TLH Fund Description

The iShares 10-20 Year Treasury Bond ETF tracks a market-weighted index of debt issued by the US Treasury. Remaining maturity must be 10-20 years.

TLH ETF.com Insight

TLH offers intentionally truncated exposure to the long end of the yield curve due to its 10-20 year maturity bracket. It’s one of the most popular ETFs in the long-term US governmentWhile at odds with our benchmark, TLH effectively delivers its target exposure bond segment, with over $300M under management and a reasonable expense ratio of 15 bps. However, the fund’s mandate puts it at odds with our longer-term (10-30 year) benchmark in predictable ways. TLH’s weighted average maturity is half of our benchmark. Unsurprisingly, TLH has one of the lowest effective durations in the segment, so it’s less sensitive to changes in interest rates. TLH can be traded efficiently in small and large quantities, but those requiring maximum liquidity can do better with competitor TLT. Still in all, TLH effectively delivers its target exposure. (Insight updated 09/30/2014)

1 Year
Performance [as of 12/18/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
TLH 2.01% 5.72% 13.99% 12.99% 2.62% 7.14% --
TLH (NAV) 2.03% 5.76% 13.86% 13.00% 2.64% 7.16% --
-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TLH Top 10 Countries

TLH Top 10 Sectors

TLH Top 10 Holdings

TLH Summary Data

BlackRock

A company that produces and manages ETFs.

01/05/07

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.15%

The net total annual fee a fund holder pays to the issuer.

$378.17 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

$7.46 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

0.10%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

TLH Portfolio Data

10.1

Price sensitivity in percentage to a 100 basis point parallel shift (up or down) in interest rates.

13.4 Years

The weighted average of remaining time until maturity for all securities in the portfolio.

2.71%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

12/24/14

The date on which a security's price excludes an upcoming dividend.

18

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

TLH Index Data

Barclays U.S. 10-20
Year Treasury Bond Index

This is the benchmark an ETF is desigend to track or replicate.

Market Value

A set of rules that the underlying index provider follows to weight its constituent securities.

Market Value

A set of rules that the underlying index provider follows to select its constituent securities.

Barclays Long U.S.
Treasury Index

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

Related ETFs to TLH

EDV, TLO, TLT, ZROZ

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

TLH Commentary & News

28 September 2014 Has Exodus From PIMCO's 'BOND' Begun? | ETF.com Olly Ludwig
19 September 2014 Alpha/Beta Webinar Series
8 September 2014 Inside Robo Advisor Tax Loss Harvesting | ETF.com Elisabeth Kashner

TLH ETF.com Efficiency Insight

TLH earns high marks in Efficiency. Its 15 bp fee is in line with those of its competitors and with an AUM of over $300M, it’s the segment’s second-most-popular ETF. It also tracks its index well: TLH has a median tracking difference of just 10 bps, 5 bps less than its headline fee, and its tracking performance is extremely consistent. (Insight updated 09/30/2014)

Total Return - 09/30/2014
Performance [as of 09/30/14] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years
TLH -1.30% 1.39% 9.36% 6.48% 1.81% 5.92% --
TLH (NAV) -1.32% 1.25% 9.16% 6.44% 1.90% 5.93% --
Barclays U.S. 10-20 Year Treasury Bond Index -1.33% 1.28% 9.25% 6.54% 2.02% 6.07% 6.24%
Barclays Long U.S. Treasury Index -1.86% 2.69% 15.15% 11.60% 1.99% 6.98% 6.80%
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TLH Portfolio Management

0.15%

The net total annual fee a fund holder pays to the issuer.

-0.10%

Compares returns of the fund's NAV to its underlying index for a daily series of overlapping 12 month periods. The median is the middle value of the results.

-0.07%

Largest deviation in a positive direction of a fund's returns vs. its underlying index over the past 12 months.

-0.13%

Largest deviation in a negative direction of a fund's returns vs. its underlying index over the past 12 months.

TLH Tax exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

N/A

IRS treatment of the majority of the fund's distributions.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

TLH Fund Structure

Open-Ended Fund

The organizational structure of the fund or ETN.

No

An indicator of whether a fund uses over-the-counter derivatives such as swaps or forwards to achieve its objectives.

Yes

An indicator of whether or not a fund actively lends its portfolio holdings.

75% / 25%

The division of securities lending revenue between the fund and the issuer.

N/A

The institution responsible for providing the return of the stated index and whose credit is the sole backing of the ETN.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

Daily

The frequency of an issuer's disclosure of all fund holdings.

