# UPW (ProShares Ultra Utilities)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: UPW returned −22.6% where its own daily promise gave −21.7%, 0.9 points short.

## Key facts

- UPW, what XLU did: −11.3%, as of Sep 30, 2026.
- UPW, what 2 times a day gives: −21.7%, as of Sep 30, 2026.
- UPW, what the fund returned: −22.6%, as of Sep 30, 2026.
- UPW, the fund itself cost: −0.9 pts, as of Sep 30, 2026.
- UPW, net assets: $11m (issuer page, as of Sep 30, 2026).
- UPW, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UPW over each window to Sep 30, 2026

| Window | Fund | XLU | +2x the move | Difference | XLU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −12.2% | −5.9% | −11.8% | −0.3 pts | 14% |
| 3 months | −22.6% | −11.3% | −22.5% | −0.1 pts | 14% |
| 6 months | −27.9% | −13.3% | −26.6% | −1.3 pts | 16% |
| 1 year | −20.2% | −7.0% | −14.0% | −6.3 pts | 15% |
| 3 years | +62.3% | +46.3% | +92.6% | −30.3 pts | 16% |
| Since launch | +650.1% | +349.5% | 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 XLU, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.01 times, against +2 stated | ETFIQ |
| Underlying | XLU | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $11m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 14% annualized | ETFIQ |

## Questions

### Did UPW return +2 times XLU?

Over the window to Sep 30, 2026, XLU moved −11.3% and UPW returned −22.6%. 2 times that move is −22.5%, so the fund came out 0.1 points short of it.

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

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.

### Which +2x XLU 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 figure itself.


## Cite this page

ETFIQ, UPW, data as of Sep 30, 2026. https://etfiq.com/funds/upw
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/upw  ·  JSON: https://etfiq.com/funds/upw.json