At a glance
UGL charges 0.95% a year. It has $640.9M in assets. Over the past year it returned −10.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +41.1% a year. At its worst it fell 40.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low.
The short version
ProShares Ultra Gold (UGL) aims to deliver twice the daily performance of a gold futures benchmark. It uses futures, swaps and other derivatives instead of holding physical gold. Its 2x exposure resets every day, so returns over longer periods can differ sharply from double gold's move. It is a commodity pool taxed as a partnership, which means investors get a Schedule K-1. Its expense ratio was 0.95% for the period to June 30, 2026.
Price history
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UGL -10.8% 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 | |
|---|---|---|---|---|---|---|
| UGL price data to Oct 27, 2026 | -22.0% | -10.8% | +41.1% | +24.3% | — | +17.8% |
- Over the year to Oct 27, 2026, UGL returned -10.8%.
- Its 5-year annualized return was +24.3%.
- Its worst full calendar year was 2021 (-12.3%); its best was 2025 (+137.6%).
- The deepest fall in its price history was 51% (Jan 29, 2026 to Oct 23, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -22.0% |
| 2025 | +137.6% |
| 2024 | +46.4% |
| 2023 | +15.6% |
| 2022 | -7.6% |
| 2021 | -12.3% |
| 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 17.8% over that stretch · deepest drop along the way 40.1%, back to its old high 18.2 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $640.9M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
UGL is one of the Ultra funds in ProShares Trust II, a Delaware statutory trust. Its sponsor and commodity pool operator is ProShare Capital Management LLC. The fund seeks daily results, before fees and expenses, of two times (2x) the daily performance of a benchmark index designed to track gold futures contracts. A futures contract is an agreement to buy gold at a set price on a later date. Instead of buying gold, the fund uses financial instruments such as futures, swaps and forward contracts, backed by cash and Treasury bills.
The 2x target covers one day only. A day runs from one net asset value (NAV) calculation to the next, and the exposure resets daily. Over longer periods, daily returns compound. The sponsor says results will very likely differ in amount, and possibly direction, from 2x the benchmark. How much gold swings can matter as much as which way it moves. Expiring futures must be rolled into later ones, which can help or hurt returns. The futures index can also move differently from the price of physical gold.
Large firms called Authorized Participants create and redeem shares in blocks of 50,000 at NAV. Everyone else trades shares on NYSE Arca. The trust is not a registered 1940 Act investment company, so some fund-specific investor protections don't apply. Net assets were about $640.9 million as of June 30, 2026.
What it really costs
- UGL charges 0.95% a year.
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.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
Its 2x exposure resets daily, and the sponsor says it is meant for knowledgeable investors who actively monitor their positions, not for buy-and-hold use.
UGL magnifies gold's daily swings in both directions. Its price rose 137.6% in 2025, then fell 51% from January 29 to October 23, 2026. That loss had not been recovered as of October 27, 2026. In the 2022 bear market, it dropped 40.1% between March and September. It did not regain its earlier peak until April 2, 2024, about 18 months after the low. Price history starts in June 2020, so the 2008 crisis and the 2020 crash are not covered. Anyone forced to sell during slumps like these could lock in deep losses. The fund has made no distributions, so it provides no income. Its 0.95% expense ratio is high, and trading costs come on top. K-1 tax forms add paperwork. 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
- Experienced traders who want a short-term, magnified bet on gold's daily moves and can watch positions closely.
- Traders who want 2x gold futures exposure through an exchange-listed fund rather than a futures account, and accept a 0.95% expense ratio.
- Investors comfortable with partnership tax reporting, since the fund issues a Schedule K-1 and holders may owe tax on gains without selling.
Look elsewhere if
- Buy-and-hold or retirement investors, because the daily reset means returns over months can stray far from twice gold's move.
- Anyone who needs income from their investments, since the fund has made no distributions.
- Investors who can't tolerate deep drops: it fell 51% between January and October 2026, and 40.1% during 2022.
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 UGL a good long-term investment?
UGL is built for short-term use, not long holding periods. It seeks 2x the daily return of a gold futures benchmark. The sponsor warns that over longer periods, results will very likely differ in amount, and possibly direction, from 2x. Its price-based return was 24.3% a year over the five years to October 27, 2026. It also fell 51% between January 29 and October 23, 2026. The sponsor suggests holders consider actively monitoring their positions.
Does UGL pay dividends?
No. UGL has made no distributions, so it provides no income. All of its return comes from changes in the share price, which follows the fund's leveraged gold futures positions. That makes it unlike the dividend or bond funds many retirees use for cash flow. Because the fund is taxed as a partnership, holders may still owe tax on their share of its gains each year, even though they receive no cash.
Does UGL send a K-1 or a 1099?
UGL sends a Schedule K-1, not a 1099. It is a commodity pool taxed as a partnership, so each holder reports a share of the fund's gains and losses every year, even without selling shares. K-1s can make tax filing more complicated. The trust is also not registered under the Investment Company Act of 1940, so some protections that typical ETFs offer don't apply.
What is the UGL expense ratio?
UGL's expense ratio was 0.95% for the period ending June 30, 2026. That covers the sponsor's fee to ProShare Capital Management LLC. The fund also pays brokerage commissions and other costs on top of it. Fees are only part of the cost of holding it. The daily reset and the rolling of expiring gold futures can also pull long-term results away from twice gold's move.
What's the difference between UGL and GLL?
They work in opposite directions. UGL (ProShares Ultra Gold) seeks 2x the daily performance of its gold benchmark. GLL (ProShares UltraShort Gold) seeks -2x, so it aims to rise on days when gold falls. Both belong to ProShares Trust II, both reset daily, and both are commodity pools. On June 13, 2025, UGL did a 4-for-1 forward split and GLL did a 1-for-2 reverse split. Neither split changed the value of holders' investments.