I am not that familiar with this ETF, however as I cannot get the actual futures , with which I am very familiar, this will have to do. As you can see from the chart , this resembles the action of the bi-plane stunt flyers at the air-show. First vertically up and then, as momentum is lost, that is the weight of the plane exceeds the thrust of the engine, straight back down into its own exhaust fumes. There is a big difference however, flying the plane (I should know ) is a hell of a lot cheaper than owning this stuff. Whereas you can rent a decent (wet) Cessna for under $200 an hour at , for instance, Buttonville airport, the bond would have cost you $200.000 per million from the top. More importantly the stunt plane has a pilot and is therefore controlled, the long bond does not have anything similar, certainly not the Fed. First to 95, then a crash landing??