ProShares Ultra Utilities
DThis 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.
$20.05+0.32 (+1.60%)
- 1.59%
- $12M
- −17.3%
- 1.93%
- 0M sh
- $19.82
- low $17.57high $26.80
The ETF.net UPW Grade
D
Score 37 out of 100
- 72 of 99
Score 37 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.
Cost
The fund’s net expense ratio, ranked against its category.F16 out of 100Rank 83 of 99Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B60 out of 100Rank 34 of 96Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.C48 out of 100Rank 55 of 99Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B67 out of 100Rank 6 of 23Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B64 out of 100Rank 28 of 99
Our read on UPW
DUtilities are the market's slow lane. UPW doubles the speed limit: 2x the daily move of the S&P utilities sector, and per ProShares the only ETF doing it. Daily reset makes it a short-horizon trading tool, not a dividend sleeve.
The fund seeks daily investment results, before fees and expenses, equal to two times the daily performance of the S&P Utilities Select Sector SM Index.
Why people hold it
- ProShares calls it the only ETF targeting 2x the daily return of the utilities sector, so there is no direct substitute to shop against.proshares.com
- Live since 2007, through the financial crisis, the COVID crash and multiple rate cycles. Rare longevity for a geared sector fund.
- One ticker, one brokerage order: magnified utilities exposure without a margin account. The index behind it tracks roughly 40 large US utility names.proshares.com
Worth knowing
- At 1.59% a year, the fee sits well above the typical geared fund. That drag bites hardest on positions held longer than intended.
- The 2x target resets daily. Over longer stretches, compounding means returns can differ, sometimes sharply, from 2x the index, especially in choppy markets.sec.gov
- A small fund with light trading volume, which can mean wider bid-ask spreads than the marquee leveraged names like QLD or UDOW.
UPW Holdings
- Stocks
- 32
- 71%
- Net Other Assets (Liabilities)
Sectors
- Utilities100.0%
Geography
- United States100.00%
UPW Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
UPW$8,266
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.
| Period | UPW |
|---|---|
| Year to date | −7.8% |
| 1 month | −3.4% |
| 3 months | −17.0% |
| 1 year | −17.3% |
| 3 years | +21.7% |
| 5 years | +6.7% |
| 10 years | +8.6% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | UPW |
|---|---|---|
| 2026 YTD | −7.8% | |
| 2025 | +23.6% | |
| 2024 | +37.3% | |
| 2023 | −24.1% | |
| 2022 | −6.1% | |
| 2021 | +30.6% | |
| 2020 | −17.2% |
UPW in the news
UPW Dividends
- 1.93%
- $0.38
- $0.13 per share
- Quarterly
Distribution history
UPW 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.
- 30.2%
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.
- 0.53
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.
- −50.6%
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.
- 0.80
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
UPW Cost
1.59%
UPW1.59%
- The middle half of Leveraged Long (2x & Other) funds
- Median 1.00%
82 of the 95 Leveraged Long (2x & Other) funds charge less.
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