You'll losemoneyfirstbecause that30-yearTreasurybond, with its 4.5% couponrateofinterest, will look pretty pathetic in ayearif30-yearbondsare paying 6%.
But reasonably sophisticated investors can create the same product themselves by purchasing a risk-free zero-coupon Treasurybond and call options on a stock index, such as XSP options traded on the Chicago Board Options Exchange.