TLTW: iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
iShares (BlackRock) · Bonds / Fixed Income · Tracks Long Treasuries
Growth of $100
Green is what an investor who reinvested every payout would have; red is the price alone. The gap between them is the income. If the red line keeps falling, the payouts are partly your own money coming back.
Was the payout earned?
Over the last year TLTW paid 10.8% but returned -0.6% in total, so about 4% of the payout was earned; the rest came back out of the fund's own value (its price fell).
| Earned % (3 months) | 72% |
| Earned % (1 year) | 4% |
| Earned % (full history, up to 5 yrs) | -9% |
Earned % = total return ÷ payouts. 100% means every dollar paid out was earned; below 100% means part of it came from the fund's own value. This is an economic measure based on market price, not the tax label on the payout.
Where the DT Score comes from
Total 37.5 / 100 · rank #239 of 420. How the score works
Risk
| Sortino ratio (1Y) | -0.58 |
| Sharpe ratio (1Y) | -0.42 |
| Steadiness vs S&P 500 | 163% |
| Beta to S&P 500 | 0.19 |
| Correlation to S&P 500 | 0.31 |
| Max drop (1Y) | -9.6% |
| Max drop (up to 5 yrs) | -18.6% |
| Trend | Mixed |
| History | 4.2 yrs |
Vs. TLT (what it's built on)
| Upside capture | 88% |
| Downside capture | 81% |
| Capture ratio | 1.08 |
| Beta | 0.85 |
| Correlation | 0.98 |
| Tracking | Closely |
On days TLT rose, TLTW caught 88% of the gain; on days it fell, TLTW took 81% of the loss.
Payout history
Each bar is one payout (last 36 shown). Pays Monthly.
| Ex-date | Amount |
|---|---|
| 2026-11-03 | $0.2540 |
| 2026-10-02 | $0.2890 |
| 2026-09-02 | $0.1310 |
| 2026-08-04 | $0.1520 |
| 2026-07-02 | $0.1350 |
| 2026-06-02 | $0.2170 |
| 2026-05-04 | $0.1210 |
| 2026-04-02 | $0.2110 |
| 2026-03-03 | $0.2040 |
| 2026-02-03 | $0.1740 |
| 2025-12-23 | $0.1870 |
| 2025-12-02 | $0.1880 |
Funds that track the same thing
Other Long Treasuries income funds, ranked by DT Score. See them all · Compare TLTW with the top 3
| Fund | Category | Fwd rate | 12m yield | 1Y total ret. | Earned % 1Y | Upside capt. | Downside capt. | Tracking | DT Score | Momentum | Trend |
|---|---|---|---|---|---|---|---|---|---|---|---|
| TLTP Amplify TLT U.S. Treasury 12% Option Income ETF | Bonds / Fixed Income | 13.0% | 13.8% | -1.8% | -7% | 79% | 75% | Closely | 37 | 78 | Mixed |
| TLT iShares 20+ Year Treasury Bond ETF | Bonds / Fixed Income | 4.6% | 4.3% | -4.8% | -97% | – | – | – | 29 | 78 | Mixed |
About TLTW
| Issuer | iShares (BlackRock) |
| Structure | ETF |
| Category | Bonds / Fixed Income |
| Strategy | Long UST + covered calls |
| Underlying | TLT + calls |
| Exposure | Bonds / Treasuries |
| Index linkage | Partial - options/overlay on index |
| Pays | Monthly |
| Expense ratio | 0.35% |
| Uses leverage | No |
| Upside capped | No |
| Rate sensitivity | High |
| Return of capital common | Sometimes |
| Tax notes | Ordinary income; T-bill/Treasury interest state-tax exempt (portion) |
Research notes: Verify.
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