At a glance
TLTP charges 0.39% a year, below the 0.86% average of the 7 funds most like it (the cheapest of 8). It has $22.0M in assets, the 8th largest of that group; it paid 13.86% of its price in distributions over the past 12 months, monthly. Over the past year it returned −4.3% with distributions reinvested, the weakest of those 8 funds.
The short version
Amplify Bloomberg U.S. Treasury 12% Premium Income ETF (TLTP) holds long-term Treasuries, mostly through the iShares 20+ Year Treasury Bond ETF (TLT). It also sells weekly call options on TLT, trading away price gains for cash premiums that target 12% a year. It pays monthly, with a trailing 12-month yield of 13.86% as of October 27, 2026. The catch: it forgoes much of the gain when bond prices rally but absorbs losses when they fall.
Price history
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TLTP -4.3% 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 | |
|---|---|---|---|---|---|---|
| TLTP official prospectus, to Dec 31, 2024 | — | +5.46% | — | — | — | +1.11% |
| TLTP price data to Oct 27, 2026 | -1.9% | -4.3% | — | — | — | -0.4% |
- Over the year to Oct 27, 2026, TLTP returned -4.3%, 8th of 8 among similar funds.
- Its worst full calendar year was 2025 (+5.3%); its best was 2025 (+5.3%).
- The deepest fall in its price history was 9.6% (Feb 26, 2026 to Oct 7, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -1.9% | — |
| 2025 | +5.3% | +5.46% |
| 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) | $2.0400 | |
| 2025 | $2.7500 |
What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 99.6% of assets.
| Fund held | Weight | |
|---|---|---|
| iShares 20+ Year Treasury Bond ETF | 76.59% | |
| US TREASURY N/B Bonds and notes | 23.01% |
By country
United States 99.6%By issuer
Other registered funds 76.59%US Treasury 23.01%The bonds mature in 28.1 years on average (weighted by size), with an average coupon of 4.25%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $7.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.47%, +0.31%, +1.34%.
How it works
TLTP tracks the Bloomberg U.S. Treasury 20+ Year 12% Premium Covered Call 2.0 Index, built by Bloomberg Index Services Limited. Amplify Investments is the adviser, with Samsung Asset Management (New York) as sub-adviser. The index pairs the iShares 20+ Year Treasury Bond ETF (TLT) with a sold call option on TLT. TLT tracks Treasuries with 20 or more years left to maturity. As of June 30, 2026, TLT was 76.6% of the fund and a directly held Treasury bond 23.0%.
Each week the fund sells a one-week call option on TLT. Its strike price equals TLT's price at the time ("at the money"). The option's purchaser pays a premium for the right to any gain above that price. To target premium income of 12% a year, the index varies how much of the position the call covers, because premiums change with TLT's volatility. The options settle in cash and can be exercised only at expiry. If TLT ends the week higher, the fund pays the difference, then sells a new call.
So on the covered portion, TLTP gives up TLT's weekly gains but absorbs its losses, cushioned only by the premium. The 12% target is not guaranteed. Holding bonds instead of TLT can leave part of a call "uncovered," meaning it is not backed by TLT shares.
What it really costs
- TLTP charges 0.39% a year, versus an average of 0.86% for the similar funds below (1st of 8, cheapest first).
- Of that, 0.3% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $40 in the first year and $493 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TLTP | $40 | $125 | $219 | $493 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Invests in other funds rather than directly in stocks or bonds, so its holdings are those funds.
- 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
It is designed to turn long-term Treasury exposure into large monthly payouts through weekly option premiums, not to maximize growth or hedge stock crashes.
TLTP could add monthly income from long-term Treasuries and option premiums: a trailing 12-month yield of 13.86%, or $2.72 per share, as of October 27, 2026. Part of a payout may be return of capital, and option income is usually taxed as ordinary income. The 0.39% expense ratio means about $40 in the first year on $10,000 in the SEC's standard example.
Launched in October 2024, the fund missed the 2008, 2020 and 2022 sell-offs. Its only full calendar year is 2025, a 5.46% gain. Its deepest drop, 9.6% from February 26 to October 7, 2026, was unrecovered as of October 27, 2026. Selling shares for spending then meant selling below the February high. The calls also cap the rallies long-term Treasuries often deliver when stocks fall. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers wanting monthly Treasury-based payouts (13.86% trailing yield as of October 27, 2026) who accept that payouts can shrink or include return of capital.
