iShares 20+ Year Treasury Bond ETF
TLT BondUpdated: Jul 4, 2026, 21:17 UTC
Key Metrics
About This ETF
The iShares 20+ Year Treasury Bond ETF (TLT) is a Bond ETF with an expense ratio (TER) of 0.15% and $42.9B in assets under management. The ETF currently yields 4.55% in dividends. Year-to-date, TLT has returned +0.09%.
The fund will invest at least 80% of its assets in the component securities of the underlying index, and it will invest at least 90% of its assets in U.S. Treasury securities that the advisor believes will help the fund track the underlying index. The underlying index measures the performance of public obligations of the U.S. Treasury that have a remaining maturity greater than or equal to twenty years.
FAQ — TLT
What is the TER of TLT (iShares 20+ Year Treasury Bond ETF)?
TLT has a Total Expense Ratio (TER) of 0.15 % per year. That sits above the bond category median (0.15 % across 8 peer ETFs). The TER is deducted directly from the fund and lowers your effective return.
What return has TLT delivered?
Performance for TLT: YTD: +0.09 % · 3-year p.a.: -1.73 % · 5-year p.a.: -6.90 %. Over 5 years, TLT underperforms the bond category median of +0.21 % by -7.11 pp. Past performance is no guarantee of future returns.
Does TLT pay dividends?
TLT has a current dividend yield of 4.55 %. Distributing ETFs pay this out in cash; accumulating versions reinvest it inside the fund. Check the share class on your broker before buying.
Where can I buy or set up a savings plan for TLT?
TLT is available at most major brokers. For a free monthly savings plan from €1, look at Trade Republic, Scalable Capital or Flatex. The broker comparison on this site shows fees, free-savings-plan ETFs and execution exchanges side by side.
What is the iShares 20+ Year Treasury Bond ETF (TLT)?
The iShares 20+ Year Treasury Bond ETF (TLT) holds U.S. government bonds with at least twenty years of remaining maturity. With roughly $42.9B in assets and a 0.15% expense ratio, it is one of the most actively traded long-duration funds. Investors use it to bet on falling interest rates, collect ongoing income, and cushion equity risk. Because of its long duration, however, the price reacts very strongly to changes in interest rates.
Performance and what drives it
TLT is an interest-rate instrument, not a growth play: total return comes from coupon income plus price moves that depend almost entirely on long-term U.S. yields. The trailing distribution yield stands at 4.57%. Recent price returns reflect the higher-rate environment: roughly −0.01% year to date, −1.56% over three years, and −6.2% over five years (price basis, excluding reinvestment). Rising yields hit long bonds especially hard, while falling rates would lift them disproportionately. Over the past year the price ranged between $82.77 and $92.19.
Risk profile
The dominant risk is interest-rate risk: given the high duration of 20+ year bonds, even a small rise in yields can push the price down sharply. Credit risk, by contrast, is minimal, since the fund holds only U.S. Treasury securities. For euro-area investors there is also significant currency risk: the fund trades in U.S. dollars, so a weaker dollar can erode returns measured in euros.
- Interest-rate and duration risk (very high)
- EUR/USD currency risk
- Inflation risk for long-dated fixed coupons
- Price volatility despite top credit quality
Who is TLT suitable for?
TLT suits investors who want to position for falling long-term rates or seek a top-quality building block to offset equities. Income-focused investors also value the 4.57% distribution yield. A long holding period helps smooth short-term price swings.
It is less suitable for safety-first savers who expect price stability: the high duration produces equity-like volatility. Investors who want to avoid exchange-rate swings, or who have a short horizon, should consider shorter-maturity or currency-hedged alternatives. TLT is a tactical rate and hedging tool, not a low-risk cash parking spot.
How TLT compares
Within bond ETFs, TLT stands out mainly for its extreme maturity. Broadly diversified alternatives carry far lower duration.
- iShares Core U.S. Aggregate Bond (AGG) and Vanguard Total Bond Market (BND): broad U.S. bond markets with intermediate maturity and therefore lower rate sensitivity.
- Vanguard Total International Bond (BNDX): global, mostly currency-hedged bonds outside the U.S. for diversification.
Those wanting shorter duration can use money-market or short-term Treasury ETFs. TLT remains the tool for maximum rate exposure.
Where can I buy TLT?
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