At a glance
It has $864.5M in assets; it paid 1.03% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +20.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned +13.2% a year. At its worst it fell 55.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 22 months after the low. Its ten largest positions make up 26.6% of the fund, out of 35 in all.
The short version
ProShares UltraPro Dow30 (UDOW) aims to deliver three times (3x) the daily return of the Dow Jones Industrial Average, a price-weighted index of 30 large U.S. companies, using stocks, swaps and futures. Its target resets every day, so returns over months or years can differ sharply from 3x the index. That makes it a short-term trading tool, with a 0.75% management fee and swings far larger than a regular Dow index fund.
Price history
The interactive chart needs JavaScript.
UDOW +20.4% 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 | |
|---|---|---|---|---|---|---|
| UDOW official prospectus, to Dec 31, 2025 | — | +24.42% | — | +18.82% | +22.66% | — |
| UDOW price data to Oct 27, 2026 | +18.3% | +20.4% | +13.2% | -2.3% | — | +13.1% |
- Over the year to Oct 27, 2026, UDOW returned +20.4%.
- Its 5-year annualized return was -2.3%.
- Its worst full calendar year was 2025 (-37.9%); its best was 2021 (+65.5%).
- The deepest fall in its price history was 65.1% (Dec 4, 2024 to May 9, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +18.3% | — |
| 2025 | -37.9% | +24.42% |
| 2024 | +27.8% | +28.50% |
| 2023 | +31.9% | +32.59% |
| 2022 | -32.7% | -32.34% |
| 2021 | +65.5% | +65.08% |
| 2020 | — | -17.10% |
| 2019 | — | +75.55% |
| 2018 | — | -23.51% |
| 2017 | — | +98.88% |
| 2016 | — | +47.02% |
| 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 53.2% over that stretch · deepest drop along the way 55.9%, back to its old high 21.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.5000 | |
| 2025 | $0.8050 | +78.9% |
| 2024 | $0.4500 | +28.6% |
| 2023 | $0.3500 | +48.9% |
| 2022 | $0.2350 | +62.1% |
| 2021 | $0.1450 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (27.78% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Goldman Sachs Group, Inc. (The) | 5.51% | |
| Caterpillar, Inc. | 4.29% | |
| Microsoft Corp. | 2.73% | |
| Amgen, Inc. | 2.31% | |
| UnitedHealth Group, Inc. | 2.09% | |
| Visa, Inc. | 2.04% | |
| Travelers Cos., Inc. (The) | 1.97% | |
| JPMorgan Chase & Co. | 1.91% | |
| Repurchase Agreement RA | 1.90% | |
| Alphabet, Inc. | 1.82% | |
| Sherwin-Williams Co. (The) | 1.82% | |
| American Express Co. | 1.77% | |
| Home Depot, Inc. (The) | 1.76% | |
| Apple, Inc. | 1.70% | |
| Johnson & Johnson | 1.43% |
By country
United States 52.66%By asset type
Stocks 48.08%RA 4.57%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $41.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.93%, -0.24%, +3.29%.
How it works
The fund tracks the Dow Jones Industrial Average, which S&P Dow Jones Indices maintains. The index holds 30 of the largest U.S. companies, excluding transportation and utilities. The index provider picks companies with a strong reputation, sustained growth and wide investor interest. Stocks are weighted by share price, not company size, so a stock with a higher price counts for more. Companies can be added or removed at any time. As of August 31, 2026, the fund's largest direct stock positions were Goldman Sachs (5.5% of net assets), Caterpillar (4.3%) and Microsoft (2.7%).
ProShare Advisors uses a mathematical model to combine stocks with derivatives (contracts whose value tracks another asset). These are mainly total return swaps with large financial institutions, plus futures. As of August 31, 2026, stocks made up about 48% of net assets. Swaps supplied much of the remaining exposure. Spare cash sits in Treasury bills, repurchase agreements and a ProShares money market ETF. Swaps carry counterparty risk: the fund may lose money if a bank fails to pay.
The fund rebalances every day to keep its exposure at 3x. It adds exposure after the index rises and cuts it after the index falls. Over periods longer than a day, compounding can push returns well away from 3x the index, usually for the worse in choppy markets. If the Dow nears a 33% loss in a single day, holders could lose their entire investment.
What it really costs
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UDOW | $96 | $300 | $520 | $1,155 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its 3x exposure resets daily, so its long-term results can drift far from three times the Dow, and its losses in downturns have been severe.
UDOW launched in February 2010, so it missed the 2008 crisis. Its prospectus shows a 66.36% loss in the first quarter of 2020, and the fund ended 2020 down 17.1%. From January 4 to September 30, 2022, it fell 55.9%. It took about 21.5 months to recover, finally doing so on July 16, 2024. Its worst calendar year from 2016 through 2025 was 2022, at -32.34%. Anyone who has to sell shares or draw income during a drop like that could lock in losses that are hard to make back. The trailing yield was 1.03% as of October 27, 2026, paid quarterly. That is too small to serve as an income source. Under the SEC's standard $10,000 example, costs come to about $96 after one year and $1,155 over ten years. 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 three times the Dow's daily move over a day or a few days and can watch their positions closely.
- Experienced investors who understand daily resets and compounding and can stomach losses like the fund's 66.36% drop in the first quarter of 2020.
- Traders who want leveraged exposure specifically to the Dow's price-weighted mix, where Goldman Sachs and Caterpillar were the largest stock positions as of August 2026.
Look elsewhere if
- Retirees and savers looking for a buy-and-hold core fund, since the daily reset makes multi-year returns drift from 3x the Dow.
- Investors who need income: the trailing yield was just 1.03% as of October 27, 2026, paid quarterly.
- Anyone uneasy about swap counterparty risk, or about a total loss if the Dow nears a 33% drop in one day.
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 UDOW good for retirement?
UDOW is generally not built for retirement portfolios. ProShares designs it to deliver 3x the Dow's daily return, and the prospectus warns that results over longer periods will likely differ, sometimes significantly. It returned 22.66% a year over the ten years to December 31, 2025. But it also lost 66.36% in one quarter of 2020 and fell 55.9% in 2022. Drops that deep can do lasting damage to someone who needs to sell shares to cover living costs.
Why doesn't UDOW return 3x the Dow over a year?
UDOW resets its leverage every day, so its returns compound daily rather than tracking 3x the index over a year. When the Dow swings up and down, those daily resets can wear down value even if the index ends flat. In steady rising markets, the effect can work in the fund's favor. Fees and the cost of financing the swaps and futures also reduce returns. That is why the gap between the fund and 3x the Dow over months can be large.
Can you lose all your money in UDOW?
Yes. The prospectus says that if the Dow Jones Industrial Average approaches a 33% loss at any point in a day, an investor could lose their entire investment. The fund also relies on swaps with large financial institutions, so it could lose money if one of those counterparties fails to pay. Short of a total loss, past drops have been steep: the fund lost 66.36% in the first quarter of 2020.
Does UDOW pay dividends?
Yes, UDOW pays distributions quarterly, but they are small. The trailing 12-month yield was 1.03% as of October 27, 2026, or about $0.70 per share. The payouts come from the stocks and money market instruments the fund holds. UDOW is designed for leveraged daily exposure, not income, so the yield plays a minor role next to its price swings.
What is UDOW's expense ratio?
UDOW's prospectus, filed September 25, 2026, lists a 0.75% management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. On that basis, total costs would be about $96 after one year, $520 after five years and $1,155 after ten years. Holders also bear trading and financing costs from the derivatives the fund uses to get 3x exposure, which can widen the gap between the fund and its target.