LTTI vs TLTW: Grades, Fees and Holdings Compared

FT Vest 20+ Year Treasury & Target Income ETF

LTTIDNYSE Arca

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

TLTWACboe

Overlap

0.0%by weight

Expense ratio

TLTW −0.30pt a year

LTTI0.65%TLTW0.35%

Avg volume · 30D

TLTW 301.2×the volume

LTTI5.29KTLTW1.59M

LTTI vs TLTW Performance

Oct 31, 2025 – Oct 30, 2026

−5.3%LTTI−1.4%TLTW

Expense ratio: LTTI 0.65%; TLTW 0.35%, better
Fund size: LTTI $14M; TLTW $1.61B
1Y total return: LTTI −5.3%; TLTW −1.4%, better
Yield (12M): LTTI 9.55%; TLTW 11.33%, better
Holdings: LTTI 5; TLTW 48
Avg volume (30D): LTTI 5.29K sh; TLTW 1.59M sh, better
NAV per share: LTTI $17.25; TLTW $21.11
52W range

ETF.net Grade

Pillar letters and Scores for LTTI, TLTW, with each pillar’s weight
Pillar	LTTI	TLTW
Cost30% weight	C47	A92Higher
Mission25% weight	A85	A89Higher
Risk15% weight	F14	D25Higher
Tradability15% weight	D33	A89Higher
Holdings10% weight	D38	A75Higher
Durability5% weight	B55	A97Higher

Rank among Treasury Option Income funds

How we build Categories ›

Same Category. LTTI 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 LTTI 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 11DHYGMAmplify HYG High Yield 10% Target Income ETFScore 36
Rank 11DLTTIFT Vest 20+ Year Treasury & Target Income ETFScore 36
Rank 13FFIYYGraniteshares YieldBOOST 20Y+ Treasuries ETFScore 20

Our read on each fund

ETF.net Research

LTTIDFT Vest 20+ Year Treasury & Target Income ETF

TLTWAiShares 20+ Year Treasury Bond BuyWrite Strategy ETF

In short

LTTI Most long-bond option-income funds advertise a headline yield. LTTI aims at a moving one: roughly 5 percentage points above the yield of the 20+ year Treasury ETF it writes options on, funded by Treasuries plus a call spread.

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

LTTI The Fund seeks current income and, secondarily, capital appreciation. It combines U.S. Treasury investments with purchased and written call options on an underlying ETF.

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

LTTI The income target is a formula, not a slogan: an annual rate about 5 percentage points above the underlying long Treasury ETF's own yield, so the goal shifts as rates do.ftportfolios.com
It buys calls as well as writing them on one long-bond ETF, a spread rather than a plain covered call, so the payoff is shaped differently than a straight buy-write like TLTW.ftportfolios.com
The collateral is US Treasuries, not credit, and it pays monthly inside a standard 1940 Act ETF wrapper (no K-1).

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

LTTI At 0.65% a year it costs more than the typical fund in its group, and TLTW runs a buy-write on the same long-bond exposure for 0.35%.
Launched in 2025, it is a small, lightly traded fund, so spreads can widen and the record to judge it on is short.
The written calls trade away part of any long Treasury rally in exchange for income, and the Treasury leg still moves with long rates.

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 LTTI profile⁠

Full TLTW profile⁠

LTTI vs TLTW Holdings

How LTTI and TLTW differ

Overlap by weight

0.0%

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

Level by level

Sector2 Sectors0.0%
Holdings0 in both0.0%

Sector

Sector weights in LTTI and TLTW, widest gap first
Sector	More in LTTIMore in TLTW	LTTI	TLTW
Government	LTTI +100.0 points	100.0%	0.0%
Treasuries	TLTW +100.0 points	0.0%	100.0%

Country, concentration and asset class

Country by domicile

No country split for LTTI.

Concentration

Weight in the 10 largest Holdings

LTTI100.1%
TLTW40.0%

Securities held

LTTI4
TLTW47

Asset class

LTTI: Multi-Asset
TLTW: Fixed Income

Holdings

Only in LTTI4
In both0
Only in TLTW47

Only in LTTI

4 securities, 98.2% of LTTI by weight

2027-01-29 iShares 20+ Year Treasury Bond ETF C 0.8296.98%
U.S. Treasury Bill, 0%, due 11/27/20260.40%
U.S. Treasury Bill, 0%, due 12/31/20260.40%
U.S. Treasury Bill, 0%, due 01/28/20270.40%

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

LTTI and TLTW share no securities.

All 5 LTTI 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.

LTTI vs TLTW Cost

Overpaying LTTI vs TLTW

$5,591

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

LTTI 0.65%
$12,717
TLTW 0.35%
$7,126

Amount$10,000

Years30 years

Cost over time

LTTI 0.65%
TLTW 0.35%
Overpaying

Year by year

Year	LTTI	TLTW	Overpaying
10	$1,163	$634	$529
20	$4,440	$2,454	$1,986
30	$12,717	$7,126	$5,591

Expense ratio

0.65%LTTI
0.35%TLTW, cheaper

TLTW0.35%LTTI0.65%

0.35%1.18%

Middle half of Treasury Option Income funds
Median 0.65%

TLTW cheapest of 13 funds

LTTI 7th cheapest of 13 funds

LTTI vs TLTW Dividends

Last 12 months to Oct 30, 2026

Yield (12M): LTTI 9.55%; TLTW 11.33%, better
Payout (12M): LTTI $1.65; TLTW $2.39
Last payment: LTTI $0.13; TLTW $0.29
Ex-dividend: LTTI Oct 1, 2026; TLTW Oct 2, 2026
Paid on: LTTI Oct 2, 2026; TLTW Oct 7, 2026
Frequency: LTTI Monthly; TLTW Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

LTTIMonthly · 19 paymentsAll LTTI payments⁠

TLTWMonthly · 45 paymentsAll TLTW payments⁠

LTTI vs TLTW Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: LTTI 9.4%since Mar 2025TLTW 10.0%
Return per unit of riskSharpe ratio, 3 years: LTTI −0.67since Mar 2025TLTW 0.14
Worst fallMax drawdown, 5 years: LTTI −11.9%since Feb 2025TLTW −18.6%since Aug 2022
Market sensitivityBeta, 5 years: LTTI 0.10TLTW 1.68; Market = 1

LTTI 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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LTTI vs TLTW

In short

Stated mandate

Why people hold it

Worth knowing

How LTTI and TLTW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LTTI

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 LTTI and TLTW differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in LTTI

Only in TLTW

Weight gaps