At a glance
UBT charges 0.95% a year. It has $63.9M in assets, the 2nd largest of that group; it paid 3.21% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −17.7% with distributions reinvested, 3rd of those 4 funds; over three years it returned −0.4% a year. At its worst it fell 53.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares Ultra 20+ Year Treasury (UBT) aims to deliver twice (2x) the daily return of the ICE U.S. Treasury 20+ Year Bond Index, which tracks long-term U.S. government bonds. It gets most of that leverage through swaps and futures, and it resets every day. Over months or years, its results can stray far from 2x the index. It charges 0.95% a year, and it lost 55.99% in 2022.
Price history
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UBT -17.7% 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 | |
|---|---|---|---|---|---|---|
| UBT official prospectus, to Dec 31, 2025 | — | +2.18% | — | -21.30% | -6.08% | — |
| UBT price data to Oct 27, 2026 | -9.9% | -17.7% | -0.4% | -21.0% | — | -19.1% |
- Over the year to Oct 27, 2026, UBT returned -17.7%, 3rd of 4 among similar funds.
- Its 5-year annualized return was -21.0%.
- Its worst full calendar year was 2022 (-55.5%); its best was 2025 (+2.0%).
- The deepest fall in its price history was 79.6% (Aug 4, 2020 to Oct 7, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -9.9% | — |
| 2025 | +2.0% | +2.18% |
| 2024 | -21.8% | -21.12% |
| 2023 | -3.7% | -3.64% |
| 2022 | -55.5% | -55.99% |
| 2021 | -12.1% | -11.68% |
| 2020 | — | +30.96% |
| 2019 | — | +26.73% |
| 2018 | — | -7.51% |
| 2017 | — | +15.43% |
| 2016 | — | -0.16% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 52.3% over that stretch · deepest drop along the way 53.3%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.7000 | -7.9% |
| 2024 | $0.7600 | -5.0% |
| 2023 | $0.8000 | +1042.9% |
| 2022 | $0.0700 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (94.03% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 7.12% | |
| Repurchase Agreement RA | 4.73% | |
| Repurchase Agreement RA | 2.84% | |
| Repurchase Agreement RA | 1.51% | |
| Repurchase Agreement RA | 0.95% |
By country
United States 17.15%By asset type
RA 17.15%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.91%, -9.19%, +1.08%.
How it works
The fund's target is the ICE U.S. Treasury 20+ Year Bond Index, which is run by ICE Data Indices. The index holds fixed-rate U.S. Treasury bonds with more than 20 years left until they mature. It leaves out inflation-linked bonds, Treasury bills, government agency debt and stripped zero-coupon bonds. Bonds are weighted by market value, so larger issues count for more, and the index resets its holdings each month.
UBT does not simply buy those bonds. It uses derivatives, which are contracts whose value follows an underlying asset. These are mainly total return swaps with large financial institutions and Treasury bond futures. The cash behind the contracts sits in Treasury bills, repurchase agreements (short-term loans backed by government securities) and a ProShares money market ETF. As of August 31, 2026, about 94% of assets were cash and cash-like holdings. The largest single position was a repurchase agreement worth about 7.1% of the fund.
Each day, ProShare Advisors adjusts the fund's exposure back to 2x. After the index rises, it adds exposure. After the index falls, it cuts exposure. Because of this daily reset, returns compound in ways that can hurt holders when markets swing back and forth. The prospectus warns that if the index nears a 50% loss in a single day, you could lose your entire investment. If a swap counterparty fails to pay, the fund could also lose money.
What it really costs
- UBT charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% 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 $1,199 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UBT | $97 | $309 | $539 | $1,199 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
UBT resets its 2x leverage every day, so its long-run results can drift far from twice the index, and it has had very deep losses that it has not yet recovered.
At times, UBT has rallied while stocks slumped. Its prospectus shows a 44.52% gain in the first quarter of 2020. But leverage doubles the pain when long-term bonds fall. The fund dropped 53.3% between January 3 and October 10, 2022, and it lost 55.99% over 2022 as a whole, its worst calendar year. Its deepest decline was 79.6%, from August 4, 2020 to October 7, 2026, and the fund had not recovered as of October 27, 2026. UBT launched in 2010, so it has no record from the 2008 crisis. Someone who had to sell shares in a bad year could lock in steep losses. As of October 27, 2026, the trailing 12-month yield was 3.21%, paid quarterly. The expense ratio is 0.95%. 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 long-term U.S. Treasury bonds and are able to watch their positions every day.
- Short-term traders betting that long-term interest rates will fall soon, since falling rates push long-bond prices up.
- Traders who want leveraged long-Treasury exposure at 2x rather than the 3x of Direxion's TMF, and who accept a 0.95% expense ratio.
Look elsewhere if
- Retirees looking for steady bond income: UBT lost 55.99% in 2022 and was 79.6% below its August 2020 peak by October 7, 2026.
- Buy-and-hold investors: because of the daily reset, its average annual return was −21.3% over five years and −6.08% over ten years, as of December 31, 2025.
- Investors who want plain long-Treasury exposure without swap counterparty risk, or without paying $1,199 per $10,000 over ten years in the SEC cost example.
Close alternatives
Matched by leveraged/inverse funds on the same index (treasury), 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 UBT a good long-term investment?
UBT is built for daily results, not long-term holding. The prospectus warns that over any period longer than one day, returns can differ a lot from 2x the index. As of December 31, 2025, its average annual return was −21.3% over five years and −6.08% over ten years. As of October 27, 2026, it was 79.6% below its August 2020 peak at its low point, and it had not recovered.
Does UBT pay dividends?
Yes. UBT pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.47 per share, a trailing yield of 3.21%. That income comes from the fund's cash-like holdings, such as Treasury bills and repurchase agreements, which back its swaps and futures. The payouts are small compared with the fund's price swings. It fell 17.7% in the year to October 27, 2026.
What's the difference between UBT and TMF?
Both funds offer leveraged daily exposure to U.S. Treasury bonds with 20+ years to maturity. UBT targets 2x the daily return, while Direxion's TMF targets 3x, so TMF swings harder in both directions. In the year to October 27, 2026, UBT returned −17.7% and TMF returned −29.1%. TMF is much larger, with about $5.3 billion in net assets. UBT had about $64 million as of August 31, 2026.
Why did UBT lose so much in 2022?
Interest rates rose sharply in 2022, and long-term bond prices fall when rates rise. Bonds with 20+ years to maturity are especially sensitive to rate changes. UBT doubles those daily moves, and daily compounding made the damage worse. The fund lost 55.99% for 2022, and it fell 53.3% between January 3 and October 10, 2022. It had not regained that peak as of October 27, 2026.
What is UBT's expense ratio?
UBT's expense ratio is 0.95% a year, according to the prospectus filed September 25, 2026. That includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $97 after one year, $309 after three years, $539 after five years and $1,199 after ten years. Swap financing and trading costs can also eat into how closely the fund tracks its 2x target.