At a glance
DDM charges 0.95% a year. It has $574.2M in assets; it paid 0.96% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +4.3% a year. At its worst it fell 62.7% in the 2020 crash (S&P 500: 33.7%) and 40.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 16 months after the lows. Its ten largest positions make up 35.5% of the fund, out of 35 in all.
The short version
ProShares Ultra Dow30 (DDM) is a leveraged ETF that aims to deliver two times (2x) the daily return of the Dow Jones Industrial Average. It holds stocks and also uses swaps and futures to get that exposure. Because it resets its leverage every day, results over months or years can differ sharply from 2x the index. It charges 0.95% a year, and it lost about 82% between October 2007 and March 2009.
Price history
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DDM +16.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DDM official prospectus, to Dec 31, 2025 | — | +20.58% | — | +15.77% | +19.05% | — |
| DDM price data to Oct 27, 2026 | +14.5% | +16.4% | +4.3% | -2.4% | +11.6% | +10.0% |
- Over the year to Oct 27, 2026, DDM returned +16.4%.
- Its 5-year annualized return was -2.4% and its 10-year +11.6%.
- In the 2020 COVID crash it fell 62.7% and regained its old high 10 months after the low.
- Its worst full calendar year was 2008 (-61.8%); its best was 2013 (+64.7%).
- The deepest fall in its price history was 82.4% (Oct 9, 2007 to Mar 9, 2009), recovered by May 17, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.5% | — |
| 2025 | -39.4% | +20.58% |
| 2024 | +21.6% | +21.63% |
| 2023 | +24.4% | +24.30% |
| 2022 | -19.5% | -19.45% |
| 2021 | +42.0% | +41.63% |
| 2020 | +2.1% | +2.18% |
| 2019 | +48.0% | +48.39% |
| 2018 | -13.5% | -13.34% |
| 2017 | +59.6% | +59.38% |
| 2016 | +31.6% | +31.31% |
| 2015 | -3.3% | — |
| 2014 | +17.9% | — |
| 2013 | +64.7% | — |
| 2012 | +17.7% | — |
| 2011 | +10.4% | — |
| 2010 | +25.4% | — |
| 2009 | +39.7% | — |
| 2008 | -61.8% | — |
| 2007 | +4.2% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 82.4% over that stretch · deepest drop along the way 82.4%, back to its old high 50.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 62.7% over that stretch · deepest drop along the way 62.7%, back to its old high 10 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 37.6% over that stretch · deepest drop along the way 40.2%, back to its old high 16 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4800 | |
| 2025 | $0.9300 | -2.1% |
| 2024 | $0.9500 | +331.8% |
| 2023 | $0.2200 | -57.7% |
| 2022 | $0.5200 | +246.7% |
| 2021 | $0.1500 | -11.8% |
| 2020 | $0.1700 | -51.4% |
| 2019 | $0.3500 | +4.0% |
| 2018 | $0.3367 | +11.0% |
| 2017 | $0.3033 | -1.1% |
| 2016 | $0.3067 | +16.5% |
| 2015 | $0.2633 | +50.5% |
| 2014 | $0.1750 | +133.3% |
| 2013 | $0.0750 | +73.2% |
| 2012 | $0.0433 | 0.0% |
| 2011 | $0.0433 | -23.6% |
| 2010 | $0.0567 | -37.0% |
| 2009 | $0.0900 | -44.9% |
| 2008 | $0.1633 | -27.2% |
| 2007 | $0.2244 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (22.65% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Goldman Sachs Group, Inc. (The) | 7.40% | |
| Caterpillar, Inc. | 5.75% | |
| Microsoft Corp. | 3.66% | |
| Amgen, Inc. | 3.10% | |
| UnitedHealth Group, Inc. | 2.81% | |
| Visa, Inc. | 2.74% | |
| Travelers Cos., Inc. (The) | 2.64% | |
| JPMorgan Chase & Co. | 2.57% | |
| Alphabet, Inc. | 2.45% | |
| Sherwin-Williams Co. (The) | 2.44% | |
| American Express Co. | 2.38% | |
| Home Depot, Inc. (The) | 2.36% | |
| Apple, Inc. | 2.28% | |
| Johnson & Johnson | 1.92% | |
| McDonald's Corp. | 1.90% |
By country
United States 67.73%By asset type
Stocks 64.52%RA 3.2%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $15.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.84%, +0.09%, +2.38%.
