At a glance
USD charges 0.94% a year. It has $2.67B in assets; it paid 0.51% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +43.3% with distributions reinvested (S&P 500: +11.5%); over three years it returned +69.5% a year. At its worst it fell 76.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 15 months after the low. Its ten largest positions make up 40.4% of the fund, out of 42 in all.
The short version
ProShares Ultra Semiconductors (USD) aims to return two times (2x) the daily move of the Dow Jones U.S. Semiconductors Index, a group of U.S. chip companies led by NVIDIA. The fund resets its leverage every day, so over months or years its results can stray far from 2x the index. It charges 0.94% a year. Its 2x leverage is a step below the 3x of Direxion Daily Semiconductor Bull 3x Shares (SOXL).
Price history
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USD +43.3% 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 | |
|---|---|---|---|---|---|---|
| USD official prospectus, to Dec 31, 2025 | — | +62.02% | — | +52.27% | +50.82% | — |
| USD price data to Oct 27, 2026 | +54.3% | +43.3% | +69.5% | +33.6% | — | +46.8% |
- Over the year to Oct 27, 2026, USD returned +43.3%.
- Its 5-year annualized return was +33.6%.
- Its worst full calendar year was 2022 (-68.6%); its best was 2023 (+228.8%).
- The deepest fall in its price history was 77.9% (Dec 7, 2021 to Oct 14, 2022), recovered by Jan 11, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +54.3% | — |
| 2025 | -18.8% | +62.02% |
| 2024 | +139.6% | +139.53% |
| 2023 | +228.8% | +229.19% |
| 2022 | -68.6% | -68.56% |
| 2021 | +104.3% | +103.85% |
| 2020 | — | +68.47% |
| 2019 | — | +109.28% |
| 2018 | — | -26.28% |
| 2017 | — | +80.93% |
| 2016 | — | +58.15% |
| 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 76.5% over that stretch · deepest drop along the way 76.5%, back to its old high 14.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.3300 | +371.4% |
| 2024 | $0.0700 | +366.7% |
| 2023 | $0.0150 | -40.0% |
| 2022 | $0.0250 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (29.29% of net assets), with its exposure coming from 9 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 20.03% | |
| Broadcom, Inc. | 6.57% | |
| Micron Technology, Inc. | 4.05% | |
| Advanced Micro Devices, Inc. | 2.88% | |
| Intel Corp. | 1.66% | |
| Lam Research Corp. | 1.41% | |
| Applied Materials, Inc. | 1.36% | |
| Texas Instruments, Inc. | 0.89% | |
| KLA Corp. | 0.86% | |
| Marvell Technology, Inc. | 0.69% | |
| QUALCOMM, Inc. | 0.67% | |
| Analog Devices, Inc. | 0.66% | |
| Repurchase Agreement RA | 0.26% | |
| Monolithic Power Systems, Inc. | 0.23% | |
| NXP Semiconductors NV | 0.21% |
By country
United States 43.93%Netherlands 0.21%Cayman Islands 0.15%By asset type
Stocks 43.66%RA 0.64%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $140.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.58%, -24.70%, +7.64%.
How it works
The fund follows the Dow Jones U.S. Semiconductors Index, run by S&P Dow Jones Indices. The index holds U.S. companies that make or sell chips, plus related businesses such as chip-making equipment and motherboards. Companies are weighted by market capitalization (total stock market value), so the biggest firms count the most. The index is rebuilt each September, with weight adjustments in March, June and December. As of August 31, 2026, NVIDIA made up 20.0% of the fund's net assets, Broadcom 6.6%, Micron 4.1% and Advanced Micro Devices 2.9%.
To reach 2x exposure, ProShare Advisors pairs stocks with total return swaps. A swap is a contract with a large bank that pays the fund the index's return. As of August 31, 2026, stocks were about 44% of net assets, alongside nine swaps, with about 29% in cash and short-term holdings such as Treasury bills and repurchase agreements. If a bank fails to pay, the fund could lose money.
