Key stats
About Proshares Short 20+ Year Treasury
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Inception date
Aug 18, 2009
Structure
Open-Ended Fund
Replication method
Synthetic
Dividend treatment
Distributes
Distribution tax treatment
Ordinary income
Income tax type
Capital Gains
Max ST capital gains rate
39.60%
Max LT capital gains rate
20.00%
Primary advisor
ProShare Advisors LLC
Distributor
SEI Investments Distribution Co.
ISIN
US74347X8496
TBF is a choice for levered bets on rising interest rates. Using a combination of swaps and futures, TBF gives investors inverse (-1x) exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -1x leverage results in greater impact from the effects of compounding. As a levered product, TBF is not a buy-and-hold ETF, it's a short-term tactical instrument. On Oct. 14, 2016, TBF changed its underlying index from Bloomberg Barclays U.S. 20+ Year Treasury Bond Index to ICE U.S. Treasury 20+ Year Bond Index. The change had minimal impact on investors exposure.
Related funds
Classification
What's in the fund
Exposure type
Government
Cash
Stock breakdown by region
Top 10 holdings
Displays a symbol's price movements over previous years to identify recurring trends.
Frequently Asked Questions
An exchange-traded fund (ETF) is a collection of assets (stocks, bonds, commodities, etc.) that track an underlying index and can be bought on an exchange like individual stocks.
TBF assets under management is 69.94 M USD. AUM is an important metric as it reflects the fund's size and can serve as a gauge of how successful the fund is in attracting investors, which, in its turn, can influence decision-making.
Since ETFs work like an individual stock, they can be bought and sold on exchanges (e.g. NASDAQ, NYSE, EURONEXT). As it happens with stocks, you need to select a brokerage to access trading. Explore our list of available brokers to find the one to help execute your strategies. Don't forget to do your research before getting to trading. Explore ETFs metrics in our ETF screener to find a reliable opportunity.
TBF invests in bonds. See more details in our Analysis section.
TBF expense ratio is 0.95%. It's an important metric for helping traders understand the fund's operating costs relative to assets and how expensive it would be to hold the fund.
TBF is an inverse fund, meaning it's structured to generate returns opposite to the trends of the underlying index or assets.
Yes, TBF pays dividends to its holders with the dividend yield of 3.78%.
TBF shares are issued by ProShare Advisors LLC
TBF follows the US Treasury 20+ Year Index. ETFs usually track some benchmark seeking to replicate its performance and guide asset selection and objectives.
The fund started trading on Aug 18, 2009.
The fund's management style is passive, meaning it's aiming to replicate the performance of the underlying index by holding assets in the same proportions as the index. The goal is to match the index's returns.