ProShares UltraPro Short 20+ Year Treasury

Frequently Asked Questions About TTT

What does TTT invest in?

TTT provides daily -3x exposure to the ICE U.S. Treasury 20+ Year Bond Index. Using a combination of swaps and futures, TTT gives investors -3x exposure to daily moves in T-bonds with more than 20 years left to maturity. The daily reset means investors shouldn't expect the leverage factor to hold constant over investment horizons greater than one day. In short, the fund is a valid option for tactical positioning/hedging against rising interest rates, but it's important to keep in mind that the -3x leverage results in greater impact from the effects of compounding. As a levered product, TTT is not a buy-and-hold ETF, it's a short-term tactical instrument. Prior to Oct. 14, 2016, TTT changed its underlying index from the Bloomberg Barclays U.S. 20+ Year Treasury Bond Index to the ICE U.S. Treasury 20+ Year Bond Index. The change had minimal impact on exposure.

What is the expense ratio of TTT?

ProShares UltraPro Short 20+ Year Treasury (TTT) charges an expense ratio of 1.13%. This is the annual fee deducted from fund assets to cover management and operations.

What is TTT's dividend yield?

TTT's trailing-twelve-month yield is 8.68%, calculated from the sum of dividends over the past year divided by the current price.

What is the duration of TTT?

Effective duration measures TTT's sensitivity to interest-rate changes — a duration of 6 means a 1% rate move shifts NAV by roughly 6% in the opposite direction. TTT's current duration is published on the fund's factsheet on the issuer's website.

What is the credit quality of TTT?

TTT's credit quality breakdown — the share of holdings rated AAA through CCC and below — is published on the fund's factsheet. Higher-quality (investment-grade) funds yield less but carry less default risk than high-yield / junk bond funds.

What is the yield to maturity of TTT?

Yield to maturity (YTM) is the total return you'd earn from TTT if every bond in the portfolio is held to maturity at the current price. TTT's YTM is published on the fund's factsheet on the issuer's website — it differs from the trailing-12-month yield because YTM reflects current bond prices rather than historical income paid.