UPW ETF — ProShares Ultra Utilities

ProShares Ultra Utilities (UPW)

Updated October 16, 2026.

UPW is an