{
 "ticker": "TBT",
 "name": "ProShares UltraShort 20+ Year Treasury",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/tbt",
 "html": "https://etfiq.com/funds/tbt",
 "markdown": "https://etfiq.com/funds/tbt.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: TBT returned +20.8% where its own daily promise gave +18.1%, 2.7 points over.",
 "key_facts": [
  {
   "key": "what_tlt_did",
   "label": "What TLT did",
   "value": "\u22128.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBT, what TLT did: \u22128.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+18.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBT, what \u22122 times a day gives: +18.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+20.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBT, what the fund returned: +20.8%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.7 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "TBT, the fund itself added: +2.7 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$359m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "TBT, net assets: $359m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.93%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "TBT, expense ratio: 0.93% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 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": "-2.5 times, against -2 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": "$359m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.93%",
   "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": "+12.0%",
   "TLT": "\u22125.4%",
   "-2x the move": "+10.8%",
   "Difference": "+1.3 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "+20.8%",
   "TLT": "\u22128.3%",
   "-2x the move": "+16.7%",
   "Difference": "+4.2 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "6 months",
   "Fund": "+22.3%",
   "TLT": "\u22128.1%",
   "-2x the move": "+16.2%",
   "Difference": "+6.2 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "1 year",
   "Fund": "+29.1%",
   "TLT": "\u22129.0%",
   "-2x the move": "+17.9%",
   "Difference": "+11.1 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "3 years",
   "Fund": "+21.8%",
   "TLT": "\u22120.4%",
   "-2x the move": "+0.9%",
   "Difference": "+20.9 pts",
   "TLT moved about": "13%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221274.5%",
   "TLT": "+41.5%",
   "-2x the move": "\u221283.1%",
   "Difference": "+8.6 pts",
   "TLT moved about": "15%"
  }
 ],
 "questions": [
  {
   "q": "Did TBT return -2 times TLT?",
   "a": "Over the window to Sep 30, 2026, TLT moved \u22128.3% and TBT returned +20.8%. \u22122 times that move is +16.7%, so the fund came out 4.2 points ahead of it."
  },
  {
   "q": "Why does TBT not return -2 times over a year?",
   "a": "Because it resets daily. TBT aims at -2 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 -2 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)."
}