At a glance
BBLB charges 0.04% a year, below the 0.15% average of the 7 funds most like it (the 4th cheapest of 8). It has $33.7M in assets, the 7th largest of that group; it paid 5.03% of its price in distributions over the past 12 months, monthly. Over the past year it returned −6.7% with distributions reinvested, 7th of those 8 funds; over three years it returned +3.3% a year. Its ten largest positions make up 38.7% of the fund, out of 40 in all.
The short version
JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) tracks the ICE US Treasury 20+ Year Bond Index, holding U.S. government bonds that mature in more than 20 years. Its 0.04% expense ratio is well below the 0.15% charged by the far larger iShares 20+ Year Treasury Bond ETF (TLT). The catch: it is small, with $33.7 million in assets as of August 31, 2026, and its price swings sharply when interest rates move.
Price history
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BBLB -6.7% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BBLB official prospectus, to Dec 31, 2025 | — | +4.33% | — | — | — | -2.26% |
| BBLB price data to Oct 27, 2026 | -3.0% | -6.7% | +3.3% | — | — | -2.8% |
- Over the year to Oct 27, 2026, BBLB returned -6.7%, 7th of 8 among similar funds.
- Its worst full calendar year was 2024 (-7.8%); its best was 2025 (+4.3%).
- The deepest fall in its price history was 21% (Apr 25, 2023 to Oct 19, 2023), recovered by Sep 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.0% | — |
| 2025 | +4.3% | +4.33% |
| 2024 | -7.8% | -7.74% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.7700 | |
| 2025 | $4.1600 | -6.1% |
| 2024 | $4.4300 |
What's inside
As of Aug 31, 2026, the fund held 40 securities; the ten largest made up 38.74% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 4.03% | |
| United States of America Bonds and notes | 4.03% | |
| United States of America Bonds and notes | 3.99% | |
| United States of America Bonds and notes | 3.88% | |
| United States of America Bonds and notes | 3.87% | |
| United States of America Bonds and notes | 3.87% | |
| United States of America Bonds and notes | 3.83% | |
| United States of America Bonds and notes | 3.81% | |
| United States of America Bonds and notes | 3.76% | |
| United States of America Bonds and notes | 3.67% | |
| United States of America Bonds and notes | 3.59% | |
| United States of America Bonds and notes | 3.34% | |
| United States of America Bonds and notes | 2.83% | |
| United States of America Bonds and notes | 2.72% | |
| United States of America Bonds and notes | 2.62% |
By country
United States 98.1%By issuer
US Treasury 98.1%The bonds mature in 26 years on average (weighted by size), with an average coupon of 3.55%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $3.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.19%, -4.50%, +0.78%.
How it works
BBLB is a passive index fund that aims to match, before fees, the ICE US Treasury 20+ Year Bond Index from ICE Data Indices, LLC. The index holds fixed-rate U.S. Treasury debt with more than 20 years left until maturity. It excludes inflation-linked Treasuries, floating-rate notes, Treasury bills and government agency debt. Like other BetaBuilders funds, it follows a market-value-weighted benchmark, so larger bond issues count for more. As of May 29, 2026, the index's average maturity was 26.1 years.
Instead of buying every bond in the index, the fund uses representative sampling. It holds a smaller set chosen to mirror the index's key traits, such as yield, maturity, liquidity and duration (how sensitive prices are to rate changes). It must still keep at least 80% of its assets in index securities. As of August 31, 2026, it held 41 positions, with 98.1% of assets in Treasury bonds and 1.1% in cash. The 10 largest made up 38.7% of assets.
The fund rebalances monthly, in step with the index, and may hold affiliated JPMorgan money market funds. It is not leveraged, held no derivatives as of August 31, 2026, and does not move to defensive positions when markets fall. Because its bonds are so long-dated, its price reacts strongly to interest-rate changes and falls when rates rise.
What it really costs
- BBLB charges 0.04% a year, versus an average of 0.15% for the similar funds below (4th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $4 in the first year and $51 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BBLB | $4 | $13 | $23 | $51 |
Structure and tax notes
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its long-term U.S. Treasuries carry little credit risk and had a one-year beta of just 0.21 as of October 27, 2026, but a 26-year average maturity makes prices swing with interest rates.
