holdings

How HYGM and TLTW differ

Overlap by weight

0.0%

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

Level by level

Asset classEquity, Fixed Income0.0%
Sector2 Sectors0.0%
Holdings0 in both0.0%
Countryby domicile88.9%

Sector

Sector weights in HYGM and TLTW, widest gap first
Sector	More in HYGMMore in TLTW	HYGM	TLTW
Corporate	HYGM +100.0 points	100.0%	0.0%
Treasuries	TLTW +100.0 points	0.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in HYGM and TLTW, widest gap first
Country	More in HYGMMore in TLTW	HYGM	TLTW
United States	TLTW +11.1 points	88.9%	100.0%
Canada	HYGM +3.2 points	3.2%	0.0%
United Kingdom	HYGM +1.6 points	1.6%	0.0%
Japan	HYGM +1.5 points	1.5%	0.0%
France	HYGM +1.0 points	1.0%	0.0%
Macau	HYGM +0.8 points	0.8%	0.0%
Luxembourg	HYGM +0.6 points	0.6%	0.0%
Germany	HYGM +0.5 points	0.5%	0.0%
Other countries (10)	HYGM +2.1 points	2.1%	0.0%

Concentration

Weight in the 10 largest Holdings

HYGM100.1%
TLTW40.0%

Securities held

HYGM2
TLTW47

Asset class

HYGM: Equity
TLTW: Fixed Income

Holdings

Only in HYGM2
In both0
Only in TLTW47

Only in HYGM

2 securities, 99.7% of HYGM by weight

iShares iBoxx USD High Yield Corporate Bond ETF99.66%
Invesco Government & Agency Portfolio 12/31/20310.07%

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

HYGM and TLTW share no securities.

All 2 HYGM 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.

HYGM vs TLTW Cost

Overpaying HYGM vs TLTW

$8,048

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

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

Amount$10,000

Years30 years

Cost over time

HYGM 0.79%
TLTW 0.35%
Overpaying

Year by year

Year	HYGM	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%HYGM
0.35%TLTW, cheaper

TLTW0.35%HYGM0.79%

0.35%1.18%

Middle half of Treasury Option Income funds
Median 0.65%

TLTW cheapest of 13 funds

HYGM 8th cheapest of 13 funds

HYGM vs TLTW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HYGM No data; TLTW 11.33%
Payout (12M): HYGM No data; TLTW $2.39
Last payment: HYGM $0.20; TLTW $0.29
Ex-dividend: HYGM Oct 29, 2026; TLTW Oct 2, 2026
Paid on: HYGM Oct 30, 2026; TLTW Oct 7, 2026
Frequency: HYGM Monthly; TLTW Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HYGMMonthly · 6 paymentsAll HYGM payments⁠

TLTWMonthly · 45 paymentsAll TLTW payments⁠

HYGM vs TLTW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HYGM No dataTLTW 10.0%
Return per unit of riskSharpe ratio, 3 years: HYGM No dataTLTW 0.14
Worst fallMax drawdown, 5 years: HYGM No dataTLTW −18.6%since Aug 2022
Market sensitivityBeta, 5 years: HYGM 0.11TLTW 1.68; Market = 1

HYGM 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

Popular comparisons

HYGMDvsBENJA
Amplify HYG High Yield 10% Target Income ETF · Horizon Landmark ETF
Expense ratio
0.79% · 0.40%
Category
TLTWAvsBENJA
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF · Horizon Landmark ETF
Expense ratio
0.35% · 0.40%
Category
HYGMDvsBUCKA
Amplify HYG High Yield 10% Target Income ETF · Simplify Treasury Option Income ETF
Expense ratio
0.79% · 0.38%
Category
TLTWAvsBUCKA
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF · Simplify Treasury Option Income ETF
Expense ratio
0.35% · 0.38%
Category
HYGMDvsJUCYB
Amplify HYG High Yield 10% Target Income ETF · Aptus Enhanced Yield ETF
Expense ratio
0.79% · 0.60%
Category
TLTWAvsJUCYB
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF · Aptus Enhanced Yield ETF
Expense ratio
0.35% · 0.60%
Category

HYGM vs TLTW

In short

Stated mandate

Why people hold it

Worth knowing

How HYGM and TLTW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HYGM

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