ProShares Ultra Health Care

ProShares Ultra Health Care (RXL) aims to deliver two times (2x) the daily return of the S&P Health Care Select Sector Index. That index holds the health care companies in the S&P 500, such as Eli Lilly and Johnson & Johnson. The fund's leverage resets every day, so over longer periods its results can drift well away from 2x the index. It charges 0.95% a year, according to its prospectus filed September 25, 2026.

• Over the year to Oct 27, 2026, RXL returned +42.7%.
• Its 5-year annualized return was +6.6% and its 10-year +16.6%.
• In the 2020 COVID crash it fell 50.5% and regained its old high 4 months after the low.
• Its worst full calendar year was 2008 (-47.8%); its best was 2013 (+94.0%).
• The deepest fall in its price history was 67.7% (May 7, 2007 to Mar 5, 2009), recovered by Apr 2, 2012.

As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (9.22% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.

• Over the three months to Aug 31, 2026, investors added a net $3.9M (creations minus redemptions, per the N-PORT report).
• Monthly total returns reported for that quarter: +12.79%, +3.95%, +9.24%.

RXL follows the S&P Health Care Select Sector Index, built by S&P Dow Jones Indices. The index holds S&P 500 companies in six health care industries: pharmaceuticals, biotechnology, equipment and supplies, providers and services, health care technology, and life sciences tools. It weights companies by market capitalization (their total stock market value), so the biggest companies count the most. S&P reviews the index every September and adjusts weights in March, June and December. As of August 31, 2026, the largest positions were Eli Lilly (10.1%), Johnson & Johnson (7.1%) and AbbVie (5.0%).

ProShare Advisors uses a mathematical approach to reach 2x exposure. As of August 31, 2026, stocks made up about 68% of assets. The rest of the exposure came from total return swaps. These are contracts with large financial institutions that pay the fund the index's return in exchange for a financing cost. Cash goes into repurchase agreements and Treasury bills. If a swap partner fails to pay, the fund could lose money.

The fund rebalances every day. After an up day it adds exposure, and after a down day it cuts back. This daily reset compounds over time. In the prospectus example, if the index fell 20% over a year with 50% volatility, the fund's estimated loss would be 50.2%, not 40%. If the index falls close to 50% within a single day, holders could lose their entire investment.

• RXL charges 0.95% a year.
• Of that, 0.75% is the management fee; the rest covers other fund expenses.
• The fee includes a 0.13% 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 $1,305 over 10 years (assuming a 5% annual return).

RXL resets its 2x leverage daily, so it is built to target one-day returns, not to be held for years.

RXL's history shows how hard leverage hits in downturns. In the 2008 financial crisis it fell 67.6%, then took about 37 months from the low to recover. It lost 47.8% in calendar 2008. In early 2020 it dropped 50.5% in about a month, though it recovered within four months. In 2022 it fell 31.4% and needed 26 months to get back. Anyone forced to sell shares or draw income in a year like those would lock in losses far deeper than the health care sector's. Income is small: the trailing yield was 0.96% as of October 27, 2026, paid quarterly. Costs add up too. In the SEC's standard example, the 0.95% expense ratio comes to $1,305 over 10 years on $10,000. Past results don't predict future ones, and any plan should look at the whole portfolio, not one fund.

Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).

No close alternatives found.