iShares 20+ Year Treasury Bond ETF(TLT)
AI Look-Through Summary
AI GeneratedThe vast majority of this ETF's holdings are comprised of long-term US Treasury bonds, indicating a significant sector tilt towards government securities with maturities exceeding 20 years. The geographic exposure is primarily domestic, with no notable international components. The market-cap profile is characterized by a high concentration in lower-yielding, longer-dated debt instruments, suggesting an overall valuation posture that is sensitive to changes in interest rates and inflation expectations.
The top holdings are highly concentrated, with the top 10 bonds accounting for nearly all of the fund's assets. This concentration risk is further exacerbated by the dominance of individual bond CUSIPs within the sector mix. Compared to the broader market, this portfolio has a notably higher allocation to government securities, which may be favorable in low-inflation or low-interest-rate environments but could be unfavorable if rates rise sharply or inflation expectations increase.
Generated by Qwen-32B from constituent-level data. Not investment advice. Updated: 2026-06-28 07:42:23.912936+00
🔍 Theme Alignment Audit
AI GeneratedPurity: 98/100The investment theme implied by the name "iShares 20+ Year Treasury Bond ETF" is a precise alignment with long-duration U.S. government debt, and the provided holding data confirms this focus without deviation. The top holdings consist entirely of securities identified by ticker patterns consistent with Treasury issues, specifically those maturing beyond two decades as suggested by the fund's mandate. There are no apparent inclusions of equities, corporate bonds, or foreign sovereigns that would dilute the thematic purity, indicating a strict adherence to the stated objective of isolating long-term interest rate exposure rather than seeking broader market diversification through unrelated assets.
The portfolio exhibits high concentration within its top ten positions, which collectively account for 43.5% of total assets under management. This structure is characteristic of funds targeting specific duration buckets where a limited number of issuances dominate the available supply curve, resulting in sector weights that are inherently narrow by design rather than indicative of poor diversification practices relative to the theme. The fund appears genuinely differentiated from broad market indices because it exclusively targets a single slice of the yield curve with zero exposure to equities or corporate credit sectors. Consequently, while the lack of holding variety creates significant sensitivity to long-term rate fluctuations, this concentration is functionally consistent with the strategy of providing pure beta on extended maturities rather than representing an unintended drift away from the investment theme.
AI analysis of holdings alignment vs fund theme. Not investment advice. Updated: 2026-05-19 10:36:01.734532+00
Flow Driver Analysis
2-Step CircleWhich larger ETFs share TLT's holdings — and mechanically drive its price through index rebalancing flows?
Approximately 99% of TLT's weight flows through these larger ETFs
| Driver ETF | AUM | Expense | Shared Stocks | Weight Overlap |
|---|---|---|---|---|
| AGGiShares Core U.S. Aggregate Bond ETF | $139B | — | 46 | 99.4% |
99% of TLT's portfolio by weight is also held by AGG, which commands 3× more assets under management. When AGG receives inflows, it mechanically buys these shared stocks — dragging TLT's NAV along regardless of any thematic or sector catalyst.
Overlap computed from constituent-level holdings data across 1 ETFs. Price co-movement with driver ETFs is structural, not coincidental. Not investment advice.
ETF Look-Through Dashboard
Peer through the ETF wrapper to see exactly what you own. Every metric is computed from constituent-level data.
Herfindahl-Hirschman Concentration Index
Morningstar-Style Box
Under the Hood — Top 15 Constituents
| # | Ticker | Company | Weight | P/E | F-Score |
|---|---|---|---|---|---|
| 1 | 912810SZ2 | United States of America | 4.84% | — | — |
| 2 | 912810TB4 | United States of America | 4.75% | — | — |
| 3 | 912810TT5 | United States of America | 4.58% | — | — |
| 4 | 912810TV0 | United States of America | 4.50% | — | — |
| 5 | 912810UK2 | United States of America | 4.46% | — | — |
| 6 | 912810UA4 | United States of America | 4.40% | — | — |
| 7 | 912810UC0 | United States of America | 4.25% | — | — |
| 8 | 912810TX6 | United States of America | 4.03% | — | — |
| 9 | 912810TR9 | United States of America | 3.86% | — | — |
| 10 | 912810UG1 | United States of America | 3.80% | — | — |
| 11 | 912810SU3 | United States of America | 3.69% | — | — |
| 12 | 912810TL2 | United States of America | 3.62% | — | — |
| 13 | 912810UE6 | United States of America | 3.46% | — | — |
| 14 | 912810UM8 | United States of America | 2.90% | — | — |
| 15 | 912810SE9 | United States of America | 2.81% | — | — |
Historical Holdings Snapshots
Browse how TLT’s holdings have changed across SEC filing dates. Showing top holdings per snapshot.
