DLBS

iPath US Treasury Long Bond Bear ETN
*Unless otherwise stated, data provided by FactSet.

DLBS Fund Description

The iPath U.S. Treasury Long Bond Bear ETN provides inverse exposure to the Barclays Long Bond US Treasury Futures Targeted Exposure Index. The inverse note gains 10 cents for each 1 point drop in the index.

DLBS Factset Analytics Insight

DLBS offers atypical inverse exposure to long-dated US Treasurys in an ETN with middling interest. “Long-dated” here means bonds with 15 to 25 years remaining maturity. The “Bear” in the note’s name indicates direction—that it rises when yields rise, unlike a bond. However, DLBS differs from most inverse products in that it does not set exposure based on a fixed multiple like -1x or -2. Instead it aims for a fixed dollar exposure to its index, so it increases a dime for each 1 point decrease in the index. The index itself (inversely) moves a point for each basis point of change in yield with the whole idea being fixed dollar exposure relative to changes in yield. This adds up to “variable” exposure compared with the more typical fixed-multiple daily-reset geared products. For example, a 10 cent increase on a $50 handle is a 20 bp move while the same increase if the note stands at $100 produces a 10 bp move. The note has more interest than some of its sister products: AUM and daily trading volume are respectable, though spreads should be watched.

DLBS CHARTS AND PERFORMANCE

  • 1 Month
  • 3 Months
  • YTD
  • 1 Year
  • 3 Years
  • 5 Years
  • Max
COMPARE
RESET
Select ETFs to compare their performance:
PERFORMANCE [as of 07/18/18] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
DLBS -3.00% -2.32% 19.14% 13.31% -6.39% -10.77% --
DLBS (NAV) -3.07% -1.61% 19.99% 14.32% -6.20% -10.64% --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

DLBS Summary Data

iPath
08/09/10
Exchange-Traded Note
0.75%
$18.84M
4.73%

DLBS Portfolio Data

0.00%
N/A

DLBS Index Data

Single Asset
Single Asset
N/A

DLBS Fund Structure

No
N/A
N/A / N/A
Barclays Bank PLC
Low
High
Variable
Variable

DLBS Tax Exposures

20.00% / 39.60%
--
No
Bats Book Viewer
TOP OF BOOK
LAST 10 TRADES
Bats BZX Real-time Quote -
Daily Spread
Premium/Discount
Volume

DLBS Factset Analytics Block Liquidity

As of 07/19/18
5
4
3
2
1

This measurement shows how easy it is to trade a $1 million USD block of DLBS. DLBS is rated a 5 out of 5.

DLBS Tradability

3,617
$85.12K
2,224
$53.27K
4.73%
$0.92
-0.12%
7.11% / -5.93%
None
0.00%
20,000
0.11
0.00%
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--
$19.60
5