
See exactly how TBT's revenue becomes profit — a Sankey that traces revenue (and its reported segments) through gross profit, operating expenses, and net profit, with the year-over-year change on every line.
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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.

Treasury yields climbed as Middle East tensions linger. These inverse Treasury ETFs could benefit if inflation and bond yields keep rising.

Treasury yields surge as U.S.-Iran tensions lift oil prices. These ETFs could help investors navigate a rising-rate environment.

Rising inflation and hawkish Fed signals are reviving rate-hike fears. These ETFs may help investors navigate a higher-yield environment.

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.

There was a sharp rise in Treasury yields last week, with the 30-year Treasury yield climbing above 5.1% on May 15, 2026. Investor concerns intensified after a series of economic reports suggested inflationary pressures were picking up again, partly due to elevated oil prices linked to Middle East tensions.