At a glance
UST charges 0.95% a year. It has $14.5M in assets, the 4th largest of that group; it paid 3.52% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −9.4% with distributions reinvested, the best of those 4 funds; over three years it returned +3.2% a year. At its worst it fell 31.1% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares Ultra 7-10 Year Treasury (UST) is a leveraged ETF that seeks twice (2x) the daily return of the ICE U.S. Treasury 7-10 Year Bond Index, mainly through swaps and futures. It is built for short-term bets that intermediate-term Treasury prices will rise (meaning yields fall). Because leverage resets daily, longer-term results can stray far from 2x; it uses less leverage than 3x rivals such as TYD and charges 0.95% a year.
Price history
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UST -9.4% 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 | |
|---|---|---|---|---|---|---|
| UST official prospectus, to Dec 31, 2025 | — | +11.46% | — | -7.77% | -0.80% | — |
| UST price data to Oct 27, 2026 | -7.8% | -9.4% | +3.2% | -7.8% | — | -7.6% |
- Over the year to Oct 27, 2026, UST returned -9.4%, 1st of 4 among similar funds.
- Its 5-year annualized return was -7.8%.
- Its worst full calendar year was 2022 (-30.2%); its best was 2025 (+10.2%).
- The deepest fall in its price history was 48% (Aug 4, 2020 to Oct 19, 2023), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -7.8% | — |
| 2025 | +10.2% | +11.46% |
| 2024 | -6.2% | -6.87% |
| 2023 | +0.1% | 0.00% |
| 2022 | -30.2% | -30.62% |
| 2021 | -7.8% | -7.32% |
| 2020 | — | +18.79% |
| 2019 | — | +13.73% |
| 2018 | — | -1.29% |
| 2017 | — | +3.11% |
| 2016 | — | +0.51% |
| 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 30.2% over that stretch · deepest drop along the way 31.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8200 | |
| 2025 | $1.5800 | -6.5% |
| 2024 | $1.6900 | +6.3% |
| 2023 | $1.5900 | +622.7% |
| 2022 | $0.2200 | +22.2% |
| 2021 | $0.1800 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (93.35% 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 | 3.82% | |
| Repurchase Agreement RA | 2.54% | |
| Repurchase Agreement RA | 1.52% | |
| Repurchase Agreement RA | 0.81% | |
| Repurchase Agreement RA | 0.51% |
By country
United States 9.2%By asset type
RA 9.2%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $433K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.14%, -3.10%, -0.07%.
How it works
UST is built around the ICE U.S. Treasury 7-10 Year Bond Index, run by ICE Data Indices. The index covers fixed-rate U.S. Treasury bonds with more than seven and up to ten years left to maturity. It excludes inflation-linked bonds, Treasury bills, agency debt and stripped zero-coupon bonds. Bonds are weighted by market value, and the lineup resets monthly.
ProShare Advisors uses a mathematical model to combine Treasury securities, futures and swaps, aiming for twice the index's daily move. Swaps are contracts with large banks that pay the fund the index's return, minus financing costs. Cash sits in Treasury bills, repurchase agreements (very short loans backed by government bonds) or a ProShares money market ETF. As of August 31, 2026, its filing listed five repurchase agreements, three total return swaps and 10-year Treasury note futures. If a swap bank fails to pay, the fund could lose money.
The fund rebalances daily, adding exposure after the index rises and trimming it after a fall. Because returns compound day by day, results over longer periods can drift far from 2x. The prospectus estimates that if the index fell 20% over a year, the fund's loss could range from 36.6% in calm markets to 76.5% in extremely volatile ones. An index drop near 50% in a single day could wipe out an investment.
What it really costs
- UST charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.29% 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 $1,474 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UST | $97 | $365 | $653 | $1,474 |
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
UST resets its 2x leverage every day, so its results over months or years can stray far from twice the index, which makes it a short-term tool rather than a long-term holding.
UST launched in January 2010, after the 2008 crisis. In the quarter that included the 2020 COVID crash (ending March 31, 2020), it gained 20.61%. In 2022, when stocks also fell, UST lost 30.62%, its worst calendar year. Its deepest drop since June 2020 was 48%, from August 4, 2020, to October 19, 2023, and it had not recovered as of October 27, 2026. Anyone forced to cash out shares after a year like 2022 would lock in heavy losses, and the daily reset can deepen losses over long holding periods.
Its trailing 12-month yield was 3.52% as of October 27, 2026, paid quarterly. That income is small next to its price swings, and the 0.95% expense ratio is a steady drag. Past results don't predict future ones, and any plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking short-term, 2x daily exposure to 7-10 year Treasury prices who check positions often and understand the daily leverage reset.
- Traders wanting less leverage than 3x funds such as Direxion's TYD while keeping the same 7-10 year Treasury focus.
- Traders wanting a brief hedge against stock crashes; it gained 20.61% in the quarter ending March 31, 2020, but fell sharply in 2022.
Look elsewhere if
- Long-term and retirement investors: UST fell 48% from August 2020 to October 2023 and had not recovered as of October 27, 2026.
- Investors wanting low-cost Treasury exposure: UST charges 0.95% a year, and financing costs inside its swaps and futures further cut returns.
- Income seekers: its 3.52% trailing yield as of October 27, 2026, paid quarterly, is small beside swings like its 30.62% loss in 2022.
Close alternatives
Matched by leveraged/inverse funds on the same index (treasury), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is UST good for retirement?
UST is built for short-term trading, not long-term or retirement holding. It seeks twice the daily return of the ICE U.S. Treasury 7-10 Year Bond Index, and because its leverage resets daily, longer-term results can differ sharply from 2x. As of December 31, 2025, its average annual returns were 11.46% over one year, -7.77% over five years and -0.80% over ten. Its price fell 48% from August 2020 to October 2023 and had not recovered as of October 27, 2026.
Does UST pay dividends?
Yes. UST pays distributions quarterly. Over the 12 months through October 27, 2026, it paid $1.39 per share, a trailing yield of 3.52%. That income is modest next to the fund's price swings. According to its prospectus, it lost 30.62% in 2022 and gained 11.46% in 2025. The fund exists mainly to magnify daily price moves, not to produce income.
What's the difference between UST and TYD?
The main difference is leverage. Both offer leveraged exposure to 7-10 year Treasury bonds. ProShares' UST targets 2x the daily return of the ICE U.S. Treasury 7-10 Year Bond Index, while Direxion's TYD targets 3x. UST came out ahead over both periods shown: as of October 27, 2026, it returned -9.4% over one year and 3.2% a year over three years, versus -17.6% and 0.1% for TYD. UST had $14.5 million in net assets as of August 31, 2026; TYD reported about $57 million.
Why doesn't UST return 2x the 7-10 year Treasury index over time?
Because it resets its leverage every day. UST targets 2x the daily return of the ICE U.S. Treasury 7-10 Year Bond Index, so gains and losses compound and longer-term results can drift far from 2x. The prospectus estimates that if the index fell 20% over a year, the fund's loss could range from 36.6% to 76.5%, depending on how much the index swung day to day. A simple doubling would suggest 40%. Fees and derivative financing costs also reduce returns.
What is UST's expense ratio?
UST's expense ratio is 0.95%, according to its prospectus filed September 25, 2026; the management fee alone is 0.75%. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, costs would total $97 after one year, $365 after three, $653 after five and $1,474 after ten. Financing costs built into its swaps and futures also reduce returns.