At a glance
UGE charges 0.95% a year. It has $10.0M in assets; it paid 2.04% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +17.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +16.3% a year. At its worst it fell 50.8% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 55.2% of the fund, out of 39 in all.
The short version
ProShares Ultra Consumer Staples (UGE) is a leveraged ETF seeking twice the daily return of the S&P Consumer Staples Select Sector Index, which covers S&P 500 staples companies such as Walmart, Costco and Coca-Cola. It is built for traders making short-term bets: because it resets daily, longer-term returns can differ sharply from double the index. It charges 0.95% a year and had about $10 million in assets as of August 31, 2026.
Price history
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UGE +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 | |
|---|---|---|---|---|---|---|
| UGE official prospectus, to Dec 31, 2025 | — | -5.20% | — | -3.05% | +7.81% | — |
| UGE price data to Oct 27, 2026 | +22.2% | +17.7% | +16.3% | -4.1% | — | +11.0% |
- Over the year to Oct 27, 2026, UGE returned +17.7%.
- Its 5-year annualized return was -4.1%.
- Its worst full calendar year was 2022 (-46.8%); its best was 2021 (+42.4%).
- The deepest fall in its price history was 56.5% (Jan 4, 2022 to Oct 12, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +22.2% | — |
| 2025 | -5.2% | -5.20% |
| 2024 | +16.4% | +16.25% |
| 2023 | +2.4% | +2.49% |
| 2022 | -46.8% | -46.73% |
| 2021 | +42.4% | +42.40% |
| 2020 | — | +56.22% |
| 2019 | — | +57.06% |
| 2018 | — | -29.20% |
| 2017 | — | +32.91% |
| 2016 | — | +7.25% |
| 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 49.7% over that stretch · deepest drop along the way 50.8%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $0.4300 | +65.4% |
| 2024 | $0.2600 | +36.8% |
| 2023 | $0.1900 | +58.3% |
| 2022 | $0.1200 | +108.7% |
| 2021 | $0.0575 |
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 | |
|---|---|---|
| Repurchase Agreement RA | 13.92% | |
| Repurchase Agreement RA | 9.25% | |
| Repurchase Agreement RA | 5.55% | |
| Walmart, Inc. | 5.23% | |
| Costco Wholesale Corp. | 4.77% | |
| Coca-Cola Co. (The) | 3.91% | |
| Procter & Gamble Co. (The) | 3.85% | |
| Philip Morris International, Inc. | 3.32% | |
| Repurchase Agreement RA | 2.96% | |
| Target Corp. | 2.48% | |
| Colgate-Palmolive Co. | 2.41% | |
| PepsiCo, Inc. | 2.34% | |
| Mondelez International, Inc. | 2.33% | |
| Altria Group, Inc. | 2.26% | |
| Monster Beverage Corp. | 2.23% |
By country
United States 86.12%Switzerland 0.54%By asset type
Stocks 53.12%RA 33.53%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.11%, +3.73%, -0.81%.
How it works
UGE's benchmark is the S&P Consumer Staples Select Sector Index from S&P Dow Jones Indices: the S&P 500's staples retailers and its food, beverage, tobacco, household and personal care companies. Larger companies by stock market value get larger weights. It is reviewed each September and reweighted in March, June and December. As of August 31, 2026, UGE's largest stocks were Walmart (5.2% of assets), Costco (4.8%) and Coca-Cola (3.9%).
To get 2x exposure, ProShare Advisors uses a mathematical approach to mix stocks with swap agreements: contracts with financial institutions to exchange payments based on the index's moves. On August 31, 2026, stocks were about 53% of assets and repurchase agreements, short-term loans usually backed by government securities, about 34%. It rebalances daily: after the index rises it adds exposure, and after a fall it trims exposure, to stay at 2x.
The daily reset means compounding can push longer-term returns far from 2x the index, usually for the worse when prices swing. If the index fell 20% in a year, the prospectus estimates the fund would lose about 36.6% in calm markets (10% volatility) but 50.2% in choppy ones (50% volatility). An index drop nearing 50% within a day could wipe out investors' money. Swaps also add counterparty risk: a bank on the other side might not pay.
