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TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Covered call on TLT, paying monthly

Over the year to Sep 11, 2026, TLTW paid 9.6% in cash and finished 5.4 points ahead of TLT.

iShares · Income ETFs · data as of

Key facts

9.6%Cash paid, 1 year, on its starting price
−1.0%Total return, 1 year
+5.4 ptsAgainst TLT
7.5%Latest payout, annualized

Method

ETFIQ Return Stability Score

59.855th of 162

TLTW paid 9.6% in cash. Its price fell 10.3%, so 100% of what you were paid came back out of your own capital.

Was the payout funded by returns, or by your own capital?

Against its benchmark
MLPD −38.1 ptsMDST −30.2 ptsSLTY −29.1 ptsBLOX −27.8 ptsEIPI −27.8 ptsYQQQ −27.6 ptsULTY −23.3 ptsGDXY −22.0 ptsHIGH −20.8 ptsTOPW −18.6 ptsTDVI −18.3 ptsYMAX −18.1 ptsHISF −17.3 ptsACKY −17.2 ptsRMIF −17.2 ptsWEEI −16.9 ptsNDIV −16.6 ptsLQDW −16.2 ptsOARK −15.8 ptsFDND −15.5 ptsTCAL −15.0 ptsQRMI −14.8 ptsSDVD −14.8 ptsLFGY −14.5 ptsSLJY −14.5 ptsSCLZ −14.1 ptsYFYA −13.9 ptsQUSA −13.5 ptsHYGW −13.0 ptsJULH −13.0 ptsXLRI −13.0 ptsMAGY −12.9 ptsYYY −12.7 ptsXLKI −12.6 ptsJULJ −12.4 ptsLJUL −12.4 ptsJANJ −12.3 ptsLJAN −12.3 ptsFGSI −12.2 ptsLOCT −12.1 ptsRNTY −12.1 ptsAIPI −12.0 ptsIWMY −12.0 ptsOCTJ −11.9 ptsHIPS −11.7 ptsJUCY −11.6 ptsXLEI −11.6 ptsAPRJ −11.3 ptsLAPR −11.3 ptsXISE −11.3 ptsXIJN −11.1 ptsCVRD −11.0 ptsJANH −11.0 ptsAPRH −10.9 ptsXBTY −10.7 ptsXIDE −10.7 ptsOCTH −10.6 ptsJEPI −10.3 ptsXIMR −10.1 ptsSRHR −9.7 ptsXRMI −8.7 ptsVEGA −8.3 ptsBUYW −8.2 ptsIAUI −7.9 ptsBAGY −7.7 ptsXV −7.5 ptsKHPI −7.3 ptsYBTC −7.3 ptsFTHI −7.0 ptsYLDE −6.8 ptsIGLD −6.1 ptsQQQI −6.1 ptsRDVI −6.0 ptsSPIN −5.9 ptsFEPI −5.8 ptsIWMW −5.8 ptsTYLG −5.7 ptsBITY −5.6 ptsSPUT −5.4 ptsWTPI −5.2 ptsPAPI −4.7 ptsXLVI −4.7 ptsETCO −4.3 ptsJEPQ −4.1 ptsCAIE −4.0 ptsFTKI −3.9 ptsGPTY −3.7 ptsIQQQ −3.7 ptsGIAX −3.4 ptsBIGY −3.3 ptsISPY −3.1 ptsRYLD −3.1 ptsWEEL −2.9 ptsYMAG −2.9 ptsRDTY −2.6 ptsXLBI −2.5 ptsNBOS −1.8 ptsRYLG −1.8 ptsSPYI −1.7 ptsFTQI −1.6 ptsKNG −1.6 ptsTSPY −1.6 ptsTHTA −1.5 ptsQQQY −1.3 ptsRDTE −1.3 ptsDIVO −1.2 ptsSIXH −1.2 ptsXYLD −1.2 ptsDFII −1.1 ptsGPIQ −1.1 ptsQDTY −1.1 ptsXYLG −1.1 ptsXDTE −0.9 ptsQDTE −0.7 ptsQYLD −0.7 ptsXLII −0.7 ptsXPAY −0.7 ptsEGGY −0.6 ptsJOYT −0.6 ptsSDTY −0.6 ptsWDTE −0.4 ptsBTCC −0.3 ptsQYLG −0.3 ptsGPIX 0.0 ptsDJIA +0.1 ptsDYLG +0.3 ptsIWMI +0.3 ptsKGLD +0.3 ptsXLFI +0.3 ptsIVVW +0.4 ptsLTTI +0.5 ptsLQTI +0.6 ptsPBP +0.6 ptsHYTI +0.9 ptsTDAQ +0.9 ptsCSHI +1.3 ptsBALI +1.4 ptsYETH +1.5 ptsHYBL +1.6 ptsXLUI +1.6 ptsCHPY +1.9 ptsBTCI +2.1 ptsSOXY +2.3 ptsITWO +2.5 ptsDOGG +2.7 ptsCEPI +2.9 ptsXLYI +2.9 ptsYBIT +2.9 ptsTLTP +3.4 ptsDUBS +4.0 ptsSEPI +4.7 ptsXLCI +5.2 ptsIDVO +5.4 ptsBCCC +6.3 ptsOMAH +6.5 ptsIDUB +6.9 ptsXLSI +8.8 ptsUSOY +10.5 ptsBUCK +10.9 ptsKLIP +20.9 ptsNVYY +24.6 ptsTLTW +5.4 ptsTLTW +5.4 pts−38.1 pts+24.6 pts

