Fixed Income

TLTW

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

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  • NAV as of Nov 13, 2024 $24.64
    52 WK: 24.64 - 28.47
  • 1 Day NAV Change as of Nov 13, 2024 -0.23 (-0.94%)
  • NAV Total Return as of Nov 12, 2024 YTD: -0.34%
  • Fees as stated in the prospectus Expense Ratio: 0.35%

Overview

Why TLTW?

1. Potential for enhanced income: may provide enhanced income compared to traditional U.S. Treasury bonds by selling monthly covered call options.

 

2. Diversification: this fund may outperform in periods of rising rates.

 

3. Easy access: convenient and cost-effective single-ticker access to a custom options overlay strategy on the U.S. Treasury market.

INVESTMENT OBJECTIVE

The iShares 20+ Year Treasury Bond BuyWrite Strategy ETF seeks to track the investment results of an index that reflects a strategy of holding the iShares 20+ Year Treasury Bond ETF while writing (selling) one-month covered call options to generate income.
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Performance

Performance

Growth of Hypothetical $10,000

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The Hypothetical Growth of $10,000 chart reflects a hypothetical $10,000 investment and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted, and numbers may reflect small variances due to rounding. Standardized performance and performance data current to the most recent month end may be found in the Performance section.

Distributions

Record Date Ex-Date Payable Date
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Record Date Ex-Date Payable Date Total Distribution Income ST Cap Gains LT Cap Gains Return of Capital

Premium/Discount

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  1y 3y 5y 10y Incept.
Total Return (%) 8.58 - - - -2.98
Market Price (%) 8.53 - - - -2.97
Benchmark (%) 9.63 - - - -2.20
After Tax Pre-Liq. (%) 2.22 - - - -8.71
After Tax Post-Liq. (%) 4.80 - - - -4.65
  YTD 1m 3m 6m 1y 3y 5y 10y Incept.
Total Return (%) 6.24 2.51 8.34 7.21 8.58 - - - -6.21
Market Price (%) 6.18 2.33 8.29 7.16 8.53 - - - -6.19
Benchmark (%) 7.01 2.62 8.71 7.74 9.63 - - - -4.61
After Tax Pre-Liq. (%) 2.95 2.08 7.04 4.71 2.22 - - - -17.57
After Tax Post-Liq. (%) 3.56 1.49 4.90 4.17 4.80 - - - -9.61
  2019 2020 2021 2022 2023
Total Return (%) - - - - 0.75
Market Price (%) - - - - 0.76
Benchmark (%) - - - - 1.40
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted.

Key Facts

Key Facts

Net Assets of Fund
as of Nov 13, 2024
$1,082,733,198
Exchange
Cboe BZX formerly known as BATS
Benchmark Index
CBOE TLT 2% OTM Buywrite Index (USD)
Shares Outstanding
as of Nov 13, 2024
43,950,000
Premium/Discount
as of Nov 13, 2024
0.10%
Closing Price
as of Nov 13, 2024
24.66
30 Day Median Bid/Ask Spread
as of Nov 12, 2024
0.04%
Fund Launch Date
Aug 18, 2022
Asset Class
Fixed Income
Bloomberg Index Ticker
BXTBW
Distribution Frequency
Monthly
CUSIP
46436E338
30 Day Avg. Volume
as of Nov 12, 2024
804,633.00
Daily Volume
as of Nov 13, 2024
1,140,117.00

Click here to see how this fund compares to the underlying fund referenced in the Investment Objective above.

Portfolio Characteristics

Portfolio Characteristics

Number of Holdings
as of Nov 12, 2024
1
30 Day SEC Yield
as of Nov 12, 2024
3.90%
Standard Deviation (3y)
as of -
-
Average Yield to Maturity
as of Nov 12, 2024
4.68%
Weighted Avg Maturity
as of Nov 12, 2024
25.54 yrs
Convexity
as of Nov 12, 2024
0.76
Equity Beta (3y)
as of -
-
12m Trailing Yield
as of Nov 12, 2024
15.29%
Modified Duration to Worst
as of Nov 12, 2024
16.21
Weighted Avg Coupon
as of -
-
Effective Duration
as of Nov 12, 2024
16.13 yrs
Distribution Yield
as of Nov 12, 2024
12.18%
This information must be preceded or accompanied by a current prospectus. For standardized performance, please see the Performance section above.

Sustainability Characteristics

Sustainability Characteristics

Sustainability Characteristics provide investors with specific non-traditional metrics. Alongside other metrics and information, these enable investors to evaluate funds on certain environmental, social and governance characteristics. Sustainability Characteristics do not provide an indication of current or future performance nor do they represent the potential risk and reward profile of a fund. They are provided for transparency and for information purposes only. Sustainability Characteristics should not be considered solely or in isolation, but instead are one type of information that investors may wish to consider when assessing a fund. Learn more

This fund does not seek to follow a sustainable, impact or ESG investment strategy. The metrics do not change the fund’s investment objective or constrain the fund’s investable universe, and there is no indication that a sustainable, impact or ESG investment strategy will be adopted by the fund. For more information regarding the fund's investment strategy, please see the fund's prospectus.

