UBT +2x ProShares Ultra 20+ Year Treasury

BULL ETF standard · Issuer ProShares · Tracks 20+ Year Treasury (TLT) · Listed 2010-01-19

Quote & options All leveraged ETFs

Implied AUM

$57.3M

shares out × price

Last close

$13.33

20261001

30-day avg volume

109,854

options listed →

UBT realized

—

what holders actually earned

Theoretical +2x

—

+2x × 20+ Year Treasury's return

Decay gap

—

realized minus theoretical

Realized vs theoretical +2x 20+ Year Treasury

Cumulative return of UBT against a clean +2x of 20+ Year Treasury's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: TBT (-2x bear, ProShares Trust UltraShort Lehman 20+ 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 20+ Year Treasury

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
TMF	+3x	BULL	Direxion	Direxion Daily 20+ Year Treasury Bull 3X ETF	$1.9B	6,624,227	✓
TBT	-2x	BEAR	ProShares	ProShares Trust UltraShort Lehman 20+ Year Treasury	$347.1M	329,724	✓
TMV	-3x	BEAR	Direxion	Direxion Daily 20+ Year Treasury Bear 3X ETF	$238.1M	1,223,814	✓
TTT	-3x	BEAR	ProShares	ProShares UltraPro Short 20+ Year Treasury	$28.5M	15,990	✓

How UBT works

UBT targets +2x the daily return of 20+ 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.