TLT

iShares 20+ Year Treasury Bond ETF

research_scan theme='sovereign-fiscal-capacity'; value_chain_position='pure-play'; AVOID — direct expression of the C-24 falsification target. 30y UST real return 2020-2025 at approximately -3.8% per manuscript; Japan completed-case is the structural precedent. WGC Q1 2026 composition split (sovereign-reserve bid migrating to gold not long-duration UST) is the dated 2026 market-priced confirmation. Survival Framework Essay 14: zero long-duration nominal bonds structurally, not tactically.