# UBT (ProShares Ultra 20+ Year Treasury)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: UBT returned −9.7% where its own daily promise gave −9.2%, 0.5 points short.

## Key facts

- UBT, what TLT did: −4.6%, as of Sep 11, 2026.
- UBT, what +2 times a day gives: −9.2%, as of Sep 11, 2026.
- UBT, what the fund returned: −9.7%, as of Sep 11, 2026.
- UBT, the fund itself cost: −0.5 pts, as of Sep 11, 2026.
- UBT, net assets: $58m (issuer page, as of Sep 11, 2026).
- UBT, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## UBT over each window to Sep 11, 2026

| Window | Fund | TLT | +2x the move | Difference | TLT moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −2.4% | −1.1% | −2.3% | −0.2 pts | 10% |
| 3 months | −9.7% | −4.6% | −9.2% | −0.5 pts | 9% |
| 6 months | −10.6% | −4.4% | −8.7% | −1.9 pts | 10% |
| 1 year | −16.5% | −6.4% | −12.7% | −3.8 pts | 9% |
| 3 years | −22.8% | −2.6% | −5.1% | −17.6 pts | 14% |
| Since launch | +0.3% | +43.4% | +86.8% | −86.6 pts | 15% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of TLT, reset daily | ETFIQ |
| Multiple a holder actually got over the window | TLT moved −4.6% over this window, too little to read a multiple from | ETFIQ |
| Underlying | TLT | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $58m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 21, 2010 | ETFIQ |
| Underlying volatility over the window | 9% annualized | ETFIQ |

## Questions

### Did UBT return +2 times TLT?

Over the window to Sep 11, 2026, TLT moved −4.6% and UBT returned −9.7%. 2 times that move is −9.2%, so the fund came out 0.5 points short of it.

### Why does UBT not return +2 times over a year?

Because it resets daily. UBT aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, UBT, data as of Sep 11, 2026. https://etfiq.com/funds/UBT
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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