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Bond tracking ETF, $TLT, just closed at its lowest level since February 2011
The ETF is now officially down 50% from its high just 3 years ago in 2020. Yet, investors continue to desperately pour money into Treasuries despite the massive underperformance. Indeed, despite the rise in bond yields, investors keep piling into $TLT (iShares US Treasuries 20year+) etf. Another $750m last week as 60/40 portfolios are stubbornly allocating funds to this underperforming asset, hoping for a return to a disinflationary environment. As mentioned by Eric Balchunas / Bloomberg, it is quite rare seeing an ETF taking in so much money ($16b YTD, #2 overall) while being down so much and so consistently (especially when you can get just as much yield with no duration risk...). Such a behaviour happened with the China Internet ETF $KWEB... not a great omen... Source: Bloomberg, Eric Balchunas, Tavi Costa
The longest duration bond ETF is now down 60% from its peak in March 2020
How is that possible? The 30-Year Treasury yield has moved from an all-time low of 0.8% in March 2020 up to 4.6% today. Long duration + Rising interest rates from extremely low levels = Pain $ZROZ Source: Charlie Bilello
CASH IS KING...
Where investors have put their #cash this year (hint: NOT stocks) via Goldman
Templeton just filed application for a Bitcoin spot ETF
Here's the list of Institutions which have filed for a bitcoin spot ETF (assets under management in brackets) -> Total assets managed is $17.7 trillion - BlackRock ($10T) - Fidelity ($4.5T) - Franklin Templeton ($1.5T) - Invesco Galaxy ($1.5T) - WisdomTree ($87B) - VanEck ($61B) - GlobalX ($40B) - ARK Invest ($14B) - Bitwise ($1B) - Valkyrie ($1B) Asset manager Franklin Templeton applied with the United States Securities and Exchange Commission on Sept. 12 to launch a spot Bitcoin exchange-traded fund (ETF).
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