At a glance
TBF charges 0.95% a year, the same as the average of the 6 funds most like it. It has $116.0M in assets, the 3rd largest of that group; it paid 2.32% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +12.8% with distributions reinvested, 6th of those 7 funds; over three years it returned +2.5% a year. At its worst it fell 15.9% in the 2020 crash (S&P 500: 33.7%) and 10.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 12 months and 1 month after the lows.
The short version
ProShares Short 20+ Year Treasury (TBF) aims to return the opposite (-1x) of the ICE U.S. Treasury 20+ Year Bond Index's return for a single day. It does this with swaps and futures and does not own the bonds. It tends to gain when long-term interest rates rise and lose when they fall. Its exposure resets daily, so results over longer periods can drift from -1x. Its 0.95% expense ratio matches the average of similar inverse Treasury funds.
Price history
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TBF +12.8% 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 | |
|---|---|---|---|---|---|---|
| TBF official prospectus, to Dec 31, 2025 | — | +1.36% | — | +11.74% | +1.30% | — |
| TBF price data to Oct 27, 2026 | +7.2% | +12.8% | +2.5% | +12.6% | +3.2% | -2.8% |
- Over the year to Oct 27, 2026, TBF returned +12.8%, 6th of 7 among similar funds.
- Its 5-year annualized return was +12.6% and its 10-year +3.2%.
- In the 2020 COVID crash it fell 15.9% and regained its old high 12.3 months after the low.
- Its worst full calendar year was 2011 (-29.6%); its best was 2022 (+42.4%).
- The deepest fall in its price history was 70.4% (Jan 11, 2010 to Aug 4, 2020), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +7.2% | — |
| 2025 | +1.3% | +1.36% |
| 2024 | +16.2% | +15.82% |
| 2023 | +2.5% | +2.23% |
| 2022 | +42.4% | +42.33% |
| 2021 | +1.3% | +2.00% |
| 2020 | -19.3% | -19.49% |
| 2019 | -11.0% | -11.55% |
| 2018 | +3.3% | +3.78% |
| 2017 | -8.5% | -8.40% |
| 2016 | -3.4% | -3.48% |
| 2015 | -1.7% | — |
| 2014 | -23.5% | — |
| 2013 | +11.9% | — |
| 2012 | -5.7% | — |
| 2011 | -29.6% | — |
| 2010 | -12.4% | — |
| 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 14.7% over that stretch · deepest drop along the way 15.9%, back to its old high 12.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 38% over that stretch · deepest drop along the way 10.1%, back to its old high 1.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3700 | |
| 2025 | $0.8200 | -17.2% |
| 2024 | $0.9900 | -10.8% |
| 2023 | $1.1100 | +1287.5% |
| 2022 | $0.0800 | +100.0% |
| 2020 | $0.0400 | -87.5% |
| 2019 | $0.3200 | +60.0% |
| 2018 | $0.2000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (84.57% of net assets), with its inverse exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 4.74% | |
| Repurchase Agreement RA | 3.15% | |
| Repurchase Agreement RA | 1.89% | |
| Repurchase Agreement RA | 1.01% | |
| Repurchase Agreement RA | 0.63% |
By country
United States 11.42%By asset type
RA 11.42%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $15.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.72%, +5.18%, -0.35%.
How it works
TBF is built around the ICE U.S. Treasury 20+ Year Bond Index, which is run by ICE Data Indices. The index holds fixed-rate U.S. Treasury bonds that have more than 20 years left until they mature. It leaves out inflation-protected bonds, Treasury bills, government agency debt and stripped zero-coupon bonds. Bonds are weighted by market value, and the index resets its positions each month.
The fund does not sell bonds short directly. ProShare Advisors uses a mathematical model to pick derivatives that together should rise when the index falls. These are mainly swap agreements, contracts with large global banks to exchange returns, plus futures contracts. The cash behind these contracts sits in Treasury bills, repurchase agreements (short-term loans backed by government securities) and a ProShares money market ETF. As of August 31, 2026, about 85% of net assets was cash and about 11% was repurchase agreements.
The fund rebalances every day to keep its exposure at -1x. When the index rises, the fund's assets shrink, so it cuts its exposure. When the index falls, it adds exposure. Because of this daily reset, returns over weeks or years can differ sharply from -1x the index. The gap is usually unfavorable when bond prices swing up and down. If the index ever rose close to 100% in a single day, holders could lose their entire investment.
What it really costs
- TBF charges 0.95% a year, versus an average of 0.95% for the similar funds below.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,220 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TBF | $97 | $313 | $548 | $1,220 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its -1x exposure resets daily, and its long-run record includes a 70.4% decline from 2010 to 2020 that had not been recovered as of October 27, 2026.
TBF launched in August 2009, so it has no record from the 2008 crisis. In the 2020 COVID crash it fell about 16% between February 19 and March 9, 2020, as Treasury prices jumped. It took about 12 months to recover. In the 2022 bear market, when rates rose sharply, it gained 38% while stocks fell. Its worst calendar year was 2011, a 29.6% loss. From January 2010 to August 2020 it lost 70.4% and had not regained that peak as of October 27, 2026.
A retiree who had to sell in a year like 2020 would have locked in losses. The trailing 12-month yield was 2.32% as of October 27, 2026, paid quarterly. That is small next to the fund's swings, and the 0.95% expense ratio adds drag. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Traders who want a one-day position against long-term Treasury bond prices without short-selling bonds or using a margin account.
- Active investors who check positions daily and understand that the fund's -1x exposure resets each day and compounds over longer periods.
- Investors looking for a short-term hedge against rising long-term rates, like 2022, when the fund returned 42.33%.
Look elsewhere if
- Buy-and-hold retirement savers: the fund lost 70.4% from January 2010 to August 2020 and had not recovered by October 27, 2026.
- Income seekers: the 2.32% trailing yield, paid quarterly, is small next to swings like the fund's 29.6% loss in 2011.
- Cost-conscious investors: in the SEC's standard example, the 0.95% expense ratio costs about $97 in the first year on $10,000.
Close alternatives
Matched by leveraged/inverse funds on the same index (treasury), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| TBF this fund | -1× | 0.95% | $116.0M | +12.8% | +2.5% |
| TBX ProShares Short 7-10 Year Treasury | -1× | 0.95% | $12.7M | +8.7% | +2.7% |
| TBT ProShares UltraShort 20+ Year Treasury | -2× | — | $253.3M | +23.6% | +0.2% |
| PST ProShares UltraShort 7-10 Year Treasury | -2× | — | $13.7M | +15.1% | +1.7% |
| TMV Direxion Daily 20+ Year Treasury Bear 3x Sh… | -3× | — | $173.3M | +36.5% | -1.7% |
| TTT ProShares UltraPro Short 20+ Year Treasury | -3× | — | $25.6M | +32.6% | -4.4% |
| TYO Direxion Daily 7-10 Year Treasury Bear 3x S… | -3× | — | $10.2M | +25.0% | +2.5% |
Questions investors ask
Is TBF a good long-term investment?
TBF is designed for short-term use, not long-term holding. ProShares says it seeks -1x the index's return for a single day, and results over longer periods can differ significantly from that. Its record shows the risk. The fund fell 70.4% from January 2010 to August 2020 and had not recovered that peak as of October 27, 2026. Its 10-year average annual return was 1.3% as of December 31, 2025.
What's the difference between TBF and TBT?
Both ProShares funds track the ICE U.S. Treasury 20+ Year Bond Index. TBF targets -1x the index's daily return, and TBT targets -2x, so TBT's swings are larger. As of October 27, 2026, TBT returned 23.6% over one year against TBF's 12.8%. Over three years, TBT averaged 0.2% a year against TBF's 2.5%. This shows how daily compounding can wear down leveraged returns over longer periods.
Does TBF pay dividends?
Yes. TBF pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.59 per share, a trailing yield of 2.32%. The fund holds most of its assets in cash and short-term instruments such as Treasury bills and repurchase agreements, and those earn interest. As of August 31, 2026, about 85% of net assets was in cash. Payouts can vary as short-term interest rates change.
How does TBF make money when interest rates rise?
TBF gains when long-term Treasury bond prices fall, which usually happens when interest rates rise. Bonds with more than 20 years to maturity react strongly to rate changes, and the fund aims for the opposite of their daily return. In 2022, when rates rose sharply, TBF returned 42.33%. In 2020, when rates fell, it lost 19.49%. The -1x target applies to one day, not to longer periods.
What is TBF's expense ratio?
TBF's expense ratio is 0.95%, according to the prospectus filed September 25, 2026. That includes a 0.75% management fee. The cost matches the 0.95% average for similar inverse Treasury funds, including ProShares Short 7-10 Year Treasury (TBX). In the SEC's standard example ($10,000 invested, 5% annual return), total costs would be about $97 after one year, $313 after three, $548 after five and $1,220 after ten.