ProShares UltraShort 20+ Year Treasury (TBT) is an Exchange Traded Fund (ETF) that allows buyers to benefit when long treasury interest rates rise. TBT seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Index.
TBT's structure limits its usefulness for long-term investors. Time decay of option (and swap) values and relatively high expenses contribute to likely tracking errors.
The Barclays Capital (formerly Lehman Brothers) 20+ Year U.S. Treasury Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity greater than 20 years, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody’s Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million par outstanding. The Index is weighted by the relative market value of all securities meeting the Index criteria. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes (TINs), U.S. Treasury inflation protected securities (TIPs), state and local government series bonds (SLGs), and coupon issues that have been stripped from assets already included. 
From inception to year-end 2008, TBT's daily change correlation with IShares Lehman 20 Year Treasury Bond Fund (TLT) was -0.98.
ProShares UltraShort 20+ Year Treasury’s principal investment strategies include:
The fund issues and redeems Shares on a continuous basis at Net Asset Value (NAV) in large, specified numbers of Shares called “Creation Units.” This mechanism is intended to prevent large premiums or (especially) discounts from NAV. Creation Units of the Ultra ProShares are issued and redeemed principally in-kind for securities included in the relevant underlying index and an amount of cash. Except when aggregated in Creation Units, shares are not redeemable securities of the fund. Retail investors, therefore, generally will not be able to purchase or redeem shares directly from or with the fund. Rather, most retail investors will purchase or sell shares in the secondary market.
Interest rate risk is the risk that debt securities or certain financial instruments may fluctuate in value due to changes in interest rates. The value of securities with longer maturities may fluctuate more in response to interest rate changes than securities with shorter maturities. TBT's leverage then doubles this extreme (by Treasury market standards, anyway) volatility.
|ETF Name||ETF Name||Fund Manager|
|ProShares UltraShort Lehman 20+ Year Treasury Bond ETF (TBT)||ProShares UltraShort Lehman 20+ Year Treasury Bond ETF (TBT)||ProShares ETFs|
|Ameristock/Ryan 1 Year Treasury ETF (GKA)||Ameristock/Ryan 1 Year Treasury ETF (GKA)||Ameristock Funds|
|Ameristock/Ryan 10 Year Treasury ETF (GKD)||Ameristock/Ryan 10 Year Treasury ETF (GKD)||Ameristock Funds|
|Ameristock/Ryan 2 Year Treasury ETF (GKB)||Ameristock/Ryan 2 Year Treasury ETF (GKB)||Ameristock Funds|
|Ameristock/Ryan 20 Year Treasury ETF (GKE)||Ameristock/Ryan 20 Year Treasury ETF (GKE)||Ameristock Funds|
|Ameristock/Ryan 5 Year Treasury ETF (GKC)||Ameristock/Ryan 5 Year Treasury ETF (GKC)||Ameristock Funds|
|Ext Duration Treasury ETF (EDV)||Ext Duration Treasury ETF (EDV)||Vanguard Group Inc|
|iShares Lehman 1-3 Year Treasury Bond Fund (SHY)||iShares Lehman 1-3 Year Treasury Bond Fund (SHY)||iShares|
|iShares Lehman 20+ Year Treasury Bond Fund (TLT)||iShares Lehman 20+ Year Treasury Bond Fund (TLT)||iShares|
|iShares Lehman 7-10 Year Treasury Bond Fund (IEF)||iShares Lehman 7-10 Year Treasury Bond Fund (IEF)||iShares|
|ProShares UltraShort Lehman 20+ Year Treasury Bond ETF (TBT)||ProShares UltraShort Lehman 20+ Year Treasury Bond ETF (TBT)||ProShares ETF|
|ProShares UltraShort Lehman 7-10 Year Treasury Bond ETF (PST)||ProShares UltraShort Lehman 7-10 Year Treasury Bond ETF (PST)||ProShares ETF|