TLTW
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
7월 28일 9:31 AM ET (한국 7/28 22:31)
$21.66
+0.10 ▲ +0.49%
TLTW ETF is analyzed across 10 metrics including expense ratio, holdings, sector allocation, dividends, RSI, and MACD.
Total Expense Ratio
0.35%
Annual operating cost
Net Assets (AUM)
$1.9B
약 3조원
Holdings
5 items
Dividend Yield
11.12%
Management Style
Passive
| Category | Bonds - Treasury & Government | Asset Type | Bonds | Return% 1Y | 5.99% | Total Holdings | 5 | Perf Week | -0.14% |
| ETF Type | US Bonds | Active/Passive | Passive | Return% 3Y | -0.65% | AUM | $1.9B | Perf Month | -3.75% |
| Expense | 0.35% | NAV | $21.53 | Return% 5Y | - | 52W High | -10.05% | Perf Quarter | -3.93% |
| Dividend TTM | $2.41 (11.12%) | Div Gr. 3/5Y | 6.92% - | Return% 10Y | - | 52W Low | 0.93% | Perf Half Y | -5.41% |
| Flows% 1M | 0.31% | Flows% YTD | 20.25% | Return% SI | -0.71% | Volatility(W/M) | 0.41% 0.44% | Perf YTD | -4.46% |
| SMA20 | -0.84% | SMA50 | -1.57% | SMA200 | -4.67% | RSI (14) | 38.77 | Beta | 0.47 |
| IPO | 2022/8/22 | Prev Close | $21.56 | Perf Year | -4.54% | Avg Volume | 1.61M | Price | $21.66 |
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) Investment Analysis
ETF Overview
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF · Bonds - Treasury & Government
커버드콜형 — 콜옵션 매도로 월배당 현금흐름 추구 (상승 제한)
2022년 상장, 4년 운영 중.
iShares 20+ Year Treasury Bond BuyWrite Strategy ETF는 iShares 20+ Year Treasury Bond ETF(TLT)를 보유하면서 동시에 1개월 콜 옵션을 매도하여 수익을 창출하는 Cboe TLT 2% OTM BuyWrite 지수의 성과를 추종하고자 합니다. 보유 중인 TLT 수량 한도 내에서 콜 옵션을 매도하여 옵션 프리미엄 수익을 추구하는 커버드콜 전략을 사용합니다.
📘 TLTW ETF 자세히 알아보기 →U.S.fixed-incometreasuriesoptions
- 규모
- $1.9B 약 3조원
- 운용사
- iShares (BlackRock)
- 운용 방식
- 패시브 (지수 추종)
- 상장일
- 2022년
Cost Efficiency
Annual Expense Ratio · Category Rank · Long-Term Cost Impact
Above-average cost — 0.35% annually
Expense ratio is higher than the Bonds - Treasury & Government median. Compare against similar ETFs.
Effective Annual Expense Ratio (Net Expense Ratio)
하위 25%0.35%
My positionBottom 25%
Low range Average High range
Actual Cost Simulation by Investment Amount
$100.0M
Annual Expense Ratio
$350K
Pay $200K more per year vs. category average
Category Median Annual Cost
$150K
Based on expense ratio of 0.15%
10-Year Cumulative Expense Ratio (Long-term simulation assuming 7% annual market growth)
$6.3M
6.6% of returns you could have earned goes to the fund manager due to fees
Because the expense ratio takes a slice of your assets every year, costs compound over 10 years and result in far greater losses than a simple sum (annual fee × 10). The 7% annual return assumption is based on the S&P 500's long-term average.
Defaults shown against $100K baseline portfolio. Adjust the slider to update the amount in real time.
Cheaper alternatives in the same category
VGIT
Vanguard Intermediate-Term Treasury ETF
0.03%
-0.32%p annually
VGSH
Vanguard Short-Term Treasury ETF
0.03%
-0.32%p annually
SCHR
Schwab Intermediate-Term U.S. Treasury ETF
0.03%
-0.32%p annually
* A lower fee does not necessarily mean a better ETF. Consider the tracked index, liquidity, and tax treatment as well.
