SAA Fees and Costs — ProShares Ultra SmallCap600
Data updated: 2026-08-14
The net expense ratio is 0.95%: a 0.75% management fee plus 0.66% other expenses, less a 0.46% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $2K in broker commissions, 0.0067% of average net assets, and portfolio turnover was 38%.
SAA Fees and Expenses
Annual operating expenses and sales charges of SAA. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.66% |
| Gross expense ratio | 1.41% |
| Fee waiver | −0.46% |
| 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 |
SAA Costs Over Time
On $10,000 invested in SAA, assuming 5% a year before costs, total costs come to $599 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 | $4 |
| Lost growth on money paid in costs | $0 | $16 | $55 |
| Total costs | $100 | $329 | $599 |
| Value after costs | $10,400 | $11,247 | $12,164 |
| Impact on return, per year | 1.00% | 1.00% | 1.00% |
SAA 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): 0.0067%
- Total broker commissions: $2K
- Bought from dealers (principal trades, not a cost): $49.1M
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $153K
- Net income from securities lending: $2K (0.006% of average net assets)
SAA Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Susquehanna Financial Group, LLLP | $1K | 81.40% |
| BNP Paribas Securities Corp. | $270 | 14.70% |
| Virtu Americas LLC | $71 | 3.90% |
SAA Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $34.5M | 70.19% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $8.0M | 16.34% |
| Virtu Americas LLC | $2.6M | 5.24% |
| Jane Street Capital, LLC | $2.5M | 5.13% |
| Bank of Montreal | $1.5M | 3.04% |
| Susquehanna Financial Group, LLLP | $23K | 0.05% |
| BNP Paribas Securities Corp. | $7K | 0.01% |
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.