Highlights

  • Exposure focus: Treasury bonds with more than twenty years remaining.
  • Official net Assets were USD 48,328,434,678 as at 3 November 2026.
  • The listed net annual expense ratio is 0.15%.
  • Its reference measure is ICE US Treasury 20+ Year Bond Index.

iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) targets Treasury bonds with more than twenty years to maturity. This Maturity exposure makes changes in longer-term interest rates central to its pricing. The portfolio continually follows the eligible bond universe; buying the fund does not establish a single maturity date at which a Shareholder receives a fixed principal amount.

Investment approach and market coverage

iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) uses an index-tracking mandate. The stated benchmark is ICE US Treasury 20+ Year Bond Index. The benchmark defines the eligible Investment universe, and its membership and weights shape the portfolio. An index objective does not mean the fund and benchmark will match exactly. Expenses, transactions, cash balances and implementation decisions can create differences. The scope of the mandate matters when comparing this exposure with an existing portfolio, because funds with similar names may cover different securities or market segments.

Holdings and underlying exposure

In the official holdings file dated 3 November 2026, selected leading individual bond positions were Treasury Bond maturing 15 May 2054 at 4.14%; Treasury Bond maturing 15 May 2055 at 4.10%; Treasury Bond (Old) maturing 15 May 2056 at 4.08%; Treasury Bond maturing 15 November 2053 at 4.04%; Treasury Bond maturing 15 November 2055 at 3.91%. These figures are security-level portfolio weights; separate securities from the same issuer may appear in other rows. Holdings and weights can change.

Aggregating the reported bond rows by the issuer file’s sector labels gives Treasuries at approximately 99.98%. These are calculated sums of rounded security weights, rather than a separate issuer-published allocation table. Cash, Derivatives and other asset classes are excluded from these sector sums. The composition helps explain which economic exposures accompany the stated mandate.

Fees distributions and share pricing

iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) has a listed gross annual expense ratio of 0.15% and net annual expense ratio of 0.15%. At the net rate, USD 10,000 held at a constant value for a full year would imply approximately USD 15.00 in annual fund expenses. This is an illustrative fee calculation, excluding changes in value, brokerage costs and bid-ask spreads. Expenses are reflected within the product rather than quoted as a promised investment outcome.

The stated distribution frequency is monthly. The schedule describes how often distributions are expected, while payment amounts depend on income and other applicable fund circumstances. A distribution is distinct from Capital appreciation and does not establish a fixed future payment. Shareholders also need to consider their own tax treatment, including any treatment of distributions or gains on sale.

iShares reported net asset value of USD 81.06 per share as at 3 November 2026. NAV measures the underlying net asset value allocated to a share; it is not an exchange closing-price quotation. Shares trade on NASDAQ, where the transaction price can differ from NAV and where the bid-ask spread adds to the cost of entering or exiting a position.

Long duration and changes in market yields

Long-maturity Treasury bonds can experience substantial price changes when longer-term yields move. Government Credit exposure does not remove duration risk. Inflation expectations, real yields and the term premium can all influence the pricing of this part of the market. Because the fund maintains an eligible long-bond portfolio, a shareholder does not automatically recover a fixed purchase amount simply by waiting for one stated fund maturity date.

Key Insights

iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) is defined by its benchmark and eligible investment universe. Its holdings explain the actual exposure, while the fee schedule and distribution arrangements explain important ownership mechanics. These features need to be considered together: broad coverage, a particular style or a specified maturity band each changes the risks a shareholder takes. The investment objective remains a target, and the value of the shares can decline.

Data checked on 5 November 2026. Each numerical observation uses the specific source date stated above.