ProShares - Ultra Gold
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.
$45.70−0.18 (−0.39%)
- 0.95%
- $749M
- −7.2%
- 2.7M sh
- $45.80
- low $42.42high $90.40
The ETF.net UGL Grade
B
Score 60 out of 100
- 10 of 99
Score 60 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.B65 out of 100Rank 30 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.C44 out of 100Rank 60 of 96Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B63 out of 100Rank 29 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.A80 out of 100Rank 4 of 99
Our read on UGL
BA 2x gold trade in ETF clothing: UGL targets twice the daily move of the Bloomberg Gold Subindex using futures and swaps, no bullion in a vault. It has run this playbook since 2008, a long life for a leveraged commodity fund.
UGL seeks to deliver approximately twice the daily performance of the Bloomberg Gold Subindex before fees and expenses. It obtains this exposure through futures and swaps rather than direct ownership of gold.
Why people hold it
- Charges 0.95% a year, below the typical leveraged fund's fee, so the cost drag on a levered gold position is a little lighter.
- Trading since December 2008, it has been through full gold cycles, boom and bust. That is an unusually long run for a leveraged commodity product.
- Actively traded rather than a forgotten ticker, which matters when your holding period is measured in days.
- Stands among the stronger implementations in a crowded leveraged-bull field that includes names like UDOW and QLD.
Worth knowing
- The 2x target resets every day. Over longer holds, results can differ from twice the index's move for the period, and choppy gold tape works against you.proshares.com
- Exposure comes from futures and swaps, not gold sitting in a vault, so contract roll costs and swap counterparties are part of the package.proshares.com
- Organized as a commodity pool rather than a conventional stock fund, so its structure and tax paperwork differ from an equity ETF's. It is not built to pay income.
UGL Holdings
- Other
- 1
- 100%
- Net Other Assets (Liabilities)
UGL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
UGL$9,284
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 | UGL |
|---|---|
| Year to date | −17.4% |
| 1 month | −8.8% |
| 3 months | +0.3% |
| 1 year | −7.2% |
| 3 years | +50.7% |
| 5 years | +26.8% |
| 10 years | +16.5% |
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 | UGL |
|---|---|---|
| 2026 YTD | −17.4% | |
| 2025 | +137.6% | |
| 2024 | +46.3% | |
| 2023 | +15.6% | |
| 2022 | −7.6% | |
| 2021 | −12.3% | |
| 2020 | +39.1% |
UGL in the news
UGL Dividends
No distributions in the last 12 months.
UGL 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.
- 37.5%
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.
- 1.19
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.
- −50.0%
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.
- 0.57
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
UGL Cost
0.95%
UGL0.95%
- The middle half of Leveraged Long (2x & Other) funds
- Median 1.00%
29 of the 95 Leveraged Long (2x & Other) funds charge less.
Other funds in Leveraged Long (2x & Other)
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- BYCLProShares - Ultra YenExpense ratio 0.95%1 year return −12.6%
- BUWMProShares - Ultra Russell2000Expense ratio 1.07%1 year return +27.9%
- BFNGGDirexion Daily NYSE FANG+ Bull 2X ETFExpense ratio 0.97%1 year return +36.8%
- BUBTProShares - Ultra 20+ Year TreasuryExpense ratio 0.97%1 year return −23.2%