Long-Treasury ETF Plunges Record 48% as Market Meltdown Worsens

The $39 billion iShares 20+ Year Treasury Bond ETF ( $iShares 20+ Year Treasury Bond ETF(TLT.US)$ ) has lost 48% from its 2020 all-time high and is trading at its lowest point since 2011, according to data compiled by Bloomberg. At the same time, IHS Markit Ltd. data show that bets against the fund have risen, with short interest as a percentage of its shares outstanding at its highest in about a month.

TLT has dropped roughly 10% so far this year, which follows a 33% plunge last year and a 6% drop in 2021. Other long-duration funds have also suffered, with the Vanguard Extended Duration Treasury ETF ( $Vanguard Extended Duration Treasury ETF(EDV.US)$ ) down 14% in 2023, and the PIMCO 25+ Year Zero Coupon US Treasury Index ( $Pimco Etf Trust 25+ Yr Zero Cpn Us Treas Index Fd Etf(ZROZ.US)$ ) off by more than 15%.