At a glance
XTWY charges 0.13% a year, above the 0.08% average of the 7 funds most like it (the 5th cheapest of 8). It has $250.5M in assets, the 8th largest of that group; it paid 5.01% of its price in distributions over the past 12 months, monthly. Over the past year it returned −8.6% with distributions reinvested, the weakest of those 8 funds; over three years it returned +2.7% a year. Its ten largest positions make up 52.1% of the fund, out of 55 in all.
The short version
BondBloxx Bloomberg Twenty Year Target Duration US Treasury ETF (XTWY) holds long-term US Treasury bonds and principal-only Treasury STRIPS. It aims to keep the portfolio's duration, a measure of how sensitive bond prices are to interest rates, near 20 years. Other long Treasury funds such as TLT pick bonds by maturity range, so this fixed duration target is the main difference. Its 0.13% expense ratio is below TLT's 0.15% but above the 0.03% charged by SPTL and VGLT.
Price history
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XTWY -8.6% 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 | |
|---|---|---|---|---|---|---|
| XTWY official prospectus, to Dec 31, 2025 | — | +3.00% | — | — | — | -3.91% |
| Bloomberg US Treasury Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +6.32% | — | — | — | +2.84% |
| Bloomberg US Treasury 20 Year Duration Index (reflects no deduction for fees, expenses, or taxes) index, same period | — | +3.18% | — | — | — | -3.72% |
| XTWY price data to Oct 27, 2026 | -3.6% | -8.6% | +2.7% | — | — | -4.0% |
- Over the year to Oct 27, 2026, XTWY returned -8.6%, 8th of 8 among similar funds.
- Its worst full calendar year was 2024 (-10.3%); its best was 2023 (+2.7%).
- The deepest fall in its price history was 25.9% (Dec 7, 2022 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.6% | — |
| 2025 | +2.6% | +3.00% |
| 2024 | -10.3% | -10.40% |
| 2023 | +2.7% | +2.39% |
| 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) | $1.3500 | |
| 2025 | $1.7400 | -1.7% |
| 2024 | $1.7700 | +2.3% |
| 2023 | $1.7300 |
What's inside
As of Jul 31, 2026, the fund held 55 securities; the ten largest made up 52.11% of assets.
| Holding | Weight | |
|---|---|---|
| US TREAS BDS 2.375% 05/15/51 Bonds and notes | 5.98% | |
| US TREAS BDS 3.625% 05/15/53 Bonds and notes | 5.96% | |
| US TREAS BDS 2% 8/15/51 Bonds and notes | 5.41% | |
| US TREAS BDS 2.875% 05/15/52 Bonds and notes | 5.38% | |
| US TREAS BDS 1.875% 02/15/51 Bonds and notes | 5.36% | |
| US TREAS BDS 3% 08/15/52 Bonds and notes | 5.26% | |
| US TREAS BDS 2.25% 02/15/52 Bonds and notes | 4.96% | |
| US TREAS BDS 1.875% 11/15/51 Bonds and notes | 4.95% | |
| US TREAS BDS 1.625% 11/15/50 Bonds and notes | 4.53% | |
| US TREAS BDS 1.375% 08/15/50 Bonds and notes | 4.31% | |
| US TREAS BDS 2% 02/15/50 Bonds and notes | 3.84% | |
| US TREAS BDS 1.25% 05/15/50 Bonds and notes | 3.72% | |
| US TREAS BDS 2.25% 08/15/49 Bonds and notes | 3.54% | |
| US TREAS BDS 2.375% 11/15/49 Bonds and notes | 3.34% | |
| US TREASURYSP ZCP 05/15/53 Bonds and notes | 1.49% |
By country
United States 99.14%By issuer
US Treasury 99.14%The bonds mature in 25 years on average (weighted by size), with an average coupon of 1.51%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $53.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.67%, +1.55%, -5.75%.
How it works
The fund tracks the Bloomberg US Treasury Twenty Year Target Duration Index. Bloomberg builds this index from the broader Bloomberg US Treasury Index using two buckets. The first holds Treasury notes and bonds with durations of 16 to 20 years. The second holds those with durations of at least 20 years, plus principal-only Treasury STRIPS. STRIPS are zero-coupon bonds. They pay no interest along the way, only their face value at maturity, so their prices react sharply to rate changes. Within each bucket, bonds are weighted by market value. The two buckets are then blended in whatever mix brings the index's duration to 20 years.
The index is rebalanced on the last business day of each month. As of December 31, 2025, it had about 54 constituents. A 20-year duration means the fund's price moves far more when rates change than a short-term bond fund's does.
