Key stats
About iShares Trust iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
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Inception date
Aug 18, 2022
Structure
Open-Ended Fund
Replication method
Physical
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
BlackRock Fund Advisors
Distributor
BlackRock Investments LLC
TLTW teaches an old dog a new trick. The fund holds shares of the iShares 20+ Year Treasury Bond ETF (ticker: TLT) and writes (sells) one-month, 102% out-of-the-money covered call options. The objective is to provide additional income, in the form of option premium, along with the distributions received from the underlying bond portfolio. The fund will write call options up to the full amount of the shares being held in the portfolio. In doing so, the fund takes in option premium but forgoes the upside potential on the bonds at the strike price. The fund uses European-style options, which means the call options can only be exercised on the expiration date. This helps to roll the call options and reduces the chance the fund must physically deliver underlying shares. This strategy may outperform in periods of rising rates and widening credit spreads. In periods of declining rates, the fund will likely underperform as compared to just holding long-term US Treasurys.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
ETF
Bonds, Cash & Other100.00%
ETF99.01%
Cash0.99%
Stock breakdown by region
North America100.00%
Latin America0.00%
Europe0.00%
Asia0.00%
Africa0.00%
Middle East0.00%
Oceania0.00%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
TLTW last dividends amounted to 0.42 USD. The month before, the issuer paid 0.37 USD in dividends, which shows a 10.42% increase.
TLTW assets under management is 1.13 B USD. It's risen 5.93% over the last month.
TLTW fund flows account for 379.33 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
Yes, TLTW pays dividends to its holders with the dividend yield of 16.73%. The last dividend (Jun 6, 2025) amounted to 0.42 USD. The dividends are paid monthly.
TLTW shares are issued by BlackRock, Inc. under the brand iShares. The ETF was launched on Aug 18, 2022, and its management style is Passive.
TLTW expense ratio is 0.35% meaning you'd have to pay 0.35% of your investment to help manage the fund.
TLTW follows the CBOE TLT 2% OTM Buywrite Index - Benchmark TR Gross. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
TLTW invests in funds.
TLTW price has risen by 1.41% over the last month, and its yearly performance shows a −11.73% decrease. See more dynamics on TLTW price chart.
NAV returns, another gauge of an ETF dynamics, showed a 1.14% increase in three-month performance and has increased by 2.92% in a year.
NAV returns, another gauge of an ETF dynamics, showed a 1.14% increase in three-month performance and has increased by 2.92% in a year.
TLTW trades at a premium (0.03%) meaning the ETF is trading at a higher price than the calculated NAV.