UPAL ETF — ProShares Ultra Palladium K-1 Free ETF

ProShares Ultra Palladium K-1 Free ETF (UPAL)

Updated October 16, 2026.

UPAL is an ETF. its distribution rate is 3.80%, its trailing-12-month yield is 1.32%, its expense ratio is 0.95%. Dividend Vision Distribution Safety Score™ is 50/100 (Unproven). Total return is -58.3% over the past 0.5 years, 67.3 points behind SPY at 9.0%.

ProShares Ultra Palladium K-1 Free ETF is a leveraged fund designed to deliver daily returns that are twice the daily performance of palladium prices through financial instruments and derivatives. The fund does not maintain a regular distribution schedule, though it has made special distributions in the past that should not be expected to recur; it carries an expense ratio of 0.95%. The fund appeals to active traders and sophisticated investors seeking leveraged commodity exposure rather than buy-and-hold income investors.

UPAL performance versus SPY

Price and return data through 2026-10-16.

Total return is -58.3% over the past 0.5 years, 67.3 points behind SPY at 9.0%.

UPAL key facts

Distribution Safety Score™

50 · Unproven

Issuer

ProShares

Asset type

ETF

Asset class

Equity

Expense ratio

0.95%

Distribution rate

3.80%

Distribution frequency

Quarterly

Trailing yield

1.32%

Last close

$16.64 (as of 2026-10-16)

AUM

$2,138,297

Average volume

616.0

Dividend

$0.15818

Ex-dividend date

09/23/2026

Payment date

09/29/2026

How Dividend Vision calculates yield and returns

Distribution rate (3.80%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (1.32%) 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.

UPAL risks and drawbacks

UPAL'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.

Who may consider UPAL — and who may not

UPAL may suit someone looking for moderate current income with a quality tilt. It is a weaker fit for investors who need monthly cash flow (UPAL 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 UPAL

• All tickers starting with U

Tagged: Leverage.

Frequently asked questions

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