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Launched · SEC filings

ProShares Ultra Gold

UGLNYSE ArcaProSharesCThis 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.

$40.75+1.29 (+3.27%)

At close: Nov 2, 2026, 4:00 PM ET

C52/ 100

Rank 25 of 99 in Leveraged Long (2x & Other)

C52/100Rank 25 of 99inLeveraged Long (2x & Other)
Intraday session: up, 79 prints from 39.46 to 40.75. Range 40.63 to 41.24. Use the arrow keys to read each point.40.0040.5041.0010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$620M
1Y total return
−18.9%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
2.56M sh
52W range
low $39.21high $90.40
Launched
Filings
SEC EDGAR

The ETF.net UGL Grade

Based on 4 of 6 pillars

C

Score 52 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
25 of 99
Six-pillar profile for UGL. Scores out of 100: Cost 51, Risk 40, Mission not scored, Tradability 62, Holdings not scored, Durability 79. Strongest: Durability (79). Weakest: Risk (40). Based on 4 of 6 pillars.

Score 52 of 100 falls in the C 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.
    C51 out of 100
    Rank 32 of 99

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C40 out of 100
    Rank 66 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B62 out of 100
    Rank 28 of 99

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A79 out of 100
    Rank 7 of 99

Our read on UGL

ETF.net Research

In short

CA 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

  • 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

Asset class
Other
Holdings
1
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataNet Other Assets (Liabilities)100.00%619,818,523$620M151

Showing 1–1 of 1 holdings

UGL Performance

Launched Dec 1, 2008

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

UGL$8,106
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. UGL $8,106. SPY $11,199. Use the arrow keys to read each point.$10,000$15,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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−28.9%
1 month−13.7%
3 months−10.7%
1 year−18.9%
3 yearsper year+37.9%
5 yearsper year+22.5%
10 yearsper year+14.3%

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−28.9%
2025+137.6%
2024+46.3%
2023+15.6%
2022−7.6%
2021−12.3%
2020+39.1%

UGL in the news

UGL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

UGL Risk

Risk pillarC40 out of 100Rank 66 of 98 in Leveraged Long (2x & Other)

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.
38.3%
Annualised · 36 months to Oct 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.
0.92
vs 3-month T-bills · to Oct 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.
−53.9%
Trough Oct 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.

FMP measures it over up to five years of monthly returns.

UGL Cost

Compare UGL and WX

Overpaying vs WX, cheapest in Leveraged Long (2x & Other)

$13,714

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • UGL 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • UGL 0.95%
  • WX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530UGL $17,869WX $4,155

Year by year

YearUGLWXOverpaying
10$1,678$365$1,313
20$6,322$1,421$4,901
30$17,869$4,155$13,714

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