At a glance
UJB charges 0.95% a year. It has $17.4M in assets; it paid 3.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.9% with distributions reinvested; over three years it returned +11.9% a year. At its worst it fell 29.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low.
The short version
ProShares Ultra High Yield (UJB) seeks twice (2x) the daily return of the Markit iBoxx $ Liquid High Yield Index, which measures US dollar “junk” bonds (lower-rated corporate debt). It gets that exposure mostly through swap contracts. It may suit traders making short-term bets on junk bond moves. Its leverage resets daily, so returns over longer periods can differ sharply from 2x the index, and it charges 0.95% a year after a fee waiver.
Price history
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UJB -1.9% 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 | |
|---|---|---|---|---|---|---|
| UJB official prospectus, to Dec 31, 2025 | — | +12.06% | — | +3.35% | +7.60% | — |
| UJB price data to Oct 27, 2026 | -2.4% | -1.9% | +11.9% | +2.0% | — | +4.5% |
- Over the year to Oct 27, 2026, UJB returned -1.9%.
- Its 5-year annualized return was +2.0%.
- Its worst full calendar year was 2022 (-23.3%); its best was 2023 (+17.7%).
- The deepest fall in its price history was 30.1% (Dec 23, 2021 to Sep 27, 2022), recovered by Sep 20, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.4% | — |
| 2025 | +12.2% | +12.06% |
| 2024 | +9.4% | +9.58% |
| 2023 | +17.7% | +17.64% |
| 2022 | -23.3% | -23.29% |
| 2021 | +7.0% | +6.39% |
| 2020 | — | +5.30% |
| 2019 | — | +26.85% |
| 2018 | — | -6.00% |
| 2017 | — | +11.09% |
| 2016 | — | +26.55% |
| 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 28.3% over that stretch · deepest drop along the way 29.6%, back to its old high 23.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $2.1900 | |
| 2025 | $2.0600 | -5.5% |
| 2024 | $2.1800 | -18.4% |
| 2023 | $2.6700 | +8800.0% |
| 2022 | $0.0300 | -93.9% |
| 2021 | $0.4900 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (11.8% 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 | 33.79% | |
| Repurchase Agreement RA | 22.47% | |
| Repurchase Agreement RA | 13.48% | |
| Repurchase Agreement RA | 7.19% | |
| Repurchase Agreement RA | 4.49% |
By country
United States 81.42%By asset type
RA 81.42%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $8.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.15%, -0.75%, +1.48%.
How it works
UJB's benchmark is the Markit iBoxx $ Liquid High Yield Index, maintained by S&P Dow Jones Indices. It measures US dollar “junk” bonds: fixed-rate corporate debt from developed-country companies rated BB+ or lower by Fitch or S&P and Ba1 or lower by Moody’s, which is below investment grade. Bonds are weighted by market value, with a 3% cap per issuer, and positions reset monthly.
The fund doesn't need to own those bonds. ProShare Advisors uses a mathematical approach to choose its positions. Most of the exposure comes from swap agreements, which are contracts with large financial institutions to exchange payments based on the index's moves. As of August 31, 2026, about 81% of its $17.4 million in net assets was in repurchase agreements, alongside four total return swaps. A repurchase agreement is a short-term loan of cash backed by securities, usually US government debt. If a swap partner fails to pay, the fund can lose money.
Exposure resets daily: after the index rises, the fund adds exposure; after it falls, it cuts back. Over any period longer than a day, that compounding can pull returns far from 2x the index. The prospectus estimates that if the index fell 20% in a year, the fund would lose 36.6% with 10% index volatility (day-to-day swings) but 76.5% with 100% volatility, not a flat 40%. An index drop near 50% in one day could wipe out the investment.
What it really costs
- UJB charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.68% 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 $1,876 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UJB | $97 | $448 | $822 | $1,876 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its 2x leverage resets every day, so returns over periods longer than a day can differ sharply from 2x the index, which makes it a trading instrument rather than a long-term holding.
UJB adds amplified junk bond risk to a portfolio, not stability. It launched in 2011, after the 2008 crisis. It lost 23.44% in the quarter ended March 31, 2020, which included the COVID crash. It lost 23.29% in 2022, its worst calendar year of 2016–2025. Its deepest drop since mid-2020 was 30.1%, from December 23, 2021, to September 27, 2022, and it took about 24 months to recover. Anyone forced to raise cash during a slide like that would lock in losses, and the daily reset makes long holds unpredictable.
Its yield over the 12 months to October 27, 2026, was 3.34%, paid quarterly. Costs are 0.95% a year after a fee waiver; the SEC's $10,000 example shows $97 in year one and $1,876 over 10 years. Past results don't predict future ones, and a sound plan looks at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice the daily move of the Markit iBoxx $ Liquid High Yield Index who can monitor positions every day.
- Traders making brief bets on rising junk bond prices who accept a 0.95% expense ratio, after a fee waiver, for 2x daily exposure.
- Experienced traders comfortable with swaps and counterparty risk; about 81% of net assets were in repurchase agreements as of August 31, 2026.
Look elsewhere if
- Retirees and long-term holders: the daily reset can pull longer-term returns far from 2x, and the prospectus warns of possible total loss.
- Income seekers: its yield was 3.34% for the 12 months to October 27, 2026, paid quarterly, alongside leveraged price swings.
- Anyone unable to stomach a 30.1% drop, like UJB's from December 2021 to September 2022, which took about 24 months to recover.
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 UJB good for retirement?
UJB is built for short-term trading, not long-term retirement holdings. It seeks twice (2x) the daily return of the Markit iBoxx $ Liquid High Yield Index and resets its leverage every day, so returns over months or years can differ sharply from 2x. The prospectus warns that leverage raises the risk of a total loss. From December 2021 to September 2022 the fund fell 30.1%, and it took about 24 months to recover.
Does UJB actually own junk bonds?
Mostly not. As of August 31, 2026, about 81% of UJB's $17.4 million in net assets was in repurchase agreements, which are short-term loans of cash backed by securities, usually US government debt. Four total return swaps supply the 2x exposure. These are contracts with financial institutions that exchange payments based on the index's moves. The prospectus also allows ETFs and a representative sample of index securities, so the mix can change.
Does UJB pay monthly dividends?
No. UJB pays distributions quarterly. Its yield over the 12 months to October 27, 2026, was 3.34%, or $2.50 per share over that period. The fund holds mostly repurchase agreements and swaps rather than bonds, so its payouts can differ from what the index's bonds pay. Price swings can easily outweigh a year of income, as in 2022, when it lost 23.29%.
What is UJB's expense ratio?
UJB's expense ratio, the yearly fee taken from fund assets, is 0.95%, per its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a 0.68% fee waiver, so costs would be higher without it. In the SEC's standard example, $10,000 earning 5% a year would incur $97 in costs after one year, $448 after three, $822 after five and $1,876 after ten. The prospectus notes that derivative financing costs also drag on results.
What has UJB returned over 10 years?
UJB returned an average of 7.6% a year over the 10 years through December 31, 2025, according to its prospectus. Over five years it averaged 3.35% a year, and it returned 12.06% over one year. The path was uneven: calendar-year returns ranged from 26.85% in 2019 to -23.29% in 2022. Measured from market prices, it lost about 1.9% over the 12 months to October 27, 2026. Because of daily resets, these figures aren't designed to match twice the index's return over those periods.