# UST (ProShares Ultra 7-10 Year Treasury)

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

Three months to Sep 30, 2026: UST returned −9.5% where its own daily promise gave −8.6%, 0.9 points short.

## Key facts

- UST, what IEF did: −4.3%, as of Sep 30, 2026.
- UST, what 2 times a day gives: −8.6%, as of Sep 30, 2026.
- UST, what the fund returned: −9.5%, as of Sep 30, 2026.
- UST, the fund itself cost: −0.9 pts, as of Sep 30, 2026.
- UST, net assets: $15m (issuer page, as of Sep 30, 2026).
- UST, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## UST over each window to Sep 30, 2026

| Window | Fund | IEF | +2x the move | Difference | IEF moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −6.9% | −3.4% | −6.7% | −0.2 pts | 6% |
| 3 months | −9.5% | −4.3% | −8.7% | −0.8 pts | 5% |
| 6 months | −10.5% | −4.4% | −8.8% | −1.7 pts | 5% |
| 1 year | −11.2% | −3.7% | −7.5% | −3.7 pts | 5% |
| 3 years | +1.7% | +8.9% | +17.9% | −16.2 pts | 6% |
| Since launch | +36.3% | +44.3% | +88.6% | −52.4 pts | 7% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of IEF, reset daily | ETFIQ |
| Multiple a holder actually got over the window | IEF moved −4.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | IEF | ETFIQ |
| Segment | asset class, bond | ETFIQ |
| Net assets | $15m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Feb 2, 2010 | ETFIQ |
| Underlying volatility over the window | 5% annualized | ETFIQ |

## Questions

### Did UST return +2 times IEF?

Over the window to Sep 30, 2026, IEF moved −4.3% and UST returned −9.5%. 2 times that move is −8.7%, so the fund came out 0.8 points short of it.

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

Because it resets daily. UST 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, UST, data as of Sep 30, 2026. https://etfiq.com/funds/ust
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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