Overview
US Treasury bonds with 20+ years to maturity. Extremely sensitive to interest rate movements — the benchmark long-duration bond ETF.
Top Holdings
| Ticker | Holding | Weight |
|---|---|---|
| US T 4.375% 43 | US Treasury Bond | 5.8% |
| US T 3.875% 42 | US Treasury Bond | 5.3% |
| US T 4.0% 52 | US Treasury Bond | 4.9% |
| US T 3.625% 53 | US Treasury Bond | 4.6% |
| US T 4.125% 51 | US Treasury Bond | 4.4% |
| US T 2.875% 49 | US Treasury Bond | 4.1% |
| US T 3.0% 48 | US Treasury Bond | 3.9% |
| US T 3.375% 44 | US Treasury Bond | 3.6% |
| US T 2.0% 51 | US Treasury Bond | 3.4% |
| US T 1.875% 51 | US Treasury Bond | 3.2% |
Fund Details
Investment Thesis
TLT is the most widely held long-duration US Treasury ETF, holding bonds with 20+ years to maturity and an average duration of approximately 16 years. This extreme duration sensitivity makes TLT both a powerful portfolio hedge when equity markets fall and a high-conviction rate-cut expression. Every 1% decline in long-term rates adds approximately 16% to TLT's price.
Who It's For
Macro investors, portfolio hedgers, and those making high-conviction bets on falling long-term interest rates. TLT is best used as a portfolio hedge against equity market downturns, as US Treasuries historically rally when stocks fall. Also suitable for investors positioning for Federal Reserve rate cuts or deflationary economic scenarios. Not recommended as a permanent core holding.
10-Year History
| Year | Close | % Chg |
|---|---|---|
| 2016 | $121.82 | -- |
| 2017 | $126.18 | +3.6% |
| 2018 | $121.42 | -3.8% |
| 2019 | $141.82 | +16.8% |
| 2020 | $158.42 | +11.7% |
| 2021 | $147.28 | -7.0% |
| 2022 | $99.82 | -32.2% |
| 2023 | $95.42 | -4.4% |
| 2024 | $88.82 | -6.9% |
| 2025 | $94.18 | +6.0% |
| Year | Yield |
|---|---|
| 2016 | 2.52% |
| 2017 | 2.28% |
| 2018 | 2.62% |
| 2019 | 2.38% |
| 2020 | 1.78% |
| 2021 | 1.58% |
| 2022 | 2.42% |
| 2023 | 3.82% |
| 2024 | 4.28% |
| 2025 | 4.42% |
| Year | AUM | % Chg |
|---|---|---|
| 2016 | $26B | -- |
| 2017 | $30B | +15.4% |
| 2018 | $30B | +0.0% |
| 2019 | $36B | +20.0% |
| 2020 | $48B | +33.3% |
| 2021 | $44B | -8.3% |
| 2022 | $28B | -36.4% |
| 2023 | $28B | +0.0% |
| 2024 | $26B | -7.1% |
| 2025 | $30B | +15.4% |
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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