### Comment:
Oh, I meant in a much simpler sense - do I just take the fund's annual expense ratio, divide it by 365 (or...the number of days the market is open in a year?) and deduct that from the UPRO and TMF totals?

### REPLY:
The expense ratios are built into the funds. If you buy UPRO at 50 and sell at 70 you keep all 20 (and maybe a few tiny divs along the way). If you mean projecting UPRO back before 2009 I believe the expense ratio is the spread above LIBOR and you deduct daily interest, but I got no clue on how to do that backtest myself, the Bogleheads thread did that for me.

### END.