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UPAL

GradeDNew York Stock Exchange Arca

ProShares Ultra Palladium K-1 Free ETF

Leveraged · Leveraged & Inverse · ProShares · Inception 2026-04-20 · 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.

$22.13−1.78 (−7.45%)

As of Sep 23, 2026, 2:57 PM EDT

History starts Apr 21, 2026.History starts Apr 21, 2026.History starts Apr 21, 2026.
Intraday session: down, 5 prints from 23.91 to 22.13. Range 22.00 to 23.75. Use the arrow keys to read each point.$22.50$23.00$23.5010 AM12 PM2 PM4 PM
Expense ratio
1.04%
Fund size
$3M
1Y return
—
Yield · Last 12 months
Data unavailable
Volume · 30D
0M sh
NAV per share
$23.77
52W range
low $20.81high $40.55

The ETF.net UPAL Grade

D

34/ 100

Rank 75 of 99 in Leveraged Long (2x & Other)⁠

Confidence Medium

Six-pillar profile for UPAL. Scores out of 100: Cost 48, Risk 20, Mission not scored, Tradability 19, Holdings not scored, Durability 42. Strongest: Cost (48). Weakest: Tradability (19). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 34 of 100 sits in the D 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 earned35This cap took−0Published score34 Grade D

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 48
    Category rank52/99 · 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.
    FScore 20
    Category rank86/94 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    FScore 19
    Category rank84/99 · 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.
    CScore 42
    Category rank63/99 · mid-pack

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

Our read on UPAL

ETF.net Research

DTwo times the daily move of palladium in a fund that skips the K-1 tax form. Its benchmark is a physical-palladium ETF rather than futures, and the leverage resets every day, making it a single-day tool by design.

Stated mandate

UPAL seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of palladium. Its objective is designed for a single day rather than a longer holding period.

Why people hold it

  1. 01The mandate is explicit: 2x the daily performance of palladium, before fees and expenses. No mystery about what the fund is engineered to do.proshares.com
  2. 02Built as a 1940 Act fund and marketed K-1 free, so tax season brings a 1099, not the partnership paperwork many commodity funds hand out.proshares.com
  3. 03Its reference asset is abrdn Physical Palladium Shares (PALL), so exposure traces metal in a vault instead of a futures curve that has to be rolled.
  4. 04The 1.04% fee sits right at the median for leveraged funds, so the niche metal does not carry a niche price tag.

Worth knowing

  1. 01Leverage resets daily. Hold past one day and compounding takes over, so results over a week or a month can diverge from 2x palladium's move.
  2. 02One metal, doubled. Palladium swings hard on its own, and the 2x mechanism magnifies both directions.
  3. 03Launched in 2026, it remains a small, lightly traded fund, so spreads can run wider than the big index-based leveraged ETFs like QLD or UDOW.

UPAL Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
—
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%2,852,196$3M162

Showing 1–1 of 1 holdings

UPAL Performance

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

UPAL$9,752
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. UPAL $9,752. SPY $10,415. Use the arrow keys to read each point.$8,228$10,115$12,003Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 UPAL. Periods over one year show the average yearly return.
PeriodUPAL
Year to dateFund launched this year—
1 month−8.4%
3 months−2.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—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 UPAL
YearReturn barUPAL
2026 YTD−40.5%

History from Apr 21, 2026

UPAL in the news

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

UPAL Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$0.06 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2026

One bar per payment. 1 payment in 2026 YTD. Jun 24, 2026 $0.06. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 30, 2026$0.06

UPAL 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.
—
Launched Apr 2026; fills in after 12 months
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.
—
Launched Apr 2026; fills in after 12 months
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.
—
Launched Apr 2026; fills in after 12 months
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.
−1.84
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.

UPAL Cost

Expense ratio1.04%
  • The middle half of Leveraged Long (2x & Other) funds
  • Median 0.99%

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

UPAL costs $104.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $99.00.