Investors on the back foot as new Covid variant hits ETF

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Investors on the back foot as new Covid variant hits ETF

ETF traders placing big bets on inflation are braced for pain due to fears of a new coronavirus strain.

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With money markets offloading bets on central bank interest-rate hikes, bond bears are on the back foot and the $15.6 billion iShares 20 Year Treasury Bond fund is climbing in early trading Friday.

The put-call open interest ratio of the ETF was the highest in more than a year as of Wednesday, as bearish bets multiply relative to bullish ones.

If the new variant of Covid persists, TLT could extend its winning streak. It threatens to hurt investors who have spent money on the expectation that inflation would sink Treasuries only to be thwarted time and time again.

The fund was trading 1.6% higher in the pre-market at 7 a.m. in New York. The yield on 10 year Treasuries was down 12 basis points to 1.52%, on course for the biggest drop since February.

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