# UGL (ProShares Ultra Gold)

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

Three months to Sep 11, 2026: UGL returned +3.8% where its own daily promise gave +4.8%, 1.1 points short.

## Key facts

- UGL, what GLD did: +3.2%, as of Sep 11, 2026.
- UGL, what +2 times a day gives: +4.8%, as of Sep 11, 2026.
- UGL, what the fund returned: +3.8%, as of Sep 11, 2026.
- UGL, the fund itself cost: −1.1 pts, as of Sep 11, 2026.
- UGL, expense ratio: not read by ETFIQ, as of Sep 11, 2026.
- UGL, underlying: GLD, as of Sep 11, 2026.

## UGL over each window to Sep 11, 2026

| Window | Fund | GLD | +2x the move | Difference | GLD moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −3.9% | −1.5% | −3.0% | −0.9 pts | 27% |
| 3 months | +3.8% | +3.2% | +6.3% | −2.6 pts | 25% |
| 6 months | −29.6% | −13.5% | −26.9% | −2.7 pts | 27% |
| 1 year | +22.3% | +19.1% | +38.2% | −15.9 pts | 29% |
| 3 years | +254.7% | +124.7% | not meaningful over this window | not meaningful over this window | 21% |
| Since launch | +330.8% | +263.2% | not meaningful over this window | not meaningful over this window | 17% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of GLD, reset daily | ETFIQ |
| Multiple a holder actually got over the window | GLD moved +3.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | GLD | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 25% annualized | ETFIQ |

## Questions

### Did UGL return +2 times GLD?

Over the window to Sep 11, 2026, GLD moved +3.2% and UGL returned +3.8%. 2 times that move is +6.3%, so the fund came out 2.6 points short of it.

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

Because it resets daily. UGL 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.

### Which +2x GLD ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

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

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