At a glance
TLT charges 0.15% a year, above the 0.13% average of the 7 funds most like it (the 6th cheapest of 8). It has $47.05B in assets, the largest of that group; it paid 4.75% of its price in distributions over the past 12 months, monthly. Over the past year it returned −5.3% with distributions reinvested, 4th of those 8 funds; over three years it returned +2.1% a year. At its worst it fell 15.7% in the 2020 crash (S&P 500: 33.7%) and 30.0% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 40.2% of the fund, out of 46 in all.
The short version
The iShares 20+ Year Treasury Bond ETF (TLT) tracks the ICE U.S. Treasury 20+ Year Bond Index of Treasury bonds maturing in more than 20 years. It pays income monthly and, with $47 billion in net assets as of August 31, 2026, is the largest fund in its group. But it charges 0.15% a year, more than five similar funds at 0.03% to 0.05%, and long maturities magnify price swings when interest rates move.
Price history
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TLT -5.3% over the year to Nov 2, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TLT official prospectus, to Dec 31, 2025 | — | +4.17% | — | -8.37% | -0.55% | — |
| ICE BofA US Broad Market Index index, same period | — | +7.15% | — | -0.42% | +2.01% | — |
| TLT price data to Nov 2, 2026 | -3.0% | -5.3% | +2.1% | -7.9% | -1.9% | +2.5% |
- Over the year to Nov 2, 2026, TLT returned -5.3%, 4th of 8 among similar funds.
- Its 5-year annualized return was -7.9% and its 10-year -1.9%.
- In the 2020 COVID crash, while stocks fell, it gained 14.2%.
- Its worst full calendar year was 2022 (-31.3%); its best was 2011 (+34.0%).
- The deepest fall in its price history was 48.3% (Aug 4, 2020 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.0% | — |
| 2025 | +4.3% | +4.17% |
| 2024 | -8.1% | -7.84% |
| 2023 | +2.8% | +2.96% |
| 2022 | -31.3% | -31.41% |
| 2021 | -4.6% | -4.76% |
| 2020 | +18.1% | +17.92% |
| 2019 | +14.1% | +14.93% |
| 2018 | -1.6% | -2.07% |
| 2017 | +9.2% | +8.92% |
| 2016 | +1.2% | +1.36% |
| 2015 | -1.8% | — |
| 2014 | +27.3% | — |
| 2013 | -13.4% | — |
| 2012 | +2.6% | — |
| 2011 | +34.0% | — |
| 2010 | +9.0% | — |
| 2009 | -21.8% | — |
| 2008 | +34.0% | — |
| 2007 | +10.3% | — |
| 2006 | +0.7% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 25.1% over that stretch · deepest drop along the way 16.2%, back to its old high 29.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 14.2% over that stretch · deepest drop along the way 15.7%, back to its old high 1.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 29.3% over that stretch · deepest drop along the way 30%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.8958 | |
| 2025 | $3.8700 | +2.9% |
| 2024 | $3.7600 | +11.9% |
| 2023 | $3.3600 | +26.8% |
| 2022 | $2.6500 | +19.4% |
| 2021 | $2.2200 | -5.9% |
| 2020 | $2.3600 | -23.1% |
| 2019 | $3.0700 | -3.5% |
| 2018 | $3.1800 | +3.9% |
| 2017 | $3.0600 | -1.6% |
| 2016 | $3.1100 | -1.3% |
| 2015 | $3.1500 | -6.3% |
| 2014 | $3.3600 | +1.2% |
| 2013 | $3.3200 | +2.5% |
| 2012 | $3.2400 | -19.2% |
| 2011 | $4.0100 | +2.6% |
| 2010 | $3.9100 | +6.8% |
| 2009 | $3.6600 | -12.6% |
| 2008 | $4.1900 | 0.0% |
| 2007 | $4.1900 | +4.9% |
| 2006 | $3.9932 |
Living on TLT: its income record, cuts, and how much a $1,000 monthly income takes →
What's inside
As of Aug 31, 2026, the fund held 46 securities; the ten largest made up 40.18% of assets.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 4.46% | |
| United States of America Bonds and notes | 4.40% | |
| United States of America Bonds and notes | 4.18% | |
| United States of America Bonds and notes | 4.03% | |
| United States of America Bonds and notes | 3.94% | |
| United States of America Bonds and notes | 3.94% | |
| United States of America Bonds and notes | 3.92% | |
| United States of America Bonds and notes | 3.80% | |
| United States of America Bonds and notes | 3.76% | |
| United States of America Bonds and notes | 3.75% | |
| United States of America Bonds and notes | 3.71% | |
| United States of America Bonds and notes | 3.52% | |
| United States of America Bonds and notes | 3.37% | |
| United States of America Bonds and notes | 3.12% | |
| United States of America Bonds and notes | 2.95% |
By country
United States 98.15%By issuer
US Treasury 98.15%The bonds mature in 26 years on average (weighted by size), with an average coupon of 3.56%.
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 $5.75B (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.18%, -4.50%, +0.76%.
How it works
TLT tracks the ICE U.S. Treasury 20+ Year Bond Index, run by ICE Data Indices. It includes fixed-rate U.S. Treasury bonds with more than 20 years left until maturity and at least $300 million outstanding, not counting Federal Reserve holdings. Inflation-protected bonds, Treasury bills and zero-coupon bonds are excluded. Bonds are weighted by market value, so larger issues count more, and the list is updated at each month-end. It had 40 bonds as of February 28, 2026.