Long-Term Performance
1-year · 3-year · 5-year · 10-year returns · vs. benchmark · drawdown defense
Insufficient return data
-11.8%p vs. benchmark (SPY) over 1Y.
ℹ️ The "1Y·3Y·5Y·10Y" periods below represent annualized returns (CAGR) measured backward from today. Example: "3Y +12%" means the investment grew at a compounded 12% per year over the past three years.
🎴 Covered Call ETF — total-return comparisons are for reference only
This ETF generates monthly cash distributions by selling call options, but in doing so gives up some of the upside potential of the underlying index. As a result, the total return and win-rate metrics versus the benchmark below will naturally appear unfavorable. The product's primary purpose is stable dividend cash flow, so we recommend reviewing it alongside the dividend analysis section.
If you had invested 3 year(s) ago
$100.0M
Today's value
$98.1M
→
Total loss
$-1,937,352
Annualized -0.7%
ℹ️ How to read the return breakdown bar
Each period bar shows the share of this ETF's returns by source.
Price gains Price decline Dividends received
Mostly blue (80%+): Growth-style — price gains drive most returns
Mostly orange (70%+): Income-style — dividends drive most returns (watch out for after-tax drag)
Red + orange: Stagnant or declining price — dividends offset losses (common in covered-call and high-dividend funds)
Mostly orange (70%+): Income-style — dividends drive most returns (watch out for after-tax drag)
Red + orange: Stagnant or declining price — dividends offset losses (common in covered-call and high-dividend funds)
1 Year
2025.07 ~ 2026.07
Annualized +5.99%
상위 25%Price -4.54% + Dividend +10.53% = Total +5.99%/yr
Trailed the benchmark by 11.8%p annually
My positionTop 25%
Low range Average High range
3 Years
2023.07 ~ 2026.07
Annualized -0.65% Cumulative -1.9%
하위 25%Price -11.63% + Dividend +10.98% = Total -0.65%/yr
Trailed the benchmark by 19.6%p annually
My positionBottom 25%
Low range Average High range
5 Years
2021.07 ~ 2026.07
Listed 2022/8 — under 5 years
10Y
2016.07 ~ 2026.07
Listed 2022/8 — under 10 years
4Y Cumulative Total Return Curve
2022-08-23 start, based on a 100M KRW base — read the curve values directly as units of 100M KRW (e.g., 308 → 3.08억 / 308M KRW). Both this ETF and the benchmark are rebased to 100 on the same start date for comparison.
TLTW · Price Only TLTW · Price + Cumulative Dividends TLTW · Dividend Reinvested S&P 500 (SPY)
50
100
150
200
ℹ️ Price Only: Excludes dividends and tracks pure stock price only. Covered-call and high-dividend ETFs often show a flat or declining line on this view, which is meaningful from a "principal preservation" standpoint. Price + Cumulative Dividend: Share count stays the same and received dividends are accumulated as cash. Closely matches your actual account total assets. Reinvested: Dividends are immediately used to buy additional shares (adjClose-based, the industry standard for total return). The wider the gap between the three lines, the easier it is to gauge the effectiveness of the dividend strategy.
Annual Return Comparison
ETF returns vs S&P 500 (SPY) by calendar year
TLTW S&P 500 (SPY)
+40%
0%
−40%
2022
2023
2024
2025
2026 YTD
💡 Covered-call ETFs underperform SPY in total return more often than not. Their core goal is dividend cash flow, so this comparison is for reference only.
ℹ️ Returns from January 1 to December 31 of each year. The current year (2026) column is dimmed to indicate YTD (incomplete). If blue is higher than gray, the ETF outperformed the benchmark in that year.