Review the MSCI methodologies behind Sustainability Characteristics using the links below.

MSCI ESG Fund Rating (AAA-CCC)
as of Sep 21, 2024
A
MSCI ESG Quality Score (0-10)
as of Sep 21, 2024
5.9
Fund Lipper Global Classification
as of Sep 21, 2024
Unclassified
MSCI Weighted Average Carbon Intensity (Tons CO2E/$M SALES)
as of -
-
MSCI ESG % Coverage
as of Sep 21, 2024
99.10%
MSCI ESG Quality Score - Peer Percentile
as of -
-
Funds in Peer Group
as of Sep 21, 2024
152
MSCI Weighted Average Carbon Intensity % Coverage
as of Sep 21, 2024
0.00%
All data is from MSCI ESG Fund Ratings as of Sep 21, 2024, based on holdings as of Aug 31, 2024. As such, the fund’s sustainable characteristics may differ from MSCI ESG Fund Ratings from time to time.

To be included in MSCI ESG Fund Ratings, 65% (or 50% for bond funds and money market funds) of the fund’s gross weight must come from securities with ESG coverage by MSCI ESG Research (certain cash positions and other asset types deemed not relevant for ESG analysis by MSCI are removed prior to calculating a fund’s gross weight; the absolute values of short positions are included but treated as uncovered), the fund’s holdings date must be less than one year old, and the fund must have at least ten securities.

Fees

Fees

as of current prospectus
Management Fee 0.20%
Acquired Fund Fees and Expenses 0.15%
Other Expenses 0.00%
Expense Ratio 0.35%

The amounts shown above are as of the current prospectus, but may not include extraordinary expenses incurred by the Fund over the past fiscal year. Amounts are rounded to the nearest basis point, which in some cases may be "0.00".

Ratings

Ratings

Morningstar Medalist Rating

Morningstar Medalist Rating - BRONZE
Morningstar has awarded the Fund a Bronze medal. (Effective Sep 30, 2024)
Analyst-Driven % as of Sep 30, 2024
20.00
Data Coverage % as of Sep 30, 2024
79.00

Holdings

Holdings

Ticker Name Type Sector Asset Class Market Value Weight (%) Notional Value Shares Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Market Currency Accrual Date Effective Date Strike price
Name Sector Asset Class Market Value Weight (%) Notional Value Par Value CUSIP ISIN SEDOL Price Location Exchange Currency Duration YTM (%) FX Rate Maturity Coupon (%) Mod. Duration Yield to Call (%) Yield to Worst (%) Real Duration Real YTM (%) Accrual Date Strike price Type Effective Date
Detailed Holdings and Analytics
Holdings are subject to change.

For options contracts held within the fund, the maturity date represents the expiration date of the contract.



The values shown for “market value,” “weight,” and “notional value” (the “calculated values”) are based off of a price provided by a third-party pricing vendor for the portfolio holding and do not reflect the impact of systematic fair valuation (“the vendor price”). The vendor price is not necessarily the price at which the Fund values the portfolio holding for the purposes of determining its net asset value (the “valuation price”). Holdings data shown reflects the investment book of record, which may differ from the accounting book of record used for the purposes of determining the Net Assets of the Fund. Additionally, where applicable, foreign currency exchange rates with respect to the portfolio holdings denominated in non-U.S. currencies for the valuation price will be generally determined as of the close of business on the New York Stock Exchange, whereas for the vendor price will be generally determined as of 4 p.m. London. The calculated values may have been different if the valuation price were to have been used to calculate such values. The vendor price is as of the most recent date for which a price is available and may not necessarily be as of the date shown above.

Please see the “Determination of Net Asset Value” section of each Fund’s prospectus for additional information on the Fund’s valuation policies and procedures.

Exposure Breakdowns

Exposure Breakdowns

as of Nov 12, 2024

% of Market Value

Type Fund
as of Nov 12, 2024

% of Market Value

Type Fund
The maturity breakdown above is based on Weighted Average Life (WAL). WAL is the average length of time to the repayment of principal for the securities in the fund. This metric considers the likelihood that bonds will be called or prepaid before the scheduled maturity date.

as of Nov 12, 2024

% of Market Value

Type Fund
Credit quality ratings on underlying securities of the fund are received from S&P, Moody’s and Fitch and converted to the equivalent S&P major rating category. This breakdown is provided by BlackRock and takes the median rating of the three agencies when all three agencies rate a security, the lower of the two ratings if only two agencies rate a security, and one rating if that is all that is provided. Unrated securities do not necessarily indicate low quality. Below investment-grade is represented by a rating of BB and below. Ratings and portfolio credit quality may change over time.
Allocations are subject to change.

Literature

Literature

 

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READY TO INVEST?

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Carefully consider the Funds' investment objectives, risk factors, and charges and expenses before investing. This and other information can be found in the Funds' prospectuses or, if available, the summary prospectuses, which may be obtained by visiting the iShares ETF and BlackRock Fund prospectus pages. Read the prospectus carefully before investing. Investing involves risk, including possible loss of principal.

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