TLTW ETF — iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW)
Updated October 2, 2026.
TLTW is an ETF that tracks the ICE U.S. Treasury 20+ Year Bond Index. its distribution rate is 17.34%, its trailing-12-month yield is 11.95%, its expense ratio is 0.35%. Dividend Vision Distribution Safety Score™ is 22/100 (Elevated risk). Total return is -7.3% over the past 4.1 years, 11.7 points ahead of TLT at -19.0%.
At the current 17.34% distribution rate, a $10,000 investment would generate approximately $1,734 per year, or $144.50 per month.
This ETF holds long-term U.S. Treasury bonds tracked by the iShares 20+ Year Treasury Bond ETF and writes call options against the full value of those holdings to generate additional income. The fund distributes a high current income monthly and carries an expense ratio of 0.35%. It appeals to income-focused investors seeking regular monthly distributions from Treasury-backed strategies, though call writing caps potential price appreciation if Treasury values rise significantly.
TLTW dividend yield and income
Price as of 2026-10-02.
The distribution rate (17.34%) is the latest posted forward yield, paid monthly. Trailing-12-month yield (11.95%) is the last year of payments divided by the current price. The next declared dividend is $0.28857. The last ex-dividend date was 10/02/2026. It is scheduled to be paid on 10/07/2026. At the current 17.34% distribution rate, a $10,000 investment would generate approximately $1,734 per year, or $144.50 per month.
| Ex-date | Amount | Change from previous payment |
|---|---|---|
| 2026-10-02 | $0.28857 | 120.0% |
| 2026-09-02 | $0.13115 | -13.9% |
| 2026-08-04 | $0.1523 | 13.1% |
| 2026-07-02 | $0.13465 | -38.0% |
| 2026-06-02 | $0.21715 | 78.8% |
| 2026-05-04 | $0.12143 | -42.6% |
| 2026-04-02 | $0.21146 | 3.6% |
| 2026-03-03 | $0.20402 | 17.1% |
| 2026-02-03 | $0.17419 | -6.8% |
| 2025-12-23 | $0.18691 | -0.3% |
| 2025-12-02 | $0.18756 | -50.4% |
| 2025-11-04 | $0.37828 | 161.7% |
| 2025-10-02 | $0.14452 | -33.8% |
| 2025-09-03 | $0.21832 | -5.5% |
| 2025-08-04 | $0.23109 | -26.3% |
| 2025-07-02 | $0.31368 | -25.1% |
| 2025-06-03 | $0.4186 | 11.6% |
| 2025-05-02 | $0.37498 | 45.4% |
| 2025-04-02 | $0.25793 | -0.4% |
| 2025-03-04 | $0.259 | -33.3% |
| 2025-02-04 | $0.38827 | -34.5% |
| 2024-12-20 | $0.59303 | 78.9% |
| 2024-12-03 | $0.3314 | 31.3% |
| 2024-11-04 | $0.25238 | 21.6% |
| 2024-10-02 | $0.20761 | -25.9% |
| 2024-09-04 | $0.28023 | 27.3% |
| 2024-08-02 | $0.22012 | -20.5% |
| 2024-07-02 | $0.27695 | 12.2% |
| 2024-06-04 | $0.24689 | 0.1% |
| 2024-05-02 | $0.24665 | 5.0% |
| 2024-04-02 | $0.23501 | -22.2% |
| 2024-03-04 | $0.30193 | 42.2% |
| 2024-02-02 | $0.21229 | -71.5% |
| 2023-12-22 | $0.74603 | 29.3% |
| 2023-12-04 | $0.57686 | 44.1% |
| 2023-11-02 | $0.40045 | 39.0% |
| 2023-10-03 | $0.28816 | -13.3% |
| 2023-09-05 | $0.33248 | 69.0% |
| 2023-08-02 | $0.19674 | -63.4% |
| 2023-07-05 | $0.53793 | 53.4% |
| 2023-06-02 | $0.35059 | -34.0% |
| 2023-05-02 | $0.53104 | -18.0% |
| 2023-04-04 | $0.6476 | 109.4% |
| 2023-03-02 | $0.30928 | -33.4% |
| 2023-02-02 | $0.46449 | -10.1% |
| 2022-12-23 | $0.5165 | 6.1% |
| 2022-12-02 | $0.48677 | -21.6% |
| 2022-11-02 | $0.62072 | -3.7% |
| 2022-10-04 | $0.64428 | 15.8% |
| 2022-09-02 | $0.55621 | — |
| 2022 total (partial launch year) | $2.82448 | — |
| 2023 total | $5.38165 | — |
| 2024 total | $3.40449 | -36.7% |
| 2025 total | $3.35914 | -1.3% |
| 2026 YTD total | $1.63492 | -37.3% vs prior-year YTD |
TLTW dividend growth
Trailing-12-month distributions versus the preceding 12 months changed -36.9%. The 1Y row below uses this same adjacent TTM cash-window comparison. The deepest trailing-12-month payout decline in the past five years is -50.90%.
