ProShares - UltraShort Yen
AThis 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.
$54.66−0.12 (−0.22%)
- 0.95%
- $27M
- +17.1%
- 0M sh
- $54.85
- low $46.04high $57.92
The ETF.net YCS Grade
A
Score 78 out of 100
- 2 of 54
Score 78 of 100 falls in the A 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.A88 out of 100Rank 4 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.A89 out of 100Rank 2 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B57 out of 100Rank 20 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B60 out of 100Rank 12 of 54
Our read on YCS
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.
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.prospectus.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.comprospectus.proshares.com
- 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 Holdings
- Other
- 1
- 100%
- Net Other Assets (Liabilities)
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$11,713
Returns run to the Oct 12, 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 | YCS |
|---|---|
| Year to date | +7.6% |
| 1 month | +7.1% |
| 3 months | −2.4% |
| 1 year | +17.1% |
| 3 years | +13.1% |
| 5 years | +22.0% |
| 10 years | +13.1% |
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 | YCS |
|---|---|---|
| 2026 YTD | +7.6% | |
| 2025 | +9.0% | |
| 2024 | +35.4% | |
| 2023 | +28.7% | |
| 2022 | +29.1% | |
| 2021 | +22.4% | |
| 2020 | −11.2% |
YCS in the news
YCS Dividends
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.
- 20.1%
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.
- 0.47
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.
- −27.3%
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.
- −0.39
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
0.95%
YCS0.95%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
3 of the 53 Leveraged Inverse (2x & Other) funds charge less.
Other funds in Leveraged Inverse (2x & Other)
- ASVXYProShares - Short VIX Short-Term Futures ETFExpense ratio 0.95%1 year return +37.3%
- AEUOProShares - UltraShort EuroExpense ratio 0.95%1 year return +13.7%
- ADOGProShares Short Dow30Expense ratio 0.99%1 year return −9.0%
- APSQProShares - Short QQQExpense ratio 1.00%1 year return −19.1%
- ARWMProShares - Short Russell2000Expense ratio 1.04%1 year return −12.9%