TBT -2x ProShares Trust UltraShort Lehman 20+ Year Treasury

TBT

ETF -2x BEAR standard
ProShares Trust UltraShort Lehman 20+ Year Treasury
Issuer: ProShares · Tracks: 20+ Year Treasury (TLT) · Listed: 2008-04-29
Implied AUM
$289.0M
Last Close
$36.92
20260720
30d Avg Vol
428,069
Options
available
Realized return vs theoretical -2x 20+ Year Treasury
Pair counterpart found: UBT (+2x bull, ProShares Ultra 20+ 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 20+ Year Treasury
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
TMF +3x BULL Direxion Direxion Daily 20+ Year Treasury Bull 3X ETF $2.28B 3,095,510
UBT +2x BULL ProShares ProShares Ultra 20+ Year Treasury $59.0M 50,621
TMV -3x BEAR Direxion Direxion Daily 20+ Year Treasury Bear 3X ETF $175.4M 542,331
TTT -3x BEAR ProShares ProShares UltraPro Short 20+ Year Treasury $18.3M 3,969

How TBT works

TBT targets -2x the daily return of 20+ 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 TBT 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.