At a glance
TLH charges 0.15% a year, above the 0.08% average of the 7 funds most like it (the 5th cheapest of 8). It has $11.03B in assets, the 7th largest of that group; it paid 4.67% of its price in distributions over the past 12 months, monthly. Over the past year it returned −4.8% with distributions reinvested, 6th of those 8 funds; over three years it returned +4.6% a year. At its worst it fell 11.8% in the 2020 crash (S&P 500: 33.7%) and 25.8% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 34.2% of the fund, out of 59 in all.
The short version
The iShares 10-20 Year Treasury Bond ETF (TLH) is a BlackRock index fund. It holds U.S. Treasury bonds with 10 to 20 years left until they mature, and it tracks the ICE U.S. Treasury 10-20 Year Bond Index. Its bonds are longer than those in IEF and shorter than those in TLT, and it pays income monthly. Its 0.15% expense ratio is higher than the 0.03% charged by VGLT and SPTL.
Price history
The interactive chart needs JavaScript.
TLH -4.8% 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 | |
|---|---|---|---|---|---|---|
| TLH official prospectus, to Dec 31, 2025 | — | +6.39% | — | -5.60% | -0.10% | — |
| ICE BofA US Broad Market Index index, same period | — | +7.15% | — | -0.42% | +2.01% | — |
| TLH price data to Oct 27, 2026 | -2.7% | -4.8% | +4.6% | -5.0% | -1.0% | +2.7% |
- Over the year to Oct 27, 2026, TLH returned -4.8%, 6th of 8 among similar funds.
- Its 5-year annualized return was -5.0% and its 10-year -1.0%.
- In the 2020 COVID crash, while stocks fell, it gained 11.3%.
- Its worst full calendar year was 2022 (-25.3%); its best was 2011 (+21.6%).
- The deepest fall in its price history was 41.1% (Aug 4, 2020 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.7% | — |
| 2025 | +6.5% | +6.39% |
| 2024 | -4.2% | -4.00% |
| 2023 | +4.0% | +3.97% |
| 2022 | -25.3% | -25.44% |
| 2021 | -5.4% | -5.34% |
| 2020 | +13.8% | +13.60% |
| 2019 | +10.1% | +10.83% |
| 2018 | +0.4% | -0.10% |
| 2017 | +4.2% | +4.06% |
| 2016 | +0.8% | +0.91% |
| 2015 | +1.4% | — |
| 2014 | +14.3% | — |
| 2013 | -8.3% | — |
| 2012 | +3.7% | — |
| 2011 | +21.6% | — |
| 2010 | +9.7% | — |
| 2009 | -9.1% | — |
| 2008 | +20.6% | — |
| 2007 | +9.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 20% over that stretch · deepest drop along the way 8.9%, back to its old high 16.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 11.3% over that stretch · deepest drop along the way 11.8%, back to its old high 4.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 25.3% over that stretch · deepest drop along the way 25.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $3.3500 | |
| 2025 | $4.2600 | -0.5% |
| 2024 | $4.2800 | +3.4% |
| 2023 | $4.1400 | +38.0% |
| 2022 | $3.0000 | +35.1% |
| 2021 | $2.2200 | -47.4% |
| 2020 | $4.2200 | +27.1% |
| 2019 | $3.3200 | +14.5% |
| 2018 | $2.9000 | +15.5% |
| 2017 | $2.5100 | -0.8% |
| 2016 | $2.5300 | -11.5% |
| 2015 | $2.8600 | -0.3% |
| 2014 | $2.8700 | -2.0% |
| 2013 | $2.9300 | -2.3% |
| 2012 | $3.0000 | -18.9% |
| 2011 | $3.7000 | -8.9% |
| 2010 | $4.0600 | -1.9% |
| 2009 | $4.1400 | -5.0% |
| 2008 | $4.3600 | -6.2% |
| 2007 | $4.6500 |
What's inside
As of Aug 31, 2026, the fund held 59 securities; the ten largest made up 34.16% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 3.97% | |
| United States of America Bonds and notes | 3.95% | |
| United States of America Bonds and notes | 3.51% | |
| United States of America Bonds and notes | 3.32% | |
| United States of America Bonds and notes | 3.31% | |
| United States of America Bonds and notes | 3.31% | |
| United States of America Bonds and notes | 3.28% | |
| United States of America Bonds and notes | 3.19% | |
| United States of America Bonds and notes | 3.18% | |
| United States of America Bonds and notes | 3.14% | |
| United States of America Bonds and notes | 3.13% | |
| United States of America Bonds and notes | 3.12% | |
| United States of America Bonds and notes | 3.08% | |
| United States of America Bonds and notes | 2.84% | |
| United States of America Bonds and notes | 2.62% |
By country
United States 98.12%By issuer
US Treasury 98.12%The bonds mature in 16.6 years on average (weighted by size), with an average coupon of 3.53%.
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 withdrew a net $4.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.84%, -3.46%, +0.90%.
How it works
TLH follows the ICE U.S. Treasury 10-20 Year Bond Index. ICE Data Indices, a company independent of BlackRock, sets the index rules. To qualify, a bond must be a fixed-rate U.S. Treasury in dollars with 10 to 20 years left to maturity and at least $300 million outstanding, not counting bonds held by the Federal Reserve. The index leaves out inflation-linked Treasuries, Treasury bills, agency debt, zero-coupon bonds and issues sold mainly to retail investors. As of February 28, 2026, it had 57 issues. Each bond is weighted by its market value, so larger issues count for more. The index is updated on the last day of each month. That is when bonds drop out because they have fallen under 10 years to maturity, and when bonds that have aged below 20 years come in.
BlackRock uses "representative sampling." This means the fund may hold a set of bonds that matches the index's yield, maturity and duration (a measure of how much a bond's price moves when rates change) instead of every single issue. At least 80% of assets must be in index bonds and at least 90% in Treasuries. Up to 10% may go into futures, options or swaps, but the fund held none as of August 31, 2026. It held 59 bonds on that date. The largest was just under 4% of assets, and the top 10 made up 34%. The fund may lend out up to one-third of its assets, and its turnover was 15%.
What it really costs
- TLH charges 0.15% a year, versus an average of 0.08% for the similar funds below (5th of 8, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $15 in the first year and $192 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TLH | $15 | $48 | $85 | $192 |
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 Treasury bonds have sometimes gained when stocks crashed, but 2022 showed they can also fall hard alongside stocks.
TLH can add Treasury bonds that have sometimes moved opposite to stocks. During the 2008 financial crisis, it gained 20% while stocks fell from peak to trough. It gained 11.3% during the 2020 COVID crash. In 2022, though, stocks and bonds fell together, and TLH lost 25.44%, its worst calendar year. Its deepest drop was 41.1%, from August 4, 2020, to October 19, 2023. It had not recovered as of October 27, 2026. A retiree selling shares for cash in a year like that would have had to sell at a steep loss.
The fund pays income monthly. Its trailing 12-month yield was 4.67% as of October 27, 2026. Its 0.15% expense ratio works out to $15 in the first year on $10,000 in the SEC's standard example. VGLT and SPTL charge 0.03%. Past results don't predict future results, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting pure U.S. Treasury exposure with an average maturity of 16.6 years, less rate-sensitive than TLT's 26 years.
- People who value monthly income; the trailing yield was 4.67% as of October 27, 2026.
- Portfolios seeking bonds that gained during the 2008 and 2020 stock crashes, held with the knowledge that the fund lost 25.44% in 2022.
Look elsewhere if
- Cost-focused investors: VGLT and SPTL charge 0.03% versus TLH's 0.15%, though both hold longer-maturity Treasuries.
- Anyone needing steady value for near-term spending: TLH fell 41.1% from August 2020 to October 2023 and hadn't recovered by October 27, 2026.
- Investors wanting inflation protection: the index excludes inflation-linked Treasuries, and rising rates can push its long bonds down sharply.
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 |
|---|---|---|---|---|---|
| TLH this fund | 16.6 yrs | 0.15% | $11.03B | -4.8% | +4.6% |
| VGLT Vanguard Long-Term Treasury ETF | 21.7 yrs | 0.03% | $15.13B | -4.4% | +4.2% |
| SPTL SPDR Portfolio Long Term Treasury ETF | 21.8 yrs | 0.03% | $10.47B | -6.0% | +3.9% |
| IEF iShares 7-10 Year Treasury Bond ETF | 8.4 yrs | 0.15% | $41.82B | -1.7% | +4.0% |
| GOVT iShares U.S. Treasury Bond ETF | 7.4 yrs | 0.05% | $43.55B | -0.5% | +3.8% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
| VGIT Vanguard Intermediate-Term Treasury ETF | 5.5 yrs | 0.03% | $48.41B | -0.2% | +4.5% |
| IEI iShares 3-7 Year Treasury Bond ETF | 4.7 yrs | 0.15% | $17.68B | -0.4% | +4.0% |
Questions investors ask
Does TLH pay monthly dividends?
Yes. TLH pays income every month, and that income comes from the interest on the Treasury bonds it owns. In the 12 months to October 27, 2026, it paid $4.47 per share, a trailing yield of 4.67%. The amount can change. The prospectus warns that income may fall when interest rates drop, because the fund then has to buy new bonds that pay less.
What's the difference between TLH and VGLT?
Both hold U.S. Treasury bonds, but VGLT holds longer ones and costs less. VGLT's average maturity is 21.7 years, compared with 16.6 for TLH, so its price usually reacts more to rate changes. VGLT charges 0.03% a year and TLH charges 0.15%. VGLT's one-year return was -5.3% as of October 29, 2026. TLH's was -4.8% as of October 27. Over three years, TLH averaged 4.6% a year and VGLT averaged 3.9%.
TLH vs TLT: which is less risky?
TLH has generally been the less volatile of the two, because its bonds are shorter. Both are iShares Treasury funds that charge 0.15% a year. TLT holds bonds with more than 20 years left, with an average maturity of 26 years, compared with 16.6 for TLH. Longer bonds swing more when rates move. TLT's one-year return was -6.4% as of October 29, 2026, compared with -4.8% for TLH. Over three years, TLT averaged 3.1% a year and TLH averaged 4.6%.
Why did TLH lose so much money in 2022?
TLH lost 25.44% in 2022 because long-term bonds lose value when interest rates rise, and TLH's bonds average 16.6 years to maturity. When rates rise, older bonds paying less interest become worth less. The losses went on past 2022. From August 4, 2020, to October 19, 2023, the fund fell 41.1%, and it had not recovered as of October 27, 2026.
Is TLH safe because it owns Treasury bonds?
Not from price swings. Its bonds are backed by the U.S. government, but their prices still move with interest rates. TLH's worst quarter was a drop of 11.88% in early 2021. Over the 10 years to December 31, 2025, it returned -0.1% a year on average. The ICE BofA US Broad Market Index returned 2.01% a year over the same period. The prospectus also notes that a change in the U.S. government's credit rating could lower Treasury prices.