# UPAL (ProShares Ultra Palladium K-1 Free ETF)

ProShares · Leveraged ETFs · data as of Oct 2, 2026

Three months to Oct 2, 2026: UPAL returned −21.8% where its own daily promise gave −17.6%, 4.2 points short.

## Key facts

- UPAL, what PALL did: −7.3%, as of Oct 2, 2026.
- UPAL, what 2 times a day gives: −17.6%, as of Oct 2, 2026.
- UPAL, what the fund returned: −21.8%, as of Oct 2, 2026.
- UPAL, the fund itself cost: −4.2 pts, as of Oct 2, 2026.
- UPAL, net assets: $2m (issuer page, as of Oct 2, 2026).
- UPAL, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UPAL over each window to Oct 2, 2026

| Window | Fund | PALL | +2x the move | Difference | PALL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −27.4% | −13.6% | −27.1% | −0.3 pts | 37% |
| 3 months | −21.8% | −7.3% | −14.5% | −7.3 pts | 41% |
| Since launch | −53.0% | −23.1% | −46.1% | −6.8 pts | 42% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of PALL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +3.01 times, against +2 stated | ETFIQ |
| Underlying | PALL | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $2m | issuer page, as of Oct 2, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Apr 21, 2026 | ETFIQ |
| Underlying volatility over the window | 41% annualized | ETFIQ |

## Questions

### Did UPAL return +2 times PALL?

Over the window to Oct 2, 2026, PALL moved −7.3% and UPAL returned −21.8%. 2 times that move is −14.5%, so the fund came out 7.3 points short of it.

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

Because it resets daily. UPAL 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, UPAL, data as of Oct 2, 2026. https://etfiq.com/funds/upal
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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