Today’s better-than-expected jobs data is a mixed blessing for Treasury bond exchange traded funds (ETFs).

In response to job growth that was triple what economists forecast, Treasuries have been tanking today as investors move out of them and into riskier and better-yielding assets, says The Wall Street Journal.

That shift has been undeniably good for one ETF: ProShares UltraShort 20+ Year Treasury (NYSEArca: TBT), which is up more than 4% so far today.

Today’s move is just the latest for TBT, which is up 19.3% in the last three months. The fund is designed to move twice the inverse of the performance of an index of long-term Treasuries, so when Treasuries are being sold, TBT benefits – and vice versa. [Treasury ETF Investors Need a Wake-Up Call.]

If Treasuries continue to tank, you’ll want to keep a close eye on this fund and others that short long-term Treasuries (including Direxion Daily 30-Year Treasury Bear 3x (NYSEArca: TMV), which is up 5% today and nearly 30% in the last three months.

For full disclosure, Tom Lydon’s clients own shares of TBT.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.