ETFs seeking to replicate the evolution of US 20Y+ bonds indices experienced a negative daily performance yesterday with -0,64% on average, as well as $289,59M of outflows. This is the third consecutive market session with outflows bringing the month-to-date cumulated flows to $-931,56M. After 2019’s strong performance with a progression of around +14,99%, investors are considerably reducing their exposure to US 20Y+ Bonds anticipating bonds to struggle in 2020. Also, interest rates may rise moderately from already low levels causing modest expected returns from the asset class more generally. Year-to-date, related ETFs progressed on average by +0,36%. 11 funds tracking 3 indices are included in the segment for a total of $20,9Bn of assets under management.