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

PST

ETF -2x BEAR standard
ProShares Trust UltraShort Lehman 7-10 Year Treasury
Issuer: ProShares · Tracks: 7-10 Year Treasury (IEF) · Listed: 2008-04-29
Implied AUM
$10.5M
Last Close
$23.28
20260720
30d Avg Vol
7,600
Options
available
Realized return vs theoretical -2x 7-10 Year Treasury
Pair counterpart found: UST (+2x bull, ProShares Ultra 7-10 Year Treasury)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking 7-10 Year Treasury
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
TYD +3x BULL Direxion Direxion Daily 7-10 Year Treasury Bull 3X ETF $32.3M 21,207
UST +2x BULL ProShares ProShares Ultra 7-10 Year Treasury $13.5M 8,115
TYO -3x BEAR Direxion Direxion Daily 7-10 Year Treasury Bear 3X ETF $12.2M 17,616

How PST works

PST targets -2x the daily return of 7-10 Year Treasury — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on PST carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.