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Launched · SEC filings

ProShares UltraShort 20+ Year Treasury

TBTNYSE ArcaProSharesBThis 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.

$38.11−0.30 (−0.78%)

At close: Nov 2, 2026, 4:00 PM ET

B69/ 100

Rank 1 of 7 in Inverse Treasury

B69/100Rank 1 of 7inInverse Treasury
Intraday session: down, 79 prints from 38.41 to 38.11. Range 37.66 to 38.18. Use the arrow keys to read each point.37.8038.0038.2010 AM12 PM2 PM4 PM
Expense ratio
0.93%
Fund size
$289M
1Y total return
+19.4%
Yield · Last 12 months
2.38%
Holdings
3
Avg volume · 30D
326K sh
52W range
low $32.22high $43.77
Launched
Filings
SEC EDGAR

The ETF.net TBT Grade

Based on 5 of 6 pillars

B

Score 69 out of 100

Category
Inverse Treasury⁠
Rank
1 of 7
Six-pillar profile for TBT. Scores out of 100: Cost 89, Risk 48, Mission not scored, Tradability 64, Holdings 52, Durability 67. Strongest: Cost (89). Weakest: Risk (48). Based on 5 of 6 pillars.

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 100
    Rank 1 of 7

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C48 out of 100
    Rank 5 of 7

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B64 out of 100
    Rank 2 of 7

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    C52 out of 100
    Rank 4 of 7

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B67 out of 100
    Rank 1 of 7

Our read on TBT

ETF.net Research

In short

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.

Stated mandate

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

Holdings pillarC52 out of 100Rank 4 of 7 in Inverse Treasury
Asset class
Bonds
Holdings
3
Top-10 weight
100%
Largest holding
IQMM76.2%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1IQMMProshares Genius Mny Mkt Etf76.17%2,200,000$220M61
2No dataNet Other Assets (Liabilities)15.24%44,074,240$44.1M151
3No dataTREASURY BILL, 0%, due 2026-12-298.59%25,000,000$24.8M19

Showing 1–3 of 3 holdings

TBT Performance

Launched Apr 29, 2008

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TBT$11,935
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. TBT $11,935. SPY $11,199. Use the arrow keys to read each point.$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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.

Trailing total return for TBT. Periods over one year show the average yearly return.
PeriodTBT
Year to date+11.8%
1 month−9.6%
3 months+0.5%
1 year+19.4%
3 yearsper year−0.3%
5 yearsper year+20.9%
10 yearsper year+3.0%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TBT
YearReturn barTBT
2026 YTD+11.8%
2025−1.5%
2024+27.6%
2023−2.4%
2022+93.3%

TBT in the news

TBT Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
2.38%Last 12 months
Payout per share
$0.92Last 12 months
Last payment
$0.23 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 26 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.03; Jun 20, 2018 $0.07; Sep 26, 2018 $0.10; Dec 26, 2018 $0.15; Mar 20, 2019 $0.11; Jun 25, 2019 $0.15; Sep 25, 2019 $0.17; Dec 24, 2019 $0.13; Mar 25, 2020 $0.05; Jun 24, 2020 $0.00004; Dec 22, 2022 $0.14; Mar 22, 2023 $0.33; Jun 21, 2023 $0.34; Sep 20, 2023 $0.31; Dec 20, 2023 $0.52; Mar 20, 2024 $0.36; Jun 26, 2024 $0.48; Sep 25, 2024 $0.42; Dec 23, 2024 $0.44; Mar 26, 2025 $0.25; Jun 25, 2025 $0.28; Sep 24, 2025 $0.28; Dec 24, 2025 $0.31; Mar 25, 2026 $0.17; Jun 24, 2026 $0.21; Sep 23, 2026 $0.23. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.23
Jun 24, 2026Jun 30, 2026$0.21
Mar 25, 2026Mar 31, 2026$0.17
Dec 24, 2025Dec 31, 2025$0.31
Sep 24, 2025Sep 30, 2025$0.28
Jun 25, 2025Jul 1, 2025$0.28
Mar 26, 2025Apr 1, 2025$0.25
Dec 23, 2024Dec 31, 2024$0.44
Sep 25, 2024Oct 2, 2024$0.42
Jun 26, 2024Jul 3, 2024$0.48
Mar 20, 2024Mar 27, 2024$0.36
Dec 20, 2023Dec 28, 2023$0.52

See all 27 payments⁠

$10,000 in TBT 10 years ago paid $1,771 in dividends.⁠

TBT Risk

Risk pillarC48 out of 100Rank 5 of 7 in Inverse Treasury

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.

How much the fund’s monthly returns vary, scaled to a year.
26.7%
Annualised · 36 months to Oct 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
−0.05
vs 3-month T-bills · to Oct 2026
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.

The largest fall from a peak to the low that followed.
−33.8%
Trough Sep 2024
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.

How strongly the fund’s returns move with its asset-class index.
−4.80
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

TBT Cost

Cheapest in Inverse Treasury

$17,539

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • TBT 0.93%

    $17,539

$10,000
30 years

Cost over time

  • TBT 0.93%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TBT $17,539

Year by year

YearTBT
10$1,644
20$6,199
30$17,539

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