TLH vs XTEN

TLHBiShares 10-20 Year Treasury Bond ETF

XTENBBondBloxx Bloomberg Ten Year Target Duration US Treasury ETF

In short

TLH A precision tool for one slice of the yield curve: about 60 US Treasuries maturing in 10 to 20 years, tracked against a single ICE index since 2007. No corporate credit, no curve guessing, just that band.

XTEN Most Treasury ETFs sort bonds by maturity and let duration drift. XTEN blends two duration buckets and rebalances monthly to hold a 10-year duration target, for 0.08% a year.

Stated mandate

TLH The fund seeks to track the ICE U.S. Treasury 10-20 Year Bond Index, which represents U.S. Treasury obligations with maturities in the 10-to-20-year range.

XTEN The Fund seeks to track an index of U.S. Treasury securities with a duration between 6 and 14 years.

Why people hold it

• TLH One job, defined narrowly: track the ICE U.S. Treasury 10-20 Year Bond Index. Roughly 60 government bonds, a single maturity band, no corporate credit in the mix.ishares.com
• It stays close to that index and trades actively, so entering and exiting a position is generally straightforward rather than a spread-hunting exercise.
• Live since 2007 and now a multi-billion-dollar iShares fund, it has traded through the financial crisis and every rate cycle since.
• Interest arrives monthly rather than quarterly, which suits anyone matching bond income to a regular schedule.

• XTEN Rebalances monthly to a 10-year duration target rather than a maturity window, so the rate exposure you buy is the rate exposure you keep.bondbloxxetf.comsec.gov
• Charges 0.08%, gross and net, with no waiver doing the work. That sits near the middle of its 10-20 year Treasury group, below TLH at 0.15% and LLDR at 0.12%.
• Has tracked its index closely, one of the tighter implementations in its peer group, and it pays income monthly.
• Part of the first ETF family built around target durations instead of maturity ranges, trading since 2022, now a multi-billion-dollar lineup.bondbloxxetf.com

Worth knowing

• TLH At 0.15% it runs above the typical Treasury ETF and well above the cheapest rivals, such as VGIT at 0.03%. The targeted maturity band carries a price.
• Long maturities move hard on rate news. A given shift in yields hits 10-to-20-year paper far more than short-term Treasuries, in both directions.
• This is one segment of the curve, not a whole bond sleeve: no corporates, no TIPS, no short end to cushion the ride.

• XTEN A 10-year duration target means price moves of roughly 10% for each one-point shift in yields, in either direction.bondbloxxetf.com
• SPTL and SCHQ charge 0.03%, cheaper, but they track long maturity ranges, so their duration shifts around with the market.
• Treasuries only: no corporate credit exposure, and no spread yield pickup either. It trades less heavily than the category's largest names.

Full TLH profile⁠

Full XTEN profile⁠