At a glance
UPW charges 0.95% a year. It has $14.5M in assets; it paid 1.86% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −14.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +25.8% a year. At its worst it fell 37.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low. Its ten largest positions make up 49.6% of the fund, out of 36 in all.
The short version
ProShares Ultra Utilities (UPW) is a leveraged ETF that seeks twice the daily return of the S&P Utilities Select Sector Index. That index tracks utility companies in the S&P 500, such as NextEra Energy, Southern Co. and Duke Energy. The fund's leverage resets every day, so returns over longer periods can differ sharply from 2x the index. It's built for short-term traders and charges 0.95% a year.
Price history
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UPW -14.7% 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 | |
|---|---|---|---|---|---|---|
| UPW official prospectus, to Dec 31, 2025 | — | +23.11% | — | +10.80% | +12.90% | — |
| UPW price data to Oct 27, 2026 | -2.2% | -14.7% | +25.8% | +7.9% | — | +9.9% |
- Over the year to Oct 27, 2026, UPW returned -14.7%.
- Its 5-year annualized return was +7.9%.
- Its worst full calendar year was 2023 (-22.3%); its best was 2024 (+37.7%).
- The deepest fall in its price history was 49.4% (Sep 12, 2022 to Oct 2, 2023), recovered by Sep 30, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -2.2% | — |
| 2025 | +27.1% | +23.11% |
| 2024 | +37.7% | +37.96% |
| 2023 | -22.3% | -22.33% |
| 2022 | -4.6% | -4.56% |
| 2021 | +32.6% | +32.64% |
| 2020 | — | -17.37% |
| 2019 | — | +47.95% |
| 2018 | — | +2.70% |
| 2017 | — | +22.28% |
| 2016 | — | +31.28% |
| 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 25.3% over that stretch · deepest drop along the way 37.2%, back to its old high 23.6 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3000 | |
| 2025 | $0.9525 | +190.8% |
| 2024 | $0.3275 | +2.3% |
| 2023 | $0.3200 | +18.5% |
| 2022 | $0.2700 | +11.3% |
| 2021 | $0.2425 |
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 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NextEra Energy, Inc. | 9.48% | |
| Repurchase Agreement RA | 7.19% | |
| Southern Co. (The) | 5.47% | |
| Duke Energy Corp. | 5.16% | |
| Constellation Energy Corp. | 4.85% | |
| Repurchase Agreement RA | 4.78% | |
| American Electric Power Co., Inc. | 3.67% | |
| Dominion Energy, Inc. | 3.20% | |
| Sempra | 2.95% | |
| Repurchase Agreement RA | 2.87% | |
| Entergy Corp. | 2.69% | |
| Xcel Energy, Inc. | 2.61% | |
| Exelon Corp. | 2.47% | |
| Vistra Corp. | 2.40% | |
| Consolidated Edison, Inc. | 2.18% |
By country
United States 89.69%By asset type
Stocks 72.38%RA 17.32%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $2.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.70%, -5.14%, -9.91%.
How it works
UPW's benchmark is the S&P Utilities Select Sector Index from S&P Dow Jones Indices. It includes the utilities in the S&P 500: electric, gas, water and multi-utilities, plus independent power and renewable electricity producers. Companies are weighted by stock-market value. The index reviews its makeup and weights each September and adjusts weights in March, June and December.
ProShare Advisors uses a mathematical approach to set the mix of stocks, swaps and cash-like holdings needed for twice the index's daily return. Swaps are contracts with large financial institutions that pay based on the index's moves, so the fund depends on those institutions to pay. As of August 31, 2026, stocks were about 72% of assets, led by NextEra Energy (9.5%), Southern Co. (5.5%) and Duke Energy (5.2%). Five total return swaps added exposure. About 17% sat in repurchase agreements, a short-term cash investment.
