Skip to content
etf.net

Launched · SEC filings

ProShares Ultra Platinum K-1 Free ETF

UPLTNYSE 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.

$15.97+0.48 (+3.11%)

As of Nov 2, 2026, 1:04 PM ET

D38/ 100

Rank 71 of 99 in Leveraged Long (2x & Other)

D38/100Rank 71 of 99inLeveraged Long (2x & Other)
Intraday session: up, 43 prints from 15.49 to 15.97. Range 15.69 to 15.97. Use the arrow keys to read each point.15.6015.7015.8015.9010 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
1.74K sh
52W range
low $15.25high $42.12
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 5.30%.

The ETF.net UPLT Grade

Based on 5 of 6 pillars

D

Score 38 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
71 of 99
Six-pillar profile for UPLT. Scores out of 100: Cost 51, Risk 16, Mission 81, Tradability 37, Holdings not scored, Durability 33. Strongest: Mission (81). Weakest: Risk (16). Based on 5 of 6 pillars.

Score 38 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
38
This cap took
0
Published Score
38 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.
    A81 out of 100
    Rank 7 of 13

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F16 out of 100
    Rank 88 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D37 out of 100
    Rank 68 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 UPLT

ETF.net Research

In short

DPlatinum, with the volume turned up. UPLT is the first and only ETF built to track twice platinum's daily move, and it lives inside a 1940 Act fund, so holders get a 1099 instead of a K-1.

Stated mandate

The Fund seeks daily investment results, before fees and expenses, that correspond to two times the daily performance of platinum's price.

Why people hold it

  • The first and only ETF targeting 2x the daily return of platinum, a corner of the metals market geared funds had skipped until 2026.proshares.com
  • Built as a registered fund rather than a commodity partnership, so tax season brings a 1099, not a K-1.proshares.com
  • 0.95% net of a waiver through September 30, 2027, near the typical fee among leveraged bull funds and level with ProShares' own Ultra Dow30 (DDM, 0.95%).
  • Hits its daily 2x target through swaps benchmarked to the abrdn Physical Platinum Shares ETF (PPLT), so there's no physical metal or futures account on your end.sec.gov

Worth knowing

  • The 2x target resets every day. Hold longer and compounding plus platinum's swings can push results away from 2x the period's move, in either direction.sec.gov
  • That 0.95% is a waived number good through September 30, 2027. The gross ratio is 5.30%, so the cost can step up if the waiver isn't extended.
  • Launched in 2026 and still a small, thinly traded fund, so spreads can run wider than on the big geared index ETFs.

UPLT 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.
UPLT$6,917
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. UPLT $6,917. SPY $10,141. Use the arrow keys to read each point.$8,000$10,000$12,000Jul 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 UPLT. Periods over one year show the average yearly return.
PeriodUPLT
Year to dateFund launched this yearNo data
1 month−31.3%
3 months−30.8%
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 UPLT
YearReturn barUPLT
2026 YTD−60.2%

History from Apr 21, 2026

UPLT in the news

UPLT Dividends

Last payment
$0.17 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 $0.17. Use the arrow keys to read each point.2026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.17
Jun 24, 2026Jun 30, 2026$0.06

UPLT Risk

Risk pillarF16 out of 100Rank 88 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.
1.91
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.

UPLT Cost

Compare UPLT 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.

  • UPLT 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • UPLT 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$20K051015202530UPLT $17,869WX $4,155

Year by year

YearUPLTWXOverpaying
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 5.30%− waiver 4.35%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 5.30% unless ProShares renews it. Source: prospectus, Sep 2026.

Other funds in Leveraged Long (2x & Other)

See others