At a glance
ROM charges 0.93% a year. It has $1.26B in assets, the 2nd largest of that group; it paid 0.03% of its price in distributions over the past 12 months, semiannual. Over the past year it returned +43.0% with distributions reinvested (S&P 500: +11.5%), the weakest of those 4 funds; over three years it returned +58.2% a year. At its worst it fell 54.9% in the 2020 crash (S&P 500: 33.7%) and 64.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 20 months after the lows. Its ten largest positions make up 35.4% of the fund, out of 78 in all.
The short version
ProShares Ultra Technology (ROM) is a leveraged ETF that seeks twice (2x) the daily return of the S&P Technology Select Sector Index, which holds the technology companies in the S&P 500 and is led by NVIDIA, Apple and Microsoft. It resets its leverage every day, so over months or years its returns can drift far from 2x the index. It charges 0.93% a year, and it lost 83.5% between its October 2007 peak and its March 2009 low.
Price history
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ROM +43.0% 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 | |
|---|---|---|---|---|---|---|
| ROM official prospectus, to Dec 31, 2025 | — | +35.90% | — | +21.50% | +34.64% | — |
| ROM price data to Oct 27, 2026 | +56.8% | +43.0% | +58.2% | +21.2% | +38.2% | +24.7% |
- Over the year to Oct 27, 2026, ROM returned +43.0%, 4th of 4 among similar funds.
- Its 5-year annualized return was +21.2% and its 10-year +38.2%.
- In the 2020 COVID crash it fell 54.9% and regained its old high 3.5 months after the low.
- Its worst full calendar year was 2008 (-72.9%); its best was 2009 (+150.0%).
- The deepest fall in its price history was 83.5% (Oct 31, 2007 to Mar 9, 2009), recovered by Oct 18, 2013.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +56.8% | — |
| 2025 | +35.6% | +35.90% |
| 2024 | +31.6% | +31.72% |
| 2023 | +130.7% | +130.09% |
| 2022 | -63.9% | -63.81% |
| 2021 | +77.8% | +77.65% |
| 2020 | +80.4% | +80.35% |
| 2019 | +102.3% | +102.19% |
| 2018 | -9.9% | -10.03% |
| 2017 | +81.3% | +81.21% |
| 2016 | +25.6% | +24.38% |
| 2015 | +4.5% | — |
| 2014 | +41.5% | — |
| 2013 | +57.4% | — |
| 2012 | +19.3% | — |
| 2011 | -7.3% | — |
| 2010 | +19.9% | — |
| 2009 | +150.0% | — |
| 2008 | -72.9% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 82.4% over that stretch · deepest drop along the way 83.5%, back to its old high 55.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 54.9% over that stretch · deepest drop along the way 54.9%, back to its old high 3.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 64.7% over that stretch · deepest drop along the way 64.7%, back to its old high 20 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.0200 | |
| 2025 | $0.2300 | +64.3% |
| 2024 | $0.1400 | +3400.0% |
| 2023 | $0.0040 | -77.1% |
| 2020 | $0.0175 | -58.8% |
| 2019 | $0.0425 | +41.7% |
| 2018 | $0.0300 | +71.4% |
| 2017 | $0.0175 | -81.6% |
| 2016 | $0.0950 | +100.0% |
| 2015 | $0.0475 | -47.2% |
| 2014 | $0.0900 | +1100.0% |
| 2013 | $0.0075 | -40.0% |
| 2009 | $0.0125 | -64.3% |
| 2008 | $0.0350 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (8.46% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 8.37% | |
| Apple, Inc. | 7.29% | |
| Microsoft Corp. | 5.90% | |
| Broadcom, Inc. | 2.75% | |
| Micron Technology, Inc. | 2.33% | |
| Advanced Micro Devices, Inc. | 2.29% | |
| Intel Corp. | 1.69% | |
| Cisco Systems, Inc. | 1.67% | |
| Palantir Technologies, Inc. | 1.64% | |
| Lam Research Corp. | 1.44% | |
| Applied Materials, Inc. | 1.39% | |
| Palo Alto Networks, Inc. | 1.18% | |
| Oracle Corp. | 0.97% | |
| Texas Instruments, Inc. | 0.91% | |
| Crowdstrike Holdings, Inc. | 0.90% |
By country
United States 56.96%Ireland 1.38%Netherlands 0.22%Singapore 0.15%By asset type
Stocks 58.24%RA 0.48%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $27.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -2.21%, -16.60%, +12.05%.
How it works
ROM follows the S&P Technology Select Sector Index, which S&P Dow Jones Indices builds from the information technology companies in the S&P 500. It covers software, IT services, communications equipment, computer hardware and storage, electronic equipment, and semiconductors. Companies are weighted by market value, so the largest dominate. The index is rebuilt each September, and weights are adjusted in March, June and December. As of August 31, 2026, the largest positions were NVIDIA (8.4% of net assets), Apple (7.3%) and Microsoft (5.9%).
