ProShares' UltraPro Short 20+ Year Treasury begins trading

By Toni Weeks

San Diego, March 29 - ProShares Trust announced in a press release that its new ProShares UltraPro Short 20+ Year Treasury began trading Thursday on the NYSE Arca under the symbol "TTT."

As previously report, the fund, part of ProShares' Short Fixed-Income series, seeks daily investment results that correspond, before fees and expenses, to three times the inverse of the daily performance of the Barclays Capital U.S. 20+ Year Treasury Bond index. The fund invests in derivatives that, in combination, should have similar daily return characteristics as three times the inverse of the daily return of the index.

Interest in the fund and ProShares' other inverse Treasury exchange-traded funds is strong because of the potential for rising rates, according to Michael L. Sapir, chairman and chief executive officer of Proshares Advisors LLC, the fund's investment adviser.

"We are pleased to add TTT to our lineup of ETFs for investors seeking to help hedge against or potentially benefit from declines in long-term Treasurys," Sapir said in the release.

Michelle Liu is the portfolio manager for the new ETF.

Shareholder fees consist of investment adviser fees of 0.75%. Along with other fees, and taking into account a fee waiver with the adviser, the total net annual fund operating expenses are expected to be 0.95%.

The investment adviser is based in Bethesda, Md.

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