{
 "ticker": "UPW",
 "name": "ProShares Ultra Utilities",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/UPW",
 "html": "https://etfiq.com/funds/UPW",
 "markdown": "https://etfiq.com/funds/UPW.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: UPW returned \u22129.8% where its own daily promise gave \u22128.7%, 1.1 points short.",
 "key_facts": [
  {
   "key": "what_xlu_did",
   "label": "What XLU did",
   "value": "\u22124.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPW, what XLU did: \u22124.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u22128.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPW, what +2 times a day gives: \u22128.7%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22129.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPW, what the fund returned: \u22129.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22121.1 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPW, the fund itself cost: \u22121.1 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$13m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "UPW, net assets: $13m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025",
   "as_of": "2026-09-11",
   "sentence": "UPW, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of XLU, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "XLU moved \u22124.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLU",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$13m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "14% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22126.4%",
   "XLU": "\u22123.3%",
   "+2x the move": "\u22126.6%",
   "Difference": "+0.2 pts",
   "XLU moved about": "13%"
  },
  {
   "window": "3 months",
   "Fund": "\u22129.8%",
   "XLU": "\u22124.2%",
   "+2x the move": "\u22128.4%",
   "Difference": "\u22121.4 pts",
   "XLU moved about": "14%"
  },
  {
   "window": "6 months",
   "Fund": "\u221219.7%",
   "XLU": "\u22128.5%",
   "+2x the move": "\u221217.1%",
   "Difference": "\u22122.7 pts",
   "XLU moved about": "16%"
  },
  {
   "window": "1 year",
   "Fund": "\u22123.3%",
   "XLU": "+2.4%",
   "+2x the move": "+4.8%",
   "Difference": "\u22128.1 pts",
   "XLU moved about": "15%"
  },
  {
   "window": "3 years",
   "Fund": "+60.6%",
   "XLU": "+46.0%",
   "+2x the move": "+92.0%",
   "Difference": "\u221231.4 pts",
   "XLU moved about": "16%"
  },
  {
   "window": "Since launch",
   "Fund": "+756.7%",
   "XLU": "+379.6%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLU moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did UPW return +2 times XLU?",
   "a": "Over the window to Sep 11, 2026, XLU moved \u22124.2% and UPW returned \u22129.8%. 2 times that move is \u22128.4%, so the fund came out 1.4 points short of it."
  },
  {
   "q": "Why does UPW not return +2 times over a year?",
   "a": "Because it resets daily. UPW 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."
  },
  {
   "q": "Which +2x XLU ETF tracked its stated multiple most closely?",
   "a": "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."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}