- Investors expecting long-term Treasury prices to move sideways, the setting where weekly at-the-money calls give up the least upside while collecting premium.
- Investors using IRAs or other tax-advantaged accounts, where large payouts usually taxed as ordinary income don't trigger a yearly tax bill.
Look elsewhere if
- Investors using long Treasuries as a stock-crash hedge: weekly at-the-money calls forfeit much of any rally when rates fall, yet price drops still hit.
- Anyone wanting a long track record: launched October 2024, it has one full calendar year and no history through the 2008, 2020 or 2022 sell-offs.
- Investors wary of small funds: net assets were about $22 million as of June 30, 2026, after roughly $7 million of outflows over three months.
Close alternatives
Matched by other buffer (defined-outcome) funds, largest first.
| Fund | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|
| TLTP this fund | 0.39% | $22.0M | -4.3% | — |
| BUFR FT Vest Laddered Buffer ETF | 0.95% | $10.49B | +11.6% | +16.8% |
| BUFD FT Vest Laddered Deep Buffer ETF | 0.95% | $2.04B | +9.5% | +13.9% |
| PJAN Innovator U.S. Equity Power Buffer ETF - Ja… | 0.79% | $1.44B | +10.5% | +14.8% |
| PDEC Innovator U.S. Equity Power Buffer ETF - De… | 0.79% | $984.1M | +11.6% | +14.9% |
| FDEC FT Vest US Equity Buffer ETF - December | 0.85% | $1.31B | +12.9% | +18.5% |
| FJAN FT Vest US Equity Buffer ETF - January | 0.85% | $1.47B | +12.3% | +17.4% |
| FFEB FT Vest U.S. Equity Buffer Fund - February | 0.85% | $1.42B | +12.9% | +18.6% |
Questions investors ask
Does TLTP pay monthly dividends?
Yes. TLTP pays distributions monthly. Over the 12 months to October 27, 2026, it paid $2.72 per share, a trailing yield of 13.86%. The money comes from interest on its Treasury holdings, mainly through TLT, plus premiums from selling weekly call options. The prospectus warns that part of a distribution may be return of capital, meaning investors' own money handed back, and that payouts may be cut if cash flow falls short. Option income is usually taxed as ordinary income.
What's the difference between TLTP and TLT?
TLTP is built on top of TLT. The iShares 20+ Year Treasury Bond ETF (TLT) tracks an index of Treasuries with 20 or more years to maturity. TLTP owns TLT (76.6% of assets as of June 30, 2026) plus Treasury bonds held directly. It then sells weekly call options on TLT struck at its market price, trading much of TLT's upside for premiums aimed at 12% a year. TLTP pays more income as a result, but tends to trail TLT in a bond rally, and premiums only partly cushion losses.
Is TLTP's 12% yield guaranteed?
No. The 12% in the fund's name is a target for annualized option premium, not a promised yield, and the prospectus says there is no assurance the index or fund will reach it. The fund may reduce distributions if cash flow falls short, and part of a payout may be return of capital. A high payout also isn't growth: the trailing yield was 13.86% as of October 27, 2026, yet the one-year return to that date was -4.3%.
What is TLTP's expense ratio?
TLTP's expense ratio is 0.39% a year, including a 0.30% management fee, per the prospectus filed January 28, 2026. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $40 in the first year, $219 over five years and $493 over ten. That is below the 0.79% to 0.95% charged by the stock buffer ETFs in our comparison group, such as BUFR. Those funds follow a different strategy, though, so it isn't a like-for-like comparison.
Is TLTP safe for retirement income?
Not in the sense of a steady price. TLTP holds U.S. Treasuries, so default risk is low, but long-term bonds fall when interest rates rise, and the option strategy limits rebounds. The fund dropped 9.6% from February 26 to October 7, 2026, and had not recovered as of October 27, 2026. It isn't a bank deposit and isn't FDIC insured. It may suit income seekers who can ride out price swings, and is worth comparing with TLT itself.