At a glance
UCC charges 0.95% a year. It has $9.1M in assets; it paid 1.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −15.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned +22.0% a year. At its worst it fell 58.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 30 months after the low. Its ten largest positions make up 58.2% of the fund, out of 52 in all.
The short version
ProShares Ultra Consumer Discretionary (UCC) seeks twice (2x) the daily return of the S&P Consumer Discretionary Select Sector Index, which tracks the consumer discretionary companies in the S&P 500, led by Amazon and Tesla. Because it resets its leverage every day, returns over months or years can differ sharply from 2x the index. It charges 0.95% a year and is built for short-term trading, not long-term holding.
Price history
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UCC -15.5% 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 | |
|---|---|---|---|---|---|---|
| UCC official prospectus, to Dec 31, 2025 | — | +2.02% | — | +4.06% | +14.89% | — |
| UCC price data to Oct 27, 2026 | -12.7% | -15.5% | +22.0% | -2.6% | — | +8.8% |
- Over the year to Oct 27, 2026, UCC returned -15.5%.
- Its 5-year annualized return was -2.6%.
- Its worst full calendar year was 2022 (-57.6%); its best was 2023 (+61.7%).
- The deepest fall in its price history was 61.7% (Nov 18, 2021 to Dec 28, 2022), recovered by Dec 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -12.7% | — |
| 2025 | +2.2% | +2.02% |
| 2024 | +44.3% | +44.11% |
| 2023 | +61.7% | +61.36% |
| 2022 | -57.6% | -57.44% |
| 2021 | +20.9% | +20.87% |
| 2020 | — | +46.46% |
| 2019 | — | +52.43% |
| 2018 | — | -3.22% |
| 2017 | — | +40.39% |
| 2016 | — | +8.28% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 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 56.1% over that stretch · deepest drop along the way 58.1%, back to its old high 29.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4600 | |
| 2025 | $0.5800 | +544.4% |
| 2024 | $0.0900 | +800.0% |
| 2023 | $0.0100 | -83.3% |
| 2022 | $0.0600 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Amazon.com, Inc. | 15.55% | |
| Tesla, Inc. | 11.04% | |
| Repurchase Agreement RA | 9.14% | |
| Repurchase Agreement RA | 6.08% | |
| Repurchase Agreement RA | 3.65% | |
| Home Depot, Inc. (The) | 3.48% | |
| McDonald's Corp. | 2.60% | |
| Booking Holdings, Inc. | 2.46% | |
| TJX Cos., Inc. (The) | 2.23% | |
| Repurchase Agreement RA | 1.94% | |
| Starbucks Corp. | 1.94% | |
| Lowe's Cos., Inc. | 1.83% | |
| DoorDash, Inc. | 1.40% | |
| General Motors Co. | 1.24% | |
| Airbnb, Inc. | 1.22% |
By country
United States 83.17%Liberia 1.07%Switzerland 0.74%Bermuda 0.61%Jersey 0.15%By asset type
Stocks 63.72%RA 22.02%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.41%, -3.16%, +0.27%.
How it works
UCC is tied to the S&P Consumer Discretionary Select Sector Index, which measures the consumer discretionary companies in the S&P 500. These businesses rely on spending households can put off, in industries such as automobiles, broadline and specialty retail, hotels and restaurants, and apparel. As of August 31, 2026, the fund's largest stock positions were Amazon (about 15.6% of net assets) and Tesla (11.0%), followed by Home Depot, McDonald's and Booking Holdings.
To reach 2x, ProShare Advisors uses a mathematical approach to set the mix of stocks, swaps and cash-like holdings. A swap is a contract, usually with a major bank, in which two parties exchange payments based on the index's moves. As of August 31, 2026, stocks made up about 64% of net assets, alongside four total return swaps and repurchase agreements (short-term loans usually backed by U.S. government securities) at about 22%.
