ProShares - Ultra 20+ Year Treasury
$14.16−0.49 (−3.37%)
- Expense ratio
- 0.97%
- Fund size
- $58M
- 1Y return
- −12.5%
- Yield · Last 12 months
- 3.80%
- Holdings
- 9
- Volume · 30D
- 0.1M sh
- NAV per share
- $14.54
- 52W range
The ETF.net UBT Grade
Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.BScore 57Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 56Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.BScore 65Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.CScore 48Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.AScore 73Category rank
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
- 9
- 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.
Returns run to the Sep 22, 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 | −10.0% |
| 1 month | −0.5% |
| 3 months | −9.0% |
| 1 year | −12.5% |
| 3 years | −5.8% |
| 5 years | −21.9% |
| 10 years | −9.5% |
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 | −10.0% | |
| 2025 | +2.0% | |
| 2024 | −21.8% | |
| 2023 | −3.7% | |
| 2022 | −55.5% | |
| 2021 | −12.1% | |
| 2020 | +31.9% |
UBT in the news
ETF.net Research hasn’t filed on UBT yet — coverage lands here as it’s written.
UBT Dividends
- 3.80%
- $0.56
- $0.12 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.12 |
| Mar 25, 2026 | Mar 31, 2026 | $0.07 |
| Dec 24, 2025 | Dec 31, 2025 | $0.17 |
| Sep 24, 2025 | Sep 30, 2025 | $0.19 |
| Jun 25, 2025 | Jul 1, 2025 | $0.20 |
| Mar 26, 2025 | Apr 1, 2025 | $0.14 |
| Dec 23, 2024 | Dec 31, 2024 | $0.21 |
| Sep 25, 2024 | Oct 2, 2024 | $0.19 |
| Jun 26, 2024 | Jul 3, 2024 | $0.21 |
| Mar 20, 2024 | Mar 27, 2024 | $0.15 |
| Dec 20, 2023 | Dec 28, 2023 | $0.22 |
| Sep 20, 2023 | Sep 27, 2023 | $0.20 |
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.
- 27.8%
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.
- −0.36
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.
- −72.5%
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
- The middle half of Leveraged Long (2x & Other) funds
- Median 0.99%
41 of the 93 Leveraged Long (2x & Other) funds charge less.