The ProShares Ultra 20+ Year Treasury ETF (UBT) is an exchange-traded fund (ETF) that seeks daily investment results, twice (2x) the performance of the ICE U.S. Treasury 20+ Year Bond Index. The fund is managed by ProShare Advisors LLC and was launched in 2010.

The ICE U.S. Treasury 20+ Year Bond Index is a market-capitalization-weighted index that measures the performance of U.S. Treasury bonds with maturities of 20 years or more. The index includes both on-the-run and off-the-run bonds.

UBT is a leveraged ETF, which means that it uses derivatives to magnify its exposure to the underlying index. This can lead to higher returns, but also to higher risk.