The fund rebalances daily to keep exposure at 2x. It adds exposure after the index rises and cuts back after it falls. Over longer periods, compounding can push returns far from twice the index, usually for the worse in choppy markets. The prospectus gives an example: if the index fell 20% over a year with 50% volatility (how much it swings up and down), the fund would lose about 50%, not 40%. An index drop approaching 50% in one day could wipe out the investment.
What it really costs
- UPW charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.6% 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 $1,795 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UPW | $97 | $431 | $788 | $1,795 |
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
UPW resets its 2x leverage every day, and ProShares warns that returns over periods longer than a day can differ significantly from twice the index.
UPW targets twice the utilities index's daily return, and ProShares warns that longer-term results can differ significantly from 2x. This page's price history starts in June 2020, so it skips 2008. The prospectus shows a 33.82% loss in the first quarter of 2020, as COVID hit markets. In the 2022 bear market, the fund lost 25.3% between the stock market's January peak and October low. Its deepest drop, 49.4%, ran from September 2022 to October 2023. It didn't regain that high until September 30, 2024. Its worst calendar year was 2023, down 22.33%.
Anyone who had to cash out during drops like these would lock in deep losses. The fund's yield over the prior year was 1.86% as of October 27, 2026, paid quarterly. Its expense ratio is 0.95%. Past results don't predict future ones, 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 seeking twice the one-day move of US utilities like NextEra Energy, Southern Co. and Duke Energy, who check positions daily.
- Traders who want leveraged utility exposure without borrowing on margin or arranging swaps themselves; ProShares handles the swaps and daily rebalancing.
- People comfortable with swings like a 33.82% first-quarter loss in 2020 and a 39.12% gain in the quarter ending September 30, 2024.
Look elsewhere if
- Retirees and long-term savers: ProShares warns that returns over periods longer than one day can differ significantly from twice the index.
- Income seekers: the yield was 1.86% as of October 27, 2026, paid quarterly, and the fund charges 0.95% a year.
- Investors who can't tolerate deep losses: the fund fell 49.4% from September 2022 to October 2023 and didn't recover until September 30, 2024.
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
Can you hold UPW long term?
Yes, but it isn't designed for that. UPW seeks twice the daily return of the S&P Utilities Select Sector Index, and ProShares warns that results over periods longer than a day can differ significantly from 2x. Compounding usually hurts in choppy markets. Long-term holders have seen both extremes. The fund's average annual return was 12.90% over the 10 years to December 31, 2025, but it also fell 49.4% from September 2022 to October 2023.
What's the difference between UPW and a regular utilities ETF?
The difference is leverage and a daily reset. A traditional utilities index fund aims to match its index over any holding period. UPW seeks twice the S&P Utilities Select Sector Index's return for a single day. It uses swaps with financial institutions to get there and rebalances daily, so results over weeks or months can stray far from 2x. It charges 0.95% a year, and its swings are bigger: in the quarter ending March 31, 2020, it lost 33.82%.
Does UPW pay dividends?
Yes, quarterly. UPW paid $0.39 per share over the 12 months to October 27, 2026, a yield of 1.86%. That income is small next to the fund's price swings, which included a 22.33% loss in 2023 and a 37.96% gain in 2024. It has a 0.95% expense ratio and a daily leverage reset, so UPW works more as a short-term trading tool than as a steady source of retirement income.
What is UPW's expense ratio?
UPW's expense ratio is 0.95%, according to its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a 0.60% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed in at the end of each period. On that basis, costs would total $97 after one year, $431 after three, $788 after five and $1,795 after ten. Swap financing and trading costs can also reduce returns.
What stocks does UPW hold?
It holds large US utilities. As of August 31, 2026, stocks made up about 72% of UPW's assets. The largest were NextEra Energy (9.5%), Southern Co. (5.5%), Duke Energy (5.2%), Constellation Energy (4.8%) and American Electric Power (3.7%). Five total return swaps supplied the extra exposure needed for 2x. About 17% sat in repurchase agreements, a short-term cash investment. Net assets were about $14.5 million, which is small for an ETF.