Shares of the largest exchange-traded fund tracking long-dated Treasuries closed at a record low as the yearslong bond market selloff shows few signs of relenting. BlackRock Inc.’s iShares 20+ Year Treasury Bond ETF (ticker TLT) fell 1.6% to $80.46 a share on Wednesday after fresh data showing robust US economic activity sparked a downturn in government bonds.

TLT has lost more than half of its value since its 2020 peak, when Treasuries rallied after the Federal Reserve slashed interest rates to near zero during the Covid-19 pandemic. The $45 billion fund has been popular among investors betting the bond market had bottomed out, but interest-rate hikes, sticky inflation and concerns about swelling debt issuance have battered long-dated bonds.

“In this massive regime change since 2020, investors have learned that just because it says ‘Treasuries’ on it doesn’t mean it’s low risk,” said Todd Sohn, chief ETF strategist at Baird Strategas. “They need to understand that interest-rate duration is a real risk and this is a volatile vehicle.”

The latest selloff reflects rising expectations that the Fed will further tighten monetary policy after officials last week raised rates for the first time since 2023. Long-duration bonds are especially sensitive to rising rates. TLT’s total return shows a loss of 4.8% this year, compared to a 7.7% decline in share price. “TLT is considered the widow maker,” said Eric Balchunas, an ETF analyst at Bloomberg Intelligence.