UYG vs XPP

UYGAProShares Ultra Financials

XPPCProShares Ultra FTSE China 50

In short

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.

XPP The 2x dial on China's Hong Kong blue chips: the 50 biggest HK-listed Chinese names, doubled daily. ProShares calls it the only ETF targeting 2x that index. Fee is 0.95% net of a waiver through September 30, 2027.

Stated mandate

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.

XPP The fund seeks daily results, before fees and expenses, equal to two times the daily performance of the FTSE China 50 Index.

Why people hold it

• 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.

• XPP ProShares calls it the only ETF targeting 2x the daily return of the FTSE China 50, bought and sold like any stock in a brokerage account.proshares.com
• 0.95% net of a waiver through September 30, 2027 (1.49% gross), near the category norm. QLD runs 0.89% net of a waiver through the same date; DDM also charges 0.95%.
• Rules-based underneath: the 50 largest, most liquid Hong Kong listed Chinese companies (H Shares, Red Chips, P Chips), cap weighted with limits, reviewed quarterly.proshares.com
• Live since 2009, a long run for a leveraged fund, and it sits in the upper half of a crowded leveraged long field.

Worth knowing

• 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.

• XPP Leverage resets daily. Over longer holds the path matters as much as the direction, and choppy markets can leave results short of 2x the index move.proshares.com
• Small by assets and lightly traded, so bid-ask spreads and trade timing matter more here than with the headline leveraged names.
• Concentrated by design: the prospectus flags banks industry risk, Chinese investments risk (government control of markets, trading suspensions) and non-diversification.proshares.com

Full UYG profile⁠

Full XPP profile⁠