What it really costs
- UGE charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 1.07% 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 $2,262 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UGE | $97 | $530 | $989 | $2,262 |
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
UGE targets twice the index's return for one day at a time, and its prospectus warns that results over longer periods will likely differ from that target, possibly by a lot.
UGE doubles the daily moves of consumer staples, a sector often seen as defensive, yet its losses have been severe. In the 2022 market slump it fell 50.8%, and its 46.7% loss that calendar year was its worst. Its deepest drop, 56.5% from January 2022 to October 2023, remained unrecovered as of October 27, 2026. It lost 38.0% in the quarter that included the COVID crash; 2008 figures aren't available. Withdrawing money in such a year means cashing out after steep losses.
It paid $0.41 a share in quarterly distributions over the 12 months to October 27, 2026, a 2.04% yield that is small beside those swings. It charges 0.95% a year; the SEC's standard $10,000 example shows $97 in costs over one year and $2,262 over ten. Past results don't predict future ones, and a retirement plan needs to weigh 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 S&P 500 staples stocks such as Walmart, Costco and Coca-Cola, who check positions daily.
- Traders who understand daily-reset compounding, including the prospectus estimate that a 20% yearly index fall could cost about 50% in choppy markets.
- Short-term traders for whom the 0.95% yearly fee matters little over a few days, and who can stomach quarters like early 2020's 38.0% loss.
Look elsewhere if
- Retirement investors wanting steady staples exposure: UGE lost 46.7% in 2022 and remained below its January 2022 peak as of October 27, 2026.
- Income seekers: the 2.04% yield over the 12 months to October 27, 2026, paid quarterly, is small beside price drops as deep as 56.5%.
- Investors wary of small funds: UGE held about $10 million on August 31, 2026, after net outflows of $2.2 million over three months.
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 UGE a good long-term investment?
It isn't designed to be one. UGE seeks twice the daily return of the S&P Consumer Staples Select Sector Index and resets every day, so results over longer periods can differ sharply from double the index. Per its prospectus, its average annual return to December 31, 2025, was 7.81% a year over 10 years but a loss of 3.05% a year over five. It lost 46.7% in 2022 and remained below its January 2022 peak as of October 27, 2026.
Why doesn't UGE return 2x the index over a year?
Because it resets its leverage every day, so gains and losses compound on a changing base. That can help in steady trends but usually hurts when prices bounce up and down. The prospectus estimates that if the index fell 20% over a year, the fund would lose about 36.6% at 10% volatility (a measure of how much prices swing) but about 50.2% at 50% volatility, versus a straight 2x loss of 40%. Fees and the financing costs of its swaps also cut into returns.
What is UGE's expense ratio?
UGE's expense ratio, its yearly fee as a share of assets, is 0.95%, per the prospectus filed September 25, 2026. That figure includes a 0.75% management fee and reflects a 1.07-percentage-point fee waiver. In the SEC's standard example, $10,000 earning 5% a year would incur about $97 in costs after one year, $530 after three, $989 after five and $2,262 after ten. The prospectus adds that financing costs tied to its swaps also hurt its ability to hit its target.
Does UGE pay dividends?
Yes, UGE makes quarterly distributions. Over the 12 months to October 27, 2026, it paid $0.41 a share, a yield of 2.04%. That income is modest next to the fund's price swings: its one-year volatility, a measure of how widely the price moves, was 30.6% as of the same date, and its deepest drop was 56.5% from January 2022 to October 2023. Payouts can vary from quarter to quarter.
What's the difference between UGE and a regular consumer staples ETF?
Leverage and what it holds. A traditional staples index fund typically owns the stocks outright and aims to match its index over any period. UGE aims for 2x the index's return one day at a time. As of August 31, 2026, stocks such as Walmart and Costco made up about 53% of its assets and repurchase agreements, a cash-like holding, about 34%, while four total return swaps with financial institutions supplied the extra exposure. That adds counterparty risk, the chance a bank fails to pay.