TLT
iShares 20+ Year Treasury Bond ETF
iShares 20+ Year Treasury Bond ETF is an exchange-traded fund incorporated in the USA. The ETF seeks to track the investment results of an index composed of U.S. Treasury bonds with remaining maturities greater than twenty years.
Government
FIXED INCOME
Passive
MANAGEMENT STYLE
60.2 B
ASSETS UNDER MGMT
15 bp
EXPENSES
Fund Basics
| Fund sponsor | BlackRock Fund Advisors |
| Category | Government |
| Asset class | Fixed Income |
| Website | link... |
| Inception date | Jul 22, 2002 |
| Assets (mns) | $60,214 |
| Expense ratio | 15 bp |
Constituent Breakdown
| No. of constituents | 35 |
| No. of distinct issuers | 1 |
| Coverage | 100% |
| Fixed/floating rate | 100% / 0% |
| Investment grade | 100% |
| Inflation protected | 0% |
| Non-standard maturity (callable, etc.) | 7% |
Fund Structure
| Regulation | Open-End Investment Company |
| Distributions | Monthly |
| Taxation | 1099 |
| Bond selection | |
| Weighting | Market Cap |
| Smart-beta | No |
| Derivatives-based | No |
| Options available | Yes |
| Currency hedged | No |
| Fund of funds | No |
Top 10 Holdings
| U.S. TREASURY BOND 1.875% 15-FEB-2051 | 10.9 % |
| U.S. TREASURY BOND 2.0% 15-AUG-2051 | 7.7 % |
| U.S. TREASURY BOND 1.625% 15-NOV-2050 | 6.9 % |
| U.S. TREASURY BOND 3.0% 15-FEB-2049 | 6.6 % |
| U.S. TREASURY BOND 1.875% 15-NOV-2051 | 5.6 % |
| U.S. TREASURY BOND 3.0% 15-AUG-2048 | 5.0 % |
| U.S. TREASURY BOND 3.0% 15-FEB-2048 | 4.8 % |
| U.S. TREASURY BOND 2.0% 15-FEB-2050 | 4.6 % |
| U.S. TREASURY BOND 3.125% 15-AUG-2044 | 4.5 % |
| U.S. TREASURY BOND 2.5% 15-FEB-2046 | 4.2 % |
Issuer Type Breakdown
Top Issuers
| U.S. TREASURY | 99.8 % |
Historical Performance
Standardized Performance (as of 08/31/2024)
| YTD | 1 YR | 2 YR | 3 YR | 5 YR | 10 YR | Incep. | |
|---|---|---|---|---|---|---|---|
| Total Returns | -0.1% | 4.5% | -3.5% | -10.7% | -5.8% | 0.4% | 4.2% | Volatility | 14.0% | 16.7% | 18.4% | 17.8% | 17.9% | 15.2% | -- |
Market Correlations
| versus... | Beta | R-squared |
| S&P 500 | 0.60 | 43% |
| MSCI EAFE | 0.65 | 47% |
| MSCI Emg Mkts | 0.69 | 51% |
Liquidity Measures
| Avg. volume (000) | 33,080 |
| Turnover | 0.0% |
| Avg. Bid/Ask (% of price) | 0.01% |
| ADV of underlying (mns) | $0 |
Technical Indicators
| Recent close | $101.33 |
| 30d moving avg. | $98.47 |
| Annualized volatility | 16.6% |
| Relative strength (RSI) | 54 |
| Short interest (ETF) | 8.3% |
| Short interest (underlying) | 0.0% |
Distributions
Assets Under Management (mns)
Money Flows (mns)
Short Interest (as % of shares outstanding)
Long Money Flows (mns)
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Credit Quality
Duration
Macaulay Duration
Modified Duration
SHORT
MED.
LONG TERM
18.1 yrs
Modified Duration
◁ INSENSITIVE
EXTREMELY SENSITIVE ▷
17.8%
ⓘ Our analysis shows this fund is likely to be quite sensitive to changes in interest rates
Interest Rate Sensitivity Analysis
| Change in YTM |
New YTM |
Est. Price Change |
New Price |
|---|---|---|---|
| +300 bp | --% | --% | $-- |
| +200 bp | --% | --% | $-- |
| +150 bp | --% | --% | $-- |
| +100 bp | --% | --% | $-- |
| +75 bp | --% | --% | $-- |
| +50 bp | --% | --% | $-- |
| +25 bp | --% | --% | $-- |
| 0 bp | --% | --% | $-- |
| -25 bp | --% | --% | $-- |
| -50 bp | --% | --% | $-- |
| -75 bp | --% | --% | $-- |
| -100 bp | --% | --% | $-- |
| -150 bp | --% | --% | $-- |
| -200 bp | --% | --% | $-- |
| - 300bp | --% | --% | $-- |
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Yields
Disposition of YTM
Distribution Yield (Trailing 12 Months)
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ETF Research Center Fund Rating
The ALTAR Score™ is our measure of an ETF's overall investment merit. For fixed income funds, the Score is an estimate of risk-adjusted yield to maturity (calculation shown below). In effecient markets, the plot of ALTAR Scores™ vs. Duration should resemble the familiar yield curve. Funds that sit above the curve may offer better risk-adjusted returns than those that sit below the curve.
ALTAR Score™
TLT
3.9%
Cat. Avg
4.0%
Fund Category: Government
| Adj. Yield to Maturity | -- bp |
| Less: Annual "default factor" | -- bp |
| Less: Expenses | 15 bp |
| Equals: ALTAR Score™ | 3.9% |
ALTAR Score™ vs. Duration (Government Bond ETFs)
Expense Analysis
| Peer Group | Passive Government Fixed Income ETFs |
| # of ETFs | 25 |
| Avg. Expense Ratio | 16.6 bp |
| Std. Deviation | 18.7 bp |
| TLT (15 bp) Percentile rank | 48 |
Peer Group Expense Ratio Distribution
Total Cost of Ownership (TCO) Comparison
| Expense (bp) (A) |
Avg. Bid/Ask (bp) (B) |
TCO (bp) (A)+(B) |
|
|---|---|---|---|
| TLT | 15.0 | 1.1 | 16.1 |
| Peer Avg. | 20.1 | 11.3 | 31.4 |
For a detailed cost analysis of this and any other ETF use the TCO Comparison Tool .