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DDM vs UPAL

ProShares Ultra Dow30

DDMBNYSE Arca

ProShares Ultra Palladium K-1 Free ETF

UPALDNYSE Arca

Overlap

Expense ratio

Same figure. Both funds show the same value, so neither comes out ahead.

DDM0.95%UPAL0.95%

Avg volume · 30D

DDM 170.7×the volume

DDM185KUPAL1.09K

DDM vs UPAL Performance

Jul 31, 2026 – Oct 30, 2026

−3.9%DDM−46.8%UPAL

Jul 31, 2026 to Oct 30, 2026. DDM −3.9%. UPAL −46.8%. Use the arrow keys to read each point.−20%20%Jul 2026Sep 2026Oct 2026
Expense ratio
DDM 0.95%
UPAL 0.95%
Fund size
DDM $507M
UPAL $0
1Y total return
DDM +13.4%
UPAL No data
Yield (12M)
DDM 0.98%
UPAL No data
Holdings
DDM 34
UPAL 1
Avg volume (30D)
DDM 185K sh, better
UPAL 1.09K sh
NAV per share
DDM $62.99
UPAL $12.72
52W range

ETF.net Grade

DDM: Cost 51, Risk 79, Mission 92, Tradability 93, Holdings 53, Durability 79. UPAL: Cost 51, Risk 13, Mission 21, Tradability 29, Holdings not scored, Durability 33.
Pillar letters and Scores for DDM, UPAL, with each pillar’s weight
PillarDDMUPAL
Cost30% weightC51C51
Mission25% weightA92HigherF21
Risk15% weightA79HigherF13
Tradability15% weightA93HigherD29
Holdings10% weightC53Not scored
Durability5% weightA79HigherD33

Rank among Leveraged Long (2x & Other) funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. DDM and UPAL are both graded against the same 95 Leveraged Long (2x & Other) funds, so their Grades compare head to head.

Leveraged Long (2x & Other)⁠

Category · 95 funds
See all 95 ›

DDM ranks 4th and UPAL 75th of 95 funds in the Leveraged Long (2x & Other) Category.

  1. Rank 1AQLDProShares Ultra QQQScore 77
  2. Rank 2AUYGProShares Ultra FinancialsScore 74
  3. Rank 3AROMProShares Ultra TechnologyScore 71
  4. Rank 4BDDMProShares Ultra Dow30Score 69
  5. Rank 5BUSDProShares Ultra SemiconductorsScore 68
  6. Rank 75DTTXUDirexion Daily Technology Top 5 Bull 2X ETFScore 35
  7. Rank 75DUPALProShares Ultra Palladium K-1 Free ETFScore 35
  8. Rank 78DNUGTDirexion Daily Gold Miners Index Bull 2X ETFScore 34

Our read on each fund

ETF.net Research

DDMBProShares Ultra Dow30

UPALDProShares Ultra Palladium K-1 Free ETF

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.

UPAL The first ETF built to target 2x palladium's daily move, and it sends a 1099 instead of a K-1. Swap-based, resets every day, 0.95% net of a waiver through September 30, 2027.

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.

UPAL UPAL seeks daily investment results, before fees and expenses, corresponding to two times the daily performance of palladium. Its objective is designed for a single day rather than a longer holding period.

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.
  • UPAL First ETF aiming at 2x palladium's daily move, built on swaps referencing a physically backed palladium ETF (PALL) rather than futures contracts that need rolling.proshares.comproshares.com 2
  • Form 1099, not a Schedule K-1. It is registered under the 1940 Act, unlike the partnership-structured commodity funds that mail K-1s each spring.proshares.comproshares.com 2
  • At 0.95% net of a waiver through September 30, 2027, it is priced near the typical geared fund and level with ProShares' Ultra Dow30 (DDM, 0.95%), niche metal and all.

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.
  • UPAL The 2x target resets each day. Hold longer and results can drift from twice palladium's move, especially after choppy stretches.
  • That 0.95% is a waived price: gross expenses run 5.57%, waived down through September 30, 2027.
  • Launched in 2026, it is still small and lightly traded, so spreads can swing. Bank swap counterparties, not metal in a vault, stand behind the exposure.proshares.com

Full DDM profile⁠

Full UPAL profile⁠

DDM vs UPAL Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

DDM vs UPAL Cost

Same expense ratio

$17,869

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

  • DDM 0.95%

    $17,869

  • UPAL 0.95%

    $17,869

$10,000
30 years

Cost over time

  • DDM 0.95%
  • UPAL 0.95%
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530DDM $17,869UPAL $17,869

Year by year

YearDDMUPAL
10$1,678$1,678
20$6,322$6,322
30$17,869$17,869

Expense ratio

  • 0.95%DDM
  • 0.95%UPAL
  • Middle half of Leveraged Long (2x & Other) funds
  • Median 0.95%

DDM 32nd cheapest of 95 funds

UPAL 32nd cheapest of 95 funds

DDM vs UPAL Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
DDM 0.98%
UPAL No data
Payout (12M)
DDM $0.62
UPAL No data
Last payment
DDM $0.15
UPAL $0.16
Ex-dividend
DDM Sep 23, 2026
UPAL Sep 23, 2026
Paid on
DDM Sep 29, 2026
UPAL Sep 29, 2026
Frequency
DDM Quarterly
UPAL Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

DDMQuarterly · 33 paymentsAll DDM payments⁠
One bar per payment. 33 payments from 2017 to 2026 YTD. Mar 22, 2017 $0.04; Jun 21, 2017 $0.03; Sep 27, 2017 $0.04; Dec 26, 2017 $0.04; Mar 21, 2018 $0.03; Jun 20, 2018 $0.03; Sep 26, 2018 $0.06; Dec 26, 2018 $0.04; Mar 20, 2019 $0.04; Jun 25, 2019 $0.05; Dec 24, 2019 $0.07; Mar 25, 2020 $0.06; Jun 24, 2020 $0.0055; Dec 23, 2020 $0.02; Mar 23, 2021 $0.01; Sep 22, 2021 $0.0052; Dec 23, 2021 $0.05; Mar 23, 2022 $0.07; Jun 22, 2022 $0.04; Sep 21, 2022 $0.04; Dec 22, 2022 $0.12; Dec 20, 2023 $0.11; Mar 20, 2024 $0.12; Jun 26, 2024 $0.13; Sep 25, 2024 $0.14; Dec 23, 2024 $0.09; Mar 26, 2025 $0.13; Jun 25, 2025 $0.13; Sep 24, 2025 $0.15; Dec 24, 2025 $0.14; Mar 25, 2026 $0.16; Jun 24, 2026 $0.17; Sep 23, 2026 $0.15. Use the arrow keys to read each point.$0$0.202017202020232026YTD
UPALQuarterly · 2 paymentsAll UPAL payments⁠
One bar per payment. 2 payments from 2017 to 2026 YTD. Jun 24, 2026 $0.06; Sep 23, 2026 $0.16. Use the arrow keys to read each point.$0$0.202017202020232026YTD

DDM vs UPAL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
DDM 24.6%UPAL No data
Return per unit of riskSharpe ratio, 3 years
DDM 0.96UPAL No data
Worst fallMax drawdown, 5 years
DDM −40.2%UPAL No data
Market sensitivityBeta, 5 years
DDM 1.74UPAL −1.84

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