At a glance
UCYB charges 0.95% a year. It has $10.1M in assets; it paid 1.14% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +67.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned +61.3% a year. At its worst it fell 56.3% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 26 months after the low.
The short version
ProShares Ultra Nasdaq Cybersecurity ETF (UCYB) seeks twice (2x) the daily return of the Nasdaq CTA Cybersecurity Index, before fees and expenses, mainly through swap contracts with large banks. Built for short-term traders seeking magnified cybersecurity bets, it resets leverage daily, so results over longer periods can differ sharply from double the index; it fell about 55% in 2022. Its expense ratio was 0.95% after a fee waiver, per its September 2026 prospectus.
Price history
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UCYB +67.6% 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 | |
|---|---|---|---|---|---|---|
| UCYB official prospectus, to Dec 31, 2025 | — | +12.13% | — | +6.83% | — | — |
| UCYB price data to Oct 27, 2026 | +100.9% | +67.6% | +61.3% | +16.6% | — | +21.1% |
- Over the year to Oct 27, 2026, UCYB returned +67.6%.
- Its 5-year annualized return was +16.6%.
- Its worst full calendar year was 2022 (-55.1%); its best was 2023 (+68.9%).
- The deepest fall in its price history was 62.7% (Nov 12, 2021 to Jan 5, 2023), recovered by Feb 5, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +100.9% | — |
| 2025 | +9.4% | — |
| 2024 | +28.9% | +12.13% |
| 2023 | +68.9% | +24.34% |
| 2022 | -55.1% | +70.07% |
| 2021 | — | -54.82% |
| 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 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 54.6% over that stretch · deepest drop along the way 56.3%, back to its old high 25.8 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8100 | |
| 2025 | $1.0000 | -5.7% |
| 2024 | $1.0600 | +381.8% |
| 2023 | $0.2200 |
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 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 18.54% | |
| Repurchase Agreement RA | 12.33% | |
| Repurchase Agreement RA | 7.40% | |
| Repurchase Agreement RA | 3.94% | |
| Repurchase Agreement RA | 2.47% |
By country
United States 44.67%By asset type
RA 44.67%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.41%, +3.28%, +16.86%.
How it works
UCYB is built around the Nasdaq CTA Cybersecurity Index, run by Nasdaq Inc. The index holds companies the Consumer Technology Association identifies as cybersecurity firms, mainly those building and managing protection for data and networks. They are chosen by size and how easily their shares trade, then weighted by market value, so the largest count most. It is reviewed in March and September, with weight adjustments in June and December.
ProShare Advisors gets leverage mainly through swaps: contracts with large financial institutions that pay the fund an asset's return in exchange for financing payments. If one of those institutions fails to pay, the fund can lose money. As of August 31, 2026, its largest positions were repurchase agreements (short-term loans backed by securities, used to hold cash), about 45% of assets, plus total return swaps referencing CIBR.
The fund resets to 2x every day, adding exposure after the index rises and cutting it after a fall. Over longer periods, that compounding can push returns far from 2x the index, usually for the worse in choppy markets. The prospectus estimates that if the index fell 20% over a year with 50% volatility (a measure of daily swings), the fund would lose about 50%, not 40%. If the index nears a 50% loss within a day, holders could lose everything.
What it really costs
- UCYB charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.81% 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 $2,957 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UCYB | $97 | $684 | $1,298 | $2,957 |
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
UCYB resets 2x leverage daily, so long-run results can stray far from double the index, and its prospectus warns a steep enough one-day index drop could wipe out an investment.
UCYB launched in January 2021, after the 2008 and 2020 crashes. In the 2022 bear market it fell 56.3% from its April 2022 high and didn't recover until December 2024. Its deepest drop, 62.7% from November 2021 to January 2023, took until February 2025 to recover, and it lost about 55% in 2022. Anyone needing cash from it during a slide like that would lock in heavy losses. Even in the year to October 27, 2026, when it gained 67.6%, it fell 42.5% from a high at one point.
Income is minor: a 1.14% trailing yield as of October 27, 2026, paid quarterly. The 0.95% expense ratio reflects a fee waiver; in the SEC's standard $10,000 example, costs are $97 after one year but $2,957 after ten. Past results don't predict future ones, 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 short-term, magnified bets on stocks in the Nasdaq CTA Cybersecurity Index who can watch their positions daily.
- People who understand daily 2x leverage, compounding and swap counterparty risk, and accept that a steep one-day index drop could wipe out their stake.
- Traders who can stomach extreme swings, like its 62.7% drop from November 2021 to January 2023 and 45.51% loss in the quarter ending June 2022.
Look elsewhere if
- Long-term or retirement investors seeking cybersecurity exposure to hold for years; daily resets mean multi-year returns can stray far from 2x the index.
- Anyone who may need cash in a downturn: it lost about 55% in 2022 and didn't regain its November 2021 high until February 2025.
- Cost-conscious investors: the 0.95% expense ratio is after a 1.81% fee waiver, and the SEC example shows $2,957 in costs on $10,000 over ten years.
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 UCYB a good long-term investment?
UCYB is designed for short-term trading rather than long-term holding. It seeks twice the Nasdaq CTA Cybersecurity Index's return for a single day, and its prospectus warns that results over longer periods will likely differ from that target, possibly by a lot. It also warns that if the index nears a 50% loss within a day, holders could lose their entire investment. Its deepest drop was 62.7%, from November 2021 to January 2023, and it took until February 2025 to recover.
Why doesn't UCYB return 2x the index over a year?
Because UCYB resets its 2x exposure every day, and compounding changes the result over longer periods. When the index swings up and down, daily resets usually erode returns. The prospectus estimates that if the index fell 20% over a year with 50% volatility (how much it moves up and down), the fund would lose about 50%, not 40%. With 10% volatility, the estimate is a 36.6% loss, a bit smaller than double the index's drop. Fees and financing costs also weigh on returns.
Does UCYB pay dividends?
Yes, UCYB makes quarterly distributions, but they are small. Its trailing yield was 1.14% as of October 27, 2026, or about $1.19 per share over the prior year. Income isn't the fund's purpose: it aims for twice the daily move of the Nasdaq CTA Cybersecurity Index, and its price swings dwarf the payout. Its annualized volatility, a measure of how widely returns swing, was 57.1% over the year to that date.
What's the difference between UCYB and a regular cybersecurity ETF?
The big difference is leverage. An unleveraged cybersecurity index fund aims to match its index over any holding period, usually by owning the stocks. UCYB seeks twice the Nasdaq CTA Cybersecurity Index's daily return, mainly through total return swaps; as of August 31, 2026, its largest positions were repurchase agreements, not stocks. That magnifies daily gains and losses and adds the risk that a swap partner fails to pay. Its expense ratio was 0.95% after a 1.81% fee waiver, per its September 2026 prospectus.
How has UCYB performed?
UCYB has delivered big gains and big losses, and its record depends heavily on dates. Per its prospectus, average annual returns were 12.13% over one year and 6.83% over five years through December 31, 2025. Based on price, it returned 67.6% over one year and 16.6% a year over five years through October 27, 2026, lifted by a 100.9% year-to-date gain. It lost about 55% in 2022, then rebounded about 69% in 2023. Past results don't predict future ones.