At a glance
LTL charges 0.95% a year. It has $6.3M in assets; it paid 1.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −26.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +29.9% a year. At its worst it fell 47.6% in the 2020 crash (S&P 500: 33.7%) and 52.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 10 months and 15 months after the lows. Its ten largest positions make up 54.1% of the fund, out of 29 in all.
The short version
ProShares Ultra Communication Services (LTL) is a leveraged ETF that seeks twice the daily return of the S&P Communication Services Select Sector Index, holding stocks such as Meta Platforms and Alphabet alongside swap contracts. It is built for short-term traders: exposure resets daily, so returns over months or years can stray far from double the index. It charges 0.95% a year and had about $6.3 million in net assets as of August 31, 2026.
Price history
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LTL -26.3% 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 | |
|---|---|---|---|---|---|---|
| LTL official prospectus, to Dec 31, 2025 | — | +36.68% | — | +24.79% | +11.86% | — |
| LTL price data to Oct 27, 2026 | -26.7% | -26.3% | +29.9% | +13.3% | +6.9% | +5.9% |
- Over the year to Oct 27, 2026, LTL returned -26.3%.
- Its 5-year annualized return was +13.3% and its 10-year +6.9%.
- In the 2020 COVID crash it fell 47.6% and regained its old high 9.8 months after the low.
- Its worst full calendar year was 2022 (-41.1%); its best was 2024 (+65.1%).
- The deepest fall in its price history was 79.7% (Jun 5, 2008 to Nov 20, 2008), recovered by Jul 15, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -26.7% | — |
| 2025 | +38.2% | +36.68% |
| 2024 | +65.1% | +65.14% |
| 2023 | +62.1% | +62.11% |
| 2022 | -41.1% | -41.02% |
| 2021 | +40.4% | +40.21% |
| 2020 | -3.2% | -3.07% |
| 2019 | +30.1% | +28.23% |
| 2018 | -23.5% | -21.86% |
| 2017 | -26.9% | -26.17% |
| 2016 | +47.2% | +41.37% |
| 2015 | -4.8% | — |
| 2014 | -0.1% | — |
| 2013 | +59.1% | — |
| 2012 | +35.1% | — |
| 2011 | -19.7% | — |
| 2010 | +42.6% | — |
| 2009 | +50.4% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.6% over that stretch · deepest drop along the way 47.6%, back to its old high 9.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 51.8% over that stretch · deepest drop along the way 52.1%, back to its old high 15.2 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1900 | |
| 2025 | $0.3925 | +554.2% |
| 2024 | $0.0600 | -52.0% |
| 2023 | $0.1250 | -21.9% |
| 2022 | $0.1600 | +1.6% |
| 2021 | $0.1575 | 0.0% |
| 2020 | $0.1575 | +85.3% |
| 2019 | $0.0850 | -46.9% |
| 2018 | $0.1600 | -23.8% |
| 2017 | $0.2100 | 0.0% |
| 2016 | $0.2100 | -34.9% |
| 2015 | $0.3225 | +84.3% |
| 2014 | $0.1750 | -5.4% |
| 2013 | $0.1850 | +428.6% |
| 2012 | $0.0350 | +7.7% |
| 2011 | $0.0325 | -80.9% |
| 2010 | $0.1700 | -32.7% |
| 2009 | $0.2525 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0.35% of net assets), with its exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Meta Platforms, Inc. | 10.22% | |
| Repurchase Agreement RA | 9.91% | |
| Repurchase Agreement RA | 6.59% | |
| Alphabet, Inc. Class A | 6.27% | |
| Alphabet, Inc. Class C | 5.00% | |
| Repurchase Agreement RA | 3.95% | |
| AT&T, Inc. | 3.20% | |
| Verizon Communications, Inc. | 3.06% | |
| Comcast Corp. | 2.96% | |
| Netflix, Inc. | 2.96% | |
| Walt Disney Co. (The) | 2.94% | |
| Warner Bros Discovery, Inc. | 2.83% | |
| T-Mobile US, Inc. | 2.79% | |
| Omnicom Group, Inc. | 2.76% | |
| Live Nation Entertainment, Inc. | 2.65% |
By country
United States 84.56%By asset type
Stocks 60.68%RA 23.88%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $957K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -14.33%, +0.85%, +5.37%.
How it works
LTL's benchmark is the S&P Communication Services Select Sector Index from S&P Dow Jones Indices. It holds S&P 500 companies in telecommunications, media, entertainment, and interactive media and services, weighted by market capitalization (the total value of their shares). The index is reviewed each September, with weight adjustments in March, June and December. As of August 31, 2026, Meta Platforms was the fund's largest stock, at about 10.2% of net assets, followed by Alphabet.