Win rate vs S&P 500 (SPY)
1 / 4Y
Lags behind benchmark (25%)
+ 2026 YTD: Behind (-0.4% vs 8.5%)
2022 ✓
2023 ✗
2024 ✗
2025 ✗
2026 ✗ YTD
💡 Covered calls structurally show a low total-return win rate. Since the goal is dividend cash flow, don't judge based on this number alone.
ℹ️ Number of winning years versus S&P 500 (SPY) within a completed calendar year (1/1–12/31). The current year (YTD) is reported separately.
Downside Capture
22%
Falls less than the benchmark in drawdowns — strong downside protection
<85% (Defend) 85~110% (Track) >110% (Lag)
💡 Covered calls absorb volatility via options, providing strong downside protection — values under 100% are typical.
ℹ️ Average % drop of this ETF when S&P 500 (SPY) is −1%. Based on daily returns over the past 3 years (only days where the benchmark is negative).
Risk Profile
Volatility · Beta · Max Drawdown · Sharpe · Drawdown Recovery History
Overall Risk Grade
Moderate Risk
The price swings may look small, but the options structure can gradually reduce your principal. Part of the dividends you receive may effectively be a return of your own invested capital.
🎴 Covered-call ETFs — Options absorb volatility
By selling call options to give up upside in exchange for premium, these ETFs show lower volatility than typical equity funds. This is an intended risk mitigation — not evidence of a "better ETF."
Beta (market sensitivity)
하위 25%0.47
If the market rises +10% +4.7%
If the market falls -10% -4.7%
My positionBottom 25%
Low range Average High range
ℹ️ A beta of 1.0 moves in line with the market. Above 1 means it moves more than the market; below 1 means less.
Average daily range (last 1 month)
하위 25%±0.44%
S&P 500 typically ±1.0~1.3% · Bond funds ±0.3% · Leveraged ETFs ±3% or more
Annual volatility trend (past 10 years)
ℹ️ This ETF's average daily price swing. 1% means "on average, moves about ±1% per day." The rolling curve below shows the annualized volatility (long-term standard measure) over time.
Max Drawdown · Past 10 years
-18.6%
2022-08-23 Worst -17% 2026-07-01
ℹ️ Maximum drawdown is the largest peak-to-trough decline in the past. It represents the worst-case loss a long-term investor must psychologically endure.
Sharpe Ratio (Risk-Adjusted Return)
-0.32
Poor — Underperforms the risk-free rate
ℹ️ Annualized return minus the risk-free rate (3% annualized), divided by annualized volatility. A value above 1.0 is generally considered good risk-adjusted performance.
Estimated Monthly Maximum Loss (VaR 95%)
-6.2%
Historically, monthly losses exceeding this figure occurred only5%of the time.
ℹ️ A statistical estimate meaning "with 95% probability, monthly losses will not exceed this amount." The remaining 5% corresponds to crisis-level events such as financial crises or pandemics.
Dividend Analysis
Yield · Dividend history · After-tax income calculator
Covered call distribution — 11.12% annually
The stated distribution yield is high, but it combines option premiums and return of capital, so it differs from a "pure dividend."
Covered call ETF distributions combine option premiums with return of capital (ROC), so distributions may decline when the share price falls; even a high stated yield may be partly paid from principal.
배당수익률
11.12%
주당 배당
$2.41
연간 기준
5년 성장률
-
지급 주기
불규칙
2월 · 3월 · 4월 · 8월 · 9월 · 10월 · 11월 · 12월
연도별 배당 총액 추이
주당 배당금을 연 단위로 합산한 금액입니다. 막대가 우상향이면 매년 배당이 늘어나고 있다는 뜻입니다. 커버드콜은 기초자산·옵션 시장 변동에 따라 연도별 변동이 일반 배당주보다 크게 나타날 수 있습니다.
