At a glance
It has $827.5M in assets; it paid 11.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +5.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned +38.4% a year. At its worst it fell 47.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 21 months after the low. Its ten largest positions make up 33.0% of the fund, out of 81 in all.
The short version
ProShares Ultra Financials (UYG) is a leveraged ETF that seeks twice (2x) the daily return of the S&P Financial Select Sector Index, which holds the financial companies in the S&P 500. Its largest holdings include JPMorgan Chase and Berkshire Hathaway. The fund resets its leverage every day, so returns over longer periods can differ sharply from 2x the index. It charges a 0.75% management fee and uses less leverage than the 3x Direxion Daily Financial Bull 3X Shares (FAS).
Price history
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UYG +5.2% 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 | |
|---|---|---|---|---|---|---|
| UYG official prospectus, to Dec 31, 2025 | — | +19.37% | — | +20.90% | +17.10% | — |
| UYG price data to Oct 27, 2026 | +0.1% | +5.2% | +38.4% | +10.1% | — | +23.0% |
- Over the year to Oct 27, 2026, UYG returned +5.2%.
- Its 5-year annualized return was +10.1%.
- Its worst full calendar year was 2022 (-32.1%); its best was 2021 (+75.4%).
- The deepest fall in its price history was 47.8% (Jan 12, 2022 to Oct 12, 2022), recovered by Jul 16, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +0.1% | — |
| 2025 | +19.7% | +19.37% |
| 2024 | +55.7% | +55.84% |
| 2023 | +22.2% | +21.91% |
| 2022 | -32.1% | -32.00% |
| 2021 | +75.4% | +67.48% |
| 2020 | — | -20.14% |
| 2019 | — | +66.04% |
| 2018 | — | -22.52% |
| 2017 | — | +39.29% |
| 2016 | — | +31.18% |
| 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 45.7% over that stretch · deepest drop along the way 47.8%, back to its old high 21.1 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $10.7500 | +2343.2% |
| 2024 | $0.4400 | 0.0% |
| 2023 | $0.4400 | +29.4% |
| 2022 | $0.3400 | -94.7% |
| 2021 | $6.3600 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (8.75% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| JPMorgan Chase & Co. | 6.76% | |
| Berkshire Hathaway, Inc. | 6.55% | |
| Visa, Inc. | 4.46% | |
| Mastercard, Inc. | 3.37% | |
| Bank of America Corp. | 2.87% | |
| Goldman Sachs Group, Inc. (The) | 2.15% | |
| Wells Fargo & Co. | 1.87% | |
| Morgan Stanley | 1.81% | |
| Citigroup, Inc. | 1.59% | |
| Repurchase Agreement RA | 1.53% | |
| Charles Schwab Corp. (The) | 1.27% | |
| American Express Co. | 1.25% | |
| Blackrock, Inc. | 1.18% | |
| Repurchase Agreement RA | 1.02% | |
| Capital One Financial Corp. | 0.95% |
By country
United States 59.29%Switzerland 0.87%Ireland 0.71%Bermuda 0.45%By asset type
Stocks 57.63%RA 3.69%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $26.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.30%, +11.91%, +2.15%.
How it works
The fund's benchmark is the S&P Financial Select Sector Index, run by S&P Dow Jones Indices. The index holds the financial companies in the S&P 500: banks, financial services, consumer finance, capital markets, mortgage real estate investment trusts (REITs) and insurers. It weights them by market capitalization, which means the stock market value of each company, so the largest firms count most. The index is reviewed every September, and weights are adjusted in March, June and December. As of August 31, 2026, the fund's largest stock positions were JPMorgan Chase (6.8% of net assets), Berkshire Hathaway (6.6%) and Visa (4.5%).
To reach 2x exposure, ProShare Advisors pairs stocks with total return swaps. A swap is a contract with a major financial institution that pays the fund the index's return. As of August 31, 2026, stocks made up about 58% of net assets, and swaps supplied much of the rest of the exposure. Cash sits in Treasury bills, repurchase agreements (short-term loans backed by government securities) and a ProShares money market ETF.