BBLB could add monthly income from U.S. Treasuries and a holding that has moved only loosely with the market. Its one-year beta (a measure of market sensitivity) was 0.21 and its trailing 12-month yield was 5.03%, both as of October 27, 2026. It costs 0.04% a year. But it launched in April 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop was 21%, from April 25 to October 19, 2023. It regained that peak on September 16, 2024, about 11 months after the low. Its worst calendar year was 2024, a loss of 7.74%. Selling shares for income during such a stretch would lock in losses.
Rising rates can hurt stocks and long bonds at the same time, so the cushion is not assured. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Cost-conscious investors seeking long-term Treasuries: its 0.04% expense ratio compares with 0.15% for the much larger iShares 20+ Year Treasury Bond ETF (TLT).
- Those wanting monthly income from U.S. government debt; the trailing 12-month yield was 5.03% as of October 27, 2026.
- Investors seeking a holding loosely tied to the market, with a one-year beta of 0.21 as of October 27, 2026, who accept rate-driven swings.
Look elsewhere if
- Anyone needing steady prices: it fell 21% between April and October 2023 and lost 7.74% in calendar 2024.
- Investors who prefer large, established funds: BBLB launched in April 2023 and held $33.7 million as of August 31, 2026, versus $47 billion for TLT.
- Those seeking inflation protection: the index excludes inflation-linked Treasuries, so its fixed interest payments can lose buying power when prices rise.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
| Fund | Avg. maturity | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| BBLB this fund | 26 yrs | 0.04% | $33.7M | -6.7% | +3.3% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
| TLTI NEOS Enhanced Income 20+ Year Treasury Bond… | 27.1 yrs | 0.58% | $15.5M | -5.1% | — |
| EDV Vanguard Extended Duration Treasury ETF | 24.4 yrs | 0.05% | $4.13B | -11.8% | +2.0% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SCHQ Schwab Long-Term U.S. Treasury ETF | 21.8 yrs | 0.03% | $759.0M | -5.8% | +4.0% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
Questions investors ask
Does BBLB pay monthly dividends?
Yes. BBLB pays distributions monthly, funded mainly by interest from the long-term Treasury bonds it holds. Over the 12 months to October 27, 2026, it paid $3.88 per share, a trailing yield of 5.03%. Payments can vary from month to month as the fund's holdings change at each monthly rebalance. The yield reflects past payments and is not a promise of future ones.
What's the difference between BBLB and TLT?
Mainly cost and size. BBLB charges 0.04% a year, while the iShares 20+ Year Treasury Bond ETF (TLT) charges 0.15%. TLT is far larger, with about $47.0 billion in net assets versus BBLB's $33.7 million, both as of August 31, 2026. Both portfolios average about 26 years to maturity. Three-year annualized returns were 3.3% for BBLB (to October 27, 2026) and 3.5% for TLT (to October 30, 2026). Larger funds often have tighter bid-ask spreads, meaning a smaller gap between buying and selling prices.
Is BBLB good for retirement?
It can play a role, but it is not a low-risk holding. BBLB owns U.S. Treasury bonds, so default risk is low, and it pays monthly income, with a 5.03% trailing yield as of October 27, 2026. But its bonds average about 26 years to maturity, so prices swing hard when rates move. It fell 21% between April and October 2023 and lost 7.74% in 2024. It may suit retirees who can hold through drops more than those needing a stable reserve for near-term spending.
Can BBLB lose money if it holds Treasuries?
Yes. Treasuries are guaranteed only for timely payment of interest and principal when held to maturity. Their market prices still move. When interest rates rise, existing bonds lose value, and the longer their maturity, the bigger the drop. BBLB's bonds averaged about 26 years to maturity as of August 31, 2026, so the fund is highly sensitive to rates. It lost 6.7% over the year to October 27, 2026, and 9.54% in its worst quarter, which ended December 31, 2024.
What is BBLB's expense ratio?
BBLB's expense ratio is 0.04%, according to its prospectus filed June 23, 2026. The SEC's standard example assumes $10,000 invested with a 5% yearly return. On that basis, costs come to $4 over one year and $51 over 10 years. Among BBLB and seven similar bond funds, it has the fourth-lowest cost. The SPDR Portfolio Long Term Treasury ETF (SPTL), Vanguard Long-Term Treasury ETF (VGLT) and Schwab Long-Term U.S. Treasury ETF (SCHQ) charge 0.03%. However, they hold somewhat shorter bonds, averaging about 22 years to maturity versus BBLB's 26.