94.1% of the 162 sit at or below TLTW on this measure.

What happened to the principal
ETCO −75.0%XBTY −74.7%YETH −67.4%YBTC −61.4%BTCC −59.9%YBIT −58.9%BAGY −58.0%SLTY −54.4%ULTY −53.3%NVYY −52.4%BITY −51.9%BCCC −49.4%BTCI −46.9%DFII −44.8%LFGY −43.0%YMAX −41.0%BLOX −38.8%TOPW −36.6%OARK −33.3%KLIP −32.8%GDXY −32.5%YMAG −27.1%YQQQ −26.3%MAGY −25.8%IWMY −23.1%CEPI −21.0%RDTY −19.9%RDTE −19.4%QDTE −18.5%EGGY −15.1%TLTP −14.5%XLYI −14.1%LTTI −13.8%ACKY −13.7%WDTE −13.7%QQQY −13.0%QDTY −12.8%XDTE −12.8%AIPI −12.2%QUSA −11.8%LQTI −10.4%SDTY −9.9%GIAX −9.8%XLUI −9.5%HIGH −9.3%LQDW −9.3%TCAL −9.0%FEPI −8.5%XV −8.4%IGLD −8.1%XLRI −8.0%XLCI −7.9%FDND −7.6%YYY −7.5%XLSI −7.3%RNTY −6.5%HYTI −6.3%GPTY −6.0%OMAH −6.0%XLBI −5.7%HYGW −5.6%IWMW −5.3%HIPS −5.2%XPAY −4.9%HISF −4.7%QRMI −4.2%USOY −4.0%RMIF −3.9%XLFI −3.8%FGSI −3.2%BUCK −2.5%HYBL −2.5%JUCY −2.3%XRMI −2.3%MLPD −1.7%CAIE −1.6%IAUI −1.6%YFYA −1.6%IVVW −1.4%CVRD −1.3%JEPI −1.1%KNG −0.9%XIJN −0.7%JULJ −0.6%WTPI −0.5%CSHI −0.4%JULH −0.3%LJUL −0.2%XISE 0.0%JANH +0.1%JANJ +0.1%LAPR +0.1%LOCT +0.1%LJAN +0.2%OCTJ +0.2%XLII +0.2%APRJ +0.3%OCTH +0.3%XIDE +0.3%XIMR +0.4%APRH +0.5%TSPY +0.6%KHPI +0.7%BIGY +0.8%WEEL +0.9%SRHR +1.0%FTHI +1.1%QQQI +1.5%XLVI +2.1%SPYI +2.6%QYLG +2.8%YLDE +2.8%BUYW +2.9%SDVD +3.0%XYLG +3.4%KGLD +3.8%THTA +3.9%DJIA +4.2%FTKI +4.3%SCLZ +4.4%PAPI +4.5%RYLD +4.7%XLKI +5.0%PBP +5.1%IWMI +5.3%DYLG +5.4%TDAQ +5.9%XYLD +5.9%JEPQ +6.0%SPIN +6.1%NBOS +6.5%SPUT +6.5%RYLG +7.1%GPIX +7.9%FTQI +8.0%DOGG +8.2%ISPY +8.4%QYLD +8.4%DIVO +8.9%MDST +9.3%VEGA +9.4%BALI +9.5%GPIQ +9.8%SLJY +11.0%RDVI +11.7%TDVI +11.7%IQQQ +12.3%SEPI +13.8%XLEI +13.8%SIXH +14.1%ITWO +14.3%EIPI +14.6%JOYT +16.1%IDVO +16.4%DUBS +18.9%WEEI +18.9%IDUB +19.0%TYLG +21.2%NDIV +22.9%CHPY +24.9%SOXY +68.6%TLTW −10.3%TLTW −10.3%−75.0%+68.6%

