It was also the last time the iShares 20+ Year Treasury Bond ETF (TLT) traded this low. Rising yields on long-term Treasuries pushed the price of the largest long-term bond fund to its lowest price in 22 years. TLT fell below $82 per share on Friday as risk-averse investors fled the asset. “Investors are likely risk averse to owning longer-term Treasury debt right now,” said Jason England, a fixed income strategist at Simplify Asset Management. Rate Expectations: Long-term bonds can have wild price swings, and traders have historically tried to bet on timing TLT to benefit from price increases after rate cuts.