At a glance
ULE charges 0.95% a year. It has $4.9M in assets. Over the past year it returned −10.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +2.5% a year. At its worst it fell 31.9% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 36 months after the low.
The short version
ProShares Ultra Euro (ULE) is a leveraged fund, structured as a commodity pool, that aims for twice (2x) the daily move of its euro benchmark using derivatives rather than holding euros. It may suit short-term traders seeking an amplified one-day bet on a stronger euro. Its exposure resets daily, so longer-term results can differ sharply from 2x; it also charges 0.95% a year and issues a partnership tax form (Schedule K-1).
Price history
The interactive chart needs JavaScript.
ULE -10.1% 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 | |
|---|---|---|---|---|---|---|
| ULE price data to Oct 27, 2026 | -10.9% | -10.1% | +2.5% | -3.4% | — | -2.1% |
- Over the year to Oct 27, 2026, ULE returned -10.1%.
- Its 5-year annualized return was -3.4%.
- Its worst full calendar year was 2021 (-15.7%); its best was 2025 (+26.0%).
- The deepest fall in its price history was 42.9% (Jan 6, 2021 to Sep 27, 2022), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.9% |
| 2025 | +26.0% |
| 2024 | -11.7% |
| 2023 | +5.1% |
| 2022 | -15.5% |
| 2021 | -15.7% |
| 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 28.8% over that stretch · deepest drop along the way 31.9%, back to its old high 35.6 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 $4.9M 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
ULE is one of the leveraged series of ProShares Trust II. It seeks daily results, before fees and expenses, equal to twice (2x) the daily performance of its euro benchmark, measured from one net asset value (NAV) calculation to the next. Rather than holding euros, it uses derivatives (contracts whose value tracks the currency) such as futures, forwards and swaps, backed by cash and Treasury bills.
The 2x target applies to one day only, so the fund resets its exposure daily. Over longer periods, daily returns compound, and ProShares says results will very likely differ in amount and possibly even direction from 2x the benchmark's return. Volatility can matter as much as direction: if the euro seesaws and ends flat, the fund can still lose money. ProShares says these funds are for knowledgeable investors only and suggests monitoring positions actively.
ULE is a commodity pool, a fund that trades derivatives under Commodity Futures Trading Commission (CFTC) rules, run by ProShare Capital Management LLC. It is not registered under the Investment Company Act of 1940, so it lacks some protections of ordinary funds. Taxed as a partnership, it issues holders a Schedule K-1, and they owe tax on their share of gains each year. Rolling expiring contracts into later ones can add to or subtract from returns.
What it really costs
- ULE 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
ULE targets twice its euro benchmark's daily move and resets every day, and ProShares says such funds are meant for knowledgeable investors who monitor positions actively.
ULE offers little a long-term plan can lean on. It has no recorded distributions, charges 0.95% a year, and its daily reset means multi-year returns can stray far from 2x its benchmark's move. The price history here starts June 2, 2020, so the 2008 and 2020 crashes are not covered. In the 2022 bear market it fell 31.9% from its February 4, 2022 peak to September 27, 2022, then took 35.6 months to recover. Measured from its January 6, 2021 high, its deepest drop reached 42.9% by September 27, 2022, and that high had not been regained as of October 27, 2026. Its worst calendar year was 2021, at -15.7%.
Anyone cashing out shares for living costs during a slump like that would have locked in steep losses. Past results don't predict the future, and any plan is better judged across the whole portfolio than by one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders wanting a one-day, 2x bet on a stronger euro, held through derivatives rather than currency, who can watch positions daily.
- Hands-on traders who can stomach swings like a 15.7% loss in 2021 and a 26% gain in 2025, and who rebalance often.
- Traders comfortable with a 0.95% annual fee, K-1 tax forms and a small fund, about $4.9 million in assets on June 30, 2026.
Look elsewhere if
- Retirees and long-term holders: daily resets let multi-year returns stray from 2x, and its 42.9% drop remained unrecovered as of October 27, 2026.
- Income seekers: ULE has no recorded distributions, and its price fell 10.1% in the year to October 27, 2026.
- Anyone wanting simple 1099 tax reporting or 1940 Act protections: ULE is a commodity pool taxed as a partnership, not a registered investment company.
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 ULE good for long-term investors?
It isn't built for them. ULE seeks twice its euro benchmark's daily return for a single day only, and ProShares says longer-period results will very likely differ from 2x, possibly even in direction. As of October 27, 2026, its five-year loss was 16% in total, or 3.4% a year. Its deepest drop, 42.9% from January 6, 2021 to September 27, 2022, had not been recovered. ProShares says such funds are for knowledgeable investors who monitor positions actively.
Does ULE pay dividends?
No. ULE has no recorded distributions, so it produces no income stream, and any return comes from changes in its share price. Because it is taxed as a partnership, holders can still owe tax each year on their share of the fund's gains, even if they receive no cash and keep their shares. That mismatch between tax owed and cash received matters for anyone who relies on holdings for income.
Is ULE an ETF or a commodity pool?
Both, in a sense: it trades like an ETF but is legally a commodity pool. ULE's shares list on NYSE Arca, and only approved firms called Authorized Participants create or redeem them, in blocks of 50,000 shares. As a series of ProShares Trust II, it is not registered under the Investment Company Act of 1940, so it lacks some protections of registered funds. It is taxed as a partnership, so holders receive a Schedule K-1 rather than a Form 1099.
What's the difference between ProShares Ultra Euro and UltraShort Euro?
They make opposite bets. ProShares Ultra Euro (ULE) seeks twice (2x) the daily performance of its euro benchmark, so it aims to rise when the euro strengthens. ProShares UltraShort Euro seeks two times the inverse (-2x) of its benchmark's daily performance, aiming to gain when the euro weakens. Both are leveraged commodity pools in ProShares Trust II that reset daily, so neither is designed for long holding periods, and one is not a substitute for the other.
What is ULE's expense ratio?
ULE's expense ratio was 0.95% for the period ended June 30, 2026, matching its sponsor's fee. Beyond that fee, the fund pays brokerage commissions and other costs, and rolling expiring contracts into later ones can add to or subtract from returns. Its net assets were about $4.9 million as of June 30, 2026, making it a very small fund. Over long holding periods, those costs add to the drag that daily compounding can create.