How it works
DDM follows the Dow Jones Industrial Average, which is run by S&P Dow Jones Indices. The index holds 30 large US companies. Transportation and utility companies are left out. The index provider picks companies with a strong reputation, steady growth and wide investor interest. Unlike most indexes, the Dow weights companies by share price, not by company size, so a stock with a higher price counts for more. As of August 31, 2026, the largest positions were Goldman Sachs (7.4%), Caterpillar (5.8%) and Microsoft (3.7%).
To get 2x exposure, ProShare Advisors pairs stocks with derivatives. A derivative is a contract whose value tracks something else. Here that mostly means total return swaps with large banks, plus futures. As of August 31, 2026, stocks made up about 65% of assets and cash-like holdings about 23%. Swaps account for the rest of the exposure. The fund has at least 80% leveraged exposure to Dow stocks or similar instruments.
The fund rebalances every day. After the index rises, it adds exposure. After the index falls, it cuts exposure. Because of this daily reset, returns over longer periods compound and can drift from 2x the index, especially in choppy markets. The prospectus gives an example: if the index falls 20% in a year with 50% volatility, the fund would be expected to lose about 50%, not 40%. If the index nears a 50% loss in one day, holders could lose everything.
What it really costs
- DDM charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,166 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DDM | $97 | $303 | $525 | $1,166 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The issuer says DDM is built for daily 2x results, and its losses in past crashes were far deeper than the Dow's.
DDM shows how leverage magnifies market drops. It lost 82.4% from October 2007 to March 2009 and did not recover until May 2013. In the 2020 COVID crash it fell 62.7% in about a month, and it fell 40.2% in 2022. Its worst calendar year was 2008, at -61.8%. Someone who has to sell shares or draw income during a slump like those would lock in very large losses. Income is small: the trailing yield was 0.96% as of October 27, 2026, paid quarterly. The 0.95% expense ratio works out to $1,166 over 10 years on $10,000 in the SEC's standard example. Strong past returns, such as 19.05% a year over the 10 years to December 31, 2025, don't predict future results. A retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want 2x the Dow's daily move and check their positions every day.
- Traders who understand that swaps, futures and a daily leverage reset cause returns to drift from 2x over time.
- People who want short-term leveraged exposure to price-weighted Dow names such as Goldman Sachs and Caterpillar.
Look elsewhere if
- Retirees drawing income, since the fund lost 82.4% in 2007–2009 and took until 2013 to recover.
- Buy-and-hold investors who want low costs, since a 0.95% expense ratio is high for an index-based fund.
- Income seekers, since the trailing yield was just 0.96% as of October 27, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DDM good for long-term investing?
DDM is not designed for long-term holding. ProShares says it seeks 2x the Dow's return for a single day. Over longer periods, daily compounding can make results differ sharply from 2x the index. The prospectus shows that in a year when the index falls 20% with high volatility, the fund could lose about 50%. It also fell 82.4% between October 2007 and March 2009.
How does DDM get 2x leverage?
DDM combines Dow stocks with derivatives, mainly total return swaps with large banks plus futures. As of August 31, 2026, stocks made up about 65% of assets and cash-like holdings about 23%. The swaps provide the extra exposure. The fund rebalances every day so that its exposure stays at about two times its net assets. Swaps carry counterparty risk, meaning the fund can lose money if a bank fails to pay.
Does DDM pay dividends?
Yes, DDM pays dividends quarterly, but the income is small. Its trailing 12-month yield was 0.96% as of October 27, 2026, or about $0.62 per share. Part of the portfolio sits in swaps and cash-like holdings rather than dividend-paying stocks. That is one reason the payout is modest. People who want income from Dow companies are unlikely to find much of it here.
What's the difference between DDM and a regular Dow index fund?
A regular Dow index fund aims to match the Dow Jones Industrial Average over any period. DDM aims for 2x the Dow's daily move, using swaps and futures as well as stocks. That magnifies both gains and losses, and the daily reset can make long-term returns drift from 2x. DDM also charges 0.95% a year. That costs $97 in the first year on $10,000 in the SEC's standard example.
How much did DDM drop in 2020?
DDM fell 62.7% during the COVID crash, from February 19 to March 23, 2020. Its worst quarter on record was the first quarter of 2020, at -46.21%. The next quarter, ending June 30, 2020, it rose 35.52%. It got back to its prior peak on January 20, 2021, about 10 months after the low. For the full year 2020, it returned 2.18%, according to the prospectus.