At a glance
UYM charges 0.95% a year. It has $41.4M in assets; it paid 1.09% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +28.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned +17.5% a year. At its worst it fell 48.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 24 months after the low. Its ten largest positions make up 45.4% of the fund, out of 31 in all.
The short version
ProShares Ultra Materials (UYM) is a leveraged ETF that aims to deliver two times (2x) the daily return of the S&P Materials Select Sector Index. That index tracks the materials companies in the S&P 500, such as Linde, Newmont and Freeport-McMoRan. The fund resets its leverage every day, so its returns over months or years can differ sharply from 2x the index. It charges 0.95% a year and is built for short-term trading.
Price history
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UYM +28.8% 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 | |
|---|---|---|---|---|---|---|
| UYM official prospectus, to Dec 31, 2025 | — | +9.11% | — | +7.04% | +11.43% | — |
| UYM price data to Oct 27, 2026 | +24.2% | +28.8% | +17.5% | +5.4% | — | +17.1% |
- Over the year to Oct 27, 2026, UYM returned +28.8%.
- Its 5-year annualized return was +5.4%.
- Its worst full calendar year was 2022 (-23.1%); its best was 2021 (+54.6%).
- The deepest fall in its price history was 48.2% (Apr 20, 2022 to Sep 26, 2022), recovered by Sep 26, 2024.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +24.2% | — |
| 2025 | +9.5% | +9.11% |
| 2024 | -8.0% | -8.04% |
| 2023 | +17.5% | +17.87% |
| 2022 | -23.1% | -23.30% |
| 2021 | +54.6% | +54.91% |
| 2020 | — | +16.37% |
| 2019 | — | +34.03% |
| 2018 | — | -34.97% |
| 2017 | — | +50.93% |
| 2016 | — | +37.18% |
| 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 38.3% over that stretch · deepest drop along the way 48.2%, back to its old high 24 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2200 | |
| 2025 | $0.3600 | +63.6% |
| 2024 | $0.2200 | +214.3% |
| 2023 | $0.0700 | -62.2% |
| 2022 | $0.1850 | +27.6% |
| 2021 | $0.1450 |
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 | |
|---|---|---|
| Linde plc | 9.14% | |
| Repurchase Agreement RA | 5.97% | |
| Newmont Corp. | 5.44% | |
| Freeport-McMoRan, Inc. | 4.40% | |
| Repurchase Agreement RA | 3.97% | |
| Corteva, Inc. | 3.42% | |
| Air Products & Chemicals, Inc. | 3.36% | |
| Sherwin-Williams Co. (The) | 3.35% | |
| Ecolab, Inc. | 3.31% | |
| Nucor Corp. | 2.99% | |
| Vulcan Materials Co. | 2.97% | |
| CRH plc | 2.83% | |
| Martin Marietta Materials, Inc. | 2.82% | |
| Steel Dynamics, Inc. | 2.60% | |
| Repurchase Agreement RA | 2.38% |
By country
United States 65.99%Ireland 14.24%Jersey 1.96%Netherlands 1.55%By asset type
Stocks 69.34%RA 14.4%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $279K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.26%, -2.67%, +8.57%.
How it works
The fund follows the S&P Materials Select Sector Index, which S&P Dow Jones Indices builds and maintains. The index holds the S&P 500 companies in five industries: chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. It weights them by market capitalization, so larger companies count for more. The index resets its holdings each September and adjusts its weights in March, June and December.
ProShare Advisors uses a mathematical model to get 2x exposure. The fund owns some stocks directly and adds total return swaps, which are contracts with large banks that pay the fund the index's return. Its spare cash sits in Treasury bills and repurchase agreements, which are short-term loans backed by government securities. As of August 31, 2026, stocks made up about 69% of assets and repurchase agreements about 14%. Linde was the largest stock at 9.1%, followed by Newmont at 5.4% and Freeport-McMoRan at 4.4%.
The fund rebalances every day. After the index rises, it adds exposure. After the index falls, it cuts exposure. Because of this daily compounding, returns over longer periods drift away from 2x the index, and they usually fall short when markets swing back and forth. The prospectus shows the effect. If the index fell 20% over a year, the fund could lose about 37% to 77%, depending on how volatile the index was. If the index fell close to 50% within a single day, the fund could be wiped out.
What it really costs
- UYM charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.23% 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 $1,411 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| UYM | $97 | $352 | $627 | $1,411 |
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 the index's return for a single day only, and ProShares warns that results over longer periods can differ significantly from that target.
At most, UYM adds short-term, magnified exposure to materials stocks, which already rise and fall with the economic cycle. The price history here starts on June 2, 2020, so it doesn't cover 2008 or the COVID crash. The prospectus does show a 54.33% loss in the quarter ended March 31, 2020. In 2022 the fund fell 48.2% between April 20 and September 26, and it took 24 months, until September 26, 2024, to recover. Its weakest calendar year from 2016 through 2025 was 2018, at -34.97%. Anyone forced to sell during stretches like these would lock in deep losses. The trailing yield was 1.09% as of October 27, 2026, paid quarterly. The fund costs 0.95% a year, or $1,411 over ten years in the SEC's standard $10,000 example. Past results don't predict future returns, 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 a magnified one-day bet on S&P 500 materials stocks such as Linde, Newmont and Freeport-McMoRan.
- Experienced investors who check positions daily and understand that the daily reset makes multi-day returns drift away from 2x the index.
- Traders who can live with 35% one-year volatility and a 2022 drop of 48.2% that took 24 months to recover.
Look elsewhere if
- Retirees who may need to sell during a downturn. The fund lost 54.33% in the quarter ended March 31, 2020.
- Income seekers. The trailing yield was 1.09% as of October 27, 2026, paid quarterly, against a 0.95% expense ratio.
- Buy-and-hold investors who want steady materials exposure. Compounding and swap financing costs can pull long-term results well away from 2x the index.
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 UYM good for long-term investing?
It isn't designed for it. UYM targets 2x the index's return for one day at a time, and ProShares warns that results over longer periods will likely differ from that target, possibly by a lot. Over the 10 years to December 31, 2025, the fund returned 11.43% a year. That stretch also included a 34.97% loss in 2018 and a 54.33% drop in the first quarter of 2020.
What stocks does UYM hold?
UYM holds materials companies from the S&P 500, plus swaps and short-term cash instruments. As of August 31, 2026, its largest stock was Linde at 9.1%. Next came Newmont at 5.4%, Freeport-McMoRan at 4.4%, Corteva, Air Products and Chemicals, and Sherwin-Williams at about 3.4% each, Ecolab at 3.3% and Nucor at 3.0%. Stocks made up about 69% of assets and repurchase agreements about 14%.
Does UYM pay dividends?
Yes, UYM pays a distribution every quarter, but the amounts are small. Over the 12 months to October 27, 2026, it paid $0.33 per share, a trailing yield of 1.09%. The fund's 0.95% annual expense ratio takes up a large part of the income its stocks produce. Leveraged funds like this are generally used for short-term trading, not as a source of steady income.
What is UYM's expense ratio?
UYM's expense ratio is 0.95% a year, according to the prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a fee waiver of 0.23 percentage points. In the SEC's standard example, which assumes $10,000 invested with a 5% annual return, total costs come to $97 after one year, $627 after five years and $1,411 after ten years. Swap financing costs also reduce returns, and they aren't included in the expense ratio.
Can UYM lose more than twice what the materials index loses?
Yes, over periods longer than a day. Because the fund resets its leverage daily, volatility can make losses larger than 2x. 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% within a single day, an investor could lose everything. The fund could also lose money if a swap counterparty failed to pay.