# TBF (ProShares Short 20+ Year Treasury)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: TBF returned +10.6% where its own daily promise gave +8.8%, 1.8 points over.

## Key facts

- TBF, what TLT did: −8.3%, as of Sep 30, 2026.
- TBF, what −1 times a day gives: +8.8%, as of Sep 30, 2026.
- TBF, what the fund returned: +10.6%, as of Sep 30, 2026.
- TBF, the fund itself added: +1.8 pts, as of Sep 30, 2026.
- TBF, net assets: $142m (issuer page, as of Sep 30, 2026).
- TBF, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## TBF over each window to Sep 30, 2026

| Window | Fund | TLT | -1x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +6.0% | −5.4% | +5.4% | +0.6 pts | 10% |
| 3 months | +10.6% | −8.3% | +8.3% | +2.3 pts | 10% |
| 6 months | +11.7% | −8.1% | +8.1% | +3.6 pts | 9% |
| 1 year | +15.8% | −9.0% | +9.0% | +6.8 pts | 9% |
| 3 years | +18.9% | −0.4% | +0.4% | +18.5 pts | 13% |
| Since launch | −37.0% | +41.5% | −41.5% | +4.5 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 | -1.28 times, against -1 stated | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $142m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 10% annualized | ETFIQ |

## Questions

### Did TBF return -1 times TLT?

Over the window to Sep 30, 2026, TLT moved −8.3% and TBF returned +10.6%. −1 times that move is +8.3%, so the fund came out 2.3 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 30, 2026. https://etfiq.com/funds/tbf
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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