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Launched · SEC filings

ProShares Ultra Utilities

UPWNYSE ArcaProSharesBThis 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.

$21.79+0.29 (+1.35%)

As of Nov 2, 2026, 3:59 PM ET

B55/ 100

Rank 20 of 99 in Leveraged Long (2x & Other)

B55/100Rank 20 of 99inLeveraged Long (2x & Other)
Intraday session: up, 79 prints from 21.50 to 21.79. Range 21.30 to 21.80. Use the arrow keys to read each point.21.3021.4021.6021.7010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$13M
1Y total return
−7.7%
Yield · Last 12 months
1.77%
Holdings
32
Avg volume · 30D
19.6K sh
52W range
low $17.57high $26.80
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 1.55%.

The ETF.net UPW Grade

Based on 5 of 6 pillars

B

Score 55 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
20 of 99
Six-pillar profile for UPW. Scores out of 100: Cost 51, Risk 62, Mission not scored, Tradability 57, Holdings 69, Durability 65. Strongest: Holdings (69). Weakest: Cost (51). Based on 5 of 6 pillars.

Score 55 of 100 falls in the B 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.
    C51 out of 100
    Rank 32 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.
    B62 out of 100
    Rank 33 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B57 out of 100
    Rank 40 of 99

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B69 out of 100
    Rank 7 of 27

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 26 of 99

Our read on UPW

ETF.net Research

In short

BUtilities are the market's sleepy defensive corner. UPW is the only ETF that bolts 2x daily leverage onto them, and it has been running that trade since 2007.

Stated mandate

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 says UPW is the only ETF targeting 2x the daily return of the utilities sector. One ticker, no rival lineup to price-shop.proshares.com
  • Fee is 0.95% net of a waiver through September 30, 2027, near the typical leveraged bull charge and the same net price as stablemate DDM (0.95%).
  • The benchmark is the utilities inside the S&P 500: a few dozen electric, gas, water and multi-utility names. ProShares moved to that index in 2023 from a broader Dow Jones gauge.proshares.comsec.gov
  • Trading since January 2007, a long run for a leveraged sector fund, and it pays distributions quarterly.

Worth knowing

  • The 2x target covers one day only. Over longer holds compounding takes over: choppier, sideways stretches tend to drag results below 2x the index move.sec.gov
  • That 0.95% is net of a waiver. The gross expense ratio is 1.55%, so the sticker price past September 30, 2027 hangs on whether ProShares extends it.
  • Small and lightly traded next to the giant leveraged index ETFs, so bid-ask spreads and the size of your order matter more here.

UPW Performance

Launched Jan 30, 2007

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

UPW$9,227
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. UPW $9,227. SPY $11,199. Use the arrow keys to read each point.$8,000$9,000$10,000$11,000Oct 2025May 2026Oct 2026

Oct 31, 2025 – 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 UPW. Periods over one year show the average yearly return.
PeriodUPW
Year to date+0.4%
1 month+20.1%
3 months−5.0%
1 year−7.7%
3 yearsper year+24.0%
5 yearsper year+6.9%
10 yearsper year+8.6%

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 UPW
YearReturn barUPW
2026 YTD+0.4%
2025+23.6%

UPW in the news

UPW Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
1.77%Last 12 months
Payout per share
$0.38Last 12 months
Last payment
$0.13 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2019–2026

One bar per payment. 13 payments from 2019 to 2026 YTD. Dec 24, 2019 $0.09; Mar 25, 2020 $0.06; Dec 23, 2020 $0.05; Mar 20, 2024 $0.06; Jun 26, 2024 $0.08; Dec 23, 2024 $0.13; Mar 26, 2025 $0.08; Jun 25, 2025 $0.11; Sep 24, 2025 $0.09; Dec 24, 2025 $0.09; Mar 25, 2026 $0.07; Jun 24, 2026 $0.10; Sep 23, 2026 $0.13. Use the arrow keys to read each point.20192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.13
Jun 24, 2026Jun 30, 2026$0.10
Mar 25, 2026Mar 31, 2026$0.07
Dec 24, 2025Dec 31, 2025$0.09
Sep 24, 2025Sep 30, 2025$0.09
Jun 25, 2025Jul 1, 2025$0.11
Mar 26, 2025Apr 1, 2025$0.08
Dec 23, 2024Dec 31, 2024$0.13
Sep 25, 2024Oct 2, 2024No data
Jun 26, 2024Jul 3, 2024$0.08
Mar 20, 2024Mar 27, 2024$0.06
Dec 20, 2023Dec 28, 2023No data

See all 75 payments⁠

$10,000 in UPW 10 years ago paid $1,204 in dividends.⁠

UPW Risk

Risk pillarB62 out of 100Rank 33 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.
32.0%
Annualised · 36 months to Oct 2026
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.
0.69
vs 3-month T-bills · to Oct 2026
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.
−50.6%
Trough Oct 2023
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.
0.80
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.

UPW Cost

Compare UPW 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.

  • UPW 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • UPW 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$20K051015202530UPW $17,869WX $4,155

Year by year

YearUPWWXOverpaying
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 1.55%− waiver 0.60%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 1.55% unless ProShares renews it. Source: prospectus, Sep 2026.

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