iShares 20+ Year Treasury Bond ETF (TLT)

TLT has lost roughly a twelfth of its value so far this year.

What is going on right now?

Its price has climbed quickly over the past few weeks, running ahead of its recent pace. But it still sits below where it traded on average over the past year.

How is the business itself doing?

TLT holds long-dated U.S. government bonds, nearly all maturing in 20 years or more. It earns interest from those bonds, and its price moves in the opposite direction of interest rates.

What stands out?

A small shift in rates hits this one hard. A one-percentage-point rise in rates would knock its price down by roughly 17%, and a similar drop would lift it by about the same amount.

What comes next?

According to reports, a Saudi refinery disruption could push oil prices higher, which would feed into inflation and directly affect how rates move for these long-dated bonds.