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Launched · SEC filings

ProShares Ultra Euro

ULENYSE 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.

$11.85+0.08 (+0.71%)

As of Nov 2, 2026, 3:55 PM ET

C40/ 100

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

C40/100Rank 3 of 5in2x/3x Long Developed International
Intraday session: up, 78 prints from 11.77 to 11.85. Range 11.84 to 11.91. Use the arrow keys to read each point.11.8011.8211.8811.9010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$4M
1Y total return
−7.2%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
4.5K sh
52W range
low $11.67high $13.89
Launched
Filings
SEC EDGAR

The ETF.net ULE Grade

Based on 4 of 6 pillars

C

Score 40 out of 100

Category
2x/3x Long Developed International⁠
Rank
3 of 5
Six-pillar profile for ULE. Scores out of 100: Cost 36, Risk 59, Mission not scored, Tradability 45, Holdings not scored, Durability 55. Strongest: Risk (59). Weakest: Cost (36). Based on 4 of 6 pillars.

Score 40 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.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
45
This cap took
−5
Published Score
40 Grade C

  • Cost

    The fund’s net expense ratio, ranked against its category.
    D36 out of 100
    Rank 3 of 5

  • 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.
    B59 out of 100
    Rank 3 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 3 of 5

  • 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.
    B55 out of 100
    Rank 3 of 5

Our read on ULE

ETF.net Research

In short

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

  • One 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
  • The 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.
  • A 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.
  • Launched 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

  • The 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.
  • It 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.
  • Structured 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 Performance

Launched Nov 24, 2008

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

ULE$9,276
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. ULE $9,276. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000Oct 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 ULE. Periods over one year show the average yearly return.
PeriodULE
Year to date−10.5%
1 month−2.9%
3 months−6.3%
1 year−7.2%
3 yearsper year+2.6%
5 yearsper year−3.2%
10 yearsper year−2.6%

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−10.5%
2025+25.9%
2024−11.7%
2023+5.1%
2022−15.5%
2021−15.7%
2020+14.7%

ULE in the news

ULE Dividends

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

No distributions in the last 12 months.

ULE Risk

Risk pillarB59 out of 100Rank 3 of 5 in 2x/3x Long Developed International

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.
14.1%
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.
−0.06
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.
−34.4%
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.

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

ULE Cost

Compare ULE and XEUR

Overpaying vs XEUR, tied cheapest in 2x/3x Long Developed International

$8,828

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

  • ULE 0.95%

    $17,869

  • XEUR 0.45% Tied cheapest

    $9,041

$10,000
30 years

Cost over time

  • ULE 0.95%
  • XEUR 0.45%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530ULE $17,869XEUR $9,041

Year by year

YearULEXEUROverpaying
10$1,678$812$866
20$6,322$3,128$3,194
30$17,869$9,041$8,828

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