ProShares - Short 20+ Year Treasury
$25.94+0.34 (+1.34%)
- Expense ratio
- 1.00%
- Fund size
- $136M
- 1Y return
- +9.3%
- Yield · Last 12 months
- 2.65%
- Holdings
- 11
- Volume · 30D
- 0.2M sh
- NAV per share
- $25.76
- 52W range
The ETF.net TBF Grade
Score 64 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 63Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 62Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.AScore 70Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 68Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 58Category rank
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
- 11
- 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.
Returns run to the Sep 22, 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 | +7.2% |
| 1 month | +0.3% |
| 3 months | +5.4% |
| 1 year | +9.3% |
| 3 years | +5.3% |
| 5 years | +13.1% |
| 10 years | +3.7% |
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 | +7.2% | |
| 2025 | +1.3% | |
| 2024 | +16.3% | |
| 2023 | +2.5% | |
| 2022 | +42.4% | |
| 2021 | +1.3% | |
| 2020 | −19.4% |
TBF in the news
ETF.net Research hasn’t filed on TBF yet — coverage lands here as it’s written.
TBF Dividends
- 2.65%
- $0.68
- $0.15 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.15 |
| Mar 25, 2026 | Mar 31, 2026 | $0.09 |
| Dec 24, 2025 | Dec 31, 2025 | $0.22 |
| Sep 24, 2025 | Sep 30, 2025 | $0.22 |
| Jun 25, 2025 | Jul 1, 2025 | $0.17 |
| Mar 26, 2025 | Apr 1, 2025 | $0.21 |
| Dec 23, 2024 | Dec 31, 2024 | $0.26 |
| Sep 25, 2024 | Oct 2, 2024 | $0.25 |
| Jun 26, 2024 | Jul 3, 2024 | $0.31 |
| Mar 20, 2024 | Mar 27, 2024 | $0.17 |
| Dec 20, 2023 | Dec 28, 2023 | $0.40 |
| Sep 20, 2023 | Sep 27, 2023 | $0.22 |
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.
- 14.0%
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.
- 0.23
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
- The middle half of Inverse Treasury funds
- Median 1.13%
2 of the 7 Inverse Treasury funds charge less.