ProShares UltraShort 20+ Year Treasury (TBT)
| Assets | $253.97M |
| Expense Ratio | 0.93% |
| PE Ratio | n/a |
| Shares Out | 8.09M |
| Dividend (ttm) | $1.26 |
| Dividend Yield | 3.81% |
| Ex-Dividend Date | Sep 24, 2025 |
| Payout Frequency | Quarterly |
| Payout Ratio | n/a |
| Volume | 396,414 |
| Open | 32.91 |
| Previous Close | 32.87 |
| Day's Range | 32.85 - 33.16 |
| 52-Week Low | 31.17 |
| 52-Week High | 39.70 |
| Beta | -1.11 |
| Holdings | 10 |
| Inception Date | May 1, 2008 |
About TBT
Fund Home PageThe ProShares UltraShort 20+ Year Treasury (TBT) is an exchange-traded fund that is based on the US Treasury 20+ Year index. The fund provides 2x inverse exposure, reset daily, to a market-value-weighted index that tracks the performance of US Treasury securities with remaining maturities greater than 20 years. TBT was launched on May 1, 2008 and is issued by ProShares.
Dividends
| Ex-Dividend | Amount | Pay Date |
|---|---|---|
| Sep 24, 2025 | $0.27962 | Sep 30, 2025 |
| Jun 25, 2025 | $0.28032 | Jul 1, 2025 |
| Mar 26, 2025 | $0.2549 | Apr 1, 2025 |
| Dec 23, 2024 | $0.44449 | Dec 31, 2024 |
| Sep 25, 2024 | $0.41784 | Oct 2, 2024 |
| Jun 26, 2024 | $0.47549 | Jul 3, 2024 |
Performance
TBT had a total return of 1.66% in the past year, including dividends. Since the fund's inception, the average annual return has been -10.55%.
News
TBT: Trading The Long Side Of Yield Curve
TBT offers -2x daily inverse exposure to long-term Treasuries, ideal for tactical bets on rising yields in the 20–30-year segment. Current macro signals—steep 10-20-30 curve, high NSS asymptote, and a...
TBT Provides -2x Leveraged Exposure To The 20-Year Treasury
TBT offers -2x daily performance of 20+ Year Treasury Bonds, but is highly risky and unsuitable for long-term holding due to value decay. Leveraged inverse ETFs like TBT can experience significant com...
TBT For A Bond Market 'Crack'
The U.S. 30-year Treasury bond market remains in a bearish trend, with critical support at the October 2023 low and risks of a further breakdown. Jamie Dimon and bond market vigilantes warn of a poten...
My Favorite Strategy To Trade Long-Term Treasury Bonds
The strategy uses signals to go long and short on bonds via TMF and TBT. By comparing the 30-day performance of SPY and DJP, the strategy determines positions in TBT or TMF based on inflation and asse...
TBT: Inverse Bond Exposure Is The Key Hedge To My Trump Portfolio
Inverse bond exposure is attractive short to medium term due to inflationary pressures from Trump's economic policies, despite my generally bullish stance on equities. December inflation data shows a ...
TBT: A Bet Against Long Duration Rates
The ProShares UltraShort 20+ Year Treasury ETF offers leveraged inverse exposure to long-term U.S. Treasury bonds, aiming for -2x daily performance of the ICE U.S. Treasury 20+ Year Bond Index. The TB...
TBT: The Rate Cut May Not Lead To A Bond Market Rally
The Fed's shift to a more accommodative monetary policy may not guarantee a bond market rally due to high U.S. debt and declining foreign demand. The U.S. dollar's faltering reserve currency status an...
Rates Spark: ECB Presser Bear-Flattened The Curve
The ECB cut rates by 25bp as widely anticipated, but a slightly hawkish tilt bear flattened the EUR curve, which in our view remains priced aggressively. In the US, as the markets head towards the Fed...
Global Economic Outlook: How We Got Here; Where Are We Going?
Panel discussion with Seeking Alpha's Steven Cress, KPMG U.S.'s Kenneth Kim; Invesco's Kristina Hooper; and Principal Asset Management CEO, Kamal Bhatia. Fed moves and how central banks have dominated...
Should We Trust Economic Data? With Danielle DiMartino Booth
Danielle DiMartino Booth discusses why Jay Powell wants to keep rates high. Should we trust CPI and other economic data coming out?
Estimating The Impact Of Lower Rates On Bond Fund Dividends
It generally takes a few years for changes in Federal Reserve rates to fully impact bond fund dividends. Bond funds are still benefitting from prior rate hikes. Perhaps by enough to cancel out any fut...
Prepare For The Worst In Bonds With TBT
2024 is expected to be a good year for bonds, but there are potential risks that could lead to a dip in bond prices. Global conflicts and US fiscal policy are identified as potential triggers for a bo...
Credit Event: Phase 2 - Michael Gayed
The market may have peaked in July due to the lagged effects of the fastest rate hike cycle in history. A credit event is likely to occur, starting with treasuries and then moving to corporate credit,...
CPI Disappointment, Cooling Economy, Recession Ahead? With Mott Capital
Michael Kramer is disappointed by the recent CPI report, suggesting that the economy is cooling and expectations for earnings growth are too high. He believes that the market may anticipate rate cuts,...
TBT: This Hedge Still Looks Right
TBT remains a Buy as the bond market shows downward momentum, and there are likely more advances in store for TBT price and volume. The effects of the global pandemic regime have produced a strong Fed...
