TBT vs TBX

TBTBProShares UltraShort 20+ Year Treasury

TBXBProShares Short 7-10 Year Treasury

In short

TBT The 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.

TBX Most inverse Treasury funds swing at the 20-year-plus long end, often with 2x or 3x. TBX takes the quieter route: a single inverse (-1x) target on the daily move of the 7-10 year part of the curve, at 0.95% net of a waiver through September 30, 2027.

Stated mandate

TBT 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.

TBX TBX seeks daily pre-fee, pre-expense returns equal to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 7-10 Year Bond Index. It uses financial instruments to pursue that daily target.

Why people hold it

• TBT 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.

• TBX Skips leverage: the stated target is -1x the daily move of the ICE U.S. Treasury 7-10 Year Bond Index, not 2x or 3x of it.
• Points at the belly of the curve, 7-10 year notes, while much of the short-Treasury shelf (TBT, TBF, TTT) aims at 20+ year bonds.
• Fee is 0.95% net of a waiver through September 30, 2027, near the category median and level with PST (0.95% net of a waiver through the same date), the 2x take on the same index.
• Trading since 2011, and built as a 1940 Act registered fund rather than a commodity partnership.

Worth knowing

• TBT 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.

• TBX The -1x target resets every day. Over longer holds, compounding can push results away from -1x the index for that stretch, especially through choppy rate moves.
• A small fund that trades lightly next to the long-end inverse names, so spreads and order type carry more weight when getting in or out.
• The stated gross fee is 1.44%, so the cost picture hinges on whether ProShares extends the waiver past September 30, 2027.

Full TBT profile⁠

Full TBX profile⁠