TLTWiShares 20+ Year Treasury Bond Buywrite Strategy ETF
Seeks to track the investment results of an index reflecting a buy-write strategy on the iShares 20+ Year Treasury Bond ETF.
By iShares · Launched 2022
0.35%
#1,706 of 5,562 · low cost
$2.0B
#754 of 5,562 · large
12.53%
3 years
#2,755 of 5,562 · seasoned
Performance
Total-return NAV · USDTotal-return NAV, USD. Net of fund fees, before tax.
Classification
How Beacon categorizes this fundAsset class
AlternativeRegion
North americaStrategy
Option income
Index tracked
Cboe TLT 2% OTM BuyWrite Index
What it actually holds
By weightConcentration
Top 3 holdings = 100.0% of fundconcentrated
Asset allocation
Risk profile
Last 12 months · Sharpe & Sortino need 3+ yearsYear-on-year price swings
Worst peak-to-trough loss
Where to buy
Listing
- Exchange
- Cboe BZX
Full fund details
- Objective
- Seeks to track the investment results of an index reflecting a buy-write strategy on the iShares 20+ Year Treasury Bond ETF.
- Strategy
- Tracks the Cboe TLT 2% OTM BuyWrite Index, holding the iShares 20+ Year Treasury Bond ETF while writing one-month call options to generate income. The strategy involves covered calls, allowing income generation while holding U.S. Treasury bonds.
- Inception date
- August 18, 2022
- Fund family
- iShares
Similar ETFs
Closest matches by profileOur take
Structural notes on how this fund behaves. Read our guide on the 6 warning signs.
Covered call ETF — yield ≠ total return
The high distribution yield is not free income — it comes from selling upside via call options. Research finds these strategies systematically underperform their underlying index over full cycles, typically by 100–300 basis points per year depending on the option-overlay design. The monthly distributions make the shortfall hard to see in return summaries.
Source: Israelov & Ndong, 'A Devil's Bargain: When Generating Income Undermines Investment Returns' (NDVR, 2023)
Why we flagged this: strategy=option_income + option_income_strategy
Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More
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Data updated on 2026-06-19