At a glance
RINF charges 0.3% a year. It has $18.0M in assets; it paid 3.29% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +4.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +1.6% a year. At its worst it fell 21.4% in the 2020 crash (S&P 500: 33.7%) and 10.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 6 months and 4 months after the lows.
The short version
ProShares Inflation Expectations ETF (RINF) tracks the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index: a long position in 30-year inflation-protected Treasurys (TIPS) paired with a matching short position in regular Treasury bonds, mostly via swaps (derivative contracts). It aims to gain when the market's expected inflation rate rises, while offsetting most interest-rate moves. It costs 0.30% a year after a fee waiver and had about $18 million in assets as of August 31, 2026.
Price history
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RINF +4.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| RINF official prospectus, to Dec 31, 2025 | — | +1.52% | — | +7.15% | +4.05% | — |
| RINF price data to Oct 27, 2026 | +3.3% | +4.1% | +1.6% | +4.7% | +4.2% | +1.1% |
- Over the year to Oct 27, 2026, RINF returned +4.1%.
- Its 5-year annualized return was +4.7% and its 10-year +4.2%.
- In the 2020 COVID crash it fell 21.4% and regained its old high 5.5 months after the low.
- Its worst full calendar year was 2014 (-11.9%); its best was 2021 (+16.2%).
- The deepest fall in its price history was 43.5% (Mar 15, 2012 to Mar 17, 2020), recovered by Oct 24, 2022.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.3% | — |
| 2025 | +1.6% | +1.52% |
| 2024 | +9.8% | +9.44% |
| 2023 | +0.2% | +1.13% |
| 2022 | +8.8% | +8.24% |
| 2021 | +16.2% | +16.16% |
| 2020 | +2.0% | +2.18% |
| 2019 | +1.8% | +1.71% |
| 2018 | -0.8% | -1.31% |
| 2017 | -1.7% | -0.33% |
| 2016 | +4.1% | +3.02% |
| 2015 | -8.8% | — |
| 2014 | -11.9% | — |
| 2013 | -10.3% | — |
| 2012 | +5.5% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 9.8% over that stretch · deepest drop along the way 21.4%, back to its old high 5.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 5.7% over that stretch · deepest drop along the way 10.6%, back to its old high 3.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7100 | |
| 2025 | $1.2500 | -19.4% |
| 2024 | $1.5500 | -3.1% |
| 2023 | $1.6000 | +310.3% |
| 2022 | $0.3900 | -53.6% |
| 2021 | $0.8400 | +265.2% |
| 2020 | $0.2300 | -54.9% |
| 2019 | $0.5100 | -23.9% |
| 2018 | $0.6700 | -19.3% |
| 2017 | $0.8300 | +167.7% |
| 2016 | $0.3100 | -40.4% |
| 2015 | $0.5200 | +26.8% |
| 2014 | $0.4100 | +20.6% |
| 2013 | $0.3400 | -50.0% |
| 2012 | $0.6800 |
What's inside
As of Aug 31, 2026, the fund held 5 securities; the ten largest made up 9.59% of assets, and 86.44% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 3.98% | |
| Repurchase Agreement RA | 2.65% | |
| Repurchase Agreement RA | 1.59% | |
| Repurchase Agreement RA | 0.85% | |
| Repurchase Agreement RA | 0.53% |
By country
United States 9.59%By asset type
RA 9.59%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $328K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.89%, +1.62%, -0.38%.
How it works
RINF tracks the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index, from FTSE International Limited. The index measures the break-even inflation rate. That is the yield gap between regular Treasury bonds and Treasury Inflation-Protected Securities (TIPS), and it roughly reflects the inflation investors expect. TIPS principal is adjusted for inflation using a measure such as the consumer price index. The index pairs a long position in the newest 30-year TIPS with a short position, which gains when prices fall, in Treasury bonds matched to the TIPS' duration (interest-rate sensitivity). A cash component represents interest earned on the short. Positions reset monthly.
ProShare Advisors uses a mathematical approach to pick a mix of swaps (contracts with large banks to exchange returns), futures and money market instruments that, together, should track the index. As of August 31, 2026, the fund reported about 86% in cash and about 10% in repurchase agreements (short-term loans backed by securities). Four total return swaps provided its index exposure.
