At a glance
URE charges 0.95% a year. It has $55.1M in assets; it paid 2.06% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −2.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned +17.3% a year. At its worst it fell 55.6% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 43.0% of the fund, out of 35 in all.
The short version
ProShares Ultra Real Estate (URE) is a leveraged ETF that seeks twice the daily return of the S&P Real Estate Select Sector Index, which tracks the real estate companies in the S&P 500. It gets that exposure through a mix of stocks and swaps. Because it resets its leverage every day, results over months or years can differ sharply from twice the index. It charges 0.95% a year and lost 49.4% in 2022.
Price history
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URE -2.1% 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 | |
|---|---|---|---|---|---|---|
| URE official prospectus, to Dec 31, 2025 | — | -3.88% | — | +0.41% | +2.56% | — |
| URE price data to Oct 27, 2026 | +8.6% | -2.1% | +17.3% | -7.6% | — | +3.8% |
- Over the year to Oct 27, 2026, URE returned -2.1%.
- Its 5-year annualized return was -7.6%.
- Its worst full calendar year was 2022 (-49.6%); its best was 2021 (+88.2%).
- The deepest fall in its price history was 63.7% (Dec 31, 2021 to Oct 25, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +8.7% | — |
| 2025 | -3.6% | -3.88% |
| 2024 | +0.3% | +0.71% |
| 2023 | +11.6% | +11.16% |
| 2022 | -49.6% | -49.40% |
| 2021 | +88.2% | +87.49% |
| 2020 | — | -27.94% |
| 2019 | — | +57.39% |
| 2018 | — | -13.53% |
| 2017 | — | +16.57% |
| 2016 | — | +10.38% |
| 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 55.6% over that stretch · deepest drop along the way 55.6%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7900 | |
| 2025 | $1.4200 | +8.4% |
| 2024 | $1.3100 | +56.0% |
| 2023 | $0.8400 | +16.7% |
| 2022 | $0.7200 | +5.9% |
| 2021 | $0.6800 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (13.62% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Welltower, Inc. | 8.01% | |
| Prologis, Inc. | 6.36% | |
| Equinix, Inc. | 4.96% | |
| American Tower Corp. | 3.93% | |
| Digital Realty Trust, Inc. | 3.45% | |
| Vivmark Residential | 3.44% | |
| Simon Property Group, Inc. | 3.31% | |
| Ventas, Inc. | 3.21% | |
| Public Storage | 3.21% | |
| Realty Income Corp. | 3.15% | |
| CBRE Group, Inc. | 3.09% | |
| Repurchase Agreement RA | 2.91% | |
| Iron Mountain, Inc. | 2.49% | |
| Crown Castle, Inc. | 2.41% | |
| Extra Space Storage, Inc. | 2.16% |
By country
United States 77.01%By asset type
Stocks 70%RA 7.01%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $558K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +1.12%, +3.90%, -4.62%.
How it works
The fund follows the S&P Real Estate Select Sector Index, which S&P Dow Jones Indices builds from the real estate companies in the S&P 500. Most are REITs (real estate investment trusts, which are companies that own and rent out property) in industrial, health care, residential, retail, office and specialized areas, plus real estate services firms. Companies are weighted by market value, so the largest count the most. The index is rebuilt each September, with weight adjustments in March, June and December. As of August 31, 2026, the fund's largest stock positions were Welltower (8.0%), Prologis (6.4%), Equinix (5.0%) and American Tower (3.9%).
To reach 2x exposure, ProShare Advisors pairs those stocks, about 70% of net assets, with total return swaps. A swap is a contract with a large financial institution that pays the fund the index's return in exchange for financing payments. The fund keeps its cash in Treasury bills, repurchase agreements and a ProShares money market ETF. If a swap partner fails to pay, the fund can lose money.
The fund rebalances every day. After the index rises, it adds exposure, and after the index falls, it cuts back. Because of this daily reset, returns over longer periods drift away from 2x, and the drift is usually harmful when prices swing. The prospectus estimates that if the index fell 20% over a year with 50% volatility, the fund would lose about 50%, not 40%. If the index fell close to 50% in one day, the whole investment could be lost.
What it really costs
- URE charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.17% 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 $1,348 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| URE | $97 | $339 | $600 | $1,348 |
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
URE resets 2x leverage daily and is designed for short holding periods, so long-term results can differ sharply from twice the index.
URE's history shows why it fits poorly with money that may need to be drawn on. It lost 49.9% in the first quarter of 2020 and 49.4% in calendar 2022. In the 2022 bear market it fell 55.6% from January 3 to October 12. Its deepest drop was 63.7%, from December 31, 2021, to October 25, 2023, and it had not regained that peak as of October 27, 2026. Figures for the 2008 financial crisis are not available. Someone who had to take cash out after a drop like that would lock in losses, and with leverage those losses are hard to win back.
As of October 27, 2026, the fund's yield was 2.06%, paid quarterly. It costs 0.95% a year, or $97 in the first year on $10,000 in the SEC's standard example. 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 who want twice the one-day move of large US real estate stocks such as Welltower, Prologis and Equinix, and who check positions daily.
- Experienced investors who understand that daily resets and swaps can make returns over weeks or months differ sharply from 2x the index.
- Short-term traders who accept a 0.95% expense ratio and three-year volatility of 33.3% (as of October 27, 2026) for a brief tactical position.
Look elsewhere if
- Retirees and long-term holders: its 63.7% drop from December 2021 to October 2023 had not been recovered as of October 27, 2026.
- Income seekers: the 2.06% yield, paid quarterly (as of October 27, 2026), comes with losses as large as 49.4% in 2022.
- Cost-conscious investors: the 0.95% expense ratio adds up to $1,348 over 10 years on $10,000 in the SEC's standard example.
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 URE a good long-term investment?
URE is designed for short-term use, not long-term holding. It seeks 2x the index's daily return, and its results over longer periods can differ a lot from 2x. Even with double exposure, its average annual return was 0.41% over five years and 2.56% over ten years as of December 31, 2025. Its deepest drop, 63.7% from December 31, 2021, to October 25, 2023, had not been recovered as of October 27, 2026.
Does URE pay dividends?
Yes, URE pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $1.30 per share, a yield of 2.06%. That income is small compared with the fund's price swings. It lost 49.4% in 2022 and 27.9% in 2020, so the payouts alone would not have made up for those losses.
Why doesn't URE return 2x the real estate index over a year?
Because it resets its leverage every day, and those daily returns compound over time, pulling longer-term results away from a simple 2x. The effect grows when prices swing more. In the prospectus's example, a 20% yearly drop in the index leads to an estimated 39.9% fund loss when the index's volatility is 25%, and a 50.2% loss when it is 50%. A simple doubling would be a 40% loss.
What does URE hold?
URE holds a mix of real estate stocks and total return swaps. As of August 31, 2026, stocks made up about 70% of its $55.1 million in net assets. The largest were Welltower (8.0%), Prologis (6.4%), Equinix (5.0%), American Tower (3.9%) and Digital Realty (3.4%). Swaps with large financial institutions supply the rest of the 2x exposure. Cash sits in Treasury bills, repurchase agreements and a ProShares money market ETF.
What is URE's expense ratio?
URE's expense ratio is 0.95%, according to its prospectus filed September 25, 2026, and it includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs come to $97 after one year, $339 after three, $600 after five and $1,348 after ten. The prospectus also says financing and transaction costs from its derivatives make the daily target harder to hit.