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If that was the case, rates would have to rise. So the team put their money on the idea, trading in and out of the ProShares Short 20 Year Treasury exchange-traded fund in the weeks before the meltdown. The $1.3 billion ETF uses leverage to bet against the U.S. Treasury bond market and is a favorite of short-term investors. Its $1 billion Crystal Strategy I fund had about 2 percent of its assets in the ETF at the end of June.
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