HDG Fees and Costs — ProShares Hedge Replication ETF
Data updated: 2026-08-14
The net expense ratio is 0.95%: a 0.75% management fee plus 1.51% other expenses, less a 1.31% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1K in broker commissions, 0.0050% of average net assets, and portfolio turnover was 43%.
HDG Fees and Expenses
Annual operating expenses and sales charges of HDG. Prospectus, as of May 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 1.51% |
| Gross expense ratio | 2.26% |
| Fee waiver | −1.31% |
| Net expense ratio | 0.95% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | Yes |
HDG Costs Over Time
On $10,000 invested in HDG, assuming 5% a year before costs, total costs come to $598 over 5 years, cutting the return by 1.00% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.95%) | $100 | $311 | $540 |
| Trading costs (broker commissions) | $1 | $2 | $3 |
| Lost growth on money paid in costs | $0 | $15 | $55 |
| Total costs | $100 | $329 | $598 |
| Value after costs | $10,400 | $11,248 | $12,165 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
HDG Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.0050%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $406.3M
- Portfolio turnover (prospectus): 43%
- Securities on loan, average value: $35
- Net income from securities lending: $1 (0.000% of average net assets)
HDG Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $714 | 60.78% |
| Susquehanna Financial Group, LLLP | $290 | 24.66% |
| BNP Paribas Securities Corp. | $171 | 14.56% |
| Virtu Americas LLC | $0 | 0.00% |
HDG Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Bank of Montreal | $194.8M | 47.94% |
| Barclays Capital, Inc. | $82.5M | 20.29% |
| Jefferies LLC | $49.2M | 12.10% |
| J.P. Morgan Securities LLC | $32.9M | 8.09% |
| BMO Capital Markets Corp. | $29.1M | 7.16% |
| Morgan Stanley & Co. LLC | $16.3M | 4.02% |
| StoneX Financial, Inc | $743K | 0.18% |
| Goldman Sachs & Co. LLC | $556K | 0.14% |
| Susquehanna Financial Group, LLLP | $182K | 0.04% |
| BNP Paribas Securities Corp. | $147K | 0.04% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.