ProShares - UltraShort 20+ Year Treasury
$39.70+1.09 (+2.82%)
- Expense ratio
- 0.93%
- Fund size
- $313M
- 1Y return
- +15.1%
- Yield · Last 12 months
- 2.51%
- Holdings
- 10
- Volume · 30D
- 0.4M sh
- NAV per share
- $39.20
- 52W range
The ETF.net TBT Grade
Score 68 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.AScore 89Category 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.CScore 44Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 62Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 53Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 67Category rank
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
- 10
- 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.
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 | TBT |
|---|---|
| Year to date | +11.7% |
| 1 month | +0.3% |
| 3 months | +10.0% |
| 1 year | +15.1% |
| 3 years | +5.4% |
| 5 years | +21.9% |
| 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 | TBT |
|---|---|---|
| 2026 YTD | +11.7% | |
| 2025 | −1.5% | |
| 2024 | +27.6% | |
| 2023 | −2.4% | |
| 2022 | +93.3% | |
| 2021 | +2.9% | |
| 2020 | −37.9% |
TBT in the news
ETF.net Research hasn’t filed on TBT yet — coverage lands here as it’s written.
TBT Dividends
- 2.51%
- $0.97
- $0.21 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.21 |
| Mar 25, 2026 | Mar 31, 2026 | $0.17 |
| Dec 24, 2025 | Dec 31, 2025 | $0.31 |
| Sep 24, 2025 | Sep 30, 2025 | $0.28 |
| Jun 25, 2025 | Jul 1, 2025 | $0.28 |
| Mar 26, 2025 | Apr 1, 2025 | $0.25 |
| Dec 23, 2024 | Dec 31, 2024 | $0.44 |
| Sep 25, 2024 | Oct 2, 2024 | $0.42 |
| Jun 26, 2024 | Jul 3, 2024 | $0.48 |
| Mar 20, 2024 | Mar 27, 2024 | $0.36 |
| Dec 20, 2023 | Dec 28, 2023 | $0.52 |
| Sep 20, 2023 | Sep 27, 2023 | $0.31 |
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.
- 27.9%
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.
- 0.28
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
- The middle half of Inverse Treasury funds
- Median 1.13%
No Inverse Treasury fund charges less.