Key stats
About ProShares Short 20+ Year Treasury
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Inception date
Aug 18, 2009
Structure
Open-Ended Fund
Replication method
Synthetic
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
ProShare Advisors LLC
Distributor
SEI Investments Distribution Co.
TBF is a choice for levered bets on rising interest rates. Using a combination of swaps and futures, TBF gives investors inverse (-1x) exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -1x leverage results in greater impact from the effects of compounding. As a levered product, TBF is not a buy-and-hold ETF, it's a short-term tactical instrument. On Oct. 14, 2016, TBF changed its underlying index from Bloomberg Barclays U.S. 20+ Year Treasury Bond Index to ICE U.S. Treasury 20+ Year Bond Index. The change had minimal impact on investors exposure.
Classification
Returns
| 1 month | 3 months | Year to date | 1 year | 3 years | 5 years | |
|---|---|---|---|---|---|---|
| Price performance | — | — | — | — | — | — |
| NAV total return | — | — | — | — | — | — |
What's in the fund
Exposure type
Cash
Government
Bonds, Cash & Other100.00%
Cash67.01%
Government32.99%
Stock breakdown by region
North America100.00%
Latin America0.00%
Europe0.00%
Asia0.00%
Africa0.00%
Middle East0.00%
Oceania0.00%
Top 10 holdings
Dividends
Dividend payout history
Assets under management (AUM)
Fund Flows
Frequently Asked Questions
TBF last dividends amounted to 0.21 USD. The quarter before, the issuer paid 0.26 USD in dividends, which shows a 23.39% decrease.
TBF assets under management is 87.64 M USD. It's risen 23.32% over the last month.
TBF fund flows account for −11.62 M USD (1 year). Many traders use this metric to get insight into investors' sentiment and evaluate whether it's time to buy or sell the fund.
Yes, TBF pays dividends to its holders with the dividend yield of 4.19%. The last dividend (Apr 1, 2025) amounted to 0.21 USD. The dividends are paid quarterly.
TBF shares are issued by ProShare Advisors LLC under the brand ProShares. The ETF was launched on Aug 18, 2009, and its management style is Passive.
TBF expense ratio is 0.95% meaning you'd have to pay 0.95% of your investment to help manage the fund.
TBF follows the US Treasury 20+ Year Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
TBF invests in cash.
TBF price has risen by 2.83% over the last month, and its yearly performance shows a 5.79% increase. See more dynamics on TBF price chart.
NAV returns, another gauge of an ETF dynamics, have risen by 2.37% over the last month, showed a 5.72% increase in three-month performance and has increased by 11.15% in a year.
NAV returns, another gauge of an ETF dynamics, have risen by 2.37% over the last month, showed a 5.72% increase in three-month performance and has increased by 11.15% in a year.
TBF trades at a premium (0.12%) meaning the ETF is trading at a higher price than the calculated NAV.