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Launched · SEC filings

ProShares UltraShort Yen

YCSNYSE 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.

$54.57+0.27 (+0.50%)

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

B62/ 100

Rank 5 of 54 in Leveraged Inverse (2x & Other)

B62/100Rank 5 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 79 prints from 54.30 to 54.57. Range 54.45 to 54.62. Use the arrow keys to read each point.54.3554.4054.4554.5010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$27M
1Y total return
+11.7%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
23.3K sh
52W range
low $47.89high $57.92
Launched
Filings
SEC EDGAR

The ETF.net YCS Grade

Based on 4 of 6 pillars

B

Score 62 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
5 of 54
Six-pillar profile for YCS. Scores out of 100: Cost 50, Risk 88, Mission not scored, Tradability 62, Holdings not scored, Durability 59. Strongest: Risk (88). Weakest: Cost (50). Based on 4 of 6 pillars.

Score 62 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.
    C50 out of 100
    Rank 1 of 54

  • 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.
    A88 out of 100
    Rank 2 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B62 out of 100
    Rank 15 of 54

  • 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.
    B59 out of 100
    Rank 13 of 54

Our read on YCS

ETF.net Research

In short

BA 2008-vintage ProShares fund built for one job: expressing a bearish yen view at twice the daily move, in a brokerage account, without an FX platform or margin desk. Currency trading, ticker-sized.

Stated mandate

YCS seeks daily results corresponding to -2 times the daily performance of the Japanese yen relative to the U.S. dollar, before fees and expenses.

Why people hold it

  • One of the few listed ways to short the yen with leverage: YCS targets -2x the daily move of the Japanese yen against the U.S. dollar, before fees, using currency forwards.proshares.com
  • It has been running since 2008, through multiple yen regimes. Longevity is rare in leveraged and inverse land, where products get closed when the theme goes quiet.investing.com
  • The 0.95% expense ratio sits below the typical leveraged or inverse fund, and ETF.net rates the overall build among the strongest in that peer group.

Worth knowing

  • The -2x target resets daily. Hold longer than a day and compounding takes over, so results can differ from -2x the yen's move over that stretch, especially in choppy currency markets.proshares.com
  • It is a commodity pool, not a 1940 Act fund. That means Schedule K-1 tax paperwork instead of a 1099, and none of the Investment Company Act protections.proshares.comproshares.com 2
  • Small and thinly traded, so bid-ask spreads carry more weight than in a mega-cap ETF. Limit orders are the standard tool here. ProShares also does not expect these funds to pay distributions.proshares.com

YCS 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.

YCS$11,173
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. YCS $11,173. SPY $11,199. Use the arrow keys to read each point.$10,000$11,000$12,000Oct 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 YCS. Periods over one year show the average yearly return.
PeriodYCS
Year to date+6.7%
1 month+0.9%
3 months−0.6%
1 year+11.7%
3 yearsper year+11.6%
5 yearsper year+21.6%
10 yearsper year+12.8%

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 YCS
YearReturn barYCS
2026 YTD+6.7%
2025+9.0%
2024+35.4%
2023+28.7%
2022+29.1%
2021+22.4%
2020−11.2%

YCS in the news

YCS Dividends

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

No distributions in the last 12 months.

YCS Risk

Risk pillarA88 out of 100Rank 2 of 53 in Leveraged Inverse (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.
20.1%
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.
0.42
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.
−27.3%
Trough Jan 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.
−0.39
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.

YCS Cost

Compare YCS and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • YCS 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • YCS 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530YCS $17,869QQQD $9,979

Year by year

YearYCSQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890

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