--- title: "Another Case of \"White House Insider Trading\"? U.S. Long-Term Bond ETF Sees \"Largest Single-Day Net Inflow in History\" One Day Before Unexpected Treasury Move" type: "News" locale: "en" url: "https://longbridge.com/en/news/296414628.md" description: "One day before the U.S. Treasury announced a significant expansion of its long-term bond buyback program, a highly sensitive long-term bond ETF recorded a historic single-day net inflow of $123 million, with trading volume nearly doubling. Following the announcement, the 30-year Treasury yield dropped by as much as 10 basis points in a single day, and the ETF surged 3.2%. The unusual timing of the capital inflow has once again sparked market suspicions of insider trading, echoing previous controversies surrounding \"White House insider trading.\"" datetime: "2026-08-20T00:30:24.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/296414628.md) - [en](https://longbridge.com/en/news/296414628.md) - [zh-HK](https://longbridge.com/zh-HK/news/296414628.md) --- # Another Case of "White House Insider Trading"? U.S. Long-Term Bond ETF Sees "Largest Single-Day Net Inflow in History" One Day Before Unexpected Treasury Move A mysterious sum of money flowed precisely into an ETF extremely sensitive to long-end interest rates one day before the U.S. Treasury announced an expansion of its long-term bond buybacks—a coincidence so striking that it has once again triggered market associations with insider trading. On Wednesday, August 20, the U.S. Treasury announced plans to at least double the scale of its buybacks for 10- to 30-year Treasury bonds. As news broke, the 30-year Treasury yield fell by as much as 10 basis points in a single day to 5.18%, retreating from levels near their twenty-year highs. Just one day before the announcement—on Tuesday—the Pimco 25+ Year Zero Coupon U.S. Treasury Index ETF recorded a single-day net inflow of $123 million, setting a historical record. Meanwhile, trading volume reached 5.2 million shares, nearly double the previous peak in 2024. On Wednesday, following the announcement, the ETF rose 3.2% in a single day, marking its largest single-day gain since November 2024. ## Why Is This ETF So Sensitive? This ETF, with assets under management of approximately $1.5 billion, invests in so-called STRIPS—zero-coupon bonds formed by separating the principal and interest payments of Treasury bonds. Zero-coupon bonds do not pay regular interest; all returns come from the principal repayment at maturity. Consequently, their prices react far more violently to interest rate changes than ordinary bonds. The ETF's effective duration is approximately 28 years, meaning that for every 1 percentage point decline in long-end interest rates, its net asset value is theoretically set to rise by about 28%. If an ordinary long-term bond ETF is like a standard sedan, this ETF is more like a race car—its reaction amplitude is much greater on the same curve. Precisely for this reason, this ETF is one of the most direct and highest-leverage tools in the market for betting on the direction of long-end interest rates. ## Unusual Timing Sparks Doubts The Treasury's buyback announcement was an unexpected move, with no prior market expectations. However, just one day before the announcement, investors made substantial purchases of this ETF, which is extremely sensitive to long-end interest rates, with both scale and trading volume hitting historical records. This timing has led to strong market skepticism about "whether someone had advance knowledge of policy information." This is not the first time such controversies have emerged in the U.S. market. Previously, around the time the Trump administration announced the suspension of reciprocal tariffs, the U.S. stock options market also saw unusual trading activity, sparking widespread external discussion about "White House insider trading." Currently, Bloomberg reports have not disclosed the specific source of the aforementioned funds, nor have any regulatory bodies publicly stated that an investigation has been launched. ## Long-Term Bonds Remain Under Pressure This Year Despite the single-day surge, the ETF is still down 5.4% year-to-date. The reason lies in persistently high inflation expectations combined with concerns over fiscal deficits, which have placed continuous selling pressure on long-term U.S. Treasuries, pushing the 30-year yield close to its twenty-year high at one point. 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