TBT: No Compelling Evidence Of A Bond Bottom, Reiterate Buy
The Treasury term premium is back above zero, indicating that investors are demanding higher yields for long-dated Treasuries. The ProShares UltraShort 20+ Year Treasury ETF is recommended for short-t...
Fed Walking Primrose Path And Cataclysmic Scenarios With David Trainer
The current market is driven by liquidity and how much the Federal Reserve or the treasury are pumping into the economy, according to David Trainer. Trainer believes there needs to be a reckoning due ...
Treasury ETFs: You've Got Nowhere Else To Go Now
Financial systems are shaking all around the world. I expect the processes to accelerate in the second half of this year due to liquidity withdrawals and a greater sense of pressure from high rates in...
TBT: Take Profits If You Haven't Already
The Federal Reserve's dovish stance and economic indicators suggest that unemployment is rising close to where it should be and inflation is falling. TBT, a high duration ETF sensitive to market inter...
Inflation Blues And Bond Moves: Riding The Treasury Wave With TBT
Treasury bonds have faced underperformance due to unexpected inflation levels, but recent trends indicate a decrease in inflation. The combination of slowing inflation and economic growth is positive ...
TBT: Inverse Bond Fund Can Work In 2023 Wearing Multiple Hats
TBT is an inverse ETF that appreciates when long-dated Treasury bonds sell off and rates move higher. The fund was a big winner in 2022 amid the bond market volatility which is a theme that remains in...
TBT: Watching One Key Technical Level On TLT For Clues
The Treasury market has been bearish lately after strong jobs data. I like to refer to price action on TLT to determine where the leveraged-short TBT ETF will go.
TBT: Long-Term Interest Rates Softening In Response To Recession Fears
TBT provides -2x 1-day returns of the ICE U.S. Treasury 20+ Year Bond Index. Betting against long-bonds have been the right trade in 2022, with the TBT returning 113% YTD to October 31, 2022.
TBF: Inverse Bond Funds Still Have Room For Gains
Inverse bond funds have had a great year. Given inflation stays elevated, they still have room to rise.
TBT: A Textbook Macro Trade For Difficult Times
The current U.S. macro situation is characterized by a CPI inflation rate of 8.6% and more than 2.5x the 30-year Treasury Yield. I expect these rates to converge and propel TBT share prices higher.
TBT ETF: Still An Excellent Hedge But Not Much Upside Left
TBT is the largest inverse bond ETF. US Treasury yield is very sensitive to the Fed policy.
Is TBT Still The Way To Play Interest Rates? What The Charts Say
Investors are finally flocking to long-term Treasuries as a safety trade. Longer-term, a broader trend might send the 30-year rate to near 4%.
TBT - Preparing For Higher Rates
ProShares UltraShort 20+ Year Treasury (TBT) is an ETF that seeks a return that is -2x the return of its target index for a single day.
Rates Outlook: Swap Spreads To See Widening Pressure
While there is upward pressure on market rates in 2022, it's not coming from higher net supply. In fact, lower net supply can help to richen government bonds. On top of that, we should see flatter cur...
Still Bullish On The Long Bond - Lacy Hunt Joins Alpha Trader (Podcast Transcript)
Headline inflation in October rose to more than a 30 year high of 6.2%. Core rate up and also CPI 4.6%. Both numbers were well ahead of expectations. While the financial market repercussions for the m...
Still Bullish On The Long Bond - Lacy Hunt Joins Alpha Trader Podcast
Hunt and his partner Van Hoisington have correctly remained steadfastly bullish on long-dated U.S. Treasurys (TLT, TBT) through multiple inflation scares over the past few decades. They remain bullish...
Tapering Impact On Treasury Supply
At the November FOMC meeting, the Fed officially announced that it would begin tapering its bond purchase program, starting in mid-November. When the Fed began tapering its QE3 program over the course...
ProShares UltraShort 20+ Year Treasury ETF Can Hedge Against Inflation
Two events will drive treasury yields upwards: the taper and rate hikes. These two events will be accelerated by inflation.
Two Key Determinants Of S&P 500 Fair Value: SPY, TBT
Historical seasonality trends over the next 3 months are cautious. Fair value model as a function of EPS and HQM funding rates.
Federal Reserve Watch: Fed Keeps Reserves Into Commercial Banks
The commercial banking system now maintains the largest amount of reserve balances it has ever held, thanks to the effort of the Federal Reserve System. Because of this liquidity in the banks, short-t...
3 Ways To Play Inflation
Current high inflation is labeled transitory, but some experts are saying otherwise. The move to reporting M2 on a monthly basis (M2SL) might signal additional supply to be pumped into the economy.
TBT: My Best Inflation Play Ever
Inflation is the most insidious tax of all.
TBT: A Trade Opportunity
Especially at the longer end of the curve, yields appear to have declined "too far and too fast", considering the economic recovery.
Volatility Despite Good EU Numbers - This Is How I Invest
I don't often write articles on the general economy or macro. However, for the past five weeks, I've gotten requests and messages to talk about what numbers and trends indicate. Given that I'm a EU in...
TBT: Time To Dump The ProShares UltraShort 20+ Year Treasury ETF, The Bulk Of The Move Is Over
The long dated treasury bonds have suffered massive losses in the first quarter of 2021. The spike up in interest rates is the market's way of pricing in faster economic growth.
Three ETF Picks For 2021 With BOOX Research (Podcast)
After 15 years as an analyst at top financial institutions, Dan Victor stepped out on his own in 2018 as an independent investor and market strategist. The result is his increasingly popular Seeking A...