UBT ETF — ProShares Ultra 20+ Year Treasury

ProShares Ultra 20+ Year Treasury (UBT)

Updated October 16, 2026.

UBT is an ETF. its distribution rate is 3.22%, its trailing-12-month yield is 3.42%, its expense ratio is 0.95%. Dividend Vision Distribution Safety Score™ is 22/100 (Elevated risk). Total return is -1.9% over the past 16.7 years, 819.8 points behind SPY at 817.9%.

ProShares Ultra 20+ Year Treasury is an ETF that seeks to deliver leveraged daily returns tracking long-term U.S. Treasury bonds, obtaining at least 80% of its assets in the underlying index or economically similar instruments. The fund distributes quarterly with a current yield in the mid-single-digit range and carries an expense ratio of 0.95%. It appeals to income-focused investors seeking leveraged exposure to long-duration Treasury debt, though the leverage and daily rebalancing mechanics create risks beyond those of standard Treasury investments.

UBT performance versus SPY

Price and return data through 2026-10-16.

Total return is -1.9% over the past 16.7 years, 819.8 points behind SPY at 817.9%. Over the past year its total return — price change plus distributions reinvested — is -20.4%. Its deepest 1-year drawdown was 26.9%.

UBT key facts

Distribution Safety Score™

22 · Elevated risk

Safety-Adjusted Yield

0.71%

Issuer

ProShares

Asset type

ETF

Asset class

Equity

Inception date

01/19/2010

Expense ratio

0.95%

Distribution rate

3.22%

Distribution frequency

Quarterly

Trailing yield

3.42%

Last close

$14.05 (as of 2026-10-16)

AUM

$66,455,109

Average volume

86991.0

Dividend

$0.113

Ex-dividend date

09/23/2026

Payment date

09/29/2026

Beta

4.61

How Dividend Vision calculates yield and returns

Distribution rate (3.22%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (3.42%) is the sum of split-adjusted cash distributions with ex-dates in the last 12 months, divided by the published price. It lags a recent raise or cut. Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.

Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology

Sources and review

Primary sources: ProShares; prices and distributions from Dividend Vision, derived from vendor EOD data.

Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.

UBT risks and drawbacks

UBT's current distribution rate is moderate, not a high-yield payout — the strategy is dividend quality more than maximum income. Payments are quarterly, so cash flow is lumpy versus a monthly fund. Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 26.9%.

Who may consider UBT — and who may not

UBT may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (UBT pays quarterly); investors hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

More on UBT

• All tickers starting with U

Tagged: Leverage, Treasury.

Frequently asked questions

More securities from ProShares.