ETF Evaluator:
iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW)
Follow This ETF
(as of Jul 31)
Best Performing in Long Government Over the Last Year
| 8.1% | iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW) |
| 4.2% | Amplify TLT U.S. Trs 12% Opt Inc ETF (TLTP) |
| 4.2% | First Trust Long Duration Opp ETF (LGOV) |
| 4.1% | NEOS Enhanced Income 20+ Yr Trsy Bd ETF (TLTI) |
| 3.2% | Quadratic Deflation ETF (BNDD) |
Risk
Index
Risk
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ETF Details
iShares 20+ Year Trs Bd Buywrt Stgy ETF Overview
iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW) is a passively managed Taxable Bond Long Government exchange-traded fund (ETF). iShares launched the ETF in 2022.
The investment seeks to track the investment results of the Cboe TLT 2% OTM BuyWrite Index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month call options to generate income.
The fund will seek to write call options up to (but not exceeding) the full amount of shares of the underlying fund held in the fund (i.e., the short position in the call option is offset, or “covered,” by the long position the fund holds in shares of the underlying fund).
About iShares 20+ Year Trs Bd Buywrt Stgy ETF (TLTW)
There are 3 members of the management team with an average tenure of 1.83 years: Orlando Montalvo (2022), Erin Armstrong (2025) and Kyle McClements (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: ICE BofA US Broad Market TR USD index with a weighting of 100% and Cboe TLT 2% OTM BuyWrite USD index with a weighting of 100%. iShares 20+ Year Trs Bd Buywrt Stgy ETF has 4 securities in its portfolio. The top 10 holdings constitute 100.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
iShares 20+ Year Trs Bd Buywrt Stgy ETF is part of the Fixed Income global asset class and is within the Taxable Bond ETF group. iShares 20+ Year Trs Bd Buywrt Stgy ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -0.4% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 100.3% (100.3% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iShares 20+ Year Trs Bd Buywrt Stgy ETF has 0.2% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is below the $4 billion average for the Long Government category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TLTW Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iShares 20+ Year Trs Bd Buywrt Stgy ETF expense ratio is below average compared to funds in the Long Government category. iShares 20+ Year Trs Bd Buywrt Stgy ETF has an expense ratio of 0.35%, which is 62% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iShares 20+ Year Trs Bd Buywrt Stgy ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 63% for the Long Government category.
Recently, in the month of June 2026, iShares 20+ Year Trs Bd Buywrt Stgy ETF returned 1.3%, which earned it a grade of B, as the Long Government category had an average return of 1.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
iShares 20+ Year Trs Bd Buywrt Stgy ETF has a trailing yield of 9.86%, which is above the 5.10% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iShares 20+ Year Trs Bd Buywrt Stgy ETF Grades
Year to date, the ETF has returned 2.7%, 2.0 percentage points better than the category, which translates into a grade of A. The fund has returned 8.1% over the past year (grade of A) and 0.7% over the past three years (grade of B).
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TLTW Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TLTW Return (NAV) | 1.3% | 1.4% | 8.1% | 0.7% | na | na |
| TLTW Return (Price) | 1.4% | 1.2% | 7.9% | 0.6% | na | na |
| NAV +/- Price Return | -0.053% | 0.127% | 0.178% | 0.024% | na | na |
| Long Government Avg | 1.1% | 0.5% | 1.8% | -0.8% | -6.2% | -1.7% |
| TLTW Grade (NAV) | B | A | A | B | na | na |
| +/- Category (NAV) | 0.3% | 0.8% | 6.3% | 1.5% | na | na |
| TLTW Tax-Cost Ratio | na | na | 3.8% | 3.4% | na | na |
TLTW Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TLTW Return (NAV) | 2.7% | 11.3% | -2.1% | 0.8% | na | na | na | na | na | na | na |
| TLTW Return (Price) | 2.7% | 11.4% | -2.2% | 0.8% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.025% | 0.007% | 0.049% | 0.008% | na | na | na | na | na | na | na |
| Long Government Avg | 0.8% | 4.1% | -6.3% | 2.4% | -29.1% | -4.5% | 16.7% | 14.2% | -1.6% | 8.1% | 1.2% |
| TLTW Grade (NAV) | A | A | A | F | na | na | na | na | na | na | na |
| +/- Category | 2.0% | 7.1% | 4.2% | -1.6% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 1.68 |
| R-Squared: | 82% |
| Standard Deviation: | 10.3% |
| Category Risk Index: | 0.82 |
| Category Risk Rating: | Average |
| Total Risk Index: | 0.84 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 9.9% |
| Total Assets: | $ 1,924 Mil |
| Share Class Assets: | $ 1,924 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.35% |
| Index Fund: | Yes |
| Index Tracked: | ICE BofA US Broad Market TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.9 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Montalvo Orlando (2022), Armstrong Erin (2025), McClements Kyle (2025) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 4 |
| % in Top 10 Holdings: | 100.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -0.4% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 100.3% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.2% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | iShares |
| Phone Number: | 800-474-2737 |
| Website: | au.ishares.com |
| Inception Date: | August 18, 2022 |
Expenses and Fees
| Expense Ratio (%): | 0.35% (Rating: Below Avg) |
| Category Average Expense Ratio (%): | 0.22% |
