TBF Fund Description
The ProShares Short 20+ Year Treasury ETF provides daily inverse exposure to an index that tracks the performance of US Treasury securities with remaining maturities greater than 20 years.
TBF Factset Analytics Insight
TBF is a popular method for investors to bet on rising interest rates. The fund uses swaps and futures contracts to deliver the daily returns of a short position in Treasury bonds with more than 20 years left to maturity. With the underlying index's high effective duration, even small 1-day moves in interest rates translate to a large change in TBF. However, the daily reset means that investors shouldn't expect the inverse relationship to hold over longer time periods due to the path-dependent nature of the fund's returns. Liquidity is strong for large and small investors, and the spreads are manageable. While the fund is not the segment leader, concerns around rising interest rates have provided it with plenty of investor capital, and its holding costs fall in line with other funds in the segment.
TBF changed its underlying index from Bloomberg Barclays U.S. 20+ Year Treasury Bond Index to ICE U.S. Treasury 20+ Year Bond Index on 10/14/2016. The change hase minimal impact on investor’s exposure.
TBF MSCI ESG Analytics Insight
The MSCI ESG Fund Quality Score measures the ability of ETF underlying holdings to manage key medium to long-term risks and opportunities arising from environmental, social, and governance factors, as determined by MSCI ESG Research LLC. As of February 22, 2018 the ProShares Short 20+ Year Treasury MSCI ESG Fund Quality Score is 6.89 out of 10.
The fund’s Peer Rank reflects the ranking of a fund’s MSCI ESG Fund Quality Score against the scores of other funds within the same peer group, as defined by the Thomson Reuters Lipper Global Classification. TBF ranks in the 0th percentile within its peer group and in the 91st percentile within the global universe of all funds in MSCI ESG Fund Metrics coverage.
TBF Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of TBF. TBF is rated a 5 out of 5.