ProShares Trust UltraShort Lehman 20+ Year Treasury

TBT

Market cap $294M

Overview Fund Activity

33.99 USD

+0.50

1.49%

At close Updated Sep 18, 3:11 PM EDT

1 day

1.49%

5 days

1.22%

1 month

-7.28%

3 months

-7.11%

6 months

0.18%

Year to date

-7.13%

1 year

16.32%

5 years

116.91%

10 years

-23.86%

0

Funds holding %

of 7,463 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

50% more call options, than puts

Call options by funds: $38.7M | Put options by funds: $25.8M

8% less first-time investments, than exits

New positions opened: 12 | Existing positions closed: 13

3% less funds holding

Funds holding: 61 [Q1] → 59 (-2) [Q2]

20.06% less ownership

Funds ownership: 46.32% [Q1] → 26.26% (-20.06%) [Q2]

38% less capital invested

Capital invested by funds: $121M [Q1] → $74.9M (-$45.8M) [Q2]

39% less repeat investments, than reductions

Existing positions increased: 11 | Existing positions reduced: 18

See Fund Rankings

Financial journalist opinion

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 non-alert BMSA—support a tactical long position in TBT. This ETF is best suited for disciplined, short-term trades, not buy-and-hold, due to daily resets and leverage risks.

TBT: Trading The Long Side Of Yield Curve

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 compounding effects and performance drift if held beyond a single day, amplifying potential losses. Macroeconomic factors and likely Fed rate cuts in September 2025 could drive long-term Treasury yields lower, making TBT vulnerable to further declines.

TBT Provides -2x Leveraged Exposure To The 20-Year Treasury

This legendary investor has been shorting Treasury bonds. Here's how to bet with him — without going broke.

Stanley Druckenmiller's bet against America's debt is no ordinary trade.

This legendary investor has been shorting Treasury bonds. Here's how to bet with him — without going broke.

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 potential 'crack' in the bond market, driven by high U.S. debt, policy uncertainty, and rising rates. Moody's recent downgrade and persistent fiscal concerns reinforce the bearish case, but surprises or shocks could trigger a bond market rally.

TBT For A Bond Market 'Crack'

Zacks Investment Research

ETF Strategies to Follow Wall Street Forecasts Higher Bond Yields

Investors are increasingly betting on higher long-term U.S. Treasury yields, due to growing concerns over the nation's rising debt and widening fiscal deficits.

ETF Strategies to Follow Wall Street Forecasts Higher Bond Yields

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 asset price trends. The strategy shows positive alpha, negative beta to SPY, and outperforms TLT and SPY in average performance and Sharpe ratio, with lower drawdowns.

My Favorite Strategy To Trade Long-Term Treasury Bonds

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 2.9% CPI increase, above the Fed's 2% target, suggesting the potential for continued inflation and higher interest rates. Tariffs and tax cuts under Trump's administration are expected to drive inflation through increased consumer prices and disposable income, outweighing potential labor supply shocks.

TBT: Inverse Bond Exposure Is The Key Hedge To My Trump Portfolio

Zacks Investment Research

ETF Strategies to Play Amid Rising Treasury Yields

These ETF strategies may safeguard your portfolio amid rising treasury yields.

ETF Strategies to Play Amid Rising Treasury Yields

Zacks Investment Research

Inverse Treasury ETFs Rallying on Spike in Yields

The spike in yields has led to a surge in ETFs that bet against U.S. Treasury bonds.

Inverse Treasury ETFs Rallying on Spike in Yields

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 TBT ETF's strategy involves short positions in U.S. Treasury futures and swaps with various banks, providing inverse exposure while mitigating counterparty risk. TBT stands out among inverse Treasury ETFs due to its -2x leverage, balancing risk and caution, with better liquidity and narrower bid-ask spreads.

TBT: A Bet Against Long Duration Rates

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