DTYLiPath US Treasury 10-year Bull ETN
DTYL Fund Description
DTYL tracks the Barclays 10Y U.S. Treasury Futures Targeted Exposure Index. The index gains a point for each 1 bp drop in yield and the note gains 10 cents for each 1 point gain in the index.
DTYL Factset Analytics Insight
DTYL offers atypical exposure to 10 year US Treasurys in a thinly traded ETN. The note has exposure to bonds with 6-1/2 to 10 years remaining maturity. Regarding direction, the note rises when yields fall, just as a bond would. But regarding the magnitude of exposure, DTYL differs from most leveraged products in that it does not set exposure based on a fixed 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. While some geared Treasury products have massive interest, DTYL isn’t one of them. We have real doubts about the note’s viability. Worse, the note’s liquidity has gone from bad to worse—it doesn’t trade most days.
DTYL Charts And Performance
DTYL Portfolio Data
DTYL Index Data
DTYL Fund Structure
DTYL Tax Exposures
DTYL Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of DTYL. DTYL is rated a N/A out of 5.