DDM vs UGL

DDMBProShares Ultra Dow30

UGLCProShares Ultra Gold

In short

DDM The Dow dates to 1896. DDM is the only ETF built to double its daily move: 2x the Dow Jones Industrial Average, reset every single day, for 0.95% a year, running since 2006.

UGL A 2x gold trade in ETF clothing: UGL targets twice the daily move of the Bloomberg Gold Subindex using futures and swaps, no bullion in a vault. It has run this playbook since 2008, a long life for a leveraged commodity fund.

Stated mandate

DDM The fund seeks daily investment results, before fees and expenses, corresponding to twice the daily performance of the Dow Jones Industrial Average.

UGL UGL seeks to deliver approximately twice the daily performance of the Bloomberg Gold Subindex before fees and expenses. It obtains this exposure through futures and swaps rather than direct ownership of gold.

Why people hold it

• DDM The only ETF that targets 2x the daily return of the Dow Jones Industrial Average. Leveraged blue-chip exposure through one ticker, no margin account needed.proshares.com
• Trading since 2006, and its day-to-day results have stayed close to the 2x daily target across nearly two decades of market cycles.proshares.com
• Easy to get in and out of for a fund its size, and one of the strongest implementations in its peer group of leveraged bull funds.
• The 0.95% fee sits near the typical charge for leveraged funds, and it is the standing rate, not a number propped up by a temporary waiver.

• UGL Charges 0.95% a year, below the typical leveraged fund's fee, so the cost drag on a levered gold position is a little lighter.
• Trading since December 2008, it has been through full gold cycles, boom and bust. That is an unusually long run for a leveraged commodity product.
• Actively traded rather than a forgotten ticker, which matters when your holding period is measured in days.
• Stands among the stronger implementations in a crowded leveraged-bull field that includes names like UDOW and QLD.

Worth knowing

• DDM The 2x target resets daily. Hold for weeks and compounding takes over, so results can land well away from twice the Dow's move, especially in choppy markets.proshares.com
• The Dow is price-weighted across 30 blue chips, so a high-priced stock swings it more than a far larger company does.spglobal.com
• Sibling leveraged funds cost a little less: QLD charges 0.89% net of a waiver through September 30, 2027, against a 0.96% gross rate.

• UGL The 2x target resets every day. Over longer holds, results can differ from twice the index's move for the period, and choppy gold tape works against you.proshares.com
• Exposure comes from futures and swaps, not gold sitting in a vault, so contract roll costs and swap counterparties are part of the package.proshares.com
• Organized as a commodity pool rather than a conventional stock fund, so its structure and tax paperwork differ from an equity ETF's. It is not built to pay income.

Full DDM profile⁠

Full UGL profile⁠