PST is one of the more popular options for betting against intermediate-term US Treasury bonds. The fund delivers twice the inverse performance of Treasurys that have 7 to 10 years left to maturity. The fund`s daily reset feature leads to return path dependency, so don't expect the -2x leverage for more than one day. The fund's management fees should be a secondary concern for most traders. As a tactical tool, investors should pay extra attention to PST's trading characteristics to determine if it has enough liquidity to support same-day entry and exit. PST changed its underlying index from the Bloomberg Barclays U.S. 7-10 Year Treasury Bond Index to the ICE U.S. Treasury 7-10 Year Bond Index on October 14, 2016. The change had minimal impact on exposure.
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