Average Daily Volume
1.67M
Fund Overview
The iShares 10-20 Year Treasury Bond ETF (TLH) seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities between 10 and 20 years. TLH provides investors with exposure to long-term U.S. government debt, offering a way to invest in a segment of the Treasury market that typically offers higher yields than shorter-duration bonds but with greater interest rate sensitivity. The fund is designed for investors seeking income and a hedge against economic uncertainty, as Treasury bonds are backed by the full faith and credit of the U.S. government.
- Asset Class
-
Bond
- Industry
-
Treasury Bonds
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 4.45 %
- Currency Hedged
-
No
- Portfolio Turnover
-
26 %
- Dividend Date
-
Why Invest in the TLH ETF?
Potential Benefits
- Provides exposure to long-term U.S. Treasury bonds, which are considered one of the safest fixed-income investments.
- Offers a predictable income stream through semi-annual interest payments.
- Acts as a potential hedge against economic downturns and market volatility.
- Highly liquid, with tight bid-ask spreads due to the underlying Treasury market.
- Backed by the full faith and credit of the U.S. government, minimizing credit risk.
Potential Risks
- Highly sensitive to interest rate changes; rising rates can lead to significant price declines.
- Inflation can erode the real value of fixed coupon payments over time.
- Lower yields compared to corporate or high-yield bonds may limit income potential.
- Longer duration increases volatility compared to shorter-term Treasury ETFs.
- Performance may lag during periods of strong economic growth and rising rates.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
-0.1%
|
+3.7%
|
-3.8%
|
-0.5%
|
+0.4%
|
+0.9%
|
-3.4%
|
+0.9%
|
-4.6%
|
-0.3%
|
-
|
-
|
| 2025 |
+0.7%
|
+4.6%
|
-0.5%
|
-0.7%
|
-2.5%
|
+2.3%
|
-0.7%
|
+0.8%
|
+2.4%
|
+1.2%
|
+0.6%
|
-1.6%
|
| 2024 |
-1.2%
|
-2.4%
|
+1.3%
|
-5.3%
|
+2.8%
|
+1.5%
|
+3.5%
|
+1.8%
|
+2.1%
|
-4.9%
|
+1.8%
|
-4.6%
|
| 2023 |
+6.2%
|
-4.7%
|
+5.1%
|
+0.4%
|
-2.6%
|
-0.2%
|
-1.9%
|
-2.2%
|
-6.5%
|
-4.0%
|
+8.2%
|
+7.4%
|
| 2022 |
-3.3%
|
-1.0%
|
-5.1%
|
-7.8%
|
-1.3%
|
-1.4%
|
+3.0%
|
-4.6%
|
-7.1%
|
-4.1%
|
+6.5%
|
-1.7%
|
| 2021 |
-3.0%
|
-5.3%
|
-4.0%
|
+1.9%
|
+0.1%
|
+3.2%
|
+3.3%
|
-0.2%
|
-2.6%
|
+0.6%
|
+2.2%
|
-1.3%
|
| 2020 |
+5.7%
|
+4.8%
|
+5.6%
|
+0.5%
|
-0.4%
|
+0.2%
|
+2.8%
|
-3.7%
|
+0.8%
|
-2.8%
|
+1.1%
|
-1.0%
|
| 2019 |
+0.4%
|
-0.8%
|
+3.9%
|
-1.2%
|
+4.6%
|
+1.2%
|
+0.3%
|
+6.6%
|
-1.8%
|
-0.5%
|
-0.8%
|
-2.0%
|
| 2018 |
-2.6%
|
-1.6%
|
+1.8%
|
-1.6%
|
+1.2%
|
+0.3%
|
-0.9%
|
+1.2%
|
-1.8%
|
-1.1%
|
+1.7%
|
+4.1%
|
| 2017 |
+0.5%
|
+1.1%
|
-0.2%
|
+1.3%
|
+0.9%
|
-0.3%
|
+0.1%
|
+2.1%
|
-1.7%
|
-0.1%
|
-0.1%
|
+0.6%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
No holdings data available.
Related ETFs: TLH vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
TLH tracks the ICE U.S. Treasury 10-20 Year Bond Index, which measures the performance of U.S. Treasury bonds with remaining maturities between 10 and 20 years. The index is market-cap weighted, meaning larger issuances of Treasury securities have greater representation in the portfolio. The fund holds physical Treasury bonds rather than using derivatives, aiming for precise tracking of its benchmark. TLH rebalances monthly to account for changes in the index composition as bonds age out of the target maturity range or new issuances come to market. The portfolio typically holds 20-40 individual Treasury securities.
Frequently Asked Questions
What is the average duration of TLH?
TLH typically has an average duration between 12-15 years, meaning its price would be expected to fall about 12-15% for each 1% rise in interest rates.
How often does TLH pay dividends?
TLH pays dividends monthly, reflecting the interest payments from its underlying Treasury bond holdings.
Is TLH a good investment during rising interest rate environments?
TLH tends to perform poorly when interest rates are rising significantly, as bond prices fall when yields increase. However, it may benefit if rates decline or during flight-to-quality market events.
What is the difference between TLH and TLT?
TLH holds Treasuries with 10-20 year maturities, while TLT holds bonds with 20+ years to maturity, making TLT more sensitive to interest rate changes.
Does TLH hold only newly issued Treasury bonds?
No, TLH holds Treasury bonds across the 10-20 year maturity spectrum, including both newly issued bonds and older bonds that now fall within this maturity range.
Industry Overview
The iShares 10-20 Year Treasury Bond ETF (TLH) operates in the fixed-income ETF space, specifically focusing on intermediate-to-long duration U.S. Treasury securities. This segment of the bond market is particularly sensitive to interest rate movements and is often used by investors for portfolio diversification, income generation, and as a defensive position during market turbulence. Treasury bonds are considered benchmark risk-free assets in financial markets, with their yields serving as a reference point for other debt instruments. The 10-20 year maturity range targeted by TLH typically offers higher yields than shorter-term Treasuries while avoiding the extreme volatility of bonds with maturities beyond 20 years.
Alternative Comparison
Compared to the iShares 20+ Year Treasury Bond ETF (TLT), TLH offers less interest rate sensitivity due to its shorter duration, making it potentially more suitable for investors concerned about rising rates. Against the iShares 7-10 Year Treasury Bond ETF (IEF), TLH provides higher yield potential but with greater price volatility. TLH's expense ratio of 0.15% is competitive with similar Treasury ETFs like Vanguard's VGIT (0.04%) and Schwab's SCHR (0.03%), though slightly higher due to its more specific maturity focus.
Issuer Overview
TLH is issued by iShares, BlackRock's ETF division and the world's largest ETF provider. iShares offers a comprehensive suite of fixed-income ETFs, including Treasury, corporate bond, and municipal bond funds. BlackRock's scale provides TLH with efficient management and tight tracking to its benchmark index. The firm's fixed-income expertise and robust risk management framework support the ETF's operations.
Conclusion
The iShares 10-20 Year Treasury Bond ETF (TLH) offers investors targeted exposure to an important segment of the Treasury yield curve. While it carries meaningful interest rate risk, TLH can serve as a core holding for income-focused portfolios or as a tactical allocation during periods of economic uncertainty. Investors should carefully consider their interest rate outlook and investment horizon before allocating to this intermediate-long duration Treasury ETF.
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