Largest Treasury ETF Is Market Obsession Amid Epic Bond Turmoil

The largest Treasury ETF became a source of intense -- and I'll eschew the temptation to call it "amusement" -- fascination in 2023 amid a drawdown that exceeded 50% during the most recent escalation in a historic three-year selloff for US government bonds. The product is the go-to vehicle for fighting the Fed, where that means dip-buying at the long-end on the assumption that, eventually, "it has to work" (as Eric Balchunas, Bloomberg's ETF guru, half-joked earlier this month). If nothing els