TLTW Fees and Costs — iShares 20+ Year Treasury Bond BuyWrite Strategy ETF
Data updated: 2026-09-25
The net expense ratio is 0.35%. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.8M in broker commissions, 0.3283% of average net assets, and portfolio turnover was 2%.
TLTW Fees and Expenses
Annual operating expenses and sales charges of TLTW. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.20% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.00% |
| Gross expense ratio | 0.35% |
| Fee waiver | — |
| Net expense ratio | 0.35% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | No |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TLTW Costs Over Time
On $10,000 invested in TLTW, assuming 5% a year before costs, total costs come to $427 over 5 years, cutting the return by 0.71% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.35%) | $37 | $115 | $200 |
| Trading costs (broker commissions) | $34 | $108 | $188 |
| Lost growth on money paid in costs | $0 | $11 | $39 |
| Total costs | $71 | $234 | $427 |
| Value after costs | $10,429 | $11,342 | $12,336 |
| Impact on return, per year | 0.71% | 0.71% | 0.71% |
TLTW Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.3283%
- Total broker commissions: $3.8M
- Bought from dealers (principal trades, not a cost): $1.4B
- Portfolio turnover (prospectus): 2%
- Securities lending: none during the year
TLTW Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $3.4M | 89.34% |
| Morgan Stanley & Co. LLC | $408K | 10.63% |
| Citigroup Global Markets Inc. | $1K | 0.03% |
TLTW Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| National Securities Clearing Corporation | $956.5M | 67.15% |
| BlackRock Funds III - BlackRock Cash Funds: Treasury | $468.0M | 32.85% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.