UWM vs UYG

UWMBProShares Ultra Russell2000

UYGAProShares Ultra Financials

In short

UWM A double dose of small caps: UWM aims for twice the Russell 2000's daily move, and it is one of the 2007 originals in the ProShares Ultra lineup. Fee is 0.95% net of a waiver through September 30, 2027.

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

UWM UWM seeks daily, pre-fee investment results equal to twice the daily performance of the Russell 2000 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

• UWM Twice the daily move of the Russell 2000, an index of about 2,000 small caps rather than a handful of mega-caps. It is a 1940 Act fund, so shareholders get a 1099, not a K-1.proshares.com
• Trading since January 2007, it has reset its leverage every session through the financial crisis, the 2020 crash and 2022. Few leveraged funds have that much road behind them.proshares.com
• 0.95% net of a waiver through September 30, 2027 (1.08% gross) sits near the middle of its category on fee; stablemate QLD charges 0.89% net of a waiver through September 30, 2027.
• Among the stronger implementations in a field of nearly 100 leveraged bull funds, on both how closely it hits its daily target and how smoothly it trades.

• 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

• UWM The 2x is a one-day target. Leverage resets daily, so across choppy weeks the result can land well short of twice the index move, up or down.proshares.com
• Small caps are jumpy before leverage. ProShares states these funds are for investors who manage positions daily, not set-and-forget holders.proshares.comproshares.com 2
• If the waiver lapses after September 30, 2027, the fee reverts toward the 1.08% gross figure, and leverage financing costs sit on top of that.

• 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 UWM profile⁠

Full UYG profile⁠