Skip to content
etf.net

Launched · SEC filings

ProShares Ultra Palladium K-1 Free ETF

UPALNYSE ArcaDThis 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.

$17.11−0.45 (−2.59%)

As of Oct 13, 2026, 3:35 PM

D36/ 100

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

D36/100Rank 75 of 99inLeveraged Long (2x & Other)
Intraday session: down, 7 prints from 17.56 to 17.11. Range 17.07 to 17.55. Use the arrow keys to read each point.17.2017.3017.4017.5010 AM12 PM2 PM4 PM
Expense ratio
1.04%
Fund size
$0M
1Y total return
—
Yield · Last 12 months
Data unavailable
Holdings
1
Avg volume · 30D
0M sh
NAV per share
$17.52
52W range
low $17.09high $40.55
Launched
Filings
SEC EDGAR

The ETF.net UPAL Grade

Based on 4 of 6 pillars

D

Score 36 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
75 of 99
Six-pillar profile for UPAL. Scores out of 100: Cost 48, Risk 15, Mission not scored, Tradability 30, Holdings not scored, Durability 43. Strongest: Cost (48). Weakest: Risk (15). Based on 4 of 6 pillars.

Score 36 of 100 falls in the D 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
36
This cap took
−0
Published Score
36 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C48 out of 100
    Rank 50 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.
    F15 out of 100
    Rank 90 of 96

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D30 out of 100
    Rank 76 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.
    C43 out of 100
    Rank 58 of 99

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 Oct 13, 2026
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 valueIn ETFs
001—Net Other Assets (Liabilities)100.00%350,355$350K163

Showing 1–1 of 1 holdings

UPAL Performance

Launched Apr 20, 2026

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

Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.Not enough history yet.
UPAL$7,245
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,332
Jul 10, 2026 to Oct 12, 2026. UPAL $7,245. SPY $10,332. Use the arrow keys to read each point.$6,672$9,423$12,174Jul 2026Aug 2026Oct 2026

Jul 10, 2026 – Oct 12, 2026

Returns run to the Oct 12, 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−25.4%
3 months−27.5%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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−56.0%

History from Apr 21, 2026

UPAL in the news

Filtered to UPAL · Leveraged Long (2x & Other)

UPAL Dividends

Last payment
$0.16 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution data unavailable.

Distribution history

2026

One bar per payment. 2 payments in 2026 YTD. Jun 24, 2026 $0.06; Sep 23, 2026 $0.16. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.16
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 1.00%

50 of the 95 Leveraged Long (2x & Other) funds charge less.

UPAL costs $104.00 a year on $10,000. The median Leveraged Long (2x & Other) fund costs $100.00.

Other funds in Leveraged Long (2x & Other)

See others