PST -2x ProShares Trust UltraShort Lehman 7-10 Year Treasury

BEAR ETF standard · Issuer ProShares · Tracks 7-10 Year Treasury (IEF) · Listed 2008-04-29

Quote & options All leveraged ETFs
Implied AUM
$11.4M
shares out × price
Last close
$25.35
20260930
30-day avg volume
7,625
options listed →
PST realized
—
what holders actually earned
Theoretical -2x
—
-2x × 7-10 Year Treasury's return
Decay gap
—
realized minus theoretical

Realized vs theoretical -2x 7-10 Year Treasury

Cumulative return of PST against a clean -2x of 7-10 Year Treasury's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: UST (+2x bull, ProShares Ultra 7-10 Year Treasury)
Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on 7-10 Year Treasury

3
SymbolFactorDirectionIssuerNameImplied AUM30d volumeOptions
TYD +3x BULLDirexionDirexion Daily 7-10 Year Treasury Bull 3X ETF $25.8M 27,980 ✓
UST +2x BULLProSharesProShares Ultra 7-10 Year Treasury $14.5M 7,669 ✓
TYO -3x BEARDirexionDirexion Daily 7-10 Year Treasury Bear 3X ETF $11.0M 23,444 ✓

How PST works

PST targets -2x the daily return of 7-10 Year Treasury — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.