My logic is this, say I directly own treasuries or a treasury ETF like GOVT, treasury yields increase means the price of my T-bill/GOVT is dropping, meaning that I am losing money. However, if I own BOXX, which just exposes me to yields without myself holding any real T-bills (either directly or indirectly), treasury yields going up should be a positive thing--as my BOXX's value only grows faster. Therefore, as long as it is not as bad as that the American financial system is collapsing or something, growing treasury yields can only be a good thing to me.
Is this logic correct? Or am I missing something?