TLTW — iShares 20+ Year Treasury Bond Buywrite Strategy ETF

TLTW Price Performance — Growth of $10,000

Value of a $10,000 investment in TLTW over time, compared with SPY. Both lines are rebased to $10,000 on the first shared date. Based on total returns — prices are adjusted for dividends and splits, so this assumes distributions were reinvested. Hover or tap the chart for exact values.

TLTW Drawdown

The "underwater" chart: TLTW's decline from its highest prior value at each point in time. It shows how deep past losses ran and how long the fund took to recover to break-even.

Overview

The iShares 20+ Year Treasury Bond Buywrite Strategy ETF (TLTW) operates within the Covered Call / Income category, which currently contains 10 ETFs tracked by ETFValuer. Issued by iShares, the fund has accumulated assets under management of $1.92 billion and trades at a price of $21.77. It holds an overall rank of #378 out of 458 tracked ETFs across all categories and has received an ETFValuer grade of C with a score of 50.3 out of 100. The fund charges an expense ratio of 0.35% while offering a dividend yield of 9.86%. This combination of a substantial asset base and high yield suggests significant investor adoption relative to the fund's cost structure and income generation strategy. The current market positioning reflects a mid-tier performance rating despite the attractive yield profile compared to the broader universe of 458 funds.

Over the most recent single day, the fund posted a return of +0.51%, followed by a weekly gain of +0.37%. However, the trend shifted negatively over the one-month period with a decline of -2.67%, which extended into a three-month loss of -1.36%. A slight recovery occurred over the six-month horizon, resulting in a marginal loss of -0.35%, while year-to-date performance turned positive at +0.75%. The one-year return reached +7.14%, and the three-year annualized return stands at +3.04%. This pattern indicates a divergence where short-term volatility created losses that were partially offset by longer-term gains, though the fund has not yet fully recovered the one-month decline in the six-month window.

TLTW carries a volatility label of Very Low despite exhibiting a beta of 1.68, which indicates higher sensitivity to market movements than the broader benchmark. The fund's Sharpe ratio of 0.28 suggests that the risk-adjusted returns generated have been relatively modest relative to the volatility experienced. A maximum drawdown of -15.23% highlights the potential for significant temporary declines in value during adverse market conditions. The combination of a high beta and a low volatility label implies that the fund's price movements may be driven by specific factor exposures rather than general market breadth. Investors should note that the high dividend yield of 9.86% may be compensating for the moderate risk-adjusted performance indicated by the Sharpe ratio. The fund's behavior in down markets is characterized by the recorded drawdown, while the beta suggests amplified reactions to market shifts.

AI-generated summary based on the data on this page.

TLTW Top Holdings

Holdings as of 2026-04-30 per the fund's most recent SEC N-PORT-P filing. Top 3 holdings make up 100.0% of net assets — a rough gauge of concentration risk (the higher this figure, the more the fund's return depends on a handful of names). To see how TLTW's holdings overlap with other ETFs you own or are considering, check the Stock Overlap tool.

Which Funds Overlap With TLTW

Holding two funds that own the same companies adds cost and complexity without adding much diversification. These tracked ETFs share the most names with TLTW's top 10 — EMB overlaps most, holding 1 of the same companies as TLTW's top 10 (0.2% of TLTW's assets).

Compares the top 10 reported holdings of each fund, so it's a floor on true overlap — two S&P 500 trackers overlap ~100% even when only 10 names are listed. Use the Stock Overlap tool to search by individual company.

Market Backdrop

10-Year Treasury Yield: 4.65% (as of 2026-07-27) — The yield on 10-year US Treasury bonds — the standard "risk-free rate" benchmark used to contextualize this fund’s Sharpe ratio and returns.

CBOE Volatility Index (VIX): 18.67 (as of 2026-07-27) — A real-time gauge of expected S&P 500 volatility over the next 30 days — useful context for this fund’s own volatility label.

Federal Funds Rate: 3.63% (as of 2026-06-01) — The Federal Reserve’s target policy rate, which anchors short-term borrowing costs across the economy.

TLTW Liquidity, Domicile & Tax Treatment

Liquidity: Quoted bid/ask spread is 0.05% and average daily volume is 1.6M/day. Tighter spreads and higher volume mean lower round-trip trading costs; this is a live-market snapshot and can widen during volatile sessions. AUM of $1.92B provides ample scale, supporting tight spreads and issuer commitment to keep the fund open.

Domicile & tax treatment: TLTW is a US-domiciled, SEC-registered ('40 Act) exchange-traded fund. Dividends and capital gains distributions are reported to US investors on Form 1099-DIV, and the fund is not subject to the PFIC reporting or UCITS-specific rules that apply to Irish- or Luxembourg-domiciled funds. Non-US investors should note that US-domiciled ETFs are generally subject to 30% US withholding tax on dividends (unless reduced by treaty) and to US estate tax exposure on the position — Irish-domiciled UCITS ETFs tracking the same index often avoid both, which is why non-US residents frequently prefer the UCITS equivalent where one exists. This is general information, not tax advice — consult a tax professional for your situation.

TLTW Performance History

How TLTW Compares to Other Covered Call / Income ETFs