At a glance
UXI charges 0.95% a year. It has $29.1M in assets; it paid 0.47% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +8.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +35.9% a year. At its worst it fell 47.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 18 months after the low. Its ten largest positions make up 29.6% of the fund, out of 88 in all.
The short version
ProShares Ultra Industrials (UXI) seeks twice the daily return, before fees and expenses, of the S&P Industrial Select Sector Index: the industrial companies in the S&P 500. Because it uses derivatives called swaps and resets its leverage every day, returns over months or years can differ sharply from twice the index, usually for the worse in choppy markets. It charges 0.95% a year and is built for short-term trading, not long-term holding.
Price history
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UXI +8.8% 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 | |
|---|---|---|---|---|---|---|
| UXI official prospectus, to Dec 31, 2025 | — | +29.07% | — | +13.35% | +18.40% | — |
| UXI price data to Oct 27, 2026 | +10.6% | +8.8% | +35.9% | +9.9% | — | +21.1% |
- Over the year to Oct 27, 2026, UXI returned +8.8%.
- Its 5-year annualized return was +9.9%.
- Its worst full calendar year was 2022 (-32.9%); its best was 2021 (+34.6%).
- The deepest fall in its price history was 48.2% (Nov 16, 2021 to Sep 30, 2022), recovered by Jul 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +10.6% | — |
| 2025 | +28.8% | +29.07% |
| 2024 | +26.5% | +26.11% |
| 2023 | +27.4% | +27.22% |
| 2022 | -32.9% | -32.83% |
| 2021 | +34.6% | +34.54% |
| 2020 | — | +16.20% |
| 2019 | — | +65.84% |
| 2018 | — | -26.80% |
| 2017 | — | +49.75% |
| 2016 | — | +37.00% |
| 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 44.8% over that stretch · deepest drop along the way 47.4%, back to its old high 17.7 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.1500 | |
| 2025 | $0.4100 | +550.8% |
| 2024 | $0.0630 | +5.0% |
| 2023 | $0.0600 | 0.0% |
| 2022 | $0.0600 | +2300.0% |
| 2021 | $0.0025 |
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 | |
|---|---|---|
| Repurchase Agreement RA | 4.36% | |
| Caterpillar, Inc. | 4.33% | |
| General Electric Co. | 4.13% | |
| RTX Corp. | 3.29% | |
| Repurchase Agreement RA | 2.90% | |
| GE Vernova, Inc. | 2.84% | |
| Union Pacific Corp. | 2.10% | |
| Deere & Co. | 1.94% | |
| Boeing Co. (The) | 1.93% | |
| Eaton Corp. plc | 1.84% | |
| Uber Technologies, Inc. | 1.81% | |
| Repurchase Agreement RA | 1.74% | |
| Parker-Hannifin Corp. | 1.46% | |
| Automatic Data Processing, Inc. | 1.35% | |
| Lockheed Martin Corp. | 1.34% |
By country
United States 70.97%Ireland 4.26%By asset type
Stocks 64.74%RA 10.5%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $673K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.07%, -6.66%, -5.67%.
How it works
UXI's benchmark is the S&P Industrial Select Sector Index: the S&P 500 companies classed as industrials under the Global Industry Classification Standard (GICS), a system for sorting companies by business. That includes aerospace and defense, machinery, electrical equipment, airlines and ground transportation. As of August 31, 2026, the largest stock positions were Caterpillar (4.3% of assets), General Electric (4.1%), RTX (3.3%) and GE Vernova (2.8%).
ProShare Advisors uses a mathematical approach, not stock picking, to set the mix of stocks and derivatives that should together deliver twice the index's daily return. As of August 31, 2026, stocks made up about 65% of assets; the rest of the exposure came from total return swaps, contracts with large financial institutions to exchange payments based on the index's moves. If a swap partner fails to pay, the fund can lose money. Cash goes into Treasury bills and repurchase agreements (short-term loans backed by securities).
