{
 "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": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TBF returned +10.6% where its own daily promise gave +8.8%, 1.8 points over.",
 "key_facts": [
  {
   "key": "what_tlt_did",
   "label": "What TLT did",
   "value": "\u22128.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBF, what TLT did: \u22128.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "+8.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBF, what \u22121 times a day gives: +8.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+10.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBF, what the fund returned: +10.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.8 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBF, the fund itself added: +1.8 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$142m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TBF, net assets: $142m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "TBF, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 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": "-1.28 times, against -1 stated",
   "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": "$142m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "10% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+6.0%",
   "TLT": "\u22125.4%",
   "-1x the move": "+5.4%",
   "Difference": "+0.6 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "+10.6%",
   "TLT": "\u22128.3%",
   "-1x the move": "+8.3%",
   "Difference": "+2.3 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "6 months",
   "Fund": "+11.7%",
   "TLT": "\u22128.1%",
   "-1x the move": "+8.1%",
   "Difference": "+3.6 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "1 year",
   "Fund": "+15.8%",
   "TLT": "\u22129.0%",
   "-1x the move": "+9.0%",
   "Difference": "+6.8 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "3 years",
   "Fund": "+18.9%",
   "TLT": "\u22120.4%",
   "-1x the move": "+0.4%",
   "Difference": "+18.5 pts",
   "TLT moved about": "13%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221237.0%",
   "TLT": "+41.5%",
   "-1x the move": "\u221241.5%",
   "Difference": "+4.5 pts",
   "TLT moved about": "15%"
  }
 ],
 "questions": [
  {
   "q": "Did TBF return -1 times TLT?",
   "a": "Over the window to Sep 30, 2026, TLT moved \u22128.3% and TBF returned +10.6%. \u22121 times that move is +8.3%, so the fund came out 2.3 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}