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ULE

GradeCNew York Stock Exchange Arca

ProShares - Ultra Euro

Leveraged · Leveraged & Inverse · ProShares · Inception 2008-11-24 · 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.

$12.26−0.17 (−1.37%)

As of Sep 23, 2026, 2:11 PM EDT

Intraday session: down, 39 prints from 12.43 to 12.26. Range 12.21 to 12.31. Use the arrow keys to read each point.$12.24$12.28$12.3210 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$4M
1Y return
−6.7%
Yield · Last 12 months
—
Holdings
3
Volume · 30D
0M sh
NAV per share
$12.50
52W range
low $12.20high $13.89

The ETF.net ULE Grade

C

40/ 100

Rank 2 of 5 in 2x/3x Long Developed International⁠

Confidence Low

Six-pillar profile for ULE. Scores out of 100: Cost 55, Risk 59, Mission not scored, Tradability 27, Holdings not scored, Durability 55. Strongest: Risk (59). Weakest: Tradability (27). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 40 of 100 sits in the C band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.

Ceiling 40 · B and A out of reach

The pillars earned49This cap took−9Published score40 Grade C

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 55
    Category rank3/5 · mid-pack

  • 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.
    BScore 59
    Category rank2/5 · top 40%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    DScore 27
    Category rank4/5 · bottom quartile

  • 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.
    BScore 55
    Category rank3/5 · mid-pack

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

Our read on ULE

ETF.net Research

CA rare thing: a plain ETF ticker that aims to deliver twice the daily move of the euro against the dollar. Currency leverage without a futures account, running since 2008.

Stated mandate

The fund seeks daily results, before fees and expenses, equal to twice the daily performance of the euro relative to the U.S. dollar.

Why people hold it

  1. 01One of the few currency-leveraged ETFs out there: it targets 2x the euro's daily move versus the dollar, in a brokerage account, no margin or FX platform required.proshares.com
  2. 02The mandate is narrow and legible. One exchange rate, one multiple, reset daily. No basket, no sector tilt, nothing to reverse-engineer from a holdings list.
  3. 03A 0.95% expense ratio puts it in the same fee neighborhood as ProShares' flagship leveraged equity funds like UDOW (0.95%), despite being a far more specialized tool.
  4. 04Launched in 2008, it has traded through the euro debt crisis, negative rates and the 2022 parity scare. Long tenure for a single-currency product.

Worth knowing

  1. 01The 2x target is a daily one. Hold longer and compounding takes over, so multi-day results can differ from twice the euro's move over that stretch, especially in choppy markets.
  2. 02It is one of the smaller, more lightly traded funds in the leveraged lineup. Spreads can widen, and limit orders matter more here than in a household-name ETF.
  3. 03Structured as a commodity pool, not a standard 1940 Act fund, so tax paperwork and disclosures follow different rules. It is a price bet, not an income stream.

ULE Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
3
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%4,373,662$4M162

Showing 1–1 of 1 holdings

ULE Performance

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

ULE$9,332
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. ULE $9,332. SPY $11,723. Use the arrow keys to read each point.$8,975$10,472$11,968Sep 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 ULE. Periods over one year show the average yearly return.
PeriodULE
Year to date−5.5%
1 month−3.9%
3 months+0.3%
1 year−6.7%
3 years+4.1%per year
5 years−2.6%per year
10 years−2.6%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 ULE
YearReturn barULE
2026 YTD−5.5%
2025+25.9%
2024−11.7%
2023+5.1%
2022−15.5%
2021−15.7%
2020+14.7%

ULE in the news

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

ULE Dividends

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

No distributions in the last 12 months.

ULE 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.
14.0%
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.
0.01
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.
−35.8%
Trough Sep 2022
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.
0.33
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.

ULE Cost

Expense Ratio
0.95%