2026-07-02
15 holdings · 59.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 912810SZ2 | 4.84% | — | $2.2B |
| 2 | 912810TB4 | 4.75% | — | $2.2B |
| 3 | 912810TT5 | 4.58% | — | $2.1B |
| 4 | 912810TV0 | 4.50% | — | $2.0B |
| 5 | 912810UK2 | 4.46% | — | $2.0B |
| 6 | 912810UA4 | 4.40% | — | $2.0B |
| 7 | 912810UC0 | 4.25% | — | $1.9B |
| 8 | 912810TX6 | 4.03% | — | $1.8B |
| 9 | 912810TR9 | 3.86% | — | $1.8B |
| 10 | 912810UG1 | 3.80% | — | $1.7B |
| 11 | 912810SU3 | 3.69% | — | $1.7B |
| 12 | 912810TL2 | 3.62% | — | $1.6B |
| 13 | 912810UE6 | 3.46% | — | $1.6B |
| 14 | 912810UM8 | 2.90% | — | $1.3B |
| 15 | 912810SE9 | 2.81% | — | $1.3B |
2026-07-01
15 holdings · 59.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 912810SZ2 | 4.84% | — | $2.2B |
| 2 | 912810TB4 | 4.75% | — | $2.2B |
| 3 | 912810TT5 | 4.58% | — | $2.1B |
| 4 | 912810TV0 | 4.50% | — | $2.0B |
| 5 | 912810UK2 | 4.46% | — | $2.0B |
| 6 | 912810UA4 | 4.40% | — | $2.0B |
| 7 | 912810UC0 | 4.25% | — | $1.9B |
| 8 | 912810TX6 | 4.03% | — | $1.8B |
| 9 | 912810TR9 | 3.86% | — | $1.8B |
| 10 | 912810UG1 | 3.80% | — | $1.7B |
| 11 | 912810SU3 | 3.69% | — | $1.7B |
| 12 | 912810TL2 | 3.62% | — | $1.6B |
| 13 | 912810UE6 | 3.46% | — | $1.6B |
| 14 | 912810UM8 | 2.90% | — | $1.3B |
| 15 | 912810SE9 | 2.81% | — | $1.3B |
2026-06-30
15 holdings · 59.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 912810SZ2 | 4.84% | — | $2.2B |
| 2 | 912810TB4 | 4.75% | — | $2.2B |
| 3 | 912810TT5 | 4.58% | — | $2.1B |
| 4 | 912810TV0 | 4.50% | — | $2.0B |
| 5 | 912810UK2 | 4.46% | — | $2.0B |
| 6 | 912810UA4 | 4.40% | — | $2.0B |
| 7 | 912810UC0 | 4.25% | — | $1.9B |
| 8 | 912810TX6 | 4.03% | — | $1.8B |
| 9 | 912810TR9 | 3.86% | — | $1.8B |
| 10 | 912810UG1 | 3.80% | — | $1.7B |
| 11 | 912810SU3 | 3.69% | — | $1.7B |
| 12 | 912810TL2 | 3.62% | — | $1.6B |
| 13 | 912810UE6 | 3.46% | — | $1.6B |
| 14 | 912810UM8 | 2.90% | — | $1.3B |
| 15 | 912810SE9 | 2.81% | — | $1.3B |
2026-06-29
15 holdings · 59.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 912810SZ2 | 4.84% | — | $2.2B |
| 2 | 912810TB4 | 4.75% | — | $2.2B |
| 3 | 912810TT5 | 4.58% | — | $2.1B |
| 4 | 912810TV0 | 4.50% | — | $2.0B |
| 5 | 912810UK2 | 4.46% | — | $2.0B |
| 6 | 912810UA4 | 4.40% | — | $2.0B |
| 7 | 912810UC0 | 4.25% | — | $1.9B |
| 8 | 912810TX6 | 4.03% | — | $1.8B |
| 9 | 912810TR9 | 3.86% | — | $1.8B |
| 10 | 912810UG1 | 3.80% | — | $1.7B |
| 11 | 912810SU3 | 3.69% | — | $1.7B |
| 12 | 912810TL2 | 3.62% | — | $1.6B |
| 13 | 912810UE6 | 3.46% | — | $1.6B |
| 14 | 912810UM8 | 2.90% | — | $1.3B |
| 15 | 912810SE9 | 2.81% | — | $1.3B |
2026-06-28
15 holdings · 59.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 912810SZ2 | 4.84% | — | $2.2B |
| 2 | 912810TB4 | 4.75% | — | $2.2B |
| 3 | 912810TT5 | 4.58% | — | $2.1B |
| 4 | 912810TV0 | 4.50% | — | $2.0B |
| 5 | 912810UK2 | 4.46% | — | $2.0B |
| 6 | 912810UA4 | 4.40% | — | $2.0B |
| 7 | 912810UC0 | 4.25% | — | $1.9B |
| 8 | 912810TX6 | 4.03% | — | $1.8B |
| 9 | 912810TR9 | 3.86% | — | $1.8B |
| 10 | 912810UG1 | 3.80% | — | $1.7B |
| 11 | 912810SU3 | 3.69% | — | $1.7B |
| 12 | 912810TL2 | 3.62% | — | $1.6B |
| 13 | 912810UE6 | 3.46% | — | $1.6B |
| 14 | 912810UM8 | 2.90% | — | $1.3B |
| 15 | 912810SE9 | 2.81% | — | $1.3B |
2026-06-27
15 holdings · 59.9% tracked weight| # | Ticker | Weight | Shares | Market Value |
|---|---|---|---|---|
| 1 | 912810SZ2 | 4.84% | — | $2.2B |
| 2 | 912810TB4 | 4.75% | — | $2.2B |
| 3 | 912810TT5 | 4.58% | — | $2.1B |
| 4 | 912810TV0 | 4.50% | — | $2.0B |
