US Treasury Leveraged ETF Spread

ProShares 2× bond-bull / bond-bear assets · matched maturity groups · daily history since January 2010

Coverage: ProShares 2× Treasury pairs. TMF/TMV and the wider bond market are outside this historical series.

20+ year Treasury price · TLT · distributions excluded—

Bull / bear AUM ratio · UBT / TBT—

Prior peak

Bull funds favour rising bond prices, generally associated with falling yields. A ratio of 1× means equal assets in the selected bull and inverse funds.

Fund selection, calculation & automatic updates

Default: 20+ year US Treasuries, UBT assets ÷ TBT assets. UBT (+2×) and TBT (−2×) target opposite daily returns of the ICE U.S. Treasury 20+ Year Bond Index. This long-duration segment provides a focused view of interest-rate positioning. The alternative uses UST (+2×) and PST (−2×) for the ICE U.S. Treasury 7-10 Year Bond Index. Each choice keeps the same matched pair through history, starting when both bull funds began on 19 January 2010.

The blue line divides the selected bull fund’s raw dollar assets under management by its inverse counterpart’s assets. Assets are not multiplied by leverage or combined across maturities. A higher ratio means more money in that bull ETF relative to its matched inverse ETF. AUM changes reflect fund performance and creations/redemptions; this is not a pure flow series or a measurement of traders’ net positions. The orange dashed guide marks the highest earlier reading, excluding the latest observation.

Coverage matters. This is a ProShares 2× Treasury ETF measure, not an aggregate of the American bond market. Corporate bonds, mortgages, municipal debt and high yield are excluded. The prominent TMF (+3×) / TMV (−3×) pair is also excluded because a dependable public daily AUM history was not available for this implementation. TMF is substantially larger than UBT, so the plotted ratio must not be interpreted as total leveraged Treasury positioning. Unmatched 3× inverse funds such as TTT are excluded to keep leverage symmetric. No price- or volume-based estimates are substituted for missing assets.

The white line is the corresponding unleveraged Treasury ETF’s split-adjusted market closing price: TLT for 20+ years, or IEF for 7–10 years. Cash distributions are excluded, so it is price context rather than a total-return investment comparison. Both axes are on the right, and the two panels share their time window while allowing independent vertical navigation.

Daily AUM comes directly from the issuer’s complete NAV history files: UBT, TBT, UST and PST. Prices come from Yahoo Finance TLT and IEF. AUM is checked against NAV × shares outstanding, allowing for issuer share-count rounding. Missing pair observations break the ratio line; missing price context leaves valid ratios intact. No interpolation or forward filling.

Completed NYSE sessions only, using a holiday and early-close calendar plus a 20-minute grace period. Automatic checks run daily at 06:57, 12:57, 18:57, 20:57 and 23:57 New York time. Failed or regressing downloads retain the verified snapshot. Open pages refresh every 15 minutes and when revisited. Download both pairs’ observations and source hashes · Update status