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UGL

GradeBNew York Stock Exchange Arca

ProShares - Ultra Gold

Leveraged · Leveraged & Inverse · ProShares · Inception 2008-12-01 · SEC filings

This 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.

$48.84−1.74 (−3.44%)

As of Sep 23, 2026, 3:10 PM EDT

Intraday session: down, 69 prints from 50.58 to 48.84. Range 48.53 to 49.30. Use the arrow keys to read each point.$48.60$49.00$49.2010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$886M
1Y return
+16.1%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
2.5M sh
NAV per share
$51.09
52W range
low $42.42high $90.40

The ETF.net UGL Grade

B

59/ 100

Rank 9 of 99 in Leveraged Long (2x & Other)⁠

Confidence Medium

Six-pillar profile for UGL. Scores out of 100: Cost 65, Risk 44, Mission not scored, Tradability 58, Holdings not scored, Durability 79. Strongest: Durability (79). Weakest: Risk (44). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

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 65
    Category rank37/99 · top 37%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 44
    Category rank57/94 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 58
    Category rank34/99 · top 34%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 79
    Category rank6/99 · top 6%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on UGL

ETF.net Research

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.

Stated mandate

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

  1. 01Charges 0.95% a year, below the typical leveraged fund's fee, so the cost drag on a levered gold position is a little lighter.
  2. 02Trading since December 2008, it has been through full gold cycles, boom and bust. That is an unusually long run for a leveraged commodity product.
  3. 03Actively traded rather than a forgotten ticker, which matters when your holding period is measured in days.
  4. 04Stands among the stronger implementations in a crowded leveraged-bull field that includes names like UDOW and QLD.

Worth knowing

  1. 01The 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
  2. 02Exposure 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
  3. 03Organized 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

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
5
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%868,617,113$869M162

Showing 1–1 of 1 holdings

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$11,606
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. UGL $11,606. SPY $11,723. Use the arrow keys to read each point.$8,722$14,589$20,456Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for UGL. Periods over one year show the average yearly return.
PeriodUGL
Year to date−8.9%
1 month−11.4%
3 months+5.6%
1 year+16.1%
3 years+52.3%per year
5 years+29.1%per year
10 years+16.1%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for UGL
YearReturn barUGL
2026 YTD−8.9%
2025+137.6%
2024+46.3%
2023+15.6%
2022−7.6%
2021−12.3%
2020+39.1%

UGL in the news

ETF.net Research hasn’t filed on UGL yet — coverage lands here as it’s written.

UGL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

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.

How much the fund’s monthly returns vary, scaled to a year.
36.9%
Annualised · 36 months to Aug 2026
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.

Return above 3-month US Treasury bills per unit of volatility.
1.24
vs 3-month T-bills · to Aug 2026
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.

The largest fall from a peak to the low that followed.
−50.0%
Trough Jul 2026
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.

How strongly the fund’s returns move with its asset-class index.
0.57
vs its asset-class index
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

Expense ratio0.95%
  • The middle half of Leveraged Long (2x & Other) funds
  • Median 0.99%

29 of the 93 Leveraged Long (2x & Other) funds charge less.

UGL costs $95.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $99.00.