iShares 20+ Year Treasury Bond Buywrite Strategy ETF (TLTW)Long Government | Exchange Traded Fund | Cboe US
20.64 USD
+0.30
(1.475%)
⇧
(Oct. 15, 2026, 4 p.m.
EDT)
After hours: 20.63 -0.01 (-0.011%) ⇩ (Oct. 15, 2026, 4:19 p.m. EDT) |
Hot Take ↕ | Oct. 10, 2026, 9:09 a.m. EDT
The iShares 20+ Year Treasury Bond Buywrite Strategy ETF is currently trapped in a severe structural decline, making it a dangerous hold despite its headline-grabbing yield. The underlying bond strategy has suffered three consecutive years of negative annual returns, dragging the total return over the last three years down by more than 32%. This is not a temporary dip; the market has consistently reassessed the business quality of this specific leveraged bond strategy as inferior, evidenced by the relentless price drop from $34.71 to roughly $20. While the 10.77% dividend yield appears attractive on paper, it is largely a compensation for capital destruction rather than a sustainable income stream from a healthy enterprise. The price action confirms this, trading well below its 50-day and 200-day moving averages with no signs of stabilization. Options data reinforces this bearish thesis, with traders aggressively buying protection for the near term while offering very little upside exposure. Investors seeking yield should look elsewhere; here, the 'yield' is simply the cost of borrowing to hold a depreciating asset. |
| Model | MAE |
|---|---|
| AutoARIMA ✓ | 0.012723 |
| AutoTheta | 0.020957 |
| MSTL | 0.022220 |
| AutoETS | 0.023925 |
Forecast horizon: 45 days | Selected: AutoARIMA
| Forecast Reliability | |
|---|---|
| Score | 66% |
| H-stat | 2.75 |
| Ljung-Box p | 0.000 |
| Jarque-Bera p | 0.148 |
| Excess Kurtosis | 0.64 |
As of Oct. 10, 2026, 9:09 a.m. EDT: Speculators are positioning for continued downside with heavy out-of-the-money put volume relative to calls. The October expiration shows significant open interest in puts at the money and slightly out-of-the-money, while call activity is negligible. Long-dated calls show some speculative interest in a rebound to $22+, but the immediate term sentiment is overwhelmingly bearish.
| Last Yield | 1yr Yield | 3yr Avg | 5yr Avg |
|---|---|---|---|
| 1.45% | 10.76% | 13.89% | — |
| Date | Dividend | Yield % |
|---|---|---|
| 2026-10-02 | 0.289 | 1.446808 |
| 2026-09-02 | 0.131 | 0.619678 |
| 2026-08-04 | 0.152 | 0.710779 |
| 2026-07-02 | 0.135 | 0.610998 |
| 2026-06-02 | 0.217 | 0.983235 |
| 2026-05-04 | 0.121 | 0.548256 |
| 2026-04-02 | 0.211 | 0.936945 |
| 2026-03-03 | 0.204 | 0.880829 |
| 2026-02-03 | 0.174 | 0.771619 |
| 2025-12-23 | 0.187 | 0.823063 |
| 2025-12-02 | 0.188 | 0.812797 |
| 2025-11-04 | 0.378 | 1.615039 |
| 2025-10-02 | 0.145 | 0.620719 |
| 2025-09-03 | 0.218 | 0.961623 |
| 2025-08-04 | 0.231 | 1.014493 |
| 2025-07-02 | 0.314 | 1.374179 |
| 2025-06-03 | 0.419 | 1.877240 |
| 2025-05-02 | 0.375 | 1.626898 |
| 2025-04-02 | 0.258 | 1.076795 |
| 2025-03-04 | 0.259 | 1.082776 |
| 2025-02-04 | 0.388 | 1.651767 |
| 2024-12-20 | 0.593 | 2.503166 |
| 2024-12-03 | 0.331 | 1.319251 |
| 2024-11-04 | 0.252 | 0.999207 |
| 2024-10-02 | 0.208 | 0.776989 |
| 2024-09-04 | 0.280 | 1.040505 |
| 2024-08-02 | 0.220 | 0.829876 |
| 2024-07-02 | 0.277 | 1.099643 |
| 2024-06-04 | 0.247 | 0.963526 |
| 2024-05-02 | 0.247 | 0.989187 |
| 2024-04-02 | 0.235 | 0.905937 |
| 2024-03-04 | 0.302 | 1.146110 |
| 2024-02-02 | 0.212 | 0.788397 |
| 2023-12-22 | 0.746 | 2.726608 |
| 2023-12-04 | 0.577 | 2.067359 |
| 2023-11-02 | 0.400 | 1.456664 |
| 2023-10-03 | 0.288 | 1.047654 |
| 2023-09-05 | 0.332 | 1.100066 |
| 2023-08-02 | 0.197 | 0.627588 |
| 2023-07-05 | 0.538 | 1.650307 |
| 2023-06-02 | 0.351 | 1.066221 |
| 2023-05-02 | 0.531 | 1.579840 |
| 2023-04-04 | 0.648 | 1.896400 |