—
2021
$2.83
2022
$5.38 +90.5%
2023
$3.40 -36.7%
2024
$3.36 -1.3%
2025
$X.XX 그 해 총 배당금 +X% 전년 대비 증가 -X% 감소
최근 배당 이력 총 44건
아래로 스크롤하면 과거 배당 이력을 볼 수 있습니다.
배당락일
주당 금액
지급일
당시 수익률
2026-04-02
$0.211
—
14.66%
2026-03-03
$0.204
—
14.46%
2026-02-03
$0.174
—
15.67%
2025-12-23
$0.187
—
14.79%
2025-12-02
$0.188
—
17.71%
2025-11-04
$0.378
—
17.78%
2025-10-02
$0.145
—
17.08%
2025-09-03
$0.218
—
18.20%
2025-08-04
$0.231
—
17.16%
2025-07-02
$0.314
—
18.27%
2025-06-03
$0.419
—
18.40%
2025-05-02
$0.375
—
17.07%
2025-04-02
$0.258
—
15.84%
2025-03-04
$0.259
—
16.05%
2025-02-04
$0.388
—
15.24%
2024-12-20
$0.593
—
17.52%
2024-12-03
$0.331
—
16.48%
2024-11-04
$0.252
—
15.08%
2024-10-02
$0.208
—
15.83%
2024-09-04
$0.280
—
16.21%
2024-08-02
$0.220
—
15.40%
2024-07-02
$0.277
—
18.25%
2024-06-04
$0.247
—
16.86%
2024-05-02
$0.247
—
17.72%
2024-04-02
$0.235
—
20.65%
2024-03-04
$0.302
—
19.44%
2024-02-02
$0.212
—
20.80%
2023-12-22
$0.746
—
21.56%
2023-12-04
$0.577
—
18.46%
2023-11-02
$0.400
—
20.70%
2023-10-03
$0.288
—
21.56%
2023-09-05
$0.332
—
18.68%
2023-08-02
$0.197
—
18.68%
2023-07-05
$0.538
—
17.38%
2023-06-02
$0.351
—
15.58%
2023-05-02
$0.531
—
14.21%
2023-04-04
$0.648
—
12.43%
2023-03-02
$0.309
—
11.14%
2023-02-02
$0.464
—
9.38%
2022-12-23
$0.517
—
8.51%
2022-12-02
$0.487
—
6.60%
2022-11-02
$0.621
—
5.49%
2022-10-04
$0.644
—
3.32%
2022-09-02
$0.556
—
1.45%
* "배당락일"은 배당받으려면 이 날 이전에 주식을 보유해야 하는 기준일입니다. 지급일·당시 수익률은 일부 종목에서 데이터가 없을 수 있습니다.
💰 내가 $100K 투자한다면
연간 배당금 (세후) $9K
5년 누적 (세후) $47K
* 환율 1 가정, 배당소득세 15% 반영. 5년 누적은 배당 성장률 연 0% 가정.
* Qualified dividend middle-bracket approximation. Actual rate varies by total income.
Overall investment appeal
What this ETF fits best — strengths, weaknesses, and target investor profile
Income-focused ETF monthly distributions matter more to you than long-term capital growth.
💡 Dividend income-focused product. Capital appreciation is limited, and some distributions may be a return of principal.
🎯 목적별 적합도
내가 이 ETF를 어떤 목적으로 활용할 수 있는지 확인하세요.
매우 낮음
매우 적합
낮음
낮음
이런 분에게 어울려요
Dividend-focused income investors (accepting limited capital growth)
✅ 강점
뚜렷한 강점이 드러나지 않아요.
⚠️ 약점·주의사항
- 💸Expense ratio is somewhat high — 0.35% annually
- ⚠️Volatility is above average
- 🎯Trails benchmark by -11.8%p annually
- 🧪Option structure can slowly erode principal (NAV erosion)
Portfolio Composition
What's actually inside — sector weights and top holdings
기초지수 + 옵션 전략
보유 종목 자체는 일반 지수와 비슷하지만, 수익 구조가 옵션으로 재설계됐어요.