To get twice the index's daily move, ProShare Advisors combines stocks bought directly (about 58% of net assets as of August 31, 2026) with total return swaps. A swap is a contract with a major bank that pays the fund the index's return. The fund held eight of them. Its cash sits in Treasury bills, repurchase agreements and a ProShares money market ETF. If a bank on the other side of a swap fails to pay, the fund could lose money.
The fund rebalances every day. After the index rises, it adds exposure, and after the index falls, it cuts back. Because of this daily reset, returns compound in ways that differ from a simple 2x over longer periods. The prospectus estimates that if the index fell 20% in a year with high volatility (50%), the fund would lose about 50.2%, not 40%. If the index ever fell close to 50% in a single day, holders could lose everything.
What it really costs
- ROM charges 0.93% 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 $95 in the first year and $1,143 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| ROM | $95 | $296 | $515 | $1,143 |
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
ROM targets 2x the index's return for a single day and resets daily, so its long-term results can differ sharply from 2x, and its losses in downturns have been severe.
ROM's history shows how leverage magnifies losses. It fell 83.5% from October 31, 2007, to March 9, 2009, and did not get back to that peak until October 18, 2013. Its worst calendar year was 2008, a loss of 72.9%. It dropped 54.9% in the 2020 COVID crash and recovered by July 6, 2020. In the 2022 bear market it fell 64.7% and did not recover until June 11, 2024. Anyone who had to sell shares or draw income during a slump like those would have locked in deep losses.
It pays almost no income: the trailing yield was 0.03% as of October 27, 2026, paid twice a year. Expenses are 0.93% a year. In the SEC's standard example, that comes to $1,143 over 10 years on $10,000. Past results don't predict the future, and a 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 twice the one-day move of large US tech stocks like NVIDIA, Apple and Microsoft, and who check their positions daily.
- Traders who accept swap-based leverage, the risk that a bank fails to pay, and a 0.93% expense ratio in return for amplified short-term tech exposure.
- Experienced investors making a small, closely watched short-term bet on S&P 500 technology companies who can absorb losses like the 63.81% drop in 2022.
Look elsewhere if
- Retirees and buy-and-hold investors: daily resets mean multi-year returns can stray far from 2x, and the fund fell 83.5% in 2007–2009.
- Income seekers: the trailing yield was just 0.03% as of October 27, 2026, paid twice a year.
- Anyone wanting broad diversification: ROM holds only S&P 500 technology companies, and its top 10 holdings were 35% of net assets as of August 31, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (technology), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is ROM a good long-term investment?
ROM is built for one-day results, not long-term holding. Its prospectus warns that returns over periods longer than a day will likely differ from 2x the index, sometimes by a lot. Its long-run record has big swings both ways. It averaged 34.64% a year over the 10 years to December 31, 2025. It also lost 63.81% in 2022, and its 83.5% drop in 2007–2009 took until October 2013 to recover.
Why doesn't ROM return 2x the tech index over a year?
ROM resets its leverage every day, and its gains and losses compound. In choppy markets, that compounding usually works against holders. The prospectus gives an example. If the S&P Technology Select Sector Index fell 20% in a year with 50% volatility (how much it swings day to day), ROM would lose an estimated 50.2%, not 40%. Fees of 0.93% a year and the cost of financing its swaps also reduce returns.
What's the difference between ROM and TECL?
Both are leveraged technology ETFs that reset daily. Direxion Daily Technology Bull 3X Shares (TECL) aims for three times the daily return, while ROM aims for two times, so TECL swings more in both directions. As of October 27, 2026, TECL returned 50.6% over one year and 76.5% a year over three years. ROM returned 43% and 58.2% over the same periods. TECL is also larger, with about $2.2 billion in assets.
Does ROM pay dividends?
Yes, but very little. ROM pays distributions twice a year. Over the trailing 12 months it paid $0.04 per share, a yield of 0.03% as of October 27, 2026. Part of the fund's exposure comes from swap contracts rather than stocks it owns, and its leveraged design aims at price moves, not income. Investors looking for regular income from technology stocks would get almost nothing from ROM.
What stocks does ROM hold?
As of August 31, 2026, ROM had 78 holdings from the S&P Technology Select Sector Index, plus eight total return swaps. The largest were NVIDIA (8.4% of net assets), Apple (7.3%), Microsoft (5.9%), Broadcom (2.7%) and Micron Technology (2.3%). The top 10 made up 35% of net assets. Stocks owned directly were about 58% of assets. The swaps supply the rest of the 2x exposure, and cash is held in Treasury bills and similar short-term instruments.