ProShares - UltraShort 20+ Year Treasury
TBT
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- ProShares UltraShort 20+ Year Treasury (TBT) seeks daily investment results that correspond to two times the inverse (-2x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index. The fund provides leveraged inverse exposure to an index comprising publicly issued U.S. Treasury securities with remaining maturities greater than 20 years and at least $300 million of outstanding face value, excluding amounts held by the Federal Reserve; the index includes only fixed-rate, U.S. dollar-denominated bonds and is market capitalization-weighted with monthly reconstitution. TBT achieves its objective through investments in swap agreements with major financial institutions such as Morgan Stanley, Citibank, Goldman Sachs, Bank of America, Barclays Capital, and Societe Generale, as well as U.S. Treasury futures contracts and short-term U.S. Treasury bills; the fund distributes dividends quarterly and options trading is available on its shares. TBT operates within the leveraged and inverse debt segment of the exchange-traded fund industry, targeting investors seeking tactical exposure to rising long-term U.S. Treasury yields or declining bond prices. The fund trades on the NYSE Arca exchange and is non-diversified, with a net expense ratio of 0.93% as of December 2025; its assets under management stand at approximately $283 million. Launched on April 29, 2008 by ProShares, headquartered in Bethesda, Maryland, the fund is part of ProShares Trust managed by ProShare Advisors LLC. ProShares, established in 2006 as a division of ProFunds Group (founded 1997), manages over $100 billion in assets across a broad lineup of ETFs including geared, dividend growth, high income, interest rate hedged bond, and crypto-linked strategies; the firm operates primarily in the United States with recent expansion to a New York office in Hudson Yards. In recent developments, ProShares surpassed $100 billion in assets under management in October 2025, reflecting strong demand for its innovative ETF offerings. The firm strengthened its distribution capabilities in September 2025 by hiring three regional vice presidents—Chad Brand for Southern California, Mike Hart for New York City and surrounding areas, and Matt Zorumski for Florida—to support financial advisors amid ongoing growth. ProShares continues active recruitment across distribution, marketing, operations, product, and technology functions, alongside recent launches of first-to-market funds, positioning for expanded market reach into 2026 and beyond.