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TLTW · iShares 20+ Year Treasury Bond BuyWrite Strategy ETF

Know the company

Company overview

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF holds long-term Treasury-bond exposure and writes calls on a Treasury-bond ETF. Treasury interest and option results can bring cash, while long-bond prices remain sensitive to rate changes.

Business: Bond and option-income ETF
Listing: TLTW · BATS
Reporting period: 2026-04-30
Dividend schedule: Monthly

How the business works

Treasury income after expenses appears in net investment income. Option results and changes in long-bond prices affect distributions and net asset value separately.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: financial report supporting reported earnings

Dividend & earnings snapshot

Dividend payments

Per common share

$0.131148Reviewed declaration · Payment Sep 8, 2026

Regular dividend

Announced Sep 2, 2026

Dates and issuer sources

Announcement: Sep 2, 2026
Declaration: Sep 2, 2026
Ex-dividend: Not confirmed
Record: Sep 2, 2026
Payment: Sep 8, 2026
Source reviewed: Sep 28, 2026

Extras are shown separately and are not assumed to repeat.

Reported earnings

Each measure shown separately, per share

Net investment income$0.48

Nov 1, 2025 to Apr 30, 2026

Distribution yield10.75%Sourced distributions divided by dated market price

Reported annual income yield4.12%Reported net investment income $0.9800 per share for 2024-11-01 to 2025-10-31, divided by approved 2025-10-31 market price $23.8000. Excludes capital gains; historical, not a current yield or forecast.

Trailing 12-month distributions$2.24Recorded recurring payments per share, not a forecast

Distribution supportSee period evidenceReported net investment income and total distributions for the same period are needed.

Verified dividend dates and payment components

Issuer announcements supplement the recorded totals above. Each declared payment is shown separately. Additional payments are not assumed to repeat.

Regular dividend

$0.131148

Payment: Sep 8, 2026

Announced Sep 2, 2026

Dates and issuer sources

Announcement: Sep 2, 2026
Declaration: Sep 2, 2026
Ex-dividend: Not confirmed
Record: Sep 2, 2026
Payment: Sep 8, 2026
Source reviewed: Sep 28, 2026

Verified earnings history and sources

The latest four recorded reporting periods. Each issuer measure keeps its own name and dates. These source records supplement the Fly High figures above; different measures are not added together or assumed comparable.

Reporting period	Earnings measure	Per share	Source
Nov 1, 2025 to Apr 30, 2026	Net investment income	$0.48	Issuer source 1 Issuer source 2 Announced Jul 2, 2026

Cash distributions and reported returns

Cash distributions are the total paid per share during each reporting period, including any gains or return of capital. Period lengths may differ, so compare the dates before comparing amounts. Short periods are not annualized.

Reporting period	Ending NAV	NAV change	Distributions / share	Reported NAV total return	Source
Nov 1, 2025 to Apr 30, 2026	$22.27	-6.31%	$1.34	-0.74%	Verified issuer financial highlights for this exact fiscal period; total return is reported, not inferred.

NAV change excludes distributions. Reported NAV total return includes reinvestment and is copied from the fund statement, not estimated by adding cash distributions to the NAV change.

Reported distribution and income history

Net investment income and total cash distributions are separate reported figures. Investment gains, option activity where applicable, and other sources can contribute to distributions, so net investment income alone is not a coverage verdict. Partial periods are not annualized.

Reporting period	Net investment income/share	Total distributions/share
2023-11-01 to 2024-10-31	$0.98	$3.95
2024-11-01 to 2025-10-31	$0.98	$3.78
2025-11-01 to 2026-04-30	$0.48	$1.34

Risk monitor

Risk	Current condition	Direction	Why it matters
Portfolio and strategy risk	Income and capital are exposed to long-duration interest-rate exposure and capped upside from written calls.	Monitor	A change can affect future distributions or shareholder capital.
Distribution variability	Payments can change and can include gains or return of capital. A high trailing yield does not establish earnings coverage or total return.	Monitor	A change can affect future distributions or shareholder capital.
Market and implementation risk	Market liquidity, trading costs, derivative execution where used, and fund expenses can reduce shareholder returns.	Monitor	A change can affect future distributions or shareholder capital.