BondBloxx uses representative sampling. It holds a selection of bonds chosen to match the index's duration, maturity and yield, so it may not own every bond in the index. At least 80% of net assets must be in Treasuries with an average duration of about 20 years. Up to 20% can go into other government securities or cash. As of July 31, 2026, it held 55 positions and no derivatives. The prospectus reports 99% portfolio turnover.
What it really costs
- XTWY charges 0.13% 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 $13 in the first year and $160 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| XTWY | $13 | $40 | $71 | $160 |
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-term Treasuries have tended to move differently from stocks (its one-year beta to the market was 0.24 as of October 27, 2026), but the fund's own price swings are large.
XTWY launched on September 13, 2022, so it has no record through the 2008, 2020 or 2022 market crashes. Its own short history has been rough. It fell 25.9% from December 7, 2022, to October 19, 2023, and it had not recovered as of October 27, 2026. Its worst calendar year was 2024, at -10.4%. A retiree who has to sell shares after a drop like that turns a paper loss into a real one. The fund pays income monthly, with a trailing 12-month yield of 5.01% as of October 27, 2026. In the SEC's standard example, costs come to $13 in the first year on a $10,000 investment. Even so, its 0.13% expense ratio is above the 0.08% average of similar funds. 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
- Investors who want long-Treasury exposure held at a steady 20-year duration target, rather than picked by a maturity range.
- Income seekers who can live with large price swings and want monthly payments. The trailing yield was 5.01% as of October 27, 2026.
- Stock-heavy portfolios looking for a government-backed diversifier. Its one-year beta to the market was 0.24 as of October 27, 2026.
Look elsewhere if
- Cost-focused investors: SPTL and VGLT charge 0.03%, against XTWY's 0.13%, for broadly similar long-Treasury exposure.
- Anyone who may need to sell within a few years. It fell 25.9% from December 2022 to October 2023 and hadn't recovered by October 27, 2026.
- Investors who prefer large funds: XTWY had $250.5 million in net assets as of July 31, 2026, against roughly $47 billion for TLT.
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 |
|---|---|---|---|---|---|
| XTWY this fund | 25 yrs | 0.13% | $250.5M | -8.6% | +2.7% |
| TLT iShares 20+ Year Treasury Bond ETF | 26 yrs | 0.15% | $47.05B | -5.3% | +2.1% |
| 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% |
| 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% |
| 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 XTWY pay monthly dividends?
Yes. XTWY pays distributions every month, and the money comes from the interest on the Treasury bonds it holds. Over the 12 months to October 27, 2026, it paid $1.76 per share, a trailing yield of 5.01%. Payments can rise or fall as the fund's bonds change at each monthly rebalance and as interest rates move. A high yield doesn't protect the share price. The fund still fell 8.6% in price over the year to October 27, 2026.
What's the difference between XTWY and TLT?
Both funds hold long-term US Treasuries, and their average maturities are close: 25 years for XTWY and 26 for TLT. XTWY targets a 20-year duration by blending two bond buckets and adding zero-coupon STRIPS. TLT is far larger, with about $47 billion in net assets as of August 31, 2026, against XTWY's $250.5 million. XTWY's expense ratio is 0.13%, compared with TLT's 0.15%. Over one year, XTWY returned -8.6% (as of October 27, 2026) and TLT returned -5.4% (as of October 30, 2026).
Why has XTWY lost money since it launched?
Long-term bond prices fall when interest rates rise, and a 20-year duration makes this fund very sensitive to rate changes. From its September 2022 launch through December 31, 2025, it returned -3.91% a year on average, according to its prospectus. It lost 10.4% in 2024 alone. Its swings run both ways. Its worst quarter was -15.31% (third quarter of 2023), and its best was +15.7% (fourth quarter of 2023).
Is XTWY good for retirement?
It depends on the role it plays in a portfolio. XTWY holds only US Treasuries, which are backed by the full faith and credit of the US government, and it pays income monthly. Its one-year beta of 0.24 as of October 27, 2026, shows it has moved largely independently of stocks. But its price is volatile. It fell 25.9% from December 2022 to October 2023 and hadn't recovered by October 27, 2026. That is a real risk for anyone who may need to sell in a bad year.
What bonds does XTWY hold?
As of July 31, 2026, XTWY held 55 positions, almost all of them long-dated US Treasury bonds. The largest were the 2.375% bond due May 2051 and the 3.625% bond due May 2053, at about 6.0% of assets each, followed by the 2% bond due August 2051 at 5.4%. The top ten made up 52.1% of the fund. It also held a principal-only STRIPS bond due May 2053, at 1.5%. The average maturity was 25 years, and the average coupon was 1.51%.