ProShares - UltraShort 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.
$41.64−0.37 (−0.88%)
- 0.93%
- $345M
- +31.6%
- 2.18%
- 0.4M sh
- $42.11
- low $31.69high $43.77
The ETF.net TBT Grade
B
Score 69 out of 100
- 1 of 7
Score 69 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.A89 out of 100Rank 1 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.C49 out of 100Rank 5 of 7Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B62 out of 100Rank 3 of 7Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B59 out of 100Rank 3 of 7Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B65 out of 100Rank 1 of 7
Our read on TBT
BThe original way to lean against long Treasuries. Live since 2008, TBT aims to deliver twice the inverse of the ICE U.S. Treasury 20+ Year Bond Index's daily move, at the lowest fee in the leveraged bear-Treasury crowd.
The fund seeks inverse, twice-magnified daily exposure to the ICE U.S. Treasury 20+ Year Bond Index, aiming to benefit when that index's daily price declines.
Why people hold it
- Fee of 0.93% a year, the lowest among its leveraged and inverse Treasury peers, including the 3x funds TMV and TTT that track the same 20+ year index.proshares.com
- Twice inverse, not three times. Same long-bond index as the 3x versions, with a dialed-back multiple that moves less for every tick in the index.proshares.com
- Trading since April 2008, through more than a decade and a half of rate cycles. Long history for a geared product, and one of the stronger implementations in its peer group.
Worth knowing
- The -2x objective resets every day. Hold across multiple days and compounding takes over, so results can diverge from twice the index's move over that stretch, especially in choppy markets.proshares.com
- Cheap for its cohort is not cheap outright. The 0.93% fee is the price of packaged daily leverage, and it applies whichever way long yields go.
- Distributions arrive quarterly but are beside the point. The engine here is the daily direction of long Treasury prices, not coupon income.
TBT Holdings
- Bonds
- 3
- 100%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
TBT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
TBT$13,157
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 | TBT |
|---|---|
| Year to date | +22.3% |
| 1 month | +6.9% |
| 3 months | +16.4% |
| 1 year | +31.6% |
| 3 years | +4.6% |
| 5 years | +21.7% |
| 10 years | +4.2% |
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 | TBT |
|---|---|---|
| 2026 YTD | +22.3% | |
| 2025 | −1.5% | |
| 2024 | +27.6% | |
| 2023 | −2.4% | |
| 2022 | +93.3% | |
| 2021 | +2.9% | |
| 2020 | −37.9% |
TBT in the news
TBT Dividends
- 2.18%
- $0.92
- $0.23 per share
- Quarterly
Distribution history
TBT 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.
- 26.7%
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.
- 0.21
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.
- −33.8%
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.
- −4.80
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
TBT Cost
0.93%
TBT0.93%
- The middle half of Inverse Treasury funds
- Median 1.13%
No Inverse Treasury fund charges less.
Other funds in Inverse Treasury
- BTBFProShares - Short 20+ Year TreasuryExpense ratio 1.00%1 year return +16.6%
- 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%