ℹ️ 왜 구성을 봐야 하나요?
ETF의 실제 성과는 담고 있는 종목과 섹터에서 나와요. 이름이 "S&P 500"이라도 기술주 비중이 유난히 높을 수 있고, "배당주 ETF"라도 몇몇 대형주에 쏠려 있을 수 있어요. 라벨보다 실제 구성을 확인하는 게 중요해요.
🔬 집중도 한눈에 보기
총 보유종목
3개
상위 10개 비중
100.1%
최대 단일 종목
99.91%
집중도(HHI)
9982
높음 (집중)
📋 상위 보유 종목 Top 10 Top 10이 전체의 100.0% 차지
티커 옆의 점 색상 = 섹터 구분 (섹터 차트와 동일 색상)
#2 - BLACKROCK CASH FUNDS TREASURY SL AGENCY SHARES 0.16%
#3 - Options Clearing Corp. -0.06%
Category Peers
Category: Bonds - Treasury & Government
같은 카테고리 3종 중 AUM 1/3위 · 보수율 1/3위
카테고리: Bonds - Treasury & Government
ℹ️ 왜 비교해야 하나요?
같은 카테고리 ETF끼리는 보수율·규모(AUM)·배당률을 비교해 볼 가치가 있어요. 보수율은 낮을수록 장기 수익에 유리하고, AUM이 크면 운용 안정성이 높아요. ▲ 표시는 TLTW보다 유리, ▼ 표시는 TLTW보다 불리를 뜻해요.
| 티커 | ETF명 | 보수율 | AUM | 보유종목 | 배당률 | YTD | 1년 |
|---|---|---|---|---|---|---|---|
| TLTW | iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 0.35% | $1.9B | 5 | 11.12% | -4.46% | -4.54% |
| Aptus Enhanced Yield ETF | 0.6% ▼ | $317M ▼ | 14 | 8.14% ▼ | - | -1.28% ▲ | |
| SoFi Enhanced Yield ETF | 0.61% ▼ | $54M ▼ | 8 | 11.04% ▼ | - | +3.54% ▲ |
AUM 내림차순 정렬 · ▲ TLTW보다 유리 · ▼ TLTW보다 불리
Leveraged & Covered Call ETFs on the Same Theme
ETFs that approach the same theme with a different strategy
8 ETFs tracking the same theme as TLTW using leveraged or covered call strategies (Leverage 2 · Inverse 3 · Covered Call 3)
Not direct derivatives of TLTW, but ETFs that cover the same theme via a different strategy.
ℹ️ Which ETFs are included?
Among ETFs whose theme (category or sector) overlaps with TLTW, some use special strategies. Leveraged ETFs aim for 2–3× the daily move, Inverse ETFs seek opposite-direction returns, and Covered Call ETFs generate monthly income from option premiums.
⚠️ Caution: Long-Term Holding
Leveraged and inverse ETFs track only the daily return. With high volatility, holding them for longer periods causes cumulative volatility decay—returns diverge further from the underlying index. They are meant for short-term trading.
Leverage 2 ETFs that amplify the same theme by 2-3x (high volatility)
Inverse 3 ETFs that bet on declines in the same theme
Covered Call & Options 3 ETFs that add a monthly dividend via covered calls on the same theme
FAQ
What kind of ETF is TLTW?
TLTW is an ETF in the Bonds - Treasury & Government category, managed by iShares (BlackRock).
How many holdings does TLTW have?
TLTW holds a total of 5 securities, with an AUM of approximately $1.9B.
Does TLTW pay dividends (distributions)?
TLTW's distribution yield is approximately 11.12%.
What is the 52-week high and low for TLTW?
TLTW has recorded a 52-week high of $24.08 and a low of $21.46.
면책조항: 본 콘텐츠는 참고 자료이며 투자 권유가 아닙니다. 모든 투자의 책임은 투자자 본인에게 있습니다.