Share-split context: A reverse split was recorded on Oct 5, 2012 with coefficient 0.25. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

What this ETF is trying to do

The ProShares UltraShort 20+ Year Treasury (TBT) is a specialized fund. It is both "leveraged" and "inverse." This means it is designed to move in the opposite direction of long-term U.S. Treasury bonds, and it uses leverage to try to multiply those movements.

What the numbers show

Because this ETF has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The share price has increased by approximately 23.01%. The total return, which includes distributions, is approximately 25.08%.

• One Year: The share price return is approximately 27.16%, while the total return is approximately 30.47%.

• Three Year: The share price return is approximately 0.82%, and the total return is approximately 13.33%.

The current price as of October 7, 2026, is $42.98.

Income and distribution explanation

TBT pays out cash to investors. It usually does this quarterly, with four payouts in the last 12 months. The distribution yield is approximately 2.13%.

It is important for beginners to remember that a distribution yield is not the same as a total return. While distributions provide cash income, they do not guarantee that the original investment value (the principal) will stay the same or grow.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets declines over time, often causing the share price to drop even if the market seems flat.

For TBT, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data indicates that no price erosion has been detected, and the severe erosion-risk flag is false.

Pros

• Recent Growth: The fund has shown strong split-adjusted price and total returns over the last year.

• Low Erosion Risk: According to the erosion-risk measurements, there is currently no detected price erosion.

• Regular Income: The fund provides quarterly cash distributions.

Cons

• Complexity: Being both leveraged and inverse makes this a complex tool compared to a standard ETF.

• Reverse Split History: This ETF has a history of reverse splits. In a reverse split, multiple old shares are combined into fewer new shares, and the price per share rises mechanically. This mechanical increase does not restore lost investment value.

Beginner takeaway

TBT is not a typical "buy and hold" fund for most beginners. It is a complex tool used to bet against long-term Treasury bonds. While the recent returns and distribution yield are positive, the use of leverage and inverse strategies can lead to high volatility. Always distinguish between the share-price return and the total return when evaluating your results.