Each day the fund rebalances to 2x, adding exposure after the index rises and cutting it after a fall. Over longer periods, compounding can pull returns far from 2x, usually lower in choppy markets. In the prospectus's example, a 20% one-year index drop with 50% volatility (how much it swings) means an estimated fund loss of 50.2%, not 40%. An index drop near 50% within a day could wipe out an investment.
What it really costs
- UCC charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.72% 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 $1,916 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UCC | $97 | $456 | $840 | $1,916 |
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
Its 2x exposure resets daily, so results over months or years can stray far from twice the index, and it lost 57.44% in 2022.
UCC's record shows how hard leveraged losses can hit. The price figures here begin in June 2020, so they don't show how the fund, launched in January 2007, fared in the 2008 crisis or the early-2020 crash. In the 2022 bear market, it fell 58.1% from January 3 to June 16, 2022, and it lost 57.44% for the full year, its worst calendar year. Its deepest drop, 61.7% from November 18, 2021 to December 28, 2022, took about 23.5 months from the low to recover. Anyone who had to cash out shares or draw income in a year like that would lock in magnified losses. Income is modest: dividends are paid quarterly, with a 12-month yield of 1.35% as of October 27, 2026. The fund charges 0.95% a year. 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 seeking twice the one-day move of the S&P 500's consumer discretionary companies, who can watch positions every day.
- Short-term traders wanting a magnified bet on consumer spending through stocks such as Amazon, Tesla, Home Depot and McDonald's.
- Experienced traders who understand daily resets and swaps, and accept the risk of a swap partner failing to pay or a total loss.
Look elsewhere if
- Retirees and long-term savers: it lost 57.44% in 2022, and its deepest drop, 61.7%, took until December 2024 to recover.
- Cost-conscious investors: it charges 0.95% a year after a fee waiver, and the SEC's $10,000 example totals $1,916 over 10 years.
- Investors wanting broad diversification: Amazon and Tesla alone were about 15.6% and 11.0% of net assets as of August 31, 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 UCC good for retirement?
UCC isn't designed for retirement savings; it's built for short-term trading. The prospectus warns that its results over periods longer than a day will likely differ from its 2x daily target, and the difference may be significant. Its history shows the stakes: it gained 61.36% in 2023 but lost 57.44% in 2022. Per the prospectus, it averaged 14.89% a year over the 10 years to December 31, 2025, but only 4.06% a year over five years.
Does UCC pay dividends?
Yes. UCC pays dividends quarterly, and its yield over the prior 12 months was 1.35% as of October 27, 2026, or about $0.61 per share. That income is small next to the fund's price swings. Its price fell 15.5% over the year to October 27, 2026, and in 2022 the fund lost 57.44%. Leverage can erase years of payouts in a single bad stretch.
What are UCC's top holdings?
As of August 31, 2026, UCC's largest stock positions were Amazon (about 15.6% of net assets), Tesla (11.0%), Home Depot (3.5%), McDonald's (2.6%) and Booking Holdings (2.5%), followed by TJX, Starbucks, Lowe's, DoorDash, General Motors and Airbnb. Stocks were about 64% of net assets. The rest of its 2x exposure came from four total return swaps, with repurchase agreements (short-term, cash-like loans) making up about 22%.
Why doesn't UCC return 2x the index over a year?
Because UCC resets its leverage every day, and those daily returns compound. In choppy markets, this usually drags long-run results below 2x the index. The prospectus gives an example: if the index fell 20% in a year with 50% volatility (a measure of how much it swings), the fund's estimated loss would be 50.2%, not 40%. With 10% volatility, the estimated loss is 36.6%, slightly better than 2x. If the index nears a 50% drop within one day, an investor could lose everything.
What is UCC's expense ratio?
UCC's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. That includes a 0.75% management fee and is after a fee waiver of 0.72%. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and cashing out at the end of each period, costs total $97 after one year, $456 after three, $840 after five and $1,916 after 10. Swap financing costs can also drag on returns.