PST vs TBF: Grades, Fees and Holdings Compared

ProShares UltraShort 7-10 Year Treasury

PSTCNYSE Arca

ProShares Short 20+ Year Treasury

TBFBNYSE Arca

Overlap

No data

Expense ratio

PST0.95%TBF0.95%

Avg volume · 30D

TBF 31.8×the volume

PST6.43KTBF205K

10Y return · a year

TBF +0.2pt

PST+3.1%TBF+3.3%

PST vs TBF Performance

Oct 29, 2021 – Oct 30, 2026

+66.9%PST+81.8%TBF

Expense ratio: PST 0.95%; TBF 0.95%
Fund size: PST $11M; TBF $122M
1Y total return: PST +12.3%, better; TBF +11.1%
Yield (12M): PST 2.48%, better; TBF 2.31%
Holdings: PST 2; TBF 3
Avg volume (30D): PST 6.43K sh; TBF 205K sh, better
NAV per share: PST $24.06; TBF $25.48
52W range

ETF.net Grade

Pillar letters and Scores for PST, TBF, with each pillar’s weight
Pillar	PST	TBF
Cost30% weight	B56	B56
Mission25% weight	Not scored	Not scored
Risk15% weight	B63	B66Higher
Tradability15% weight	D33	A70Higher
Holdings10% weight	C46	B58Higher
Durability5% weight	C41	B58Higher

Rank among Inverse Treasury funds

How we build Categories ›

Same Category. PST and TBF are both graded against the same 7 Inverse Treasury funds, so their Grades compare head to head.

Inverse Treasury⁠

Category · 7 funds

See all 7 ›

TBF ranks 3rd and PST 4th of 7 funds in the Inverse Treasury Category.

Rank 1BTBTProShares UltraShort 20+ Year TreasuryScore 69
Rank 2BTBXProShares Short 7-10 Year TreasuryScore 63
Rank 3BTBFProShares Short 20+ Year TreasuryScore 61
Rank 4CPSTProShares UltraShort 7-10 Year TreasuryScore 50
Rank 4CTTTProShares UltraPro Short 20+ Year TreasuryScore 50

Our read on each fund

ETF.net Research

PSTCProShares UltraShort 7-10 Year Treasury

TBFBProShares Short 20+ Year Treasury

In short

PST Most inverse Treasury ETFs aim at the 20+ year long bond. PST aims at the belly: two times the inverse of the daily move in the ICE U.S. Treasury 7-10 Year Bond Index, reset each day, trading since 2008.

TBF The plain one in a geared lineup: TBF aims for -1x the daily move of the S&P ICE U.S. Treasury 20+ Year Bond Index, with no 2x or 3x amplification. Trading since 2009 at 0.95% net of a waiver through September 30, 2027.

Stated mandate

PST The Fund seeks daily investment results, before fees and expenses, corresponding to approximately two times the inverse of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It does not seek this -2x target for periods other than a day.

TBF 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

PST ProShares calls it the only -2x ETF designed to gain when the daily price of the ICE U.S. Treasury 7-10 Year Bond Index falls. The view lands on the 10-year note, not the long end.proshares.com
0.95% net of a waiver through September 30, 2027 (1.53% gross), near the category median, and the same net fee as -1x TBX, also waived through September 30, 2027.
Same index, three dials: TBX at -1x, PST at -2x, TYO at -3x (1.00% net of a waiver through September 1, 2027). You size the rate view without switching benchmarks.
Listed in 2008, so it has run through a full rate cycle, from the zero-bound years to the hiking cycle and back.

TBF Straight -1x: one dollar of inverse long-Treasury exposure per dollar in, while the 2x and 3x siblings (TBT, TTT) stack the daily move on top of it.proshares.com
Costs 0.95% net of a waiver through September 30, 2027, versus 1.00% gross, sitting near the median fee for geared Treasury funds.
Live since August 2009, a long operating history for a daily-reset fund, and it lands in the upper half of its geared Treasury-short peer group on our review.

Worth knowing

PST The -2x target is a one-day target. Over weeks, compounding takes the wheel and results can drift from twice the inverse of the index move, especially when rates chop.
A small fund that trades thinly, so spreads and limit orders carry real weight on entry and exit.
That 0.95% rests on a waiver running to September 30, 2027. The gross ratio is 1.53%, and waivers can be renewed or allowed to lapse.

TBF The -1x target resets every day. Over longer holds the result is each day's return compounded, which usually differs from -1x the index over that same stretch.proshares.com sec.gov
The benchmark is the 20+ year end of the curve, the most rate-sensitive stretch, so daily moves in both directions tend to run large.
A smaller, moderately traded fund rather than a headline name, so the bid-ask spread and order type carry more weight at the point of trade.

Full PST profile⁠

Full TBF profile⁠

PST vs TBF Holdings

How PST and TBF differ

No overlap figure

Two bond funds rarely hold the same issues.

Level by level

Asset classFixed Income100%
Countryby domicile100%

Sector

No Sector split for PST and TBF.

Country, concentration and asset class

Country by domicile

Country weights in PST and TBF, widest gap first
Country	More in PSTMore in TBF	PST	TBF
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

PST100.0%
TBF100.0%

Securities held

PST1
TBF2

Asset class

PST: Fixed Income
TBF: Fixed Income

Holdings

Two bond funds rarely hold the same issues, so this page lists no shared Holdings. PST holds 1 securities, TBF 2.

All 8 PST holdings⁠All 11 TBF holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

PST vs TBF Cost

Same expense ratio

$17,869

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

PST 0.95%
$17,869
TBF 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

PST 0.95%
TBF 0.95%

Year by year

Year	PST	TBF
10	$1,678	$1,678
20	$6,322	$6,322
30	$17,869	$17,869

Expense ratio

0.95%PST
0.95%TBF

PST0.95%TBF0.95%

0.93%1.00%

Middle half of Inverse Treasury funds
Median 0.95%

PST 2nd cheapest of 7 funds

TBF 2nd cheapest of 7 funds

PST vs TBF Dividends

Last 12 months to Oct 30, 2026

Yield (12M): PST 2.48%, better; TBF 2.31%
Payout (12M): PST $0.60; TBF $0.59
Last payment: PST $0.15; TBF $0.13
Ex-dividend: PST Sep 23, 2026; TBF Sep 23, 2026
Paid on: PST Sep 29, 2026; TBF Sep 29, 2026
Frequency: PST Quarterly; TBF Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

PSTQuarterly · 24 paymentsAll PST payments⁠

TBFQuarterly · 24 paymentsAll TBF payments⁠

PST vs TBF Risk

Fall from peak · 5 years

Risk facts

VolatilityStd dev, 3 years: PST 13.3%, betterTBF 13.4%
Return per unit of riskSharpe ratio, 3 years: PST −0.20TBF −0.11, better
Worst fallMax drawdown, 5 years: PST −16.2%, betterTBF −17.8%
Market sensitivityBeta, 5 years: PST −2.34TBF −2.41; Market = 1

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