TLT ETF — Holdings & Analysis

The iShares 20+ Year Treasury Bond ETF (TLT) offers investors concentrated exposure to long-term U.S. government debt, specifically Treasury securities with maturities exceeding two decades. With a substantial $47.05 billion in assets under management (AUM) and a competitive expense ratio of 0.1500%, TLT is a prominent vehicle for accessing the long end of the Treasury yield curve. Its strategy is designed to replicate an index composed exclusively of these extended-duration government bonds, making it a distinct option within the fixed income landscape.

Providing exposure to long-term government debt, the iShares 20+ Year Treasury Bond ETF aims to replicate the performance of an index. This benchmark index is comprised exclusively of U.S. Treasury securities with maturities extending beyond two decades.

The iShares 20+ Year Treasury Bond ETF (TLT) is designed to provide targeted exposure to the performance of an index comprising U.S. Treasury securities that possess maturities of 20 years or more. This focused approach means the fund exclusively invests in long-duration government debt, differentiating it from broader bond ETFs that might include corporate bonds, mortgage-backed securities, or a wider range of maturities. As of 2026-09-07, the ETF holds 47 distinct U.S. Treasury securities, reflecting its commitment to replicating the underlying index. The sector allocation data indicates 100.0% in 'Cash & Others,' which in the context of this fixed income ETF, represents its full allocation to these U.S. Treasury bonds, rather than literal cash. Furthermore, its country exposure is overwhelmingly concentrated in the United States at 99.2%, underscoring its domestic government debt focus. This strategy is typically sought by investors looking to manage interest rate risk, hedge against equity market volatility, or express a view on the long-term direction of U.S. interest rates. Its singular focus on the longest-dated Treasuries means its performance is highly sensitive to changes in long-term interest rates, offering a distinct risk/reward profile compared to short or intermediate-duration bond funds.

The iShares 20+ Year Treasury Bond ETF (TLT) carries a distinct risk profile primarily driven by its exclusive focus on long-duration U.S. Treasury securities. The most significant risk is interest rate sensitivity; as interest rates rise, the value of long-term bonds typically falls more sharply than shorter-term bonds, and vice-versa. This sensitivity is reflected in its 3-year Beta of 2.40, which is exceptionally high for a fixed income product and suggests a significant correlation and amplified volatility relative to broader market movements, particularly those influenced by interest rate expectations. Concentration risk is also inherent, as 100.0% of its sector allocation is effectively in U.S. government debt, and 99.2% of its country exposure is to the United States. While U.S. Treasuries are considered among the safest assets globally in terms of credit risk, this singular focus means the fund is highly susceptible to factors affecting the U.S. bond market. The expense ratio of 0.1500% represents a modest drag on returns, though it is generally competitive within the ETF landscape. Investors should understand that while credit risk is minimal, the price volatility due to interest rate fluctuations can be substantial, making it a more volatile fixed income option.

0.15%

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