ProShare Advisors uses a mathematical approach, not stock picking, to combine index stocks with swap agreements to reach twice the index's daily return. Swap agreements are contracts with major financial institutions that exchange payments based on the index's moves. As of August 31, 2026, stocks were about 61% of net assets and repurchase agreements, a cash-like holding, were about 24%. Swaps add counterparty risk: the fund can lose money if a bank fails to pay.
The fund rebalances daily, adding exposure after the index rises and trimming it after a fall. Over longer periods, compounding can push results above or below twice the index, usually below in choppy markets. The prospectus estimates that if the index fell 20% in a year with 50% volatility (a measure of price swings), the fund would lose 50.2%, not 40%. An index drop nearing 50% in a single day could wipe out the investment.
What it really costs
- LTL charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.88% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $2,076 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| LTL | $97 | $490 | $908 | $2,076 |
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
Because its 2x exposure resets daily, ProShares warns that results beyond a single day can differ significantly from the target, and the fund has lost as much as 79.7%.
LTL aims to double the daily moves of a single sector, and its drops have been severe. During the 2008 financial crisis it fell 79.7% from June 5 to November 20, 2008, and needed about 56 months after that low to regain its peak. It plunged 47.6% between February 20 and March 23, 2020, and recovered by January 2021. It lost 52.1% in the 2022 bear market and recovered about 15 months after the October 2022 low. Its worst calendar year was 2022, down 41.02%. Someone forced to cash in shares during such a slump would lock in steep losses.
It is not an income fund: the trailing yield was 1.35% as of October 27, 2026, paid quarterly, and the expense ratio is 0.95%. Past results don't predict future ones, and any plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders seeking twice the one-day move of the S&P Communication Services Select Sector Index, who check positions daily and understand compounding.
- Traders wanting magnified exposure to Meta, the largest stock holding at 10.2% of net assets as of August 31, 2026, plus Alphabet.
- Those willing to pay a 0.95% yearly expense ratio ($97 in year one on $10,000, per the SEC example) for brief, tactical positions.
Look elsewhere if
- Buy-and-hold retirement savers: the daily reset pulls multi-day returns away from 2x, and the fund fell 79.7% in 2008, taking nearly 56 months to recover.
- Anyone uneasy with steep swings: the fund lost 41% in 2022 and 26.7% year to date through October 27, 2026.
- Those who prefer large funds: net assets were about $6.3 million as of August 31, 2026, and money flowed out over the prior three months.
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 LTL good for long-term investors?
It isn't designed for them. LTL seeks twice the index's return for a single day, and ProShares warns that results over longer periods will likely differ from that target, sometimes significantly. Long stretches have been bumpy. As of December 31, 2025, its 5-year and 10-year average annual returns were 24.79% and 11.86%, but it lost 79.7% in 2008 and took until July 2013 to recover. In 2026 through October 27, it was down 26.7%.
What is LTL's expense ratio?
LTL's expense ratio is 0.95% a year, after a fee waiver of 0.88%, according to the prospectus filed September 25, 2026. The management fee alone is 0.75%. In the SEC's standard example, $10,000 invested with a 5% annual return would cost $97 after one year, $490 after three, $908 after five and $2,076 after ten, assuming shares are cashed in at the end of each period. The prospectus adds that derivative financing costs weigh on returns.
Does LTL pay dividends?
Yes, LTL pays distributions quarterly. Its trailing yield (income paid over the past year as a share of price) was 1.35% as of October 27, 2026, or about $0.28 per share. That income is small relative to the risk. LTL lost 26.3% in the year to October 27, 2026, and its one-year volatility, a gauge of price swings, was 32.8%. Leveraged funds like this one are built for short-term trading, not steady income.
What's the difference between LTL and a regular communication services ETF?
The difference is leverage. An unleveraged fund on the S&P Communication Services Select Sector Index aims to match the index over time, while LTL aims for twice the index's return for each single day. That doubles daily gains and losses, and compounding can push multi-day results well above or below 2x. LTL also uses swap agreements, which add counterparty risk, and charges 0.95% a year. Both are tied to the same companies. LTL's largest stock positions as of August 31, 2026, were Meta Platforms and Alphabet.
Can LTL lose all its value?
Yes, in an extreme case. The prospectus warns that if the index approaches a 50% loss at any point in a day, shareholders could lose their entire investment. Short of that, losses have been severe: LTL fell 79.7% between June 5 and November 20, 2008, 47.6% in the 2020 COVID crash and 52.1% in the 2022 bear market. Its worst quarter, which ended March 31, 2020, was a 33.94% loss.