DLBLFiPath US Treasury Long Bond Bull ETN
DLBLF Fund Description
The iPath U.S. Treasury Long Bond Bull ETN tracks the Barclays Long Bond Futures Targeted Exposure Index. The index tracks 15-25 year remaining maturity bonds and the note gains 10 cents for each 1 point gain in the index.
DLBLF Factset Analytics Insight
This ETN was redeemed on October 25, 2018. DLBL offers unusual exposure to long-dated US Treasurys in a wrapper that trades very poorly. “Long-dated” means bonds with 15 to 25 years remaining maturity. Regarding direction, the note rises when yields fall, just as a bond would. But regarding the magnitude of exposure, DLBL differs from most leveraged products in that it does not set exposure based on a set multiple like 2x or 3x. Instead it aims for a fixed dollar exposure to its index, so it increases a dime for each 1 point increase in the index. The index itself (inversely) moves a point for each bp of change in yield with whole idea being fixed dollar exposure relative to changes in yield. This also means “variable” exposure compared with the more typical fixed-multiple daily-reset geared products as the note offers fixed exposure to Treasurys in dollars. 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. DLBL trades with spotty volume at best and goes for days with trading a share. AUM is tiny too—we have major concerns about the note’s viability going forward.
DLBLF Charts And Performance
DLBLF Portfolio Data
DLBLF Index Data
DLBLF Fund Structure
DLBLF Tax Exposures
DLBLF Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of DLBLF. DLBLF is rated a N/A out of 5.