Average Daily Volume
41.91M
Fund Overview
The iShares 20+ Year Treasury Bond ETF (TLT) seeks to track the investment results of the ICE U.S. Treasury 20+ Year Bond Index, which measures the performance of U.S. Treasury bonds with remaining maturities greater than 20 years. TLT provides investors with exposure to long-duration U.S. government debt, making it a popular choice for those seeking income, capital preservation, or a hedge against equity market volatility. The fund is highly liquid and widely used by institutional and retail investors alike. Given its focus on long-term Treasuries, TLT is particularly sensitive to changes in interest rates, with its price tending to rise when rates fall and decline when rates rise.
- Asset Class
-
Bond
- Industry
-
Treasury Bonds
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / No
- Dividend Quality - Yield
-
- 4.55 %
- Currency Hedged
-
No
- Portfolio Turnover
-
23 %
- Dividend Date
-
Why Invest in the TLT ETF?
Potential Benefits
- Provides exposure to long-term U.S. Treasury bonds, which are considered among the safest fixed-income investments.
- Offers a hedge against equity market downturns, as Treasuries often perform well during periods of economic uncertainty.
- Highly liquid, with tight bid-ask spreads, making it easy to trade.
- Low expense ratio compared to many actively managed bond funds.
- Generates regular income through coupon payments from the underlying bonds.
Potential Risks
- Highly sensitive to interest rate changes; rising rates can lead to significant price declines.
- Long duration increases volatility compared to shorter-term bond ETFs.
- Inflation risk, as fixed coupon payments may lose purchasing power over time.
- Lower yield potential compared to corporate or high-yield bond ETFs.
- Concentration risk in U.S. government debt, with no diversification into other sectors.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
0.0%
|
+4.6%
|
-4.2%
|
-0.8%
|
+0.5%
|
+1.2%
|
-4.5%
|
+0.7%
|
-5.4%
|
-0.2%
|
-
|
-
|
| 2025 |
+0.5%
|
+5.7%
|
-1.2%
|
-1.4%
|
-3.2%
|
+2.7%
|
-1.1%
|
0.0%
|
+3.6%
|
+1.4%
|
+0.3%
|
-2.7%
|
| 2024 |
-2.2%
|
-2.3%
|
+0.8%
|
-6.4%
|
+2.9%
|
+1.8%
|
+3.6%
|
+2.1%
|
+2.0%
|
-5.5%
|
+2.0%
|
-6.4%
|
| 2023 |
+7.6%
|
-4.9%
|
+4.8%
|
+0.3%
|
-3.0%
|
+0.2%
|
-2.5%
|
-3.1%
|
-7.9%
|
-5.5%
|
+9.9%
|
+8.7%
|
| 2022 |
-3.9%
|
-1.6%
|
-5.4%
|
-9.4%
|
-2.3%
|
-1.3%
|
+2.4%
|
-4.6%
|
-8.2%
|
-6.0%
|
+7.1%
|
-2.6%
|
| 2021 |
-3.6%
|
-5.7%
|
-5.2%
|
+2.5%
|
0.0%
|
+4.4%
|
+3.7%
|
-0.3%
|
-2.9%
|
+2.5%
|
+2.8%
|
-2.0%
|
| 2020 |
+7.7%
|
+6.6%
|
+6.4%
|
+1.2%
|
-1.8%
|
+0.3%
|
+4.4%
|
-5.0%
|
+0.8%
|
-3.4%
|
+1.7%
|
-1.2%
|
| 2019 |
+0.4%
|
-1.4%
|
+5.6%
|
-2.0%
|
+6.8%
|
+0.9%
|
+0.3%
|
+11.0%
|
-2.7%
|
-1.1%
|
-0.4%
|
-3.2%
|
| 2018 |
-3.3%
|
-3.0%
|
+2.9%
|
-2.1%
|
+2.0%
|
+0.6%
|
-1.4%
|
+1.3%
|
-2.9%
|
-2.9%
|
+1.8%
|
+5.9%
|
| 2017 |
+0.8%
|
+1.6%
|
-0.7%
|
+1.6%
|
+1.9%
|
+0.8%
|
-0.7%
|
+3.4%
|
-2.3%
|
0.0%
|
+0.7%
|
+1.8%
|
< -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: TLT vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
TLT tracks the ICE U.S. Treasury 20+ Year Bond Index, which includes U.S. Treasury bonds with remaining maturities of 20 years or more. The index is market-cap weighted, meaning larger issuances have a greater impact on the fund's performance. TLT is passively managed, aiming to replicate the index's performance by holding a representative sample of the underlying securities. The fund primarily holds physical Treasury bonds, avoiding derivatives or leverage. Rebalancing occurs periodically to align with the index's composition, typically when new bonds are issued or existing bonds mature.
Frequently Asked Questions
What is the average duration of TLT?
TLT typically has an average effective duration of around 17-18 years, reflecting its sensitivity to interest rate changes.
Does TLT pay dividends?
Yes, TLT distributes monthly dividends derived from the coupon payments of its underlying Treasury bonds.
How does TLT perform during recessions?
TLT often performs well during recessions as investors flock to safe-haven assets, driving up Treasury prices, especially when the Federal Reserve cuts interest rates.
Is TLT a good hedge against stock market declines?
Yes, TLT has historically exhibited negative correlation to equities, making it an effective hedge during market downturns.
What are the tax implications of investing in TLT?
Interest income from TLT is subject to federal income tax but exempt from state and local taxes, as it holds U.S. Treasury securities.
Industry Overview
The iShares 20+ Year Treasury Bond ETF (TLT) is part of the long-duration U.S. Treasury bond market, which plays a critical role in global finance. Long-term Treasuries are often used as a benchmark for risk-free rates and serve as a key component in diversified portfolios. Investors typically turn to TLT for its stability and inverse correlation to equities during market stress. The fund is particularly relevant for those looking to manage interest rate exposure or seeking a defensive position in their portfolio. The long-term Treasury market is influenced by macroeconomic factors such as Federal Reserve policy, inflation expectations, and global demand for U.S. debt.
Alternative Comparison
Compared to IEF (iShares 7-10 Year Treasury Bond ETF), TLT offers longer duration exposure, resulting in higher interest rate sensitivity but potentially greater price appreciation during rate declines. Unlike EDV (Vanguard Extended Duration Treasury ETF), which holds zero-coupon bonds, TLT includes coupon-paying bonds, providing periodic income. TLT also differs from GOVZ (iShares 25+ Year Treasury STRIPS Bond ETF), which focuses solely on principal payments from long-term Treasuries, whereas TLT holds standard coupon-bearing bonds.
Issuer Overview
TLT is issued by iShares, a leading global provider of ETFs and part of BlackRock, the world's largest asset manager. iShares is known for its extensive lineup of low-cost, passively managed ETFs that cover a wide range of asset classes and investment strategies. BlackRock's scale and expertise in fixed-income markets contribute to the efficiency and liquidity of TLT.
Conclusion
TLT is a core holding for investors seeking long-term U.S. Treasury exposure, offering liquidity, safety, and a hedge against equity market volatility. Its performance is closely tied to interest rate movements, making it a useful tool for rate-sensitive strategies. While it carries risks associated with duration and inflation, its role in diversified portfolios and its inverse correlation to risk assets make it a valuable component for many investors.
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