Bond ETFs

TLH:what it yields, how rates move it and what it holds

iShares 10-20 Year Treasury Bond ETF. Portfolio as of August 31, 2026, from the fund's SEC filing (Form N-PORT).

US Treasury, long. US Treasury bonds with a duration above 10 years: if rates rise by 1 percentage point, their price falls more than 10%. These fell the most in 2022.

Yield to maturity (YTM)

5.16%

+0.09 points over US Treasuries of the same maturity

As of August 31, 2026, before the fund's costs.

If rates rise 1 pointestimated from its duration, 11.8 years: -11.8%
Investment gradeno credit risk: US Treasury
Size60 positions: $11.0B

In a few words

TLH holds 60 positions. 98% of the portfolio is US Treasury bonds. On August 31, 2026, the bonds it holds had a yield to maturity (YTM) of 5.16% a year, before the fund's costs. Its duration is 11.8 years: if rates rise by 1 percentage point, its price falls about 11.8%. In 2022, when rates rose sharply, its total return was -25.4%.

Every ETF in US Treasury, long

If rates change

A rough estimate, if rates moved at once and equally at every maturity.

11.8 years duration5.16% yield to maturity

Change in rates+1 point

▲ break-even

Price, at once

-11.8%

Over 12 months, with the yield

-6.6%

Ready-made moves

Change in rates	At once	12 months
	+11.8%	+16.9%
	+5.9%	+11.1%
	0.0%	+5.2%
	-5.9%	-0.7%
	-11.8%	-6.6%
	-23.6%	-18.4%

At a yield of 5.16% and a duration of 11.8 years, a rise in rates of about 0.44 points within the year would eat the whole year's yield.

Past returns

The ETF's total return, price change plus distributions, as the fund reports it to the SEC.

September 2019 – August 2026

Last 12 months

+0.5%

3 years, average per year

+1.4%

Worst 12 months

-28.0%

Largest fall from a peak

-40.2%

100 at the start 79.6 at the end, distributions reinvested

What it holds

Portfolio as of August 31, 2026: when the bonds it holds mature, and its main figures.

60 positions1 issuer

When they mature

Up to 1 year0.0%

1 to 3 years0.0%

3 to 5 years0.0%

5 to 10 years0.0%

10 to 20 years98.1%

Over 20 years0.0%

Details

Issuer: US Treasury, 98.1%
Positions: 60
Average coupon: 3.53%
Floating rate: 0.0%
In other currencies: 0.0%
Mortgage-backed: 0.0%
In default: 0.00%
Hard to value: 0.00%
Cash and cash funds: 1.2%

Maturities as stated on the bonds. Mortgage bonds, many corporate bonds and city bonds can be repaid early, so in practice they mature sooner.

Similar bond ETFs

Same kind as TLH, nearest in rate sensitivity.

VGLTVanguard Long-Term Treasury ETF
If rates +1%-13.2%
SPTLState Street SPDR Portfolio Long Term Treasury ETF
If rates +1%-14.1%
TLTiShares 20+ Year Treasury Bond ETF
If rates +1%-15.1%
EDVVanguard Extended Duration Treasury ETF
If rates +1%-23.2%

ETF	Yield (YTM)	If rates +1%	2022	Size
VGLTVanguard Long-Term Treasury ETF	5.23%	-13.2%	-29.4%	$15.1B
SPTLState Street SPDR Portfolio Long Term Treasury ETF	4.94%	-14.1%	-29.6%	$10.5B
TLTiShares 20+ Year Treasury Bond ETF	5.29%	-15.1%	-31.4%	$47.0B
EDVVanguard Extended Duration Treasury ETF	5.44%	-23.2%	-39.4%	$4.1B

The full analysis

And what about stocks?

Bonds are only one side of investing. With Ploutos AI you can analyse a company through its official SEC filings, look into its financials and understand what lies behind the numbers. Every finding comes with a reference to its source, so you can check the data behind the analysis.

A fair value range built from the filings
Earnings quality, debt and red flags
Insider and institutional moves
The case for and the case against

Common questions

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How much would TLH fall if rates rose?

With a duration of 11.8 years, an immediate one-point rise in rates would take about 11.8% off its price. An equal fall would add about the same.

What is TLH's yield?

On August 31, 2026, according to its filing, the bonds it holds had a yield to maturity (YTM) of 5.16% a year, before the fund's costs. That is not the distribution the ETF pays, and it moves every day with prices.

How did TLH do in 2022?

In 2022 TLH returned -25.4% in total, as the fund reports it.

Is this TLH's dividend yield?

No. The yield to maturity shown here is what the bonds the fund holds would earn a year if held to maturity, at the prices on the filing date. The dividend yield measures what the ETF paid over the last 12 months against its price, and it lags, because it depends on the coupons of bonds bought earlier. The SEC yield the issuer publishes is a standardised 30-day figure after costs, and usually lands close to the yield to maturity, a little below. When rates have risen, the dividend yield is usually lower than the other two.

US stocksThe market today, the sectors, the largest companies and the week's results.ETF overlapHow much of one ETF is already inside another, stock by stock, from the funds' SEC filings.US dividend stocksEach dividend's yield next to whether the company's cash covers it and whether it was ever cut.Methodology and sourcesWhere every figure comes from and how it is checked.

This page describes what bond ETFs hold, based on their SEC filings. Bond prices change every day and past returns do not say what comes next.