TLH ETF.com Tradability Insight

TLH has decent primary and secondary liquidity. Smaller investors can expect relatively tight spreads on steady daily volumes of over $3M. Furthermore, TLH’s strong underlying liquidity and low creation fees translate to easy and cheap block trades with the help from market makers. (Insight updated 09/30/2014)



Average Spread
Premium/Discount
Volume

TLH ETF.com/ Block LiquidityAs of 12/19/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of TLH. TLH is rated a 5 out of 5.

TLH Tradability

55,797

It is the daily number of shares traded, averaged over the past 45 trading days.

$7.46 M

It is the daily dollar value of shares traded, averaged over the past 45 trading days.

32,908

Median number of shares traded over the past 45 trading days.

$4.38 M

Median dollar value of shares traded over the past 45 trading days.

0.10%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 45 days, as a percent.

$0.14

The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars.

0.02%

The middle value in the ranked set of all premium/discount values over a maximum 12-month period.

0.83% / -0.60%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a maximum 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

100.00%

The percent of time that the underlying securities of an ETF are open to trading while US exchanges are open.

100,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

0.33

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

740

The total number of net outstanding options contracts for an ETF.

$135.06

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

TLH ETF.com Fit Insight

By design, TLH’s portfolio looks quite different from our long-term U.S. Treasury benchmark. The fund’s 10-20 year focus avoids any Treasurys that mature in more than 20 years. As a result, TLH’s weighted average maturity is years shorter than our benchmark’s. This translates to less interest-rate risk and a lower yield-to-maturity relative to our benchmark. Still, TLH hits what it aims at: 10 to 20 year Treasury exposure. (Insight updated 09/30/2014)

TLH Sector/Industry Breakdown

TLH Segment Benchmark
100.00% 99.87%

0.00% 0.13%

TLH Top 5 Countries

100.00% 100.00%

TLH Top 5 Currencies

100.00% 100.00%

100.00% 100.00%

TLH Performance Statistics

0.96

The degree to which the fund and its segment benchmark move up and down in unison.

0.64

The sensitivity of the returns of the fund to the movement of the ETF.com segment benchmark. Beta of 1.0 means magnitude of fund returns equals that of IU benchmark returns.

0.66

The comparison of a fund's return to our benchmark's for days when the benchmark is up. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.64

The comparison of a fund's return to our benchmark's for days when the benchmark is down. Ideally down beta is less than up beta while beta of 1.0 means they're equal.

0.22%

A measure of the variability between the fund's returns and the ETF.com segment benchmark returns on days when the fund underperforms the benchmark.

TLH Holdings Statistics

TLH Segment Benchmark
24.82 13.40

The weighted average of remaining time until maturity for all securities in the portfolio.

16.83 10.07

A measure of interest rate risk. Estimates change in value to the portfolio based on a 1% parallel shift in the yield curve.

-0.03 0.03

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant.

17.72 9.50

A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant.

3.08% 2.71%

The weighted average yield if all securities in the portfolio were held until maturity. Assumes that interest can be reinvested at YTM rate.

0.00 0.00

Price sensitivity in percentage to a 100 basis point change (widening or narrowing) of spread relative to Treasury spot curve.

Medium High

The Herfindahl Index number – a metric of portfolio concentration where higher numbers mean higher concentration of holdings.

43 18

The number of securities held in the fund as of ETF.com’s analysis date, based on issuer portfolios or the creation basket. If an ETF holds other ETFs, we count every constituent, looking through the ETF wrapper.

AAA AAA

Market–value–weighted average credit quality of the portfolio.

TLH Maturity Distribution

0.00% 0.13%

Percent of the portfolio's exposure to securities with 0 - 1 years until maturity.

0.00% 0.00%

Percent of the portfolio's exposure to securities with 1 - 3 years until maturity.

0.00% 0.00%

Percent of the portfolio's exposure to securities with 3 - 5 years until maturity.

0.00% 0.00%

Percent of the portfolio's exposure to securities with 5 - 7 years until maturity.

0.00% 3.22%

Percent of the portfolio's exposure to securities with 7 - 10 years until maturity

100.00% 96.65%

Percent of the portfolio's exposure to securities with 10+ years until maturity.

TLH Credit Breakdown

100.00% 100.00%

Percent of portfolio's exposure to AAA rated bonds (Investment Grade).

0.00% 0.00%

Percent of portfolio's exposure to AA rated bonds (Investment Grade).

0.00% 0.00%

Percent of portfolio's exposure to A rated bonds (Investment Grade).

0.00% 0.00%

Percent of portfolio's exposure to BBB rated bonds (Investment Grade).

0.00% 0.00%

Percent of portfolio's exposure to BB rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to B rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CCC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to CC rated bonds (High Yield).

0.00% 0.00%

Percent of portfolio's exposure to C rated bonds (High Yield).