iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
TLTW
Chicago Board Options Exchange- -
USD
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Capital Structure
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in mil. unless spec.Working Capital
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management - Income
- Address
- 400 Howard Street San Francisco CA United States of America 94105
- IPO Date
- Aug 23, 2022
- Website
- ishares.com
- Similar Companies
- Business
- iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is an exchange-traded fund that seeks to track the CBOE TLT 2% OTM BuyWrite Index by holding shares of the iShares 20+ Year Treasury Bond ETF (TLT) and writing one-month, out-of-the-money covered call options on those holdings to generate premium income. The fund employs a fund-of-funds approach with primary exposure to long-duration U.S. Treasury bonds maturing in 20 years or more; its portfolio consists predominantly of TLT (approximately 99.3% weighting) alongside minimal cash equivalents for operational purposes. Launched on August 18, 2022, TLTW operates within the fixed income derivatives income segment, targeting income-seeking investors exposed to interest rate-sensitive government securities, and trades on the BATS exchange with a net expense ratio of 0.35%. The ETF provides monthly distributions derived from option premiums, bond yields, and potential capital gains, offering enhanced income potential over plain vanilla long-term Treasury exposure amid volatile rate environments. Geographically, TLTW focuses on U.S. Treasury securities domiciled in the United States, with no significant international operations, and is issued by BlackRock under the iShares brand. In recent developments, portfolio manager Erin Armstrong joined the team on June 30, 2025, complementing existing managers Jennifer Hsui, Orlando Montalvo, Greg Savage, and Paul Whitehead, reflecting ongoing enhancements to the fund's oversight amid BlackRock's broader fixed income innovations. Institutional ownership has expanded notably, with major holders such as Bank of America Corp./DE/ increasing positions by 37.67% to nearly 2 million shares in Q4 2025 filings, alongside inflows supporting assets under management growth to approximately $1.51-$1.66 billion. These changes underscore sustained investor interest in TLTW's high-yield strategy (around 16% distribution yield) despite market pressures on long-duration bonds.