iShares 20+ Year Treasury ETF: $40 Billion in Long-Term US Bonds Managed
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Key Takeaways
- As of March 31, 2026, TLT managed $40.18 billion in assets, making it one of the largest Treasury ETFs.
- The weighted average maturity is 25.74 years, which is the longest among Treasury ETFs and leads to higher volatility when interest rates change.
- The fund offers a dividend yield of 4.48 percent with an annual expense ratio of only 0.15 percent of assets under management.
- TLT focuses exclusively on US government bonds, eliminating credit risk from private borrowers.
- Performance is sensitive to interest rate changes and is influenced by the Federal Reserve's monetary policy.
The iShares 20+ Year Treasury Bond ETF (TLT) managed assets of $40.18 billion as of March 31, 2026. The index fund launched by BlackRock tracks US government bonds with remaining maturities over 20 years and invests at least 80 percent of its assets in the components of the underlying index.
Portfolio Structure and Maturity Profile
The weighted average maturity of the bonds held in the fund was 25.74 years as of March 31, 2026, according to the fact sheet. This gives TLT the longest weighted average maturity among Treasury ETFs – significantly longer than, for example, the iShares Short Treasury Bond ETF (SGOV) with 0.09 years.
The fund invests at least 90 percent of its assets in US government bonds that, in the asset manager's view, contribute to replicating the index. Because TLT focuses exclusively on government bonds, credit risk from private borrowers is eliminated.
Yield and Cost Structure
The dividend yield was 4.48 percent as of March 31, 2026, according to BlackRock. Over the past year, the fund distributed $3.91 per share. The annual expense ratio is 0.15 percent of assets under management.
Comparison with Other Treasury ETFs
An analysis published in April 2026 compared TLT with other ETFs specializing in US government bonds. While TLT delivers returns with higher volatility, alternatives pursue different strategies:
- The iShares 7-10 Year Treasury Bond ETF (IEF) focuses on intermediate-term bonds and seeks a balanced relationship between yield and maturity risk
- The iShares 1-3 Year Treasury Bond ETF (SHY) emphasizes short-duration securities with lower price fluctuations
- The Vanguard Total Bond Market ETF (BND) diversifies across various bond segments rather than concentrating on a single maturity class
All three government bond-focused ETFs mentioned – TLT, IEF, and SHY – eliminate credit risk through their exclusive focus on Treasury securities.
Interest Rate Risk and Influencing Factors
According to an analysis published in January 2026, TLT's performance reacts to interest rate changes. Performance is influenced by the overall economic situation and the monetary policy of the US Federal Reserve. Due to the long maturity of the bonds held, price fluctuations from interest rate changes are more pronounced than in funds with shorter maturities.
Trading and Purchase
Investors can purchase TLT through their custodian bank by searching for the ticker symbol "TLT" and accessing the fund on their broker's trading platform. The ETF trades like a stock on the exchange.