Overview
US Treasury bonds maturing in ten to twenty years — long duration for rate-cut positioning, one notch less extreme than TLT.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| UST | Treasury 4.625% 2044 | 5.2% |
| UST | Treasury 4.5% 2042 | 4.8% |
| UST | Treasury 4.75% 2043 | 4.6% |
| UST | Treasury 3.875% 2040 | 4.3% |
| UST | Treasury 4.375% 2041 | 4.1% |
| UST | Treasury 4.0% 2042 | 3.9% |
| UST | Treasury 3.125% 2041 | 3.6% |
| UST | Treasury 4.25% 2040 | 3.4% |
| UST | Treasury 2.875% 2043 | 3.2% |
| UST | Treasury 3.375% 2044 | 3.0% |
Fund Details
Investment Thesis
TLH is the calibrated long-duration trade: enough rate sensitivity that Fed cuts into a slowdown produce double-digit price gains, without TLT's 20-30 year whiplash. At a 4.4%+ yield the carry is real while you wait, and the 10-20 year sector is where pension demand keeps a structural bid. The 2022 vintage lesson stands — if inflation re-accelerates, duration hurts everywhere on the curve.
Who It's For
Rate-cut positioners and recession hedgers who want serious duration with a margin for error, plus income investors locking 4%+ Treasury yields for the long haul. The middle path between IEI and TLT.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $116.69 | -- |
| 2017 | $120.19 | +3.0% |
| 2018 | $117.79 | -2.0% |
| 2019 | $127.21 | +8.0% |
| 2020 | $142.48 | +12.0% |
| 2021 | $135.35 | -5.0% |
| 2022 | $100.16 | -26.0% |
| 2023 | $102.16 | +2.0% |
| 2024 | $98.08 | -4.0% |
| 2025 | $102.00 | +4.0% |
| Year | Yield |
|---|---|
| 2016 | 2.20% |
| 2017 | 2.40% |
| 2018 | 2.80% |
| 2019 | 2.30% |
| 2020 | 1.40% |
| 2021 | 1.70% |
| 2022 | 3.10% |
| 2023 | 4.20% |
| 2024 | 4.40% |
| 2025 | 4.40% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $1B | -- |
| 2017 | $1.2B | +20.0% |
| 2018 | $1.5B | +25.0% |
| 2019 | $2B | +33.3% |
| 2020 | $3B | +50.0% |
| 2021 | $3.5B | +16.7% |
| 2022 | $4B | +14.3% |
| 2023 | $7B | +75.0% |
| 2024 | $9B | +28.6% |
| 2025 | $11B | +22.2% |
Historical figures are ETFHub estimates modelled from asset-class return patterns and may differ from official fund records. Data as of August 2026.
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