iShares 20+ Year Treasury Bond ETF

Largest short and fourth weight overall at -5.19%, up 5.5% from -4.92%. The event the leg was built for was delivered: a 25bp hike on a 12-0 vote with one more projected, after a 5.00% ten-year close and a new cycle low of 80.71. Hawkish Warsh regime and higher-for-longer stepped 0.89 to 0.93 and the alignment raised it in both baskets (0.81 to 0.84 and 0.75 to 0.78). The most heavily deduplicated position in the book: its two theses load an identical driver set, so MAX-within-driver counts each channel exactly once - the hawkish thesis now wins rate-path and monetary-credibility while stagflation supplies inflation-debasement. A naive SUM would size this near -9.5%. Caution from the alignment: the long end rallied four basis points on the decision.