25.6% of the 162 sit at or below TLTW on this measure.

Weighted evenly, those two positions are what the score combines, across the 162 income ETFs writing on an index or proxy. Neither spread above is the score: a fund can sit further right on one and score lower. A position in this set, not a rating: it moves when the set moves, and it is not a figure to average against another desk's.

What the score is computed from
What it measuresThis fundIts percentileWeight
against its benchmark+5.4 pts94.150%
what happened to the principal−10.3%25.650%

All income ETFs ranked by this score · How it is computed

2nd of 4 income ETFs writing on TLT, by return against it 13th of 371 income ETFs by net assets

What a holder got

TLTW against TLTTLTW returned −1.0% with distributions reinvested against −6.4% for 20+ Year Treasury (TLT), a gap of +5.4 pts. Of that, 9.6% arrived as cash rather than price.−1.0%TLTW total return−6.4%20+ Year Treasury (TLT)

Over the year to Sep 11, 2026, TLTW returned −1.0% with distributions reinvested and 20+ Year Treasury (TLT) returned −6.4%, so a holder came out ahead of it by 5.4 points. The lighter segment is the 9.6% that arrived as cash rather than as price.

Method

Period by period

TLTW over each window to Sep 11, 2026. Every figure is an ETFIQ calculation. Source: ETFIQ.
WindowCash paidPriceTotal returnTLTAhead or behind
3 months1.9%−5.9%−4.0%−4.6%+0.6 pts
6 months4.3%−7.2%−3.1%−4.4%+1.3 pts
1 year9.6%−10.3%−1.0%−6.4%+5.4 pts
3 years33.2%−31.5%+3.3%−2.6%+5.8 pts
Since launch41.3%−47.2%−4.6%−15.8%+11.2 pts

Method

When TLTW pays

TLTW pays monthly. The last distribution was $0.1311 a share, which went ex on Sep 2, 2026, with payment about 2 days later. The next has not been declared. On its own cadence of about 30 days the ex-date falls near Oct 2, 2026; that date is an ETFIQ projection, not the issuer’s.

Expected distributions for TLTW. Where the basis is a projection, ETFIQ has carried the fund’s own spacing forward from its last ex-date and held the amount at the last one paid; neither is an issuer statement. Source: ETFIQ.
Ex-datePay dateAmountBasis
Oct 2, 2026Oct 5, 2026$0.1311ETFIQ projection from the fund’s own cadence
Every distribution ETFIQ holds for TLTW (13, most recent first)
Cash distributions per share for TLTW. Source: ETFIQ from Tiingo end-of-day distributions.
Ex-dateAmount
Sep 2, 2026$0.1311
Aug 4, 2026$0.1523
Jul 2, 2026$0.1347
Jun 2, 2026$0.2172
May 4, 2026$0.1214
Apr 2, 2026$0.2115
Mar 3, 2026$0.204
Feb 3, 2026$0.1742
Dec 23, 2025$0.1869
Dec 2, 2025$0.1876
Nov 4, 2025$0.3783
Oct 2, 2025$0.1445
Sep 3, 2025$0.2183

