# TBT (ProShares UltraShort 20+ Year Treasury)

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

Three months to Sep 30, 2026: TBT returned +20.8% where its own daily promise gave +18.1%, 2.7 points over.

## Key facts

- TBT, what TLT did: −8.3%, as of Sep 30, 2026.
- TBT, what −2 times a day gives: +18.1%, as of Sep 30, 2026.
- TBT, what the fund returned: +20.8%, as of Sep 30, 2026.
- TBT, the fund itself added: +2.7 pts, as of Sep 30, 2026.
- TBT, net assets: $359m (issuer page, as of Sep 30, 2026).
- TBT, expense ratio: 0.93% (485BPOS XBRL, Sep 25, 2026).

## TBT over each window to Sep 30, 2026

| Window | Fund | TLT | -2x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +12.0% | −5.4% | +10.8% | +1.3 pts | 10% |
| 3 months | +20.8% | −8.3% | +16.7% | +4.2 pts | 10% |
| 6 months | +22.3% | −8.1% | +16.2% | +6.2 pts | 9% |
| 1 year | +29.1% | −9.0% | +17.9% | +11.1 pts | 9% |
| 3 years | +21.8% | −0.4% | +0.9% | +20.9 pts | 13% |
| Since launch | −74.5% | +41.5% | −83.1% | +8.6 pts | 15% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of TLT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.5 times, against -2 stated | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $359m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.93% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 10% annualized | ETFIQ |

## Questions

### Did TBT return -2 times TLT?

Over the window to Sep 30, 2026, TLT moved −8.3% and TBT returned +20.8%. −2 times that move is +16.7%, so the fund came out 4.2 points ahead of it.

### Why does TBT not return -2 times over a year?

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.


## Cite this page

ETFIQ, TBT, data as of Sep 30, 2026. https://etfiq.com/funds/tbt
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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