{
 "ticker": "UGL",
 "name": "ProShares Ultra Gold",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ugl",
 "html": "https://etfiq.com/funds/ugl",
 "markdown": "https://etfiq.com/funds/ugl.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: UGL returned +3.1% where its own daily promise gave +4.0%, 0.9 points short.",
 "key_facts": [
  {
   "key": "what_gld_did",
   "label": "What GLD did",
   "value": "+2.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UGL, what GLD did: +2.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+4.0%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UGL, what 2 times a day gives: +4.0%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+3.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UGL, what the fund returned: +3.1%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22120.9 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UGL, the fund itself cost: \u22120.9 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$765m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "UGL, net assets: $765m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "issuer page",
   "as_of": "2026-09-30",
   "sentence": "UGL, expense ratio: 0.95% (issuer page)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of GLD, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "GLD moved +2.8% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "GLD",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, metal",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$765m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "issuer page"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "25% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221213.6%",
   "GLD": "\u22126.8%",
   "+2x the move": "\u221213.5%",
   "Difference": "\u22120.1 pts",
   "GLD moved about": "24%"
  },
  {
   "window": "3 months",
   "Fund": "+3.1%",
   "GLD": "+2.8%",
   "+2x the move": "+5.5%",
   "Difference": "\u22122.4 pts",
   "GLD moved about": "25%"
  },
  {
   "window": "6 months",
   "Fund": "\u221228.0%",
   "GLD": "\u221213.0%",
   "+2x the move": "\u221226.0%",
   "Difference": "\u22121.9 pts",
   "GLD moved about": "24%"
  },
  {
   "window": "1 year",
   "Fund": "\u22120.7%",
   "GLD": "+7.1%",
   "+2x the move": "+14.3%",
   "Difference": "\u221215.0 pts",
   "GLD moved about": "30%"
  },
  {
   "window": "3 years",
   "Fund": "+247.8%",
   "GLD": "+122.1%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GLD moved about": "22%"
  },
  {
   "window": "Since launch",
   "Fund": "+291.6%",
   "GLD": "+246.8%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "GLD moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did UGL return +2 times GLD?",
   "a": "Over the window to Sep 30, 2026, GLD moved +2.8% and UGL returned +3.1%. 2 times that move is +5.5%, so the fund came out 2.4 points short of it."
  },
  {
   "q": "Why does UGL not return +2 times over a year?",
   "a": "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."
  },
  {
   "q": "Which +2x GLD 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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}