The fund rebalances every day. It adds exposure after the index rises and cuts it after a fall. Because of this daily compounding, longer-term returns can differ sharply from 2x. In the prospectus example, an index that falls 20% over a year with 50% volatility leaves the fund down about 50.2%, not 40%. A one-day index fall near 50% could wipe out the whole investment.
What it really costs
- USD charges 0.94% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $96 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| USD | $96 | $300 | $520 | $1,155 |
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
The fund targets 2x daily returns and resets every day, and the prospectus warns that results over longer periods will likely differ from that target, possibly by a lot.
The available price history starts June 2, 2020, so it misses the 2008 crisis and the 2020 COVID crash. USD fell 76.5% in the 2022 bear market. Its deepest drop was 77.9%, from December 7, 2021 to October 14, 2022. It took about 15 months to recover, in January 2024. It lost 68.56% in calendar 2022. Anyone forced to sell or draw income in a year like that would lock in large losses. The prospectus shows 50.82% average annual returns over 10 years through December 31, 2025, but those came with extreme swings. Income is minor: the yield was 0.51% as of October 27, 2026, paid quarterly. Costs are high at 0.94% a year, or $96 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 looking for short-term, magnified bets on U.S. chip stocks such as NVIDIA and Broadcom who check positions daily.
- Experienced investors who understand daily-reset compounding and can stomach falls like the 76.5% drop in the 2022 bear market.
- Traders who want leveraged chip exposure at 2x rather than the 3x of Direxion Daily Semiconductor Bull 3x Shares (SOXL).
Look elsewhere if
- Buy-and-hold and retirement investors: the prospectus warns that returns over periods longer than a day can differ significantly from 2x.
- Income seekers: the trailing yield was 0.51% as of October 27, 2026, paid quarterly.
- Investors wanting broad diversification: NVIDIA alone was about 20% of net assets as of August 31, 2026, all in one industry.
Close alternatives
Matched by leveraged/inverse funds on the same index (semiconductor), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| USD this fund | 2× | 0.94% | $2.67B | +43.3% | +69.5% |
| SOXL Direxion Daily Semiconductor Bull 3x Shares | 3× | — | $7.00B | +42.8% | +59.5% |
Questions investors ask
Is USD a good long-term investment for retirement?
It isn't designed for long-term holding. ProShares built USD to return 2x the daily move of the Dow Jones U.S. Semiconductors Index. The prospectus warns that results over longer periods will likely differ from that, possibly by a lot. The fund fell 76.5% in the 2022 bear market and didn't recover until December 2023. Its strong record, 50.82% average annual over 10 years through December 31, 2025, came with extreme swings.
What's the difference between USD and SOXL?
Both are leveraged semiconductor funds that reset daily, but USD targets 2x and Direxion Daily Semiconductor Bull 3x Shares (SOXL) targets 3x. SOXL is larger, with roughly $7 billion in net assets, compared with USD's $2.67 billion as of August 31, 2026. SOXL returned 107.5% over one year through October 29, 2026, and USD returned 43.3% through October 27, 2026. More leverage magnifies both gains and losses.
Does USD pay dividends?
Yes, but very little. USD pays quarterly. Its trailing 12-month yield was 0.51%, or $0.41 per share, as of October 27, 2026. Much of the fund sits in swaps and cash rather than dividend-paying stocks, and the strategy aims at magnified daily price moves, not income. Investors looking for steady payouts from the fund would get little from it.
What stocks does USD hold?
As of August 31, 2026, the largest holdings were NVIDIA at 20.0% of net assets, Broadcom at 6.6%, Micron Technology at 4.1%, Advanced Micro Devices at 2.9% and Intel at 1.7%. The top 10 made up 40.4%. Stocks were about 44% of net assets in total. The fund also held nine total return swaps for extra exposure, and about 29% sat in cash and short-term instruments.
What is USD's expense ratio?
USD's expense ratio is 0.94% a year, including a 0.75% management fee, according to the prospectus filed September 25, 2026. In the SEC's standard example ($10,000 invested, 5% yearly return), costs come to $96 after one year, $300 after three, $520 after five and $1,155 after ten. Financing costs on its swaps and trading costs from 104% portfolio turnover can also cut into returns.