| 2023-03-02 | 0.309 | 0.956360 |
| 2023-02-02 | 0.464 | 1.323068 |
| 2022-12-23 | 0.517 | 1.558168 |
| 2022-12-02 | 0.487 | 1.392622 |
| 2022-11-02 | 0.621 | 1.870707 |
| 2022-10-04 | 0.644 | 1.783341 |
| 2022-09-02 | 0.556 | 1.447163 |
| Attribute | Value |
|---|---|
| All Time High | 39.94 |
| All Time Low | 19.73 |
| Ask | 20.64 |
| Ask Size | 20,800 |
| Average Daily Volume10 Day | 2,738,050 |
| Average Daily Volume3 Month | 1,540,154 |
| Average Volume | 1,540,154 |
| Average Volume10Days | 2,738,050 |
| Beta3 Year | 1.62 |
| Bid | 20.63 |
| Bid Size | 30,200 |
| Category | Long Government |
| Crypto Tradeable | 0 |
| Currency | USD |
| Custom Price Alert Confidence | HIGH |
| Day High | 20.77 |
| Day Low | 20.615 |
| Display Name | 20+ Year Trsy Bond Buywrite ETF |
| Dividend Yield | 10.77 |
| Esg Populated | 0 |
| Exchange | BTS |
| Exchange Data Delayed By | 0 |
| Exchange Timezone Name | America/New_York |
| Exchange Timezone Short Name | EDT |
| Fifty Day Average | 20.8889 |
| Fifty Day Average Change | -0.24890137 |
| Fifty Day Average Change Percent | -0.011915484 |
| Fifty Two Week Change Percent | -14.681208 |
| Fifty Two Week High | 24.08 |
| Fifty Two Week High Change | -3.4400005 |
| Fifty Two Week High Change Percent | -0.14285716 |
| Fifty Two Week Low | 19.73 |
| Fifty Two Week Low Change | 0.90999985 |
| Fifty Two Week Low Change Percent | 0.046122648 |
| Fifty Two Week Range | 19.73 - 24.08 |
| First Trade Date Milliseconds | 1,661,261,400,000 |
| Full Exchange Name | Cboe US |
| Fullday Change | 0.28899956 |
| Fullday Change Percent | 1.4208435 |
| Fullday Price | 20.629 |
| Fund Family | iShares |
| Fund Inception Date | 1,660,780,800 |
| Gmt Off Set Milliseconds | -14,400,000 |
| Has Pre Post Market Data | 1 |
| Language | en-US |
| Legal Type | Exchange Traded Fund |
| Long Business Summary | The fund will seek to write call options up to (but not exceeding) the full amount of shares of the underlying fund held in the fund (i.e., the short position in the call option is offset, or “covered,” by the long position the fund holds in shares of the underlying fund). |
| Long Name | iShares 20+ Year Treasury Bond Buywrite Strategy ETF |
| Market | us_market |
| Market State | POST |
| Max Age | 86,400 |
| Message Board Id | finmb_1780838074 |
| Nav Price | 20.22899 |
| Net Assets | 1,681,928,960.0 |
| Net Expense Ratio | 0.35 |
| Open | 20.74 |
| Phone | 415-670-2000 |
| Post Market Change | -0.01099968 |
| Post Market Change Percent | -0.053293023 |
| Post Market Price | 20.629 |
| Post Market Time | 1,792,095,574 |
| Previous Close | 20.34 |
| Price Hint | 2 |
| Quote Source Name | Nasdaq Real Time Price |
| Quote Type | ETF |
| Region | US |
| Regular Market Change | 0.299999 |
| Regular Market Change Percent | 1.47492 |
| Regular Market Day High | 20.77 |
| Regular Market Day Low | 20.615 |
| Regular Market Day Range | 20.615 - 20.77 |
| Regular Market Open | 20.74 |
| Regular Market Previous Close | 20.34 |
| Regular Market Price | 20.64 |
| Regular Market Time | 1,792,094,400 |
| Regular Market Volume | 4,263,598 |
| Short Name | iShares 20+ Year Treasury Bond |
| Source Interval | 15 |
| Symbol | TLTW |
| Three Year Average Return | 0.0257173 |
| Total Assets | 1,681,928,960 |
| Tradeable | 0 |
| Trailing Annual Dividend Rate | 0.0 |
| Trailing Annual Dividend Yield | 0.0 |
| Trailing Peg Ratio | None |
| Trailing Three Month Nav Returns | -7.53422 |
| Trailing Three Month Returns | -7.53422 |
| Triggerable | 1 |
| Two Hundred Day Average | 22.0438 |
| Two Hundred Day Average Change | -1.403801 |
| Two Hundred Day Average Change Percent | -0.06368235 |
| Type Disp | ETF |
| Volume | 4,263,598 |
| Yield | 0.107700005 |
| Ytd Return | -4.99388 |