What Is the TLH ETF? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The iShares 10-20 Year Treasury Bond ETF (TLH) invests in US Treasuries with 10 to 20 years to maturity and serves as a tool for adjusting the intermediate-to-long duration of a portfolio. Differences in maturity, fees and distributions versus ultra-long ETFs such as TLT and intermediate-term funds such as IEF are the key selection criteria.
SubscribeWhat Is the iShares 10-20 Year Treasury Bond ETF?
It is a bond ETF that tracks US Treasuries with 10 to 20 years to maturity. It holds Treasuries issued by the US Department of the Treasury within this maturity range and follows the interest rate movements of that segment.
It suits investors who want to extend the bond duration of their portfolio to the intermediate-to-long range or fine-tune their exposure to specific interest rate segments.
It is a passively managed (index-tracking) ETF run by BlackRock (iShares).
How Does the iShares 10-20 Year Treasury Bond ETF Invest?
| Item | Details |
|---|---|
| Tracking Index | ICE US Treasury 10-20 Year Index |
| Management Style | Passive (index tracking) |
| Rebalancing Frequency | Monthly |
| Distribution Frequency | Monthly |
| Issuer | BlackRock (iShares) |
| Expense Ratio | 0.15% |
The fund holds US Treasuries with 10 to 20 years to maturity at index weights, tracking the performance of that maturity range. Holdings are replaced periodically as bonds mature and new ones are issued, and the fund fills the middle ground in duration between short-term and ultra-long Treasury ETFs.
- Specialized in the narrow 10-20 year maturity range
- Holds only US Treasuries, so credit risk is relatively low
iShares 10-20 Year Treasury Bond ETF Size and Costs (AUM and Expense Ratio)
Assets under management (AUM) stand at $12.3B, and the expense ratio is 0.15% per year.
Its duration is shorter than that of ultra-long Treasury ETFs, so its price sensitivity to interest rate changes is relatively lower, while its duration is longer than that of intermediate-term Treasury ETFs.
iShares 10-20 Year Treasury Bond ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangePrices of intermediate-to-long Treasuries move with the direction of market interest rates, tending to strengthen when rates fall and weaken when rates rise. Because the duration is relatively long, price swings tend to be larger than for short-term Treasuries.
Fund flows into and out of bond ETFs vary with the outlook for rate policy and the economic cycle. In periods of rising safe-haven demand, money tends to flow into US Treasury ETFs.
iShares 10-20 Year Treasury Bond ETF Pros and Cons
Its strength is exposure to low-credit-risk US Treasuries at an intermediate-to-long duration, while its weakness is the risk of price declines when interest rates rise.
💪 Key Strengths
⚠️ Points to Watch
Alternative ETFs and Related Products to the iShares 10-20 Year Treasury Bond ETF
TLT, VGLT and SPTL shown in the table hold ultra-long Treasuries and have longer durations than this ETF, while EDV and ZROZ are variants that extend duration dramatically through zero-coupon bonds and similar holdings. If you prefer shorter maturities, you can also consider IEF for the intermediate range, SHY for the short-term range, and GOVT, which broadly covers the entire maturity spectrum.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 TLT | iShares 20+ Year Treasury Bond ETF | $81.73 | -0.1% | $47.9B | 0.15% | 4.78% | -9.5% |
 SPTL | State Street SPDR Portfolio Long Term Treasury ETF | $24.95 | -0.2% | $11.6B | 0.03% | 4.4% | -8.3% |
 VGLT | Vanguard Long-Term Treasury ETF | $52.41 | -0.2% | $11.5B | 0.03% | 4.81% | -8.7% |
 EDV | Vanguard Extended Duration Treasury ETF | $59.59 | +0.5% | $3.9B | 0.05% | 5.36% | -13.8% |
 ZROZ | PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF | $58.90 | +0.8% | $1.8B | 0.15% | 5.2% | -14.3% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 USLM | United States Lime & Minerals Inc | 0.43% | $118.99 | +6.6% | $3.4B | 25.6 | 0.2% |
iShares 10-20 Year Treasury Bond ETF Investor Checkpoints
Here are the points to review before investing in TLH. Because it holds US Treasuries, issuer credit risk is relatively low, but it is wise to check in advance the price fluctuations that follow the direction of interest rates, the duration, and the currency exposure for investors holding Korean won.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense Ratio | Check the cumulative impact over a long holding period | Annual fee applies |
| 📊 Duration | Maturity range held and interest rate sensitivity | Intermediate-to-long level |
| 💱 Exchange Rate | Impact on returns converted to won | No currency hedge |
| 📈 Rate Outlook | Price impact depending on the direction of rates | Needs review |
Rising interest rates put direct downward pressure on the prices of intermediate-to-long Treasuries. Because the duration is relatively long, you should keep in mind that price swings can be larger than for short-term Treasury ETFs.
It is a suitable choice for investors who want concentrated exposure to the intermediate-to-long segment of US Treasuries. If you want a longer duration, compare it with TLT and VGLT, and if you want a shorter range, compare it with IEF and SHY.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of June 21, 2026.
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