The assets behind the earnings

How TLTW makes money

Financial snapshot: 2026-04-30. Research reviewed 2026-09-18. Source dates are retained with each measure; historical results are not a forecast.

The assets it owns

$1.803 billion net assetsBond and option-income ETF

Net assets checked 2026-09-11. Borrowings and preferred financing are excluded from this net-assets figure.

A complete, comparable portfolio allocation is not available for this chart. No percentages have been estimated.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: net assets and portfolio information, checked 2026-09-11

Reported earnings and distributions

2025-11-01 to 2026-04-30 · $ per share

Fund net investment income per common share; actual reporting period, not annualized$0.4800

Total cash distributions in the same period$1.3400

For the six months ended April 30, 2026, TLTW reported $0.48 of net investment income and $1.34 of distributions per share. Net asset value fell from $23.77 to $22.27. The cash paid exceeded the income line, and the lower ending value makes option outcomes and rate-driven bond prices essential context.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: financial report supporting reported earnings

The income-producing business

Portfolio interest and dividends, realized investment results and any derivative activity contribute to distribution resources after expenses. Taxable income and cash distributions can differ from reported net investment income.

The earnings available to shareholders depend on the cash generated by these activities after operating and financing costs. Portfolio gains, financing proceeds and recurring income should be evaluated separately.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: financial report supporting reported earnings

What the reported earnings support

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF reported $0.4800 per share for 2025-11-01 to 2026-04-30, measured as Fund net investment income per common share; actual reporting period, not annualized.

Actual per-share reporting period, without annualisation. Net investment income, realized gains, unrealized changes and cash distributions are different measures. This comparison is not the Fly High forward Dividend Coverage Ratio.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: financial report supporting reported earnings

Portfolio and strategy risk

Income and capital are exposed to long-duration interest-rate exposure and capped upside from written calls.

Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: financial report supporting reported earnings

Distribution variability

Payments can change and can include gains or return of capital. A high trailing yield does not establish earnings coverage or total return.

Watch for changes in the underlying exposure and the next reported results before treating the current payment as evidence of continuing earnings support.

iShares 20+ Year Treasury Bond BuyWrite Strategy ETF: financial report supporting reported earnings

What would change the earnings picture?

Compare the next like-length income and cash with option returns, Treasury rates and net asset value.

Net asset value (NAV)

NAV per share$20.3700Sep 29, 2026

Market price$20.3600Sep 29, 2026

PREMIUM / DISCOUNT TO NAV0.05% discountCalculated from the displayed same-date values.

NAV is the fund's assets minus liabilities, divided by shares outstanding. All values are USD per share.

iShares issuer NAV and Marketstack USD closing market price, both dated 2026-09-29. The calculated premium or discount agrees with the issuer-published figure within rounding. Older audited NAV history remains unchanged.

NAV source · Market-price source

Current evidence and recent developments

Reported fund net investment income per share: $0.48 for 2025-11-01 to 2026-04-30; actual period, not annualized.
Trailing distribution screen: 10.75% on 2026-09-11.
Latest announced cash distribution in the checked history: $0.1311; usual frequency monthly.

What to watch next

Compare the next like-length income and cash with option returns, Treasury rates and net asset value.

Fly High context

Compare the next like-length income and cash with option returns, Treasury rates and net asset value.

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U.S. federal · Tax year 2025

Dividend tax treatment

The fund's 2025 breakdown shows mainly ordinary dividends and return of capital. The mix can change from year to year.

This issuer information is a guide, not your personal tax statement. Use your Form 1099-DIV when you file.

Ordinary, nonqualified: 66.92%
Qualified dividends: 0%
Capital-gain distributions: 0%
Return of capital: 33.08%

Tax year: 2025. Total distributions: $3.36 per share.

Tax details and source

Total ordinary dividends (includes qualified): 66.92%
Section 199A portion (within ordinary dividends): 0%
Exempt-interest distributions: 0%
Reporting form: Form 1099-DIV
Source date: Not stated

Qualified dividends are included in total ordinary dividends. Section 199A is a separate designation within ordinary dividends, not extra income or qualified dividend income.

Tax source

Your account type, holding period and circumstances affect treatment. Use your broker’s tax statement for filing. Return of capital generally reduces cost basis; amounts beyond basis can be taxable. IRS dividend guidance.

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