ProShares - Short 20+ Year Treasury
BThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$26.53−0.10 (−0.38%)
- 1.00%
- $135M
- +16.6%
- 2.21%
- 0.2M sh
- $26.69
- low $23.01high $27.21
The ETF.net TBF Grade
B
Score 62 out of 100
- 2 of 7
Score 62 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B63 out of 100Rank 3 of 7Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B62 out of 100Rank 3 of 7Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A70 out of 100Rank 2 of 7Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C52 out of 100Rank 4 of 7Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B58 out of 100Rank 2 of 7
Our read on TBF
BThe bear-Treasury trade without the amplifier. TBF aims for -1x the daily move of the S&P ICE U.S. Treasury 20+ Year Bond Index, so it leans against long-bond prices at plain single speed while its shelf-mates run two and three times hot.
The fund seeks daily investment results, before fees and expenses, corresponding to -1x the daily performance of the S&P ICE U.S. Treasury 20+ Year Bond Index.
Why people hold it
- One times inverse, not two or three: the same long-Treasury short as TBT or TMV, minus the leverage multiplier stacked on top.proshares.com
- 1.00% expense ratio, below the cohort median and undercutting both TTT (1.13%) and TBX (1.46%).
- Trading since 2009, through a full rates round trip, and it stands in the upper half of the inverse-Treasury shelf.
Worth knowing
- The objective resets daily. Hold past a day and compounding can pull your result away from -1x the index move over that stretch, most in choppy markets.
- 1.00% a year is trading-tool pricing, well above a plain bond index fund, and it accrues every day you hold.
- Mid-size and moderately traded, so spreads are worth a look before sizing up an order.
TBF Holdings
- Bonds
- 3
- 100%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
TBF Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
TBF$11,663
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | TBF |
|---|---|
| Year to date | +12.1% |
| 1 month | +3.5% |
| 3 months | +8.2% |
| 1 year | +16.6% |
| 3 years | +4.7% |
| 5 years | +13.0% |
| 10 years | +3.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | TBF |
|---|---|---|
| 2026 YTD | +12.1% | |
| 2025 | +1.3% | |
| 2024 | +16.3% | |
| 2023 | +2.5% | |
| 2022 | +42.4% | |
| 2021 | +1.3% | |
| 2020 | −19.4% |
TBF in the news
TBF Dividends
- 2.21%
- $0.59
- $0.13 per share
- Quarterly
Distribution history
TBF Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 13.4%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- 0.16
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −17.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- −2.41
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TBF Cost
1.00%
TBF1.00%
- The middle half of Inverse Treasury funds
- Median 1.13%
2 of the 7 Inverse Treasury funds charge less.
Other funds in Inverse Treasury
- BTBTProShares - UltraShort 20+ Year TreasuryExpense ratio 0.93%1 year return +31.6%
- BTMVDirexion Daily 20+ Year Treasury Bear 3X ETFExpense ratio 0.97%1 year return +50.8%
- CTTTProShares UltraPro Short 20+ Year TreasuryExpense ratio 1.13%1 year return +47.0%
- CTBXProShares - Short 7-10 Year TreasuryExpense ratio 1.46%1 year return +8.0%
- DPSTProShares UltraShort 7-10 Year TreasuryExpense ratio 1.40%1 year return +18.3%