Because the short leg is meant to offset the TIPS' interest-rate exposure, the fund aims to gain when expected inflation rises and lose when it falls. It tracks expectations, not actual inflation. The hedge may be imperfect. Swaps carry counterparty risk, meaning the other party may not pay. The prospectus also says the fund isn't designed to provide steady income.
What it really costs
- RINF charges 0.3% a year.
- Of that, 0.55% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.86% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $31 in the first year and $1,332 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RINF | $31 | $283 | $555 | $1,332 |
In a retirement portfolio
It is built to gain when the bond market's inflation expectations rise, but it fell sharply in the 2020 crash, so it hedges inflation rather than crises.
RINF offers a direct tie to rising inflation expectations, which most stock and bond funds lack. It returned 16.16% in 2021 and 8.24% in 2022, and gained 5.7% during the 2022 bear market. It is not a crash hedge: it fell 21.4% during the 2020 COVID downturn, recovering by August 31, 2020. Launched in 2012, it has no 2008 record. Its deepest drop, 43.5%, ran from March 2012 to March 2020, and it didn't regain that high until October 24, 2022. Its worst calendar year was 2014, down 11.9%. Cashing out shares during such a stretch would lock in losses.
Its trailing yield was 3.29% as of October 27, 2026, with quarterly payouts, though the prospectus says it isn't designed to provide steady income. It costs 0.30% a year after a fee waiver. Past results don't predict the future; a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking a hedge against rising inflation expectations, built to strip out most interest-rate risk; it returned 16.16% in 2021 and 8.24% in 2022.
- Investors comfortable with derivatives and counterparty risk: exposure came from four total return swaps alongside mostly cash, as of August 31, 2026.
- Investors wanting a small diversifying position: its one-year beta, a measure of stock market sensitivity, was -0.01 as of October 27, 2026.
Look elsewhere if
- Anyone wanting steady income: the prospectus says the fund isn't designed for that, even though its trailing yield was 3.29% as of October 27, 2026.
- Investors who need a crash hedge or quick recoveries: it fell 21.4% in early 2020, and a 43.5% slide ran from 2012 to 2020.
- Those uneasy with a small fund (about $18 million as of August 31, 2026) whose 0.30% cost depends on a fee waiver that could end.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How does RINF work?
RINF tracks the FTSE 30-Year TIPS (Treasury Rate-Hedged) Index, which measures the break-even inflation rate: the yield gap between regular Treasury bonds and inflation-protected Treasurys (TIPS). The fund holds, mostly through swaps, a long position in the newest 30-year TIPS and a short position in Treasury bonds with matching interest-rate sensitivity. It aims to gain when the bond market's expected inflation rate rises and lose when it falls, with positions reset monthly.
Is RINF a good inflation hedge?
Partly. It hedges expected inflation, not inflation itself, and its record is mixed. RINF returned 16.16% in 2021 and 8.24% in 2022, and gained 5.7% during the 2022 bear market. But it fell 21.4% in the 2020 COVID crash, and its deepest drop, 43.5%, ran from March 2012 to March 2020. Its average annual return was 4.05% for the 10 years ended December 31, 2025.
Does RINF pay monthly dividends?
No. RINF pays distributions quarterly. Its trailing yield was 3.29% as of October 27, 2026, or about $1.07 per share over the prior year. But the prospectus says that, unlike many traditional bond funds, it isn't designed to provide a steady stream of income, so payouts may vary. Its returns depend mainly on changes in expected inflation.
What is RINF's expense ratio?
RINF's net expense ratio is 0.30%, according to its prospectus filed September 25, 2026. Its management fee is 0.55% and other expenses add more, but a 0.86% fee waiver brings the total down. In the SEC's standard example, $10,000 earning 5% a year would cost about $31 over one year, $283 over three, $555 over five and $1,332 over ten. The jump after year one suggests costs rise once the waiver ends.
What's the difference between RINF and a TIPS ETF?
RINF aims to isolate expected inflation, while a typical TIPS fund also carries interest-rate risk. A TIPS fund owns inflation-protected Treasurys outright, so its price moves with real interest rates (rates after inflation). RINF pairs a long 30-year TIPS position with a short in regular Treasury bonds, mostly via swaps, to offset most rate moves. As of August 31, 2026, its holdings were mostly cash and repurchase agreements. It can lose money if inflation is high but expected to cool.