
This ProShares UltraShort 20+ Year Treasury fund is designed to achieve daily investment returns. Its goal is to mirror, with a double inverse (-2x) leverage, the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. All stated results are calculated before any fees and expenses are applied.
Is TBT's expense ratio expensive, average, or a steal for its category?
Pro reveals the verdict on a 5-tier spectrum calibrated against ICI 2025 industry averages, with strategy-aware bands so the comparison is meaningful.

Rising oil prices, inflation fears and higher Treasury yields are creating a favorable backdrop for inverse Treasury ETFs.

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The ProShares UltraShort 20+ Year Treasury ETF offers leveraged inverse exposure to long-duration Treasuries, benefiting if long-term yields rise. TBT's daily-reset 2x structure introduces significant path dependency, making it unsuitable for long-term investors despite a reasonable bearish macro view on bonds. I rate TBT a Hold, as it is best used for short-term tactical trades or hedges, not as a core or buy-and-hold position.