The fund rebalances daily: after the index rises, it adds exposure; after a fall, it cuts back. That keeps the 2x target for one day, but compounding makes longer-term results drift. The prospectus estimates that if the index fell 20% over a year while swinging sharply (50% volatility), the fund would lose about 50%, not 40%. A one-day index drop near 50% could wipe out the investment.
What it really costs
- UXI charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.37% 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 $1,558 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UXI | $97 | $382 | $688 | $1,558 |
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
It resets its 2x leverage every day, and the prospectus warns that returns over periods longer than a day will likely differ from that target, possibly by a lot.
Leverage magnifies bad years. UXI fell 47.4% in the 2022 bear market (January 4 to September 30) and lost 32.8% for 2022, its worst year from 2016 through 2025. Its deepest drop since June 2020, 48.2% from a November 2021 peak, took about 21.5 months from the September 2022 low to recover, in July 2024. Figures for the 2008 crisis aren't available here, though the prospectus shows a 50.1% loss in the first quarter of 2020, during the COVID crash. A retiree forced to cash out in a slump like that would lock in deep losses.
Income is minimal: the trailing 12-month yield was 0.47% as of October 27, 2026, paid quarterly. The expense ratio is 0.95%; the SEC's standard example puts costs at $1,558 over 10 years on $10,000. Past results don't predict future ones, and any plan needs to weigh 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 S&P 500 industrial stocks such as Caterpillar, General Electric and RTX, who check positions daily.
- Short-term traders betting on a business-cycle upswing, since machinery, aerospace and transportation companies swing with corporate spending and economic conditions.
- Traders who understand daily compounding and accept a 0.95% expense ratio, swap-partner default risk and returns that can drift far from 2x over time.
Look elsewhere if
- Retirees and long-term holders: the prospectus warns returns over periods longer than one day will likely differ from twice the index, perhaps significantly.
- Income seekers: the trailing 12-month yield was just 0.47% as of October 27, 2026, paid quarterly.
- Investors who can't tolerate steep falls: it dropped about 48% from November 2021 to September 2022 and lost 50.1% in the first quarter of 2020.
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 UXI a good long-term investment?
UXI isn't designed for long-term holding. It seeks twice the daily return of the S&P Industrial Select Sector Index and resets every day, and its prospectus warns that results over longer periods will likely differ from that target, possibly by a lot. It has had strong stretches, averaging 18.4% a year over the 10 years to December 31, 2025. But it also fell about 48% between November 2021 and September 2022 and took about 21.5 months from the low to recover.
Can UXI go to zero?
Yes, it could. UXI's prospectus states that if the S&P Industrial Select Sector Index approaches a 50% loss at any point in a single day, investors could lose their entire investment, because the fund targets twice the index's daily move. Losses can also build over time: the prospectus estimates that if the index fell 20% over a year with large daily swings (50% volatility), the fund would lose about 50%, not 40%.
What's the difference between UXI and a regular industrials ETF?
The main difference is leverage. An unleveraged industrials index fund aims to match its index over time. UXI aims for twice the S&P Industrial Select Sector Index's return for a single day only, using total return swaps alongside stocks and rebalancing daily. It also carries a 0.95% expense ratio, swap financing costs and counterparty risk, which is the chance a swap partner fails to pay. Over weeks or years, UXI's return can be far more or far less than twice the index's.
Does UXI pay dividends?
Yes, but very little. UXI pays distributions quarterly, and its payouts over the trailing 12 months totaled $0.24 per share, a yield of 0.47% as of October 27, 2026. Much of the fund's exposure comes from swaps, with cash held in Treasury bills and repurchase agreements, and its 0.95% expense ratio is taken out before anything reaches shareholders. Income is not what this fund is built for.
What is UXI's expense ratio?
UXI's expense ratio is 0.95% a year after a 0.37% fee waiver, according to the prospectus filed September 25, 2026. The management fee alone is 0.75%. Under the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs would total about $97 after one year, $382 after three, $688 after five and $1,558 after 10. The prospectus notes that swap financing and trading costs also weigh on returns.