STPP

iPath U.S. Treasury Steepener ETN
*Unless otherwise stated, data provided by FactSet.

STPP Fund Description

STPP tracks an index with exposure to US Treasury futures contracts, long 2-year and short 10-year. It should gain when the yield curve steepens.

STPP Factset Analytics Insight

STPP, an ETN, attempts to profit from a steepening in the Treasury curve. Its underlying index tracks a long position in 2-year Treasury notes and a short position in 10-year Treasury bonds. The strategy, in theory, should benefit when the yield curve steepens. When the yield curve steepens, rates on longer-term bonds rise relative to rates on short-term debt. Consequently, the prices of long-term bonds will decline relative to short-term bonds, and the fund’s long/short position will profit. The exposure is reset on a monthly basis. STPP trades poorly, with massive spreads and inconsistent volume, so limit orders are essential here. iPath charges a sizeable fee for such exposure, although it's a reasonable in the context of ETNs offering unique strategies like this one. As an ETN, STPP is merely a promise to pay the reference index's return, so investors are exposed to the credit risk of Barclays bank.

STPP Charts And Performance

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PERFORMANCE [as of 05/21/20] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS
STPP -3.29% 2.14% -6.06% -11.44% -9.23% -7.37% --
ticker (NAV) 2.63% 4.63% -4.42% -9.22% -8.12% -6.68% --
N/A -- -- -- -- -- -- --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

STPP Summary Data

iPath
08/09/10
Exchange-Traded Note
0.75%
$4.04M
10.70%

STPP Portfolio Data

0.00%
N/A

STPP Index Data

Duration
Fixed
N/A

STPP Fund Structure

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

STPP Tax Exposures

20.00% / 39.60%
--
No
Cboe Book Viewer
Top Of Book
Last 10 Trades
Bats BZX Real-time Quote -

STPP Factset Analytics Block Liquidity

As of 05/22/20
5
4
3
2
1

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

STPP Tradability

215
$5.33K
21
0
10.70%
$2.63
0.13%
2.60% / -16.67%
None
0.00%
0
0
0.00%
--
0
$25.74
5