# TBF (ProShares Short 20+ Year Treasury)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: TBF returned +6.1% where its own daily promise gave +4.6%, 1.5 points over.

## Key facts

- TBF, what TLT did: −4.6%, as of Sep 11, 2026.
- TBF, what −1 times a day gives: +4.6%, as of Sep 11, 2026.
- TBF, what the fund returned: +6.1%, as of Sep 11, 2026.
- TBF, the fund itself added: +1.5 pts, as of Sep 11, 2026.
- TBF, net assets: $133m (source, as filed for May 31, 2026).
- TBF, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## TBF over each window to Sep 11, 2026

| Window | Fund | TLT | -1x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.5% | −1.1% | +1.1% | +0.4 pts | 10% |
| 3 months | +6.1% | −4.6% | +4.6% | +1.5 pts | 9% |
| 6 months | +7.3% | −4.4% | +4.4% | +2.9 pts | 10% |
| 1 year | +12.5% | −6.4% | +6.4% | +6.1 pts | 9% |
| 3 years | +21.6% | −2.6% | +2.6% | +19.1 pts | 14% |
| Since launch | −39.6% | +47.2% | −47.2% | +7.6 pts | 15% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of TLT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | TLT moved −4.6% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $133m | source, as filed for May 31, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 9% annualized | ETFIQ |

## Questions

### Did TBF return -1 times TLT?

Over the window to Sep 11, 2026, TLT moved −4.6% and TBF returned +6.1%. 1 times that move is +4.6%, so the fund came out 1.5 points ahead of it.

### Why does TBF not return -1 times over a year?

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.


## Cite this page

ETFIQ, TBF, data as of Sep 11, 2026. https://etfiq.com/funds/TBF
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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