- CUSIP
- 46436E338
- Issuer
- iShares
- Inception Date
- Jun 18, 2022
- Category
- Derivative Income
- Leveraged
- 1x (No leverage)
- Index Tracked
- CBOE TLT 2% OTM Buywrite Index (USD)
- Domicile
- United States
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Assets Under Management
- $2B
Highlights
- Avg. Volume (1M)
- 1M
- Avg. Volume Value (1M)
- $26.59M
Share Price Chart
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Performance
TLTW Performance Chart
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) is down 0.4% since the beginning of the year. TLTW is currently trading at $21 per share.
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Returns By Period
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has returned -0.40% so far this year and 4.06% over the past 12 months.
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
- 1D
- 0.74%
- 1M
- -2.52%
- 6M
- -0.64%
- YTD
- -0.40%
- 1Y
- 4.06%
- 3Y*
- 1.27%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -0.74%
Benchmark (S&P 500 Index)
- 1D
- 1.79%
- 1M
- 3.38%
- 6M
- 11.83%
- YTD
- 13.02%
- 1Y
- 22.22%
- 3Y*
- 19.99%
- 5Y*
- 11.80%
- 10Y*
- 13.49%
- ALL TIME*
- 8.15%
TLTW Monthly Returns History
Based on dividend-adjusted daily data since Aug 22, 2022, TLTW's average daily return is 0.00%, while the average monthly return is 0.00%.
Historically, 55% of months were positive and 45% were negative. The best month was Jan 2023 with a return of +8.2%, while the worst month was Sep 2022 at -6.6%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 4 months.
On a daily basis, TLTW closed higher 53% of trading days. The best single day was Sep 28, 2022 with a return of +2.9%, while the worst single day was Oct 12, 2023 at -2.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.18% | 4.37% | -2.98% | -0.53% | 0.37% | 1.39% | -4.07% | 1.12% | -0.40% | ||||
| 2025 | 0.85% | 3.71% | 0.50% | -0.65% | -1.78% | 3.30% | -0.20% | 0.97% | 3.50% | 2.43% | 0.42% | -2.03% | 11.36% |
| 2024 | -1.35% | -1.15% | 1.60% | -5.56% | 2.57% | 2.16% | 3.55% | 2.22% | 2.34% | -5.02% | 0.82% | -3.82% | -2.18% |
| 2023 | 8.17% | -4.22% | 5.21% | 1.02% | -0.95% | 1.36% | -1.46% | -3.84% | -5.91% | -5.08% | 5.90% | 1.67% | 0.73% |
| 2022 | -0.47% | -6.60% | -5.80% | 5.82% | -4.11% | -11.14% |
Benchmark Metrics
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF has an annualized alpha of -2.33%, beta of 0.13, and R2 of 0.04 versus S&P 500 Index. Calculated based on daily prices since August 22, 2022.
- This ETF participated in 82.79% of S&P 500 Index downside but only 31.28% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R2 of 0.04 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.04 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -2.33%
- Beta
- 0.13
- R²
- 0.04
- Upside Capture
- 31.28%
- Downside Capture
- 82.79%
Expense Ratio
TLTW has an expense ratio of 0.35%, placing it in the medium range.
Return for Risk
Risk / Return Rank
TLTW ranks 21 for risk / return — above 21% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TLTW | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.62 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.31 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 2.45 | -1.77 |
| Martin ratioReturn relative to average drawdown | 1.68 | 10.40 | -8.72 |
Dividends
Dividend History
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF provided a 10.90% dividend yield over the last twelve months, with an annual payout of $2.33 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $2.33 | $3.36 | $3.40 | $5.38 | $2.82 |
Dividend yield | 10.90% | 14.82% | 14.47% | 19.59% | 8.71% |
Monthly Dividends
The table displays the monthly dividend distributions for iShares 20+ Year Treasury Bond BuyWrite Strategy ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.17 | $0.20 | $0.21 | $0.12 | $0.22 | $0.13 | $0.15 | $1.22 | ||||
| 2025 | $0.00 | $0.39 | $0.26 | $0.26 | $0.38 | $0.42 | $0.31 | $0.23 | $0.22 | $0.14 | $0.38 | $0.37 | $3.36 |
| 2024 | $0.00 | $0.21 | $0.30 | $0.24 | $0.25 | $0.25 | $0.28 | $0.22 | $0.28 | $0.21 | $0.25 | $0.92 | $3.40 |
| 2023 | $0.00 | $0.46 | $0.31 | $0.65 | $0.53 | $0.35 | $0.54 | $0.20 | $0.33 | $0.29 | $0.40 | $1.32 | $5.38 |
| 2022 | $0.56 | $0.64 | $0.62 | $1.00 | $2.82 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the iShares 20+ Year Treasury Bond BuyWrite Strategy ETF was 18.61%, occurring on Oct 19, 2023. Recovery took 582 trading sessions.
The current iShares 20+ Year Treasury Bond BuyWrite Strategy ETF drawdown is 4.74%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-18.61%Oct 2023 | 1y 1mo | 2y 4mo | 3y 5moAug 2022 - Feb 2026 | — |
-5.97%May 2026 | 2mo 18d | — | 5mo 6dMar 2026 - now | — |
-1.04%Aug 2022 | 2d | 1d | 3dAug 2022 - Aug 2022 | Bear market2022 |
-0.21%Feb 2026 | 1d | 3d | 3dFeb 2026 - Feb 2026 | — |
-0.13%Feb 2026 | 1d | 1d | 1dFeb 2026 - Feb 2026 | — |
Drawdown Indicators
| TLTW | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -18.61% | -56.78% | +38.17% |
Max Drawdown (1Y)Largest decline over 1 year | -5.97% | -9.10% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -12.93% | -18.90% | +5.97% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -4.74% | 0.00% | -4.74% |
Average DrawdownAverage peak-to-trough decline | -8.03% | -10.70% | +2.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.42% | 2.14% | +0.28% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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