28-Mar-2024
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Bill Gross favors short-end Treasuries and still eyes MLPs
Seeking Alpha News (Sun, 24-Mar 11:32 AM ET)
ProShares UltraShort 20+ Year Treasury seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. The ICE U.S. Treasury 20+ Year Bond Index includes publicly- issued U.S. Treasury securities that have a remaining maturity greater than twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. In addition, the securities in the Underlying Index must be fixed-rate and denominated in U.S. dollars. Excluded from the Underlying Index are inflation-linked securities, Treasury bills, cash management bills, any government agency debt issued with or without a government guarantee and zero-coupon issues that have been stripped from coupon-paying bonds. The Underlying Index is weighted by market capitalization, and the securities in the Underlying Index are updated on the last business day of each month.
ProShares Ultrashort 20+ Year Treasury trades on the ARCA stock market under the symbol TBT.
As of March 28, 2024, TBT stock price was flat at $32.96 with 413,321 million shares trading.
TBT has a beta of -1.30, meaning it tends to be less sensitive to market movements. TBT has a correlation of 0.23 to the broad based SPY ETF.
TBT has a market cap of $310.05 million. This is considered a Small Cap stock.
In the last 3 years, TBT stock traded as high as $44.96 and as low as $15.53.
TBT has underperformed the market in the last year with a price return of +19.1% while the SPY ETF gained +33.6%. However, in the short term, TBT had mixed performance relative to the market. It has outperformed in the last 3 months, returning +13.8% vs +10.1% return in SPY. But in the last 2 weeks, TBT shares have been beat by the market, returning +0.2% compared to an SPY return of +1.7%.
TBT support price is $32.48 and resistance is $33.44 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that TBT stock will trade within this expected range on the day.