I'm long TMV and have been tracking it versus the long term treasuries that it is short. I get that the performance between the two isn't pristine however it seems like there might be a NAV and like other ETFs there can be a premium or discount to net asset value. I've done some Google work but cannot find anything that details if we are trading at a premium or discount. My sense is that we people want to pursue shorting treasuries we may see TMV trade at NAV or a premium to it.
I just posted a message saying C L was wrong or hyped up the "decay" issue. I wish to recall that message. After looking at this some more, and reading an article, I think he is correct except not in the way it was portrayed - that is automatic 30% per year decay. That being said the "decay" issue is very real and over a long period of time if there isn't a pronounced move in treasury yields in your favor, it seems you are likely to get burned on this.