BlackRock offers the five largest Treasury ETFs, with the $27 billion iShares 1-3 Year Treasury Bond ETF (SHY) and the $24 billion iShares 20+ Year Treasury Bond ETF (TLT) leading the way despite taking opposite approaches. Long-term TLT is down more than 25% so far in 2022, incurring 2,000 basis points more in losses than short-term SHY, as the prices of longer-term bonds typically fall more as rates increase (and rise more as rates decrease). The Federal Reserve continued its rate hiking party last week and indicated that it is not slowing down as it seeks to combat inflation.