TLT Fund Description

The iShares 20+ Year Treasury Bond ETF tracks a market-weighted index of debt issued by the U.S. Treasury with remaining maturities of 20 years or more.

TLT ETF.com Insight

While differing from our benchmark, TLT effectively captures the far end of the Treasury curve in an extremely liquid package. With a portfolio consisting entirely of debt with 20 or moreTLT's trading volume is in the top 10 of all US-listed ETFs years to maturity, TLT is—by design—very sensitive to long-term interest rate movements. The fund has longer duration than our benchmark, which holds bonds in the 10 to 30 year range. TLT is the most popular and liquid option in the segment, with about $5B in AUM and trading volume that’s often among the most active US-listed ETFs. It also charges a reasonable 15 bps and tracks its index well, making it a great choice for investors who want 20 to 30 year Treasury 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

TLT
4.15% 10.54% 25.29% 24.59% 3.47% 9.62% 7.50%

TLT (NAV)
4.53% 10.96% 25.80% 25.36% 3.60% 9.73% 7.55%

-- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

TLT Top 10 Countries

TLT Top 10 Sectors

TLT Top 10 Holdings

TLT Summary Data

Issuer BlackRock

A company that produces and manages ETFs.

Inception Date 07/22/02

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

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

Expense Ratio 0.15%

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

Assets Under Management $6.21 B

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

Average Daily $ Volume $828.25 M

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

(60-Day) | 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." href="javascript:void(0)" class="term">Average Spread (60-Day) 0.01%

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.

TLT Portfolio Data

Duration 18.2

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

Weighted Avg. Maturity 27.0 Years

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

Yield to Maturity 3.15%

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

Next Ex-Dividend Date 12/24/14

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

Number of Holdings 26

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.

TLT Index Data

Index Tracked Barclays U.S. 20+
Year Treasury Bond Index

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

Index Weighting Methodology Market Value

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

Index Selection Methodology Market Value

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

Segment Benchmark 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 TLT

Top Competing ETFs EDV, TLH, TLO, ZROZ

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

TLT Commentary & News

18 December 2014
Search Keyword
11 December 2014
4 Drivers Behind Falling Treasury Yields | ETF.com
Cinthia Murphy
5 December 2014
Search | ETF.com

TLT ETF.com Efficiency Insight

TLT is cheap to own. It charges just 15 bps, which is in line with the rest of the funds in its segment, and tracks its underlying index tightly. Effective management and an active securities lending program have pushed TLT's tracking difference even lower than its expense ratio—a boon to investors. TLT further boosts its Efficiency by minimizing closure risk with its massive AUM and because it has avoided capital gains payouts in recent years. (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

TLT
-2.11% 3.19% 16.46% 12.78% 1.65% 6.90% 6.90%

TLT (NAV)
-1.96% 2.95% 16.50% 12.73% 1.76% 6.90% 6.89%

Barclays U.S. 20+ Year Treasury Bond Index
-1.97% 3.00% 16.58% 12.81% 1.86% 7.03% 6.98%

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.

TLT Portfolio Management

Expense Ratio 0.15%

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Median Tracking Difference (12 Mo) -0.07%

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.

TLT Tax exposures

Max LT/ST Capital Gains Rate 20.00% / 39.60%

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

Tax on Distributions N/A

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

Distributes K1 No

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

TLT Fund Structure

Legal Structure Open-Ended Fund

The organizational structure of the fund or ETN.

OTC Derivative Use No

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

Securities Lending Active Yes

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

ETN Counterparty N/A

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

ETN Counterparty Risk N/A

The risk of default by the ETN counterparty.

Fund Closure Risk Low

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

Portfolio Disclosure Daily

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

TLT ETF.com Tradability Insight

TLT is easily the most liquid fund in the segment, and it’s one of the most liquid ETFs on the market. On most days, almost $1B of TLT changes hands at extremely tight spreads. The fund scores 5 out of 5 in block liquidity, meaning large block trades are cheap and easy to execute with the help of a market maker. In all, the fund’s strong Tradability benefits investors of all sizes. (Insight updated 09/30/2014)

Average Spread

Premium/Discount

Volume

TLT 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 TLT. TLT is rated a 5 out of 5.

TLT Tradability

Avg. Daily Share Volume 6,821,720

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

Average Daily $ Volume $828.25 M

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

Median Daily Share Volume 6,021,774

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

(%) | 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." href="javascript:void(0)" class="term">Average Spread (%) 0.01%

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.

($) | The difference between the highest and lowest posted prices for an ETF, averaged over the past 45 days, in dollars." href="javascript:void(0)" class="term">Average Spread ($) $0.01

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

(12 Mo) | 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." href="javascript:void(0)" class="term">Max. Premium / Discount (12 Mo) 0.88% / -0.54%

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.

Impediment to Creations 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.

Market Hours Overlap 100.00%

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

(Shares) | 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." href="javascript:void(0)" class="term">Creation Unit Size (Shares) 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.

(45 Day Average) | 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." href="javascript:void(0)" class="term">Creation Unit/Day (45 Day Average) 60.22

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.

(%) | The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit." href="javascript:void(0)" class="term">Creation Unit Cost (%) 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.

Open Interest on ETF Options 701,334

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

ETF.com Implied Liquidity 5

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

TLT ETF.com Fit Insight

TLT holds a portfolio of very-long-term Treasury bonds—excluding any Treasury with less than 20 years remaining in maturity. Our benchmark takes a broader view of 10 to 30 years. The portfolio thus has a longer effective duration than our benchmark. The extra interest-rate risk is entirely consistent with the TLT’s ultra-long take on the space. (Insight updated 09/30/2014)

TLT Sector/Industry Breakdown

Sector TLT Segment Benchmark
Treasury 100.00% 99.63%

Cash 0.00% 0.37%

TLT Top 5 Countries

United States 100.00% 100.00%

TLT Top 5 Currencies

USD 100.00% 100.00%

Developed Market Currencies 100.00% 100.00%

TLT Performance Statistics

Beta 1.09

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.

Up Beta 1.08

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.

Down Beta 1.08

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.

Downside Standard Deviation 0.05%

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.

TLT Holdings Statistics

Sector TLT Segment Benchmark
Weighted Avg. Maturity 24.82 27.03

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

Effective Duration 16.83 18.22

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

(2 year) | A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 2 year interest rates holding other rates constant." href="javascript:void(0)" class="term">Key Rate Duration (2 year) -0.03 -0.04

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

(10 year) | A measure of interest rate risk. Estimates the portfolio's sensitivity to changes in 10 year interest rates holding other rates constant." href="javascript:void(0)" class="term">Key Rate Duration (10 year) 17.72 19.41

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

Yield to Maturity 3.08% 3.15%

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

Credit Spread Duration 0.00 0.00

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

Concentration Medium High

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

Number of Holdings 43 26

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.

Weighted Avg. Credit AAA AAA

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

TLT Maturity Distribution

0 - 1 Year 0.00% 0.37%

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

1 - 3 Years 0.00% 0.00%

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

3 - 5 Years 0.00% 0.00%

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

5 - 7 Years 0.00% 0.00%

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

7 - 10 Years 0.00% 0.00%

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

10+ Years 100.00% 99.63%

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

TLT Credit Breakdown

AAA 100.00% 100.00%

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

AA 0.00% 0.00%

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

A 0.00% 0.00%

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

BBB 0.00% 0.00%

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

BB 0.00% 0.00%

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

B 0.00% 0.00%

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

CCC 0.00% 0.00%

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

CC 0.00% 0.00%

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

C 0.00% 0.00%

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