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TBFProShares Short 20+ Year Treasury

Take a bet16y track recordRanked #151 of 949 in this goal

Seeks daily investment results that correspond to the inverse (-1x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.

By ProShares · Launched 2009

Annual Cost

0.95%

#4,882 of 5,861 · expensive

Fund Size

$87M

#3,127 of 5,861 · mid-size

Return (1Y)Goal

+6.7%

Track Record

16 years

#679 of 5,861 · established

Performance

Total-return NAV · USD
Growth of $10,000
$11,507+15.1%

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

synthetic exposure — holdings shown are derivatives collateral, not the fund's positions

ProShares GENIUS Money Market ETF
81.1%
Repurchase Agreement
4.1%
Repurchase Agreement
2.0%
Repurchase Agreement
2.0%
Repurchase Agreement
1.2%
Repurchase Agreement
1.2%
Repurchase Agreement
1.0%
Repurchase Agreement
0.8%
Repurchase Agreement
0.8%
Repurchase Agreement
0.4%

Asset allocation

Cash
172.8%
Bonds
7.3%

Risk profile

Last 12 months · Sharpe & Sortino need 3+ years
Volatility (1Y)
9.2%Low

Year-on-year price swings

Max drawdown
-38.4%Severe

Worst peak-to-trough loss

Sharpe (3Y)
0.43Below average
Sortino (3Y)
0.63Moderate 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 (-1x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
Strategy
Invests in derivatives to gain inverse exposure to U.S. dollar denominated sovereign debt publicly issued by the U.S. government, specifically targeting fixed rate securities with maturities greater than 20 years. Aims for daily investment results consistent with the inverse of the Index's 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

You can be right and still lose

This fund returns the opposite of its benchmark's daily move, then resets. Hold it longer and the daily compounding takes over: the market can move your way over a week and you still finish down. It works as a one-day hedge and nothing beyond that.

Sources: Cheng & Madhavan, 'The Dynamics of Leveraged and Inverse ETFs' (2009)

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 2026-08-04