| 5 | 912810UK2 | 4.46% | — | $2.0B |
| 6 | 912810UA4 | 4.40% | — | $2.0B |
| 7 | 912810UC0 | 4.25% | — | $1.9B |
| 8 | 912810TX6 | 4.03% | — | $1.8B |
| 9 | 912810TR9 | 3.86% | — | $1.8B |
| 10 | 912810UG1 | 3.80% | — | $1.7B |
| 11 | 912810SU3 | 3.69% | — | $1.7B |
| 12 | 912810TL2 | 3.62% | — | $1.6B |
| 13 | 912810UE6 | 3.46% | — | $1.6B |
| 14 | 912810UM8 | 2.90% | — | $1.3B |
| 15 | 912810SE9 | 2.81% | — | $1.3B |
Source: SEC filings and fund provider disclosures. Shows last 6 snapshot dates, top 15 holdings per date by weight.
Risk Profile
Sharpe = risk-adjusted return (higher is better). Computed from 1,200+ trading days with 5% risk-free rate.
Fama-French 5-Factor Exposure
Academic factor model decomposition — what's really driving this ETF's returns.
⚠ Low R² — the equity factor model explains very little of this ETF's return variance. Factor exposures and alpha should be interpreted with caution.
Fama-French 5-Factor Model. Data: Kenneth French Data Library. Regression over 3 years of daily returns.
Price Chart with Moving Averages
Technical Setup
AI GeneratedThe current price of TLT is slightly below its 50-day moving average but above the 200-day moving average, indicating a recent period of consolidation. The RSI reading at 38.6 suggests that momentum may be weakening as it falls into less overbought territory, though still within neutral range.
Underwater (Drawdown from Peak)
How far below the all-time high the price has been over time. Deeper = more pain for holders.
Rolling 60-Day Beta vs S&P 500 (VOO)
How the ETF's sensitivity to market moves changes over time. β > 1 = more volatile than the market.
Yield & Income
Sector Drift Over Time
How TLT’s sector allocation has shifted across snapshots. Use the slider to travel through time.
Active Conviction Tracker
Shares bought and sold between the latest two data snapshots — reveals what the fund manager is actually doing.
AUM & Capital Flow Tracker
Estimated assets under management derived from SEC filings and daily price movements — tracks how the fund's value evolves over time.
Estimated AUM derived from the latest SEC N-PORT filing TNA ($45.44B) scaled by daily price changes. Filing snapshots update when new regulatory filings are published (quarterly for most funds, daily for ARK).
TLT Rate Shock Simulator
What happens to iShares 20+ Year Treasury Bond ETF if the Fed changes rates? This simulator estimates price impact based on the fund's effective duration of 14.3 years, computed from 90-day regression of TLT's returns against treasury yield changes.
| Rate Change | Price Impact | Est. Price | Visual |
|---|---|---|---|
| -2.00% | +28.6% | $110.01 | |
| -1.50% | +21.5% | $103.88 | |
| -1.00% | +14.3% | $97.76 | |
| -0.50% | +7.2% | $91.64 | |
| -0.25% | +3.6% | $88.58 | |
| +0.00%(current) | 0.0% | $85.52 | |
| +0.25% | -3.6% | $82.46 | |
| +0.50% | -7.2% | $79.40 | |
| +1.00% | -14.3% | $73.28 | |
| +1.50% | -21.5% | $67.16 | |
| +2.00% | -28.6% | $61.03 |
Price impact estimated using modified duration approximation: ΔPrice ≈ −Duration × ΔYield. Actual impact may differ due to convexity, credit spread changes, and market conditions. Duration computed from 90-day regression of ETF returns vs treasury yield changes. Not investment advice.
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Quant metrics computed deterministically from financial statements and price data. Updated: 2026-07-01.
SecuritiesDB is for informational purposes only. Not investment advice.