TBT ETF — ProShares UltraShort 20+ Year Treasury

ProShares UltraShort 20+ Year Treasury (TBT)

Updated October 16, 2026.

TBT is an ETF. its distribution rate is 2.27%, its trailing-12-month yield is 2.29%, its expense ratio is 0.93%. Total return is -82.5% over the past 18.5 years, 740.0 points behind SPY at 657.5%.

ProShares UltraShort 20+ Year Treasury is an ETF that uses leverage and short positions in long-duration U.S. Treasury securities to seek daily returns that move in the opposite direction of the 20+ year Treasury market. The fund carries a modest distribution rate paid quarterly and has an expense ratio of 0.93%, reflecting the cost of its leveraged strategy. This ETF appeals primarily to tactical traders and investors seeking short-term hedges against rising Treasury prices or duration exposure, rather than long-term income investors.

TBT performance versus SPY

Price and return data through 2026-10-16.

Total return is -82.5% over the past 18.5 years, 740.0 points behind SPY at 657.5%. Over the past year its total return — price change plus distributions reinvested — is 27.2%. Its deepest 1-year drawdown was 10.0%.

TBT key facts

Issuer

ProShares

Asset type

ETF

Asset class

Fixed Income

Inception date

04/29/2008

Expense ratio

0.93%

Distribution rate

2.27%

Distribution frequency

Quarterly

Trailing yield

2.29%

Last close

$39.92 (as of 2026-10-16)

AUM

$341,838,972

Average volume

728018.0

Dividend

$0.227

Ex-dividend date

09/23/2026

Payment date

09/29/2026

Beta

-4.61

How Dividend Vision calculates yield and returns

Distribution rate (2.27%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (2.29%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: ProShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

TBT risks and drawbacks

TBT's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 10.0%.

Who may consider TBT — and who may not

TBT may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (TBT pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on TBT

• All tickers starting with T

Tagged: Leverage, Short, Treasury.

Frequently asked questions

More securities from ProShares.