TBT Fees and Costs — ProShares UltraShort 20+ Year Treasury
Data updated: 2026-08-14
The net expense ratio is 0.91%: a 0.75% management fee plus 0.16% other expenses. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $1K in broker commissions, 0.0005% of average net assets, and portfolio turnover was 0%.
TBT Fees and Expenses
Annual operating expenses and sales charges of TBT. Prospectus, as of March 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.75% |
| 12b-1 fee | — |
| Other expenses | 0.16% |
| Gross expense ratio | 0.91% |
| Fee waiver | — |
| Net expense ratio | 0.91% |
| Sales charges | |
|---|---|
| Max front load | — |
| Max deferred load | — |
| Redemption fee | — |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | No |
| Waived fees subject to recoupment | No |
TBT Costs Over Time
On $10,000 invested in TBT, assuming 5% a year before costs, total costs come to $571 over 5 years, cutting the return by 0.96% 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 0.91%) | $96 | $298 | $518 |
| Trading costs (broker commissions) | $0 | $0 | $0 |
| Lost growth on money paid in costs | $0 | $15 | $52 |
| Total costs | $96 | $313 | $571 |
| Value after costs | $10,404 | $11,263 | $12,192 |
| Impact on return, per year | 0.96% | 0.96% | 0.96% |
TBT 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): 0.0005%
- Total broker commissions: $1K
- Bought from dealers (principal trades, not a cost): $3.1B
- Portfolio turnover (prospectus): 0%
- Securities lending: none during the year
TBT Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| RBC Capital Markets, LLC | $1K | 100.00% |
TBT Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| J.P. Morgan Securities LLC | $2.2B | 70.44% |
| Bank of Montreal | $298.4M | 9.73% |
| Goldman Sachs & Co. LLC | $279.6M | 9.12% |
| Wells Fargo Securities, LLC | $149.3M | 4.87% |
| Barclays Capital, Inc. | $74.3M | 2.42% |
| Citigroup Global Markets Inc. | $49.8M | 1.63% |
| Susquehanna Financial Group, LLLP | $45.0M | 1.47% |
| Virtu Americas LLC | $10.0M | 0.33% |
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.