ProShares Ultra Utilities
$18.23−0.81 (−4.23%)
- Expense ratio
- 1.59%
- Fund size
- $12M
- 1Y return
- −12.0%
- Yield · Last 12 months
- 1.77%
- Holdings
- 38
- Volume · 30D
- 0M sh
- NAV per share
- $19.29
- 52W range
The ETF.net UPW Grade
Score 34 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 16Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.BScore 57Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 39Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.BScore 63Category rankDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.BScore 63Category rank
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
- 38
- 70%
- 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.
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.
| Period | UPW |
|---|---|
| Year to date | −11.8% |
| 1 month | −9.6% |
| 3 months | −18.5% |
| 1 year | −12.0% |
| 3 years | +13.5% |
| 5 years | +5.1% |
| 10 years | +6.5% |
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 | −11.8% | |
| 2025 | +23.6% | |
| 2024 | +37.3% | |
| 2023 | −24.1% | |
| 2022 | −6.1% | |
| 2021 | +30.6% | |
| 2020 | −17.2% |
UPW in the news
ETF.net Research hasn’t filed on UPW yet — coverage lands here as it’s written.
UPW Dividends
- 1.77%
- $0.34
- $0.10 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.10 |
| Mar 25, 2026 | Mar 31, 2026 | $0.07 |
| Dec 24, 2025 | Dec 31, 2025 | $0.09 |
| Sep 24, 2025 | Sep 30, 2025 | $0.09 |
| Jun 25, 2025 | Jul 1, 2025 | $0.11 |
| Mar 26, 2025 | Apr 1, 2025 | $0.08 |
| Dec 23, 2024 | Dec 31, 2024 | $0.13 |
| Sep 25, 2024 | Oct 2, 2024 | Data unavailable |
| Jun 26, 2024 | Jul 3, 2024 | $0.08 |
| Mar 20, 2024 | Mar 27, 2024 | $0.06 |
| Dec 20, 2023 | Dec 28, 2023 | Data unavailable |
| Sep 20, 2023 | Sep 27, 2023 | Data unavailable |
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.
- 0.52
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
- The middle half of Leveraged Long (2x & Other) funds
- Median 0.99%
80 of the 93 Leveraged Long (2x & Other) funds charge less.