UBT vs UYG

UBTBProShares Ultra 20+ Year Treasury

UYGAProShares Ultra Financials

In short

UBT The leveraged bull aisle is wall-to-wall stock funds. UBT is the duration trade: 2x the daily move of the ICE U.S. Treasury 20+ Year Bond Index, and ProShares calls it the only ETF targeting that exact 2x.

UYG Listed in January 2007, a year before the banking crash, UYG targets 2x the daily move of the financial stocks in the S&P 500. A veteran of the leveraged shelf, priced at 0.93% with no fee waiver propping that number up.

Stated mandate

UBT The Fund seeks daily investment results, before fees and expenses, that correspond to two times the daily performance of the ICE U.S. Treasury 20+ Year Bond Index.

UYG UYG seeks pre-expense daily results equal to 2x the daily performance of the S&P Financial Select Sector Index. It is designed to provide magnified financials-sector exposure on a daily basis.

Why people hold it

• UBT A one-off by its issuer's account: ProShares states UBT is the only ETF targeting 2x the daily return of the ICE U.S. Treasury 20+ Year Bond Index.proshares.com
• 0.95% net of a waiver through September 30, 2027 (0.98% gross), near the category median and level with stablemate DDM at 0.95%.
• Trading since January 2010, through zero-rate years and the rate spike that followed. Among the more solid builds in a crowded leveraged-long field.
• 2x is the gentler dial on long-Treasury leverage; the same index is also tracked at 3x daily by a competing fund, where compounding bites harder.direxion.com

• UYG One of the originals: on the tape since January 30, 2007, still running the same mandate of 2x the daily performance of the S&P Financial Select Sector Index.proshares.com
• At 0.93% with no waiver doing the work, it sits near the median fee of its leveraged peer group and level with sibling ROM (0.93%). QLD is 0.89%, but net of a waiver through September 30, 2027.
• The whole sector in one ticker: banks, insurers and capital-markets firms from the S&P 500, roughly 80 names, geared daily.proshares.com
• Stands in the top tier of the leveraged bull funds we grade, a group of close to a hundred tickers.

Worth knowing

• UBT The 2x target resets every day, so results over weeks or months depend on the path the index took, not just where it ended. Choppy stretches work against you.proshares.com
• Bonds maturing in 20+ years are the most rate-sensitive corner of the Treasury curve. Doubling that daily move magnifies both directions.
• Moderately traded next to the leveraged equity heavyweights, so spreads and order type matter more here than in the category's busiest names.

• UYG The 2x target is a one-day target and resets each day. Over longer holds the result comes from compounding daily moves, and in choppy markets that can land well off twice the index's return for the period.proshares.com
• One sector, doubled. Financials move with rates, credit conditions and deal flow, and UYG amplifies that daily swing in both directions.
• It changes hands less than the headline leveraged funds, so the spread is worth a look before you place an order.

Full UBT profile⁠

Full UYG profile⁠