The fund rebalances every day. It adds exposure after the index rises and cuts back after it falls. Because of this daily reset, long-run results depend on the path the index takes. 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 neared a 50% loss within a single day, holders could lose everything.
What it really costs
- Using the prospectus's standard example, $10,000 invested would cost about $95 in the first year and $1,143 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UYG | $95 | $296 | $515 | $1,143 |
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
UYG resets its 2x leverage every day, and its prospectus warns that returns over periods longer than a day will likely differ from that target, sometimes by a lot.
UYG magnifies the financial sector's daily moves in both directions. The price history here starts in June 2020, so it does not cover the 2008 crisis or most of the COVID crash. However, the prospectus reports a 55.4% loss in the first quarter of 2020. In the 2022 bear market, the fund fell 47.8% between January 12 and October 12. It took about 21 months to recover, until July 2024. Its worst calendar year was 2022, when it lost 32%. Anyone forced to sell that year would have locked in steep losses. The trailing 12-month yield was 11.35% as of October 27, 2026, paid quarterly, but payouts from a fund like this can swing widely. In the SEC's standard example, costs come to $95 on $10,000 in the first year. Past results don't predict the future, 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 2x daily exposure to large US financial companies such as JPMorgan Chase, Berkshire Hathaway and Visa, and who check positions daily.
- Short-term traders who want leveraged financial-sector exposure but prefer 2x over the 3x of Direxion Daily Financial Bull 3X Shares (FAS).
- Experienced investors who understand swap counterparty risk and can stomach drops like the fund's 47.8% fall in 2022.
Look elsewhere if
- Buy-and-hold and retirement investors, because the daily reset means returns over several years can differ sharply from 2x the index.
- Anyone who may need to sell in a downturn: the fund took about 21 months to recover from its 2022 drop.
- Income seekers: the fund's 11.35% trailing yield as of October 27, 2026, comes with heavy losses, including 32% in 2022.
Close alternatives
Matched by leveraged/inverse funds on the same index (financials), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| UYG this fund | 2× | — | $827.5M | +5.2% | +38.4% |
| FAS Direxion Daily Financial Bull 3X Shares | 3× | — | $2.50B | +2.5% | +53.6% |
Questions investors ask
Is UYG good for long-term investing?
UYG is built for daily results, not long-term ones. It seeks 2x the daily return of the S&P Financial Select Sector Index. Its prospectus warns that over longer periods, returns will likely differ from that target, sometimes by a lot. Holding it for years has brought big gains: 17.1% a year over the 10 years through December 31, 2025. It has also brought deep losses, including a 47.8% drop in 2022 that took about 21 months to recover.
What's the difference between UYG and FAS?
The main difference is leverage. ProShares' UYG aims for 2x the daily return of large US financial stocks. Direxion Daily Financial Bull 3X Shares (FAS) aims for 3x. More leverage magnifies gains, losses and the drag from resetting every day. As of October 27, 2026, UYG returned 5.2% over one year, compared with 2.5% for FAS. Over three years, FAS was ahead, at 53.6% a year versus 38.4% for UYG.
Does UYG pay dividends?
Yes. UYG pays distributions quarterly. In the 12 months to October 27, 2026, it paid $10.37 per share, a trailing yield of 11.35%. That is high for a stock fund. Payouts from a leveraged fund can change a lot from year to year, so the trailing yield says little about future income. The fund's price swings matter far more to its total return. In 2022, for example, it lost 32%.
What is UYG's expense ratio?
UYG's prospectus, filed September 25, 2026, lists a management fee of 0.75% a year. The SEC's standard cost example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs come to $95 after one year, $515 after five years and $1,143 after 10 years. Those totals suggest all-in costs a bit above the management fee. The prospectus adds that swap financing and transaction costs also reduce returns.
Can you lose all your money in UYG?
Yes. The prospectus says that if the S&P Financial Select Sector Index approaches a 50% loss at any point in a day, holders could lose their entire investment. Leverage also compounds losses over time. The prospectus estimates that if the index fell 20% over a year with 50% volatility, the fund would lose about 50%, not 40%. The fund also relies on its swap counterparties, which are large financial institutions, to pay what they owe.