{
 "ticker": "TBF",
 "name": "ProShares Short 20+ Year Treasury",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/TBF",
 "html": "https://etfiq.com/funds/TBF",
 "markdown": "https://etfiq.com/funds/TBF.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: TBF returned +6.1% where its own daily promise gave +4.6%, 1.5 points over.",
 "key_facts": [
  {
   "key": "what_tlt_did",
   "label": "What TLT did",
   "value": "\u22124.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TBF, what TLT did: \u22124.6%, as of Sep 11, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "+4.6%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TBF, what \u22121 times a day gives: +4.6%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+6.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TBF, what the fund returned: +6.1%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.5 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TBF, the fund itself added: +1.5 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$133m",
   "source": "source, as filed for May 31, 2026",
   "as_of": "2026-09-11",
   "sentence": "TBF, net assets: $133m (source, as filed for May 31, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "TBF, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of TLT, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "TLT moved \u22124.6% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "TLT",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, bond",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$133m",
   "source": "source, as filed for May 31, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "9% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+1.5%",
   "TLT": "\u22121.1%",
   "-1x the move": "+1.1%",
   "Difference": "+0.4 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "+6.1%",
   "TLT": "\u22124.6%",
   "-1x the move": "+4.6%",
   "Difference": "+1.5 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "6 months",
   "Fund": "+7.3%",
   "TLT": "\u22124.4%",
   "-1x the move": "+4.4%",
   "Difference": "+2.9 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "1 year",
   "Fund": "+12.5%",
   "TLT": "\u22126.4%",
   "-1x the move": "+6.4%",
   "Difference": "+6.1 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "3 years",
   "Fund": "+21.6%",
   "TLT": "\u22122.6%",
   "-1x the move": "+2.6%",
   "Difference": "+19.1 pts",
   "TLT moved about": "14%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221239.6%",
   "TLT": "+47.2%",
   "-1x the move": "\u221247.2%",
   "Difference": "+7.6 pts",
   "TLT moved about": "15%"
  }
 ],
 "questions": [
  {
   "q": "Did TBF return -1 times TLT?",
   "a": "Over the window to Sep 11, 2026, TLT moved \u22124.6% and TBF returned +6.1%. 1 times that move is +4.6%, so the fund came out 1.5 points ahead of it."
  },
  {
   "q": "Why does TBF not return -1 times over a year?",
   "a": "Because it resets daily. TBF aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}