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Launched · SEC filings

ProShares Ultra Yen

YCLNYSE 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.

$18.13−0.03 (−0.17%)

At close: Nov 2, 2026, 4:00 PM ET

B55/ 100

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

B55/100Rank 20 of 99inLeveraged Long (2x & Other)
Intraday session: down, 79 prints from 18.16 to 18.13. Range 18.09 to 18.17. Use the arrow keys to read each point.18.0818.1018.1218.1410 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$29M
1Y total return
−8.6%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
33K sh
52W range
low $16.99high $20.18
Launched
Filings
SEC EDGAR

The ETF.net YCL Grade

Based on 4 of 6 pillars

B

Score 55 out of 100

Category
Leveraged Long (2x & Other)⁠
Rank
20 of 99
Six-pillar profile for YCL. Scores out of 100: Cost 51, Risk 57, Mission not scored, Tradability 61, Holdings not scored, Durability 69. Strongest: Durability (69). Weakest: Cost (51). Based on 4 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.
    B57 out of 100
    Rank 41 of 98

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B61 out of 100
    Rank 33 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.
    B69 out of 100
    Rank 19 of 99

Our read on YCL

ETF.net Research

In short

BThe only US ETF built to double the yen's daily move against the dollar. A one-day macro tool wrapped as a commodity pool, on the shelf since 2008 for traders with a view on dollar-yen.

Stated mandate

YCL seeks daily investment results, before fees and expenses, equal to two times the daily performance of the Japanese yen against the U.S. dollar.

Why people hold it

  • One of a kind: ProShares states no other ETF targets 2x the daily performance of the yen versus the dollar. The alternative route is futures, forwards or a margin account.proshares.com
  • 0.95% a year sits under the typical fee for leveraged funds, and the fund has been running since 2008, through multiple dollar-yen regimes.
  • The mechanism is plain: two times the yen's daily move against the dollar, reset each day, traded through one ticker in an ordinary brokerage account.proshares.com

Worth knowing

  • Daily reset compounds. Over any stretch longer than a day, results can land well away from 2x the yen's move, and choppy currency markets widen that gap.proshares.com
  • Structured as a commodity pool under ProShares Trust II, so it sends a Schedule K-1 at tax time rather than a 1099.proshares.com
  • Trading is light next to the big equity-index leveraged funds like UDOW and QLD, which can show up as wider spreads around the quote.

YCL Performance

Launched Nov 24, 2008

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

YCL$9,144
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. YCL $9,144. SPY $11,199. Use the arrow keys to read each point.$9,000$10,000$11,000Oct 2025Apr 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 YCL. Periods over one year show the average yearly return.
PeriodYCL
Year to date−4.7%
1 month−0.5%
3 months+1.2%
1 year−8.6%
3 yearsper year−9.1%
5 yearsper year−17.8%
10 yearsper year−12.5%

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 YCL
YearReturn barYCL
2026 YTD−4.7%
2025−6.3%
2024−26.0%
2023−20.5%
2022−26.9%
2021−20.9%
2020+7.2%

YCL in the news

YCL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

YCL Risk

Risk pillarB57 out of 100Rank 41 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.
19.7%
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.
−0.61
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.
−65.4%
Trough Jul 2026
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.
0.38
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.

YCL Cost

Compare YCL 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.

  • YCL 0.95%

    $17,869

  • WX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • YCL 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$20K051015202530YCL $17,869WX $4,155

Year by year

YearYCLWXOverpaying
10$1,678$365$1,313
20$6,322$1,421$4,901
30$17,869$4,155$13,714

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