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PST vs TYO

ProShares UltraShort 7-10 Year Treasury

PSTCNYSE Arca

Direxion Daily 7-10 Year Treasury Bear 3X ETF

TYODNYSE Arca

Overlap

No data

Expense ratio

PST −0.05pt a year

PST0.95%TYO1.00%

Avg volume · 30D

TYO 4.4×the volume

PST6.43KTYO28.6K

10Y return · a year

PST +0.6pt

PST+3.1%TYO+2.5%

PST vs TYO Performance

Oct 29, 2021 – Oct 30, 2026

+66.9%PST+101.7%TYO

Oct 29, 2021 to Oct 30, 2026. PST +66.9%. TYO +101.7%. Use the arrow keys to read each point.0%25%50%125%Oct 2021Apr 2024Oct 2026
Expense ratio
PST 0.95%, better
TYO 1.00%
Fund size
PST $11M
TYO $10M
1Y total return
PST +12.3%
TYO +19.7%, better
Yield (12M)
PST 2.48%
TYO 7.74%, better
Holdings
PST 2
TYO 3
Avg volume (30D)
PST 6.43K sh
TYO 28.6K sh, better
NAV per share
PST $24.06
TYO $14.74
52W range

ETF.net Grade

PST: Cost 56, Risk 63, Mission not scored, Tradability 33, Holdings 46, Durability 41. TYO: Cost 12, Risk 59, Mission not scored, Tradability 22, Holdings 35, Durability 32.
Pillar letters and Scores for PST, TYO, with each pillar’s weight
PillarPSTTYO
Cost30% weightB56HigherF12
Mission25% weightNot scoredNot scored
Risk15% weightB63HigherB59
Tradability15% weightD33HigherF22
Holdings10% weightC46HigherD35
Durability5% weightC41HigherD32

Rank among Inverse Treasury funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. PST and TYO are both graded against the same 7 Inverse Treasury funds, so their Grades compare head to head.

Inverse Treasury⁠

Category · 7 funds
See all 7 ›

PST ranks 4th and TYO 7th of 7 funds in the Inverse Treasury Category.

  1. Rank 1BTBTProShares UltraShort 20+ Year TreasuryScore 69
  2. Rank 2BTBXProShares Short 7-10 Year TreasuryScore 63
  3. Rank 3BTBFProShares Short 20+ Year TreasuryScore 61
  4. Rank 4CPSTProShares UltraShort 7-10 Year TreasuryScore 50
  5. Rank 4CTTTProShares UltraPro Short 20+ Year TreasuryScore 50
  6. Rank 6DTMVDirexion Daily 20+ Year Treasury Bear 3X ETFScore 39
  7. Rank 7DTYODirexion Daily 7-10 Year Treasury Bear 3X ETFScore 27

Our read on each fund

ETF.net Research

PSTCProShares UltraShort 7-10 Year Treasury

TYODDirexion Daily 7-10 Year Treasury Bear 3X ETF

In short

PST Most inverse Treasury ETFs aim at the 20+ year long bond. PST aims at the belly: two times the inverse of the daily move in the ICE U.S. Treasury 7-10 Year Bond Index, reset each day, trading since 2008.

TYO Most leveraged short on the belly of the Treasury curve: TYO targets 300% of the inverse daily move of the ICE U.S. Treasury 7-10 Year Bond Index, where same-index rivals stop at 1x and 2x.

Stated mandate

PST The Fund seeks daily investment results, before fees and expenses, corresponding to approximately two times the inverse of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It does not seek this -2x target for periods other than a day.

TYO The fund seeks daily investment results equal to 300% of the inverse performance of the ICE U.S. Treasury 7-10 Year Bond Index, before fees and expenses. Its objective applies for a single day.

Why people hold it

  • PST ProShares calls it the only -2x ETF designed to gain when the daily price of the ICE U.S. Treasury 7-10 Year Bond Index falls. The view lands on the 10-year note, not the long end.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.53% gross), near the category median, and the same net fee as -1x TBX, also waived through September 30, 2027.
  • Same index, three dials: TBX at -1x, PST at -2x, TYO at -3x (1.00% net of a waiver through September 1, 2027). You size the rate view without switching benchmarks.
  • Listed in 2008, so it has run through a full rate cycle, from the zero-bound years to the hiking cycle and back.
  • TYO Three times the daily punch on the 7-10 year note, not the 30-year bond. Same ICE index as TBX (1x short) and PST (2x short), triple the multiple.direxion.com
  • Fee runs 1.00% net of a waiver through September 1, 2027 (1.15% gross), near the typical cost in the leveraged bear Treasury group.
  • Trading since April 2009, so its daily-reset machinery has run through zero-rate years and rate spikes alike. Pays quarterly.

