---
title: "PT Asset Management proposes a long-term bond ETF at 0.55%"
url: "https://etf.net/news/pt-long-term-bond-etf-proposed-2026-11-10"
published_at: "2026-11-10T13:06:53.716Z"
updated_at: "2026-11-10T13:06:53.716Z"
byline: "ETF.net Research"
---

# PT Asset Management proposes a long-term bond ETF at 0.55%

Long corporate bond ETFs from Vanguard, iShares and State Street charge 0.03% or 0.04%, while PT Asset Management's short-term ETF charges 0.65%.

By ETF.net Research. Published Nov 10, 2026.

Trust for Professional Managers, the umbrella trust for PT Asset Management's funds, filed Monday, Nov. 9, 2026, to register the Performance Trust Long Term Bond ETF as a new series. The Chicago adviser, which does business as PTAM, would run it for a unitary management fee of **0.55%** of average daily net assets, a single fee meant to cover the fund's ordinary expenses.

In the [preliminary prospectus](https://www.sec.gov/Archives/edgar/data/1141819/000089418926030230/ptamlongtermbond485a.htm), other expenses are estimated at 0.00%, and the line for total annual operating expenses is blank. The fund would still pay items the adviser does not cover, including interest, taxes, brokerage commissions, acquired-fund fees and extraordinary expenses.

The shares cannot be sold until the registration statement is effective. The cover proposes that the filing become effective 75 days after the Nov. 9 filing, under Rule 485(a)(2). That falls on Jan. 23, 2027. The prospectus does not name a launch date. The ticker and the listing exchange are blank, and the fund has not started.

## What 0.55% would cost next to other bond ETFs

PT Asset Management's [Performance Trust Short Term Bond ETF](https://ptam.com/short-term-bond-etf), STBF, charges 0.65%, so the long fund would cost a tenth of a percentage point less. A [preliminary registration filed Aug. 24, 2026](https://www.sec.gov/Archives/edgar/data/1141819/000089418926022879/ptammunibond485a.htm), proposed a 0.39% unitary fee for the Performance Trust Municipal Bond ETF, 0.16 percentage points below this fund.

[Vanguard's Long-Term Corporate Bond ETF](https://advisors.vanguard.com/investments/products/vclt/vanguard-long-term-corporate-bond-etf), VCLT, charges 0.03%. [BlackRock's iShares 10+ Year Investment Grade Corporate Bond ETF](https://www.blackrock.com/us/individual/products/239423/ishares-10%20-year-investment-grade-corporate-bond-etf), IGLB, and [State Street's SPDR Portfolio Long Term Corporate Bond Index ETF](https://www.ssga.com/us/en/intermediary/etfs/state-street-spdr-portfolio-long-term-corporate-bond-index-etf-splb), SPLB, charge 0.04%. The proposed fee is 0.52 percentage points above Vanguard's and 0.51 percentage points above the iShares and State Street funds.

Those three track long corporate bond indexes. The proposed fund would not try to match an index. It would invest primarily in investment-grade securities, and it could put up to 20% of total assets in below-investment-grade bonds, up to 30% in debt denominated in foreign currencies and up to 15% in emerging-markets debt.

## What the long-term bond ETF would invest in

The fund would seek total return from income and potential capital appreciation, consistent with preservation of investment principal. That objective is not fundamental, so the board could change it without a shareholder vote, on 60 days' written notice.

The prospectus names senior portfolio managers G. Michael Plaiss and Anthony J. Harris. Plaiss joined the adviser in May 2009, and Harris joined in February 2009. Mark Peiler, Lars Anderson and Michael Isroff are also named as portfolio managers.

Under normal circumstances the fund would invest at least 80% of net assets in bonds or in derivatives and other instruments with similar economic characteristics. The 80% is measured against net assets plus any money borrowed to invest. That policy requires bonds, not long bonds.

The long-term target is separate. The fund would keep a dollar-weighted average maturity of more than 10 years, and an average duration within two years, longer or shorter, of the Bloomberg U.S. Long Credit Index. That index sets the duration range. It is not a performance target.

Duration, as the prospectus defines it, estimates how much a bond's price changes when interest rates move by 1%. In the prospectus's example, a portfolio with a duration of three would rise about 3% if rates fell 1%, and fall about 3% if rates rose 1%. The target is not a fixed number. It could change if the index's composition changes. The prospectus says duration may vary materially from the target, and that there is no assurance the portfolio will conform to it.

Source: etf.net, https://etf.net/news/pt-long-term-bond-etf-proposed-2026-11-10. Please cite the page URL.