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About ProShares UltraShort 20+ Year Treasury ETF
TBT tracks the value of 1 share of the ProShares UltraShort 20+ Year Treasury ETF. The ETF seeks daily investment results of two times the inverse of the performance of the 20+ Year U.S. Treasury market. Because it resets every day, its returns compound over time and TBT can lose value — even when long-term Treasury prices fall — if held for longer than a single trading day.
On EdgeX, TBT is a synthetic perpetual market. EdgeX runs its own book and funding schedule, so its mark price and open interest are quoted independently.
TBT is listed as a EdgeX synthetic perpetual market. Prices track traditional-asset exposure synthetically and do not represent ownership of the underlying shares, ETFs, commodities, or cash instruments. Educational market data only — not investment advice.
Sector tags: Rates & Credit.
Frequently Asked Questions
- What is TBT?
- TBT tracks the value of 1 share of the ProShares UltraShort 20+ Year Treasury ETF. The ETF seeks daily investment results of two times the inverse of the performance of the 20+ Year U.S. Treasury market.
- Does trading TBT give me any of the rights of owning shares in the underlying ETF?
- No. TBT is a synthetic perpetual with no delivery mechanism or arbitrage bridge to the underlying ETF's shares. It gives price exposure only — there are no shareholder rights, no dividends, no voting rights, and no claim on the underlying fund.
- Where is TBT listed, and in what currency does TBT trade?
- TBT is listed on NYSE Arca, and its shares trade in U.S. dollars. TBT's price already reflects that U.S. dollars, with no currency conversion involved.
- Why can TBT lose value even when long-term Treasury prices are falling?
- TBT seeks two times the inverse of the daily move of the 20+ Year U.S. Treasury market, and that target resets every trading day. Because returns compound through the daily reset, the fund's outcome is path-dependent beyond a single day: in volatile or flat markets, TBT can lose value even when the market falls over the same period.
- TBT on EdgeX is a synthetic perpetual market that tracks price exposure linked to 1 share of the ProShares UltraShort 20+ Year Treasury ETF. It trades on EdgeX, so you can go long or short without holding any units.
- TBT on EdgeX is a synthetic perpetual market that tracks price exposure linked to 1 share of the ProShares UltraShort 20+ Year Treasury ETF. It trades on EdgeX, so you can go long or short without holding any units.
- Can TBT's price on EdgeX differ from the price on other venues?
- Yes. EdgeX runs its own book and funding schedule, so its mark price and open interest are quoted independently and can differ from the same instrument on another venue.
- What does it mean that EdgeX runs its own funding schedule?
- Funding is a periodic payment between long and short positions that keeps a perpetual's price anchored to its underlying. EdgeX sets and settles its own funding on its own schedule, so the funding rate on EdgeX can differ from the funding rate on other venues.
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