Every income ETF going ex-dividend in the next fortnight

Method

In plain words

Since it launched on Aug 22, 2022, TLTW has returned −4.6% with distributions reinvested, against −15.8% for 20+ Year Treasury (TLT), and has paid out 41.3% of its starting value in cash along the way. It pays monthly, and at its current price the latest distribution annualizes to 7.5%. No Rule 19a-1 notice has been published for this fund, so there is no issuer estimate of how much of its distributions was a return of capital.

TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF), income ETFs fields as of Sep 11, 2026. Source: ETFIQ.
Strategycovered call
Benchmark20+ Year Treasury (TLT)
Paysmonthly
Net assets (source, as filed for Apr 30, 2026)$2.0bn
Latest payout, annualized (ETFIQ)7.5%
Expense rationot read by ETFIQ
Cash paid, last 12 months, over today’s price (ETFIQ)10.8%
LaunchedAug 22, 2022
Paysmonthly
Typical gap between ex-dates30 days
Typical wait from ex-date to payment2 days
Last paid, per share$0.1311 ex Sep 2, 2026
Sum of the last 12 distributions$2.2436

Every figure is an ETFIQ calculation from exchange prices and cash distributions (Tiingo end-of-day), total return with distributions reinvested. Return of capital is the issuer’s estimate. How these figures are computed

Questions people ask

How much has TLTW paid over the last year?
Over the year to Sep 11, 2026, TLTW paid 9.6% of its starting price in cash distributions, while the price fell 10.3%.
Is TLTW ahead of TLT?
Over the year to Sep 11, 2026, with every distribution reinvested, TLTW returned −1.0% against −6.4% for 20+ Year Treasury (TLT), so a holder was ahead of it by 5.4 points.
How often does TLTW pay, and how much?
TLTW pays monthly. The latest distribution annualizes to 7.5% at its price on Sep 11, 2026, which is not a promise; the next one can differ.
When does TLTW next pay a distribution?
TLTW pays monthly. The last distribution went ex on Sep 2, 2026 at $0.1311 a share. The next is not declared; on a cadence of about 30 days the ex-date falls near Oct 2, 2026, which is an ETFIQ projection. Payment usually follows the ex-date by 2 days.

The words on this page

Total return
What a holder actually ended up with: price change plus every distribution, reinvested. The only figure that answers whether you came out ahead.
Cash paid
Distributions over the window as a share of what the fund cost at the start. A measure of cash delivered, not of return: a fund can pay a great deal and still lose money.
Ahead or behind
The fund’s total return minus the benchmark’s over exactly the same days, in percentage points. Both sides reinvest.
Return of capital
The issuer’s own estimate, in a Rule 19a-1 notice, of how much of a distribution was your own money returned. An estimate and a tax characterization, not a measure of erosion.
Covered call
Selling call options on shares the fund holds. It collects a premium and gives up the gains above the strike, which is why these funds pay well and lag a rising market.

Every term used here, defined in full on the income ETFs vocabulary page.

Where these figures came from

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.

Funds near this one

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TLTW payout bar, ETFIQ

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Where TLTW is written about

TLTW, Income ETFs, ETFIQ, data as of Sep 11, 2026. Every figure is arithmetic on a named public source; the method is at etfiq.com/methodology. ETFIQ is an independent publisher, is not a fund issuer, broker-dealer or investment adviser, and makes no recommendations.
Use this data, or open the live card

Open TLTW live on ETFIQ, where the figures refresh with the data.

Cite this page. ETFIQ, TLTW, income ETFs, data as of Sep 11, 2026. https://etfiq.com/funds/TLTW Free to use with attribution; the underlying files are at Open data.

How these figures are computed · Standards and sources