BTYSiPath Series B US Treasury 10-year Bear ETN
BTYS Fund Description
BTYS provides inverse, constant-dollar exposure to an index tracking the yield of the cheapest-to-deliver bond for 10-year US Treasury futures
BTYS Factset Analytics Insight
BTYS breaks from the pack in its inverse exposure to Treasury moves by forgoing a constant daily multiple like -1x/-2x. The exposure multiple varies because the note delivers constant dollar exposure (rather than a constant daily multiple) to changes in the yield of 10-year US Treasury bonds. The underlying index is straightforward: A 1 BP change in yield results in a 1 point move in the index. BTYS' value then changes by 1/10 of the daily point change in the index, after expenses. As such, the percentage move in the note is directly tied to the relationship between the unleveraged index level and note value from the previous day. The effective leverage factor for any given day is the ratio of the previous day's index value to that day's note value, divided by 10. This leverage factor will change daily, decreasing on days when the note increases in value, and vice versa. The fund charges a reasonable fee for the space since BTYS is meant to be held longer than other leveraged products.
BTYS Charts And Performance
BTYS Portfolio Data
BTYS Index Data
BTYS Fund Structure
BTYS Tax Exposures
BTYS Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of BTYS. BTYS is rated a N/A out of 5.