Worth knowing

  • PST The -2x target is a one-day target. Over weeks, compounding takes the wheel and results can drift from twice the inverse of the index move, especially when rates chop.
  • A small fund that trades thinly, so spreads and limit orders carry real weight on entry and exit.
  • That 0.95% rests on a waiver running to September 30, 2027. The gross ratio is 1.53%, and waivers can be renewed or allowed to lapse.
  • TYO The 300% target applies to one day. Over weeks, daily compounding takes over and results can look nothing like 3x the index move.sec.gov
  • A small fund and lightly traded next to the long-bond shorts, which can mean wider spreads and more care needed on entry and exit.
  • Same-index shorts TBX and PST each run 0.95% net of waivers through September 30, 2027, below TYO's 1.00%, with less leverage.

Full PST profile⁠

Full TYO profile⁠

PST vs TYO Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PST vs TYO Cost

Overpaying TYO vs PST

$819

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PST 0.95%

    $17,869

  • TYO 1.00%

    $18,688

$10,000
30 years

Cost over time

  • PST 0.95%
  • TYO 1.00%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TYO $18,688PST $17,869

Year by year

YearPSTTYOOverpaying
10$1,678$1,763$85
20$6,322$6,625$303
30$17,869$18,688$819

Expense ratio

  • 0.95%PST, cheaper
  • 1.00%TYO
  • Middle half of Inverse Treasury funds
  • Median 0.95%

PST 2nd cheapest of 7 funds

TYO 7th cheapest of 7 funds

PST vs TYO Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
PST 2.48%
TYO 7.74%, better
Payout (12M)
PST $0.60
TYO $1.12
Last payment
PST $0.15
TYO $0.86
Ex-dividend
PST Sep 23, 2026
TYO Sep 22, 2026
Paid on
PST Sep 29, 2026
TYO Sep 29, 2026
Frequency
PST Quarterly
TYO Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSTQuarterly · 24 paymentsAll PST payments⁠
One bar per payment. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.0088; Sep 26, 2018 $0.06; Dec 26, 2018 $0.08; Mar 20, 2019 $0.06; Jun 25, 2019 $0.10; Sep 25, 2019 $0.10; Dec 24, 2019 $0.09; Mar 25, 2020 $0.02; Dec 22, 2022 $0.0037; Mar 22, 2023 $0.12; Jun 21, 2023 $0.19; Sep 20, 2023 $0.21; Dec 20, 2023 $0.29; Mar 20, 2024 $0.16; Jun 26, 2024 $0.24; Sep 25, 2024 $0.22; Dec 23, 2024 $0.24; Mar 26, 2025 $0.17; Jun 25, 2025 $0.19; Sep 24, 2025 $0.21; Dec 24, 2025 $0.20; Mar 25, 2026 $0.11; Jun 24, 2026 $0.14; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$12017202020232026YTD
TYOQuarterly · 23 paymentsAll TYO payments⁠
One bar per payment. 23 payments from 2017 to 2026 YTD. Sep 25, 2018 $0.02; Dec 27, 2018 $0.02; Mar 19, 2019 $0.06; Jun 25, 2019 $0.05; Sep 24, 2019 $0.05; Dec 23, 2019 $0.01; Mar 24, 2020 $0.03; Dec 20, 2022 $0.01; Mar 21, 2023 $0.14; Jun 21, 2023 $0.12; Sep 19, 2023 $0.13; Dec 21, 2023 $0.08; Mar 19, 2024 $0.27; Jun 25, 2024 $0.15; Sep 24, 2024 $0.15; Dec 23, 2024 $0.05; Mar 25, 2025 $0.23; Jun 24, 2025 $0.12; Sep 23, 2025 $0.10; Dec 23, 2025 $0.05; Mar 24, 2026 $0.14; Jun 23, 2026 $0.08; Sep 22, 2026 $0.86. Use the arrow keys to read each point.$0$12017202020232026YTD

PST vs TYO Risk

Fall from peak · 5 years

  • PST
  • TYO
Oct 29, 2021 to Oct 30, 2026. Worst fall: TYO −24.4% · Sep 2024. Use the arrow keys to read each point.−25%−20%−15%−10%−5%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
PST 13.3%, betterTYO 20.0%
Return per unit of riskSharpe ratio, 3 years
PST −0.20TYO −0.06, better
Worst fallMax drawdown, 5 years
PST −16.2%, betterTYO −24.4%
Market sensitivityBeta, 5 years
PST −2.34TYO −3.52

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