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Launched · SEC filings

ProShares Ultra Palladium K-1 Free ETF

UPALNYSE ArcaProSharesDThis 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.

$12.40−0.32 (−2.49%)

As of Nov 2, 2026, 2:57 PM ET

D35/ 100

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

D35/100Rank 75 of 99inLeveraged Long (2x & Other)
Intraday session: down, 64 prints from 12.72 to 12.40. Range 12.38 to 12.57. Use the arrow keys to read each point.12.4512.5012.5512.6012.6510 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$0
1Y total return
No data
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
1.09K sh
52W range
low $12.58high $40.55
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 5.57%.

The ETF.net UPAL Grade

Based on 5 of 6 pillars

D

Score 35 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
75 of 99
Six-pillar profile for UPAL. Scores out of 100: Cost 51, Risk 13, Mission 21, Tradability 29, Holdings not scored, Durability 33. Strongest: Cost (51). Weakest: Risk (13). Based on 5 of 6 pillars.

Score 35 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
35 Grade D

  • 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.
    F21 out of 100
    Rank 12 of 13

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F13 out of 100
    Rank 93 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D29 out of 100
    Rank 79 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.
    D33 out of 100
    Rank 70 of 99

Our read on UPAL

ETF.net Research

In short

DThe first ETF built to target 2x palladium's daily move, and it sends a 1099 instead of a K-1. Swap-based, resets every day, 0.95% net of a waiver through September 30, 2027.

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

  • First ETF aiming at 2x palladium's daily move, built on swaps referencing a physically backed palladium ETF (PALL) rather than futures contracts that need rolling.proshares.comproshares.com 2
  • Form 1099, not a Schedule K-1. It is registered under the 1940 Act, unlike the partnership-structured commodity funds that mail K-1s each spring.proshares.comproshares.com 2
  • At 0.95% net of a waiver through September 30, 2027, it is priced near the typical geared fund and level with ProShares' Ultra Dow30 (DDM, 0.95%), niche metal and all.

Worth knowing

  • The 2x target resets each day. Hold longer and results can drift from twice palladium's move, especially after choppy stretches.
  • That 0.95% is a waived price: gross expenses run 5.57%, waived down through September 30, 2027.
  • Launched in 2026, it is still small and lightly traded, so spreads can swing. Bank swap counterparties, not metal in a vault, stand behind the exposure.proshares.com

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$5,320
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,141
Jul 31, 2026 to Oct 30, 2026. UPAL $5,320. SPY $10,141. Use the arrow keys to read each point.$5,000$7,500$10,000Jul 2026Sep 2026Oct 2026

Jul 31, 2026 – 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 UPAL. Periods over one year show the average yearly return.
PeriodUPAL
Year to dateFund launched this yearNo data
1 month−36.1%
3 months−46.8%
1 yearFund is under 1 year oldNo data
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−68.1%

History from Apr 21, 2026

UPAL in the news

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

Risk pillarF13 out of 100Rank 93 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.
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.

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

UPAL Cost

Compare UPAL 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.

  • UPAL 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • UPAL 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$20K051015202530UPAL $17,869WX $4,155

Year by year

YearUPALWXOverpaying
10$1,678$365$1,313
20$6,322$1,421$4,901
30$17,869$4,155$13,714
How the 0.95% is worked out

Full fee 5.57%− waiver 4.62%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 5.57% unless ProShares renews it. Source: prospectus, Sep 2026.

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