| Window | Change |
|---|---|
| 1Y | -36.9% |
| 3Y | -54.8% |
| 5Y | 0.0% |
TLTW holdings and sector exposure
Holdings are not available for this snapshot.
Economic / reference exposure: TLT (physical holdings below may be collateral and options, not the reference asset itself).
TLTW performance versus TLT
Price and return data through 2026-10-02.
Total return is -7.3% over the past 4.1 years, 11.7 points ahead of TLT at -19.0%. Over the past year its total return — price change plus distributions reinvested — is -4.8%. Its deepest 1-year drawdown was 9.2%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | -4.1% | — |
| 3M | -7.1% | — |
| 6M | -6.8% | — |
| YTD | -5.0% | — |
| 1Y | -4.8% | — |
| 2Y CAGR | — | -1.30% |
| 3Y CAGR | — | 2.40% |
| Since inception (4.1 years) | -7.3% | -1.80% |
TLTW key facts
- Distribution Safety Score™
- 22 · Elevated risk
- Safety-Adjusted Yield
- 3.81%
- Issuer
- iShares
- Asset type
- ETF
- Asset class
- Equity
- Inception date
- 08/18/2022
- Expense ratio
- 0.35%
- Distribution rate
- 17.34%
- Distribution frequency
- Monthly
- Trailing yield
- 11.95%
- Last close
- $19.98 (as of 2026-10-02)
- AUM
- $1,731,529,840
- Average volume
- 2806300.0
- Next dividend
- $0.28857
- Last ex-dividend date
- 10/02/2026
- Next payment date
- 10/07/2026
- Beta
- 1.67
How Dividend Vision calculates yield and returns
Distribution rate (17.34%) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield (11.95%) is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: iShares or company page; Index: ICE U.S. Treasury 20+ Year Bond Index; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
TLTW risks and drawbacks
The deepest 1-year drawdown on record here is 9.2%.
Compare TLTW
TLTW vs similar funds:
Frequently asked questions
Does TLTW pay monthly?
Yes. TLTW currently pays monthly.
What index does TLTW track?
TLTW tracks the ICE U.S. Treasury 20+ Year Bond Index.
What is TLTW's expense ratio?
TLTW's expense ratio is 0.35%.
What is TLTW's dividend yield?
TLTW's distribution rate is 17.34%, paid monthly, with a 0.35% expense ratio — the latest regular payout annualised, not a trailing 12-month yield (data as of October 2, 2026).
How has TLTW's dividend grown?
Trailing-12-month distributions versus the preceding 12 months changed -36.9%. That is the same adjacent TTM cash-window comparison used in the dividend-history table.
When does TLTW pay a dividend?
TLTW pays monthly. The next declared dividend is $0.28857. The last ex-dividend date was 10/02/2026. It is scheduled to be paid on 10/07/2026.
How has TLTW performed?
Total return is -7.3% over the past 4.1 years, 11.7 points ahead of TLT at -19.0%. Over the past year its total return — price change plus distributions reinvested — is -4.8%. Its deepest 1-year drawdown was 9.2%.
Is TLTW a good investment?
TLTW's Dividend Vision Distribution Safety Score is 22 (Elevated risk). That is a risk signal, not investment advice. Its distribution rate is 17.34% (the latest regular payout annualised, not a trailing yield). Compare peers below rather than treating any single figure as a buy or sell.
More securities from iShares.
Tickers
Holdings as-of date unavailable.
| Ticker | Name | Weight |
|---|
See how this investment would fit into your portfolio.