On July 10, 2025, Sharkey, Howes & Javer disclosed in its latest 13F filing with the SEC that it added 50,817 shares of the iShares 20+ Year Treasury Bond ETF(TLT -0.56%) in the second quarter, increasing its position in the exchange-traded fund by approximately $4.43 million. Its total position in the ETF had a market value of $9.47 million as of that date.
What else to know
Sharkey, Howes & Javer's TLT allocation now stands at 1.27% of 13F assets under management.
Top holdings after the 13F filing (values as of June 30, 2025):
IUSB: $120.46 million (16.15% of AUM).
QUAL: $110.66 million (14.84% of AUM).
IVV: $99.60 million (13.35% of AUM).
DYNF: $91.10 million (12.21% of AUM).
IVW: $70.90 million (9.51% of AUM).
TLT closed at $86.99 on July 10, 2025, underperforming the S&P 500 by 18.4 percentage points over the prior 12 months. As of that date, the ETF's dividend yield was 4.41%, and its price was 14.4% below its 52-week high.
Fund overview
| Metric | Value |
|---|---|
| Current price | $86.99 |
| Market capitalization | $47.34 billion |
| Dividend yield | 4.41% |
| One-year price change | (5.80%) |
All figures as of July 10.
Fund snapshot
This exchange-traded fund offers exposure to U.S. Treasury bonds with maturities greater than 20 years, tracking a benchmark index of long-duration government securities, and providing investors with income.
Foolish take
Sharkey, Howes, & Javer is a wealth advisory company that provides investment management services to its customers. As such, it's hard to read too much into its recent acquisition of shares in a long-term Treasury bond ETF. It may not indicate any investment viewpoint on the firm's part, for example, but could instead be a reflection of a change in some of its customers' risk profiles, an influx of new investors, or even some good old-fashioned portfolio rebalancing.
That said, it's always interesting to consider the potential consequences of any investment decision, and buying long-term bonds (in the form of an ETF) does manifest an investing viewpoint, whether intentionally or not.
The prices of long-term bonds are inversely related to their yield, which is equivalent to the market interest rate. As such, buying a bond is an investment made in the assumption that interest rates will fall. That's particularly the case with long-term bonds as they are more sensitive to interest rate changes.
Consequently, if you are interested in buying into the iShares 20+ Year Treasury Bond ETF, you are probably thinking the Federal Reserve will cut rates, and Treasury bond yields will consequently fall. That may well be the case in the near term, but longer-term investors need to consider the rising amount of public debt in the U.S. and the necessity of the U.S. Treasury supplying the market with even more bonds simply to cover the interest payments on its debt. That could lead to Treasury bond yields being higher for longer than many people currently anticipate.
Glossary
ETF (exchange-traded fund): An investment fund traded on stock exchanges, holding assets like stocks or bonds.
13F filing: A quarterly report required by the SEC, disclosing institutional investment managers’ equity holdings.
Assets under management (AUM): The total market value of investments managed by a fund or investment firm.
Dividend yield: The annual dividend income expressed as a percentage of the investment’s current price.
Benchmark index: A standard against which the performance of a security, fund, or investment manager is measured.
Long-duration: Refers to bonds or securities with long maturities, often over 10 or 20 years.
U.S. Treasury bond: A long-term debt security issued by the U.S. government, typically with maturities of 20 years or more.
Allocation: The portion of a portfolio assigned to a particular asset, sector, or investment.
Market value: The current price multiplied by the number of units held, representing the total value of a holding.
Quarter: A three-month period used in financial reporting and analysis, such as Q1 (January–March).
Position: The amount of a particular security or asset held in a portfolio.
Liquid access: The ability to quickly buy or sell an investment without significantly affecting its price.
