Why Is Maturity Central to iShares 20+ Year Treasury Bond ETF (Nasdaq:TLT)?

Sonal Goyal

03 November 2026 04:40 PM AEDT

Why Is Maturity Central to iShares 20+ Year Treasury Bond ETF (Nasdaq:TLT)?

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Highlights

TLT seeks exposure to US Treasury bonds with remaining maturities greater than twenty years.
The fund reports NAV of USD 81.69 as of 2 November 2026.
TLT lists an expense ratio of 0.15% and distributes monthly.

iShares 20+ Year Treasury Bond ETF (Nasdaq:TLT) seeks to track US Treasury bonds with remaining maturities greater than twenty years. Its NAV stood at USD 81.69 as of 2 November 2026. Net Assets totalled USD 47,860,489,571 as of 2 November 2026.

The Long End of the Treasury Curve

TLT tracks the ICE US Treasury 20+ Year Bond Index. The index is focused on long-dated, fixed-rate public obligations of the US Treasury. Its Maturity requirement gives the portfolio a different profile from Treasury strategies that include shorter-dated securities. Inflation-linked securities and agency Debt are excluded from the eligible universe.

The fund uses representative sampling, selecting investments intended to resemble the benchmark’s overall characteristics. It may therefore hold a different collection of securities from the index while seeking a similar Investment profile.

Portfolio Composition and Exposure

TLT reported 47 holdings as of 30 October 2026. Its allocation by Market Value included Treasuries at 99.53% and Cash and/or Derivatives at 0.47% as of 30 October 2026.

The portfolio’s effective duration was 14.83 yrs as of 30 October 2026. Weighted average maturity was 25.94 yrs as of 30 October 2026.

Duration measures sensitivity to Interest Rate changes. Maturity describes the timing of principal repayments, while cash-flow patterns and embedded Options can make the two measures differ. These characteristics describe the bond portfolio rather than a fixed outcome for shareholders.

The fact sheet dated 30 September 2026 recorded Credit allocations including AA Rated at 99.60%. These classifications describe underlying securities at that date; ratings and portfolio credit quality can change.

Fees and Distribution Policy

The published expense ratio is 0.15%. Distributions are scheduled monthly.

The 30-day SEC Yield was 5.29% as of 30 October 2026. This standardised income measure reflects the fund’s recent income after expenses; it is separate from changes in the market value of its shares.

The prospectus notes that brokerage commissions and other intermediary charges may apply separately. Fund shares trade at market prices, which can differ from NAV, so the stated NAV does not establish the price of every exchange transaction.

Key Insights

Longer-dated bonds are especially sensitive to interest rate changes. Changes in market yields can therefore move the value of the portfolio, while the level of income can also vary.

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