With bond prices rallying globally late into this week (and yields falling), the popular leveraged inverse fund TBT (ProShares
UltraShort 20 Year Treasury, Expense Ratio 0.93%) is trading at a fresh multi-year low today and volume has been moderately heavy in the fund considering the overall lackluster pre-holiday weekend volumes in everything else.
Even moreinteresting is that the fund has net attracted more than $1.24 billion in new assets year to date despite the consistent
plunge in price.
In fact, TBT is now a $4.2 billion fund, just slightly smaller than the unlevered, long TLT (iShares Barclays 20 Year Treasury Bond, Expense Ratio 0.15%) which has about $4.3 billion in AUM.
TLT has also net raised assets year to date, pulling in north of $1.5 billion, so it is interesting to see the battle between bulls and bears in the Bond world play out to some extent via ETFs.
TBF (ProShares Short 20 Year Treasury, Expense Ratio 0.95%) has raised a much smaller amount year to date (about $85 million) and this fund is an unleveraged way to get inverse exposure to the Barclays Capital U.S. 20+ Year Treasury Index and bet against bond prices.
TMV (Direxion Daily 20 Year Treasury Bear 3X, Expense Ratio0.95%), TTT (ProShares UltraPro Short 20+ Year Treasury, Expense Ratio 0.95%), and SBND (PowerShares DB 3X Short 25+ Year Treasury Bond ETN, Expense Ratio 0.95%) also come to mind as funds that bond bears may typically utilize in order to take the other side of rising bond prices.