ETF Evaluator:
ProShares UltraPro Short 20+ Year Trs ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Debt Over the Last Year
| 14.4% | Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV) |
| 11.9% | ProShares UltraPro Short 20+ Year Trs (TTT) |
| 9.8% | ProShares UltraShort 20+ Year Treasury (TBT) |
| 9.5% | Direxion Daily 7-10 Yr Trs Bear 3X ETF (TYO) |
| 7.5% | Trading--Inverse Debt () |
Risk
Index
Risk
Index
ETF Details
ProShares UltraPro Short 20+ Year Trs Overview
ProShares UltraPro Short 20+ Year Trs (TTT) is a passively managed Miscellaneous Trading--Inverse Debt exchange-traded fund (ETF). ProShares launched the ETF in 2012.
The investment seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
The index is designed to measure the performance of U.S. dollar denominated sovereign debt publicly issued by the U.S. government. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares UltraPro Short 20+ Year Trs (TTT)
There are 2 members of the management team with an average tenure of 5.86 years: Alexander Ilyasov (2019) and James Linneman (2022). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and ICE U.S. Treasury 20+ Year Bond TR USD index with a weighting of -300%. ProShares UltraPro Short 20+ Year Trs has 15 securities in its portfolio. The top 10 holdings constitute 361.6% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares UltraPro Short 20+ Year Trs is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraPro Short 20+ Year Trs has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -294.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.4% (1.4% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares UltraPro Short 20+ Year Trs has 350.8% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $91 million average for the Trading--Inverse Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TTT Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares UltraPro Short 20+ Year Trs expense ratio is high compared to funds in the Trading--Inverse Debt category. ProShares UltraPro Short 20+ Year Trs has an expense ratio of 0.95%, which is the same as its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares UltraPro Short 20+ Year Trs has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Inverse Debt category.
Recently, in the month of July 2026, ProShares UltraPro Short 20+ Year Trs returned 15.6%, which earned it a grade of B, as the Trading--Inverse Debt category had an average return of 13.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares UltraPro Short 20+ Year Trs has a trailing yield of 1.73%, which is below the 2.59% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares UltraPro Short 20+ Year Trs Grades
Year to date, the ETF has returned 16.9%, 11.9 percentage points better than the category, which translates into a grade of A. The fund has returned 11.9% over the past year (grade of A), 11.9% over the past three years (grade of A) and 25.6% per year over the past five years (grade of A) and 2.1% per year over the past 10 years (grade of D).
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TTT Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TTT Return (NAV) | 15.6% | 11.1% | 11.9% | 11.9% | 25.6% | 2.1% |
| TTT Return (Price) | 16.4% | 11.1% | 12.2% | 12.0% | 25.7% | 2.1% |
| NAV +/- Price Return | -0.843% | 0.033% | -0.300% | -0.143% | -0.095% | -0.016% |
| Trading--Inverse Debt Avg | 13.1% | 13.8% | 7.5% | 7.8% | 15.2% | 1.9% |
| TTT Grade (NAV) | B | B | A | A | A | D |
| +/- Category (NAV) | 2.5% | -2.7% | 4.4% | 4.1% | 10.4% | 0.2% |
| TTT Tax-Cost Ratio | na | na | 3.7% | 3.5% | 2.2% | 1.2% |
TTT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TTT Return (NAV) | 16.9% | -6.3% | 34.0% | -11.2% | 152.3% | 2.5% | -53.9% | -35.6% | 6.7% | -25.2% | -13.3% |
| TTT Return (Price) | 16.2% | -7.8% | 37.9% | -11.1% | 150.2% | 2.6% | -54.1% | -34.9% | 6.3% | -25.9% | -12.9% |
| NAV +/- Price Ret | -0.038% | 0.242% | 0.113% | -0.017% | -0.014% | 0.006% | 0.004% | -2.0% | -6.0% | 2.5% | -3.0% |
| Trading--Inverse Debt Avg | 5.0% | -2.9% | 21.5% | -4.2% | 73.3% | 1.6% | -28.8% | -19.1% | 3.4% | -12.4% | -8.2% |
| TTT Grade (NAV) | A | F | B | F | A | C | F | F | A | F | D |
| +/- Category | 11.9% | -3.4% | 12.6% | -7.0% | 79.0% | 0.9% | -25.1% | -16.5% | 3.4% | -12.8% | -5.1% |
| Risk Measures | |
| Beta: | -7.21 |
| R-Squared: | 94% |
| Standard Deviation: | 41.9% |
| Category Risk Index: | 1.80 |
| Category Risk Rating: | High |
| Total Risk Index: | 3.41 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 1.7% |
| Total Assets: | $ 19 Mil |
| Share Class Assets: | $ 19 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 7.3 years | |||
| Average Tenure: 5.9 years | |||
| Managers (Year): Ilyasov Alexander (2019), Linneman James (2022) | |||
Portfolio Composition (as of 7/31/22)
| # of Holdings: | 15 |
| % in Top 10 Holdings: | 361.6% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -294.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 1.4% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 41.7% |
| Cash: | 350.8% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | March 27, 2012 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
