ProShares - Ultra 20+ Year Treasury
BThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.
$13.53+0.21 (+1.58%)
- 0.97%
- $66M
- −23.2%
- 3.60%
- 0.1M sh
- $13.36
- low $12.83high $18.48
The ETF.net UBT Grade
B
Score 58 out of 100
- 13 of 99
Score 58 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.
Cost
The fund’s net expense ratio, ranked against its category.B57 out of 100Rank 42 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C50 out of 100Rank 51 of 96Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B64 out of 100Rank 26 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.C48 out of 100Rank 14 of 23Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A73 out of 100Rank 14 of 99
Our read on UBT
BThe long-bond trade with the dial at two, not three. UBT aims for twice the daily move of the ICE U.S. Treasury 20+ Year Bond Index, a pure interest-rate instrument in a leveraged aisle dominated by stock funds.
The Fund seeks daily investment results, before fees and expenses, that correspond to two times the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.
Why people hold it
- Aims for 2x the daily move of the ICE U.S. Treasury 20+ Year Bond Index: a clean long-duration rate tool in a category mostly built around equities.proshares.com
- 0.97% a year undercuts the typical leveraged fund (median 1.04%) and comes in below TMF, the other leveraged fund riding the same 20+ year Treasury index.
- Launched in 2010, so it has run through several rate cycles. Standard 1940 Act fund structure, and it pays distributions quarterly.
Worth knowing
- The leverage resets every day. Over longer holds the result depends on the path rates took, not just the start and end points, and choppy stretches erode it.
- The 20+ year part of the curve is the most rate-sensitive there is, and doubling it magnifies moves in both directions.
- A mid-sized fund that trades moderately rather than heavily, so spreads and execution pricing deserve a look before hitting the button.
UBT Holdings
- Bonds
- 3
- 100%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
UBT Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
UBT$7,679
Returns run to the Oct 12, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.
| Period | UBT |
|---|---|
| Year to date | −17.9% |
| 1 month | −7.2% |
| 3 months | −14.3% |
| 1 year | −23.2% |
| 3 years | −4.8% |
| 5 years | −21.7% |
| 10 years | −9.8% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | UBT |
|---|---|---|
| 2026 YTD | −17.9% | |
| 2025 | +2.0% | |
| 2024 | −21.8% | |
| 2023 | −3.7% | |
| 2022 | −55.5% | |
| 2021 | −12.1% | |
| 2020 | +31.9% |
UBT in the news
UBT Dividends
- 3.60%
- $0.48
- $0.11 per share
- Quarterly
Distribution history
UBT Risk
This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.
- 26.9%
How it’s calculated: standard deviation
The sample standard deviation of monthly total returns, multiplied by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.
- −0.30
How it’s calculated: Sharpe ratio
Subtract each month’s Treasury-bill return from the fund’s monthly total return.
Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.
Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.
- −74.8%
How it’s calculated: maximum drawdown
The largest percentage decline from an earlier peak, using total returns with reinvested distributions.
Uses up to five years through the last close, with at least 12 months required.
- 4.79
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
UBT Cost
0.97%
UBT0.97%
- The middle half of Leveraged Long (2x & Other) funds
- Median 1.00%
41 of the 95 Leveraged Long (2x & Other) funds charge less.
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