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ProShares UltraPro Short 20+ Year Treasury (TTT)



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Upturn Advisory Summary
07/09/2025: TTT (1-star) is currently NOT-A-BUY. Pass it for now.
Analysis of Past Performance
Type ETF | Historic Profit 23.62% | Avg. Invested days 43 | Today’s Advisory PASS |
Upturn Star Rating ![]() ![]() | Upturn Advisory Performance ![]() | ETF Returns Performance ![]() |
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Key Highlights
Volume (30-day avg) - | Beta -6.46 | 52 Weeks Range 50.91 - 87.21 | Updated Date 06/29/2025 |
52 Weeks Range 50.91 - 87.21 | Updated Date 06/29/2025 |
Upturn AI SWOT
ProShares UltraPro Short 20+ Year Treasury
ETF Overview
Overview
The ProShares UltraPro Short 20+ Year Treasury (TTT) is a geared ETF that seeks daily investment results, before fees and expenses, that correspond to three times (3x) the inverse (opposite) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. It aims to profit from declines in long-term Treasury bond prices, making it a short-term trading instrument. It does not invest directly in treasury bonds. It gains inverse exposure through derivatives.
Reputation and Reliability
ProShares is a well-known issuer of leveraged and inverse ETFs, with a solid track record of providing these types of products to the market. They are considered reliable in delivering the stated objectives of their funds.
Management Expertise
ProShares has a dedicated management team experienced in managing leveraged and inverse ETFs, with expertise in using derivatives to achieve the desired investment outcomes.
Investment Objective
Goal
To seek daily investment results, before fees and expenses, that correspond to three times (3x) the inverse (opposite) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
Investment Approach and Strategy
Strategy: The ETF employs a leveraged inverse strategy, seeking to deliver 3x the inverse daily return of the ICE U.S. Treasury 20+ Year Bond Index. This involves using derivatives, primarily swap agreements, to achieve the desired leverage and inverse exposure.
Composition The ETF does not directly hold Treasury bonds. Its portfolio primarily consists of swap agreements and other derivative instruments designed to provide inverse leveraged exposure to the ICE U.S. Treasury 20+ Year Bond Index. It may also hold cash and cash equivalents as collateral.
Market Position
Market Share: TTT has a relatively moderate market share within the leveraged inverse fixed income ETF segment.
Total Net Assets (AUM): 176600000
Competitors
Key Competitors
- Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV)
- ProShares Short 20+ Year Treasury (TBF)
- iShares 20+ Year Treasury Bond ETF (TLT)
Competitive Landscape
The leveraged inverse fixed income ETF market is fairly concentrated, with a few key players dominating the landscape. TTT offers high leverage (3x inverse), which is attractive to some traders but riskier. Competitors like TMV offer similar inverse exposure. TBF is a non-leveraged short treasury ETF. TLT provides exposure to long term treasuries.
Financial Performance
Historical Performance: Historical performance can vary significantly depending on interest rate movements. Due to its leveraged nature, TTT is prone to significant fluctuations and is not suitable for long-term buy and hold strategies.
Benchmark Comparison: The ETF's performance should be compared to 3x the inverse daily return of the ICE U.S. Treasury 20+ Year Bond Index. Due to compounding, the performance over longer periods can deviate significantly from 3x the inverse of the index's performance.
Expense Ratio: 0.95
Liquidity
Average Trading Volume
TTT exhibits moderate liquidity, with an average daily trading volume suitable for many retail investors, but potentially limiting for very large institutional trades.
Bid-Ask Spread
The bid-ask spread for TTT can fluctuate based on market conditions and trading activity, but is typically manageable for most traders.
Market Dynamics
Market Environment Factors
TTT is highly sensitive to changes in interest rates and investor sentiment towards long-term Treasury bonds. Rising interest rates generally benefit TTT, while falling rates can lead to significant losses.
Growth Trajectory
TTT's growth is heavily dependent on market conditions and the prevailing interest rate environment. Increased volatility and a rising interest rate environment may increase demand for the product.
Moat and Competitive Advantages
Competitive Edge
TTT's competitive advantage lies in its high leverage (3x inverse) offering, which appeals to sophisticated traders seeking to capitalize on short-term declines in long-term Treasury bond prices. ProShares has a reputation for offering a range of leveraged and inverse products, providing a recognized and trusted platform for these types of investment strategies. The fund's daily reset mechanism allows for efficient execution of short-term strategies, making it attractive for active traders. This daily reset helps minimize the effects of compounding, although the fund's performance will still deviate significantly from the inverse of the underlying index over longer periods.
Risk Analysis
Volatility
TTT exhibits high volatility due to its leveraged nature. It is not suitable for risk-averse investors.
Market Risk
TTT is subject to significant market risk, particularly interest rate risk. Rising Treasury bond prices can lead to substantial losses.
Investor Profile
Ideal Investor Profile
The ideal investor for TTT is a sophisticated, active trader with a short-term investment horizon and a high-risk tolerance. Investors should have a strong understanding of leveraged and inverse ETFs and the risks associated with them.
Market Risk
TTT is best suited for active traders seeking to profit from short-term declines in long-term Treasury bond prices. It is not suitable for long-term investors or passive index followers.
Summary
ProShares UltraPro Short 20+ Year Treasury (TTT) is a leveraged inverse ETF designed for short-term trading strategies focused on profiting from declines in long-term Treasury bond prices. Its 3x leverage amplifies both potential gains and losses, making it a high-risk investment. The ETF is best suited for sophisticated traders with a deep understanding of market dynamics and a high-risk tolerance, who can actively monitor and manage their positions. It is not appropriate for buy-and-hold investors or those seeking long-term capital appreciation due to the effects of compounding and daily resets.
Peer Comparison
Sources and Disclaimers
Data Sources:
- ProShares website
- ETF.com
- Yahoo Finance
Disclaimers:
This analysis is for informational purposes only and does not constitute financial advice. Investment decisions should be based on individual circumstances and consultation with a qualified financial advisor. Past performance is not indicative of future results. Leveraged and inverse ETFs are complex investment products and involve significant risks.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About ProShares UltraPro Short 20+ Year Treasury
Exchange NYSE ARCA | Headquaters - | ||
IPO Launch date - | CEO - | ||
Sector - | Industry - | Full time employees - | Website |
Full time employees - | Website |
The index is designed to measure the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.

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