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YCS

GradeANew York Stock Exchange Arca

ProShares - UltraShort Yen

Leveraged · Leveraged & Inverse · ProShares · Inception 2008-11-24 · SEC filings

This 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.

$54.33+0.59 (+1.11%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 58 prints from 53.73 to 54.33. Range 54.08 to 54.43. Use the arrow keys to read each point.$54.10$54.20$54.4010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$26M
1Y return
+21.3%
Yield · Last 12 months
—
Holdings
3
Volume · 30D
0M sh
NAV per share
$53.29
52W range
low $43.79high $57.92

The ETF.net YCS Grade

A

79/ 100

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

Confidence Medium

Six-pillar profile for YCS. Scores out of 100: Cost 88, Risk 91, Mission not scored, Tradability 57, Holdings not scored, Durability 59. Strongest: Risk (91). Weakest: Tradability (57). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 79 of 100 sits in the A 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.
    AScore 88
    Category rank10/54 · top 19%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 91
    Category rank2/53 · top 4%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 57
    Category rank21/54 · top 39%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank14/54 · top 26%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on YCS

ETF.net Research

AA 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

  1. 01One 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
  2. 02It 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
  3. 03The 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

  1. 01The -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.prospectus.proshares.com
  2. 02It 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.comprospectus.proshares.com
  3. 03Small 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 Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
3
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%26,509,475$27M162

Showing 1–1 of 1 holdings

YCS Performance

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

YCS$12,134
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. YCS $12,134. SPY $11,723. Use the arrow keys to read each point.$9,248$11,299$13,350Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for YCS. Periods over one year show the average yearly return.
PeriodYCS
Year to date+5.6%
1 month−1.5%
3 months−3.8%
1 year+21.3%
3 years+13.3%per year
5 years+23.2%per year
10 years+13.6%per year

As of the close, 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+5.6%
2025+9.0%
2024+35.4%
2023+28.7%
2022+29.1%
2021+22.4%
2020−11.2%

YCS in the news

ETF.net Research hasn’t filed on YCS yet — coverage lands here as it’s written.

YCS Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

YCS 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.

How much the fund’s monthly returns vary, scaled to a year.
20.2%
Annualised · 36 months to Aug 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.
0.62
vs 3-month T-bills · to Aug 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.

YCS Cost

Expense ratio0.95%
  • The middle half of Leveraged Inverse (2x & Other) funds
  • Median 1.44%

3 of the 53 Leveraged Inverse (2x & Other) funds charge less.

YCS costs $95.00 a year on $10,000. The median Leveraged Inverse (2x & Other) fund costs $144.00.