BlackRock does not try to beat the index or turn defensive when markets fall. Using “representative sampling,” it may skip some index bonds, holding a mix meant to match the index's yield, maturity and duration (how much prices react to rate changes). At least 90% of assets must be in U.S. Treasuries. As of August 31, 2026, it had 46 holdings; the 10 largest made up 40% of assets, and the biggest was about 4.5%. It may also lend bonds worth up to a third of its total assets.
Bond prices move opposite to interest rates, and the longer a bond has left to run, the bigger the move. With holdings averaging 26 years to maturity as of August 31, 2026, TLT's price can fall sharply when long-term rates rise and climb when they drop. It pays income monthly.
What it really costs
- TLT charges 0.15% a year, versus an average of 0.13% for the similar funds below (6th 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 |
|---|---|---|---|---|
| TLT | $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
Long-dated Treasuries rose when stocks crashed in 2008 and 2020 but fell along with stocks when interest rates jumped in 2022, so they offset stock losses only some of the time.
TLT holds U.S. Treasury bonds maturing in more than 20 years. It gained about 25% as stocks slid from October 2007 to March 2009, and about 14% in the 2020 COVID crash. In the 2022 bear market, though, rising interest rates sank it about 29% alongside stocks; 2022 was its worst calendar year, at about −31%. Its deepest drop, about 48% from August 2020 to October 2023, had not been recovered as of October 27, 2026. Selling to fund spending during that slump would have locked in heavy losses.
Income is paid monthly; payouts over the past 12 months equaled 4.76% of the share price as of October 27, 2026. The 0.15% annual fee comes to about $15 in the first year on $10,000, versus 0.03% at Vanguard's VGLT and SPDR's SPTL. Past results don't predict future ones, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a possible cushion in stock crashes: TLT rose 25.1% through the 2008 financial crisis and 14.2% in the 2020 COVID crash.
- Retirees wanting monthly income from U.S. Treasury bonds; payouts over the past 12 months equaled a 4.75% yield as of October 30, 2026.
- Investors who prefer a long-running fund: launched in 2002, it had $47 billion in net assets as of August 31, 2026, the most among peers.
Look elsewhere if
- Cost-focused investors: TLT charges 0.15% a year, versus 0.04% for JPMorgan's BBLB and 0.03% for long-term Treasury funds VGLT, SPTL and SCHQ.
- Investors who need steady prices: TLT lost 31.41% in 2022 and fell about 48% from its August 2020 peak to an October 2023 low.
- Those seeking inflation protection: the index excludes inflation-linked Treasuries, and its fixed interest payments lose buying power as 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 |
|---|---|---|---|---|---|
| TLT this fund | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
| BBLB JPMorgan BetaBuilders U.S. Treasury Bond 20… | 26 yrs | 0.04% | $33.7M | -6.7% | +3.3% |
| 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 TLT pay monthly dividends?
Yes. TLT pays distributions every month, funded by interest from its Treasury bonds. Over the 12 months to October 30, 2026, it paid about $3.89 per share, a trailing yield of 4.75% (past-year payouts divided by the share price). Payments vary: the prospectus warns income can fall when rates drop and the fund must reinvest in lower-yielding bonds. As of August 31, 2026, its bonds paid an average coupon, or fixed interest rate, of 3.56%.
Is TLT good for retirement income?
It can supply income, but its price is far from steady. TLT pays monthly, with a trailing yield of 4.75% as of October 30, 2026. But it lost 31.41% in 2022, and its average annual return through December 31, 2025, was -8.37% over five years and -0.55% over 10 years, versus -0.42% and 2.01% for the ICE BofA US Broad Market Index, a wide gauge of U.S. bonds. It may suit retirees who can ride out long, rate-driven slumps.
Does TLT go up when stocks go down?
Often, but not always. TLT gained 25.1% while the stock market fell from its October 2007 peak to its March 2009 low, and 14.2% during the February–March 2020 COVID crash. But in the 2022 bear market it fell 29.3% alongside stocks. Over the year to October 30, 2026, its beta, a measure of how much it moves with the stock market, was just 0.21. Long Treasuries tend to cushion stock losses when interest rates fall and add to them when rates rise.
What's the difference between TLT and BBLB?
Mainly cost and size. JPMorgan BetaBuilders U.S. Treasury Bond 20+ Year ETF (BBLB) also holds long-term Treasuries, and both funds' bonds averaged 26 years to maturity as of August 31, 2026. BBLB charges 0.04% a year; TLT charges 0.15%, or $192 over 10 years on $10,000 in the SEC's standard example. TLT is far bigger, with $47 billion in net assets versus about $34 million for BBLB. Larger funds often trade with tighter bid-ask spreads, the gap between quoted purchase and sale prices.
Why has TLT lost so much since 2020?
Its losses reflect interest rate risk: bond prices fall when rates rise, and the longer a bond's maturity, the bigger the drop. With bonds averaging 26 years to maturity as of August 31, 2026, TLT feels this strongly. It fell about 48% from its August 4, 2020, peak to its October 19, 2023, low and had not recovered as of October 30, 2026. Its worst calendar year was 2022, at -31.41%, and its cumulative five-year return to October 30, 2026, was -34%.