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Beacon

TBFProShares Short 20+ Year Treasury

Take a bet16y track recordRanked #137 of 775 in this goal

Seeks daily investment results that correspond to the inverse of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Index.

By ProShares · Launched 2009

Annual Cost

0.95%

#4,695 of 5,573 · expensive

Fund Size

$133M

#2,679 of 5,573 · mid-size

Return (1Y)Goal

-0.1%

Track Record

16 years

#693 of 5,573 · established

Performance

Total-return NAV · USD
Growth of $10,000
$10,622+6.2%

Total-return NAV, USD. Net of fund fees, before tax.

What's inside

How Beacon categorizes this fund

Asset class

Fixed income

Region

North america

Strategy

Inverse

Index tracked

ICE US Treasury 20+ Year Bond Index

What it actually holds

By weight

Concentration

Top 10 holdings = 94.0% of fundconcentrated

United States of America
39.9%
United States of America
39.9%
Repurchase Agreement
4.4%
Repurchase Agreement
3.0%
Repurchase Agreement
2.6%
Repurchase Agreement
1.1%
Repurchase Agreement
1.1%
Repurchase Agreement
0.8%
Repurchase Agreement
0.8%
Repurchase Agreement
0.5%

Asset allocation

Cash
172.8%
Bonds
7.3%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
9.3%Low

Year-on-year price swings

Max drawdown
-38.4%Severe

Worst peak-to-trough loss

Sharpe (3Y)
0.34Below average
Sortino (3Y)
0.50Moderate downside risk

Bond profile

Credit ratings

US Government
7.9%

Listing

Exchange
NYSE Arca

Full fund details

Objective
Seeks daily investment results that correspond to the inverse of the daily performance of the Barclays Capital 20+ Year U.S. Treasury Index.
Strategy
Invests primarily in financial instruments to achieve daily inverse exposure to the Barclays Capital 20+ Year U.S. Treasury Index. The Fund aims to provide returns that are the opposite of the index's daily performance.
Inception date
August 18, 2009
Fund family
ProShares

Our take

Structural notes on how this fund behaves. Read our guide on the 6 warning signs.

Inverse
Warning

Inverse ETF — daily tool only

Delivers the inverse of the benchmark's daily return. The compounding path makes multi-day holding unpredictable even when the benchmark's total move goes your way. Legitimate as a one-day hedge; dangerous as a view.

Source: Cheng & Madhavan (2009)

Why we flagged this: strategy=inverse + inverse_name_or_strategy

Educational analysis of structural product characteristics. Not investment advice. Always read the fund prospectus and consult a qualified advisor before investing. More

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Data updated on 2026-06-20