Consequently, under the currently weak economy, a Fed tightening would cause long-duration securities, like 30-year Treasuries, to rally and yields to fall.

ETF investors now have a chance to play on Gundlach’s investment outlook through the recently launched SPDR DoubleLine Total Return Tactical ETF (NYSEArca: TOTL). The actively managed TOTL represents an ETF adaptation of DoubleLine’s flagship Total Return Bond Fund.

However, potential investors should be aware that TOTL currently overweights mortgage-backed securities at 55.7% of the portfolio’s holdings and Treasuries only make up 5.2% of the ETF’s underlying components. Since TOTL is an actively managed ETF, Gundlach can shift allocations down the line.

More aggressive traders can consider leveraged options to play a bounce in Treasuries, such as  the ProShares Ultra 20+ Year Treasury (NYSEArca: UBT) and Direxion Daily 20+ Year Treasury Bull 3x Shares ETF (NYSEArca: TMF). However, potential investors should be aware that these types of leveraged investments come with greater risks and should be closely monitored.

For more information on the Treasuries market, visit our Treasury bonds category.

Max Chen contributed to this article.