The iShares $ Treasury Bond 20+yr UCITS ETF (DTLA) is an Ireland-domiciled fixed-income ETF managed by BlackRock through its iShares platform. DTLA is the ticker for the fund's USD accumulating share class on the London Stock Exchange.

The fund seeks to track the ICE U.S. Treasury 20+ Year Bond Index, a benchmark comprising U.S. Treasury securities with remaining maturities greater than 20 years.

DTLA provides exposure to the long-term segment of the U.S. government bond market. The fund follows a passive investment strategy and uses physical replication through representative sampling, holding a selection of securities designed to closely track the characteristics and performance of its benchmark.

Because the fund focuses on long-term Treasuries, it has greater sensitivity to changes in interest rates than strategies investing in shorter-maturity securities. When long-term interest rates rise, the prices of these bonds generally fall; when rates decline, their prices generally rise.

Composition / Exposure Profile

DTLA's portfolio is concentrated in U.S. dollar-denominated debt securities issued by the U.S. Treasury. The strategy covers U.S. Treasuries with remaining maturities greater than 20 years, providing exposure to the long end of the U.S. yield curve.

Because all eligible securities are issued by the U.S. government, the fund's geographic exposure is concentrated in the U.S. market. Its credit exposure is predominantly tied to U.S. sovereign debt.

The portfolio's long duration makes DTLA particularly sensitive to movements in long-term interest rates. 

Structure and Costs

The fund and share class have the U.S. dollar as their base currency. On the London Stock Exchange, the accumulating share class trades in USD under DTLA.

The ETF has a total expense ratio (TER) of 0.07% per year, uses physical replication through representative sampling, and is domiciled in Ireland. It operates as part of iShares IV plc under the UCITS framework.

DTLA follows an accumulating income policy. Interest and other income generated by portfolio securities are therefore reinvested within the fund rather than periodically distributed to shareholders.

History and Evolution of the ETF

The iShares $ Treasury Bond 20+yr UCITS ETF USD (Acc) (DTLA) share class was launched in 2018 to provide exposure to the long-term segment of the U.S. Treasury market.

Since its launch, the share class has maintained a passive strategy linked to the ICE U.S. Treasury 20+ Year Bond Index, using representative sampling to track the performance of Treasuries with remaining maturities greater than 20 years.

Throughout its history, DTLA's performance has primarily reflected movements in long-term U.S. interest rates, alongside changes in inflation expectations, economic growth, and Federal Reserve monetary policy.

Additional Information

iShares $ Treasury Bond 20+yr UCITS ETF USD Acc (Ireland) is an exchange-traded fund (ETF), with assets under management totaling $2.27 billion.

Over the past 12 months, iShares $ Treasury Bond 20+yr UCITS ETF USD Acc recorded a return of -9.87%, with its price trading between $4.20 and $4.80 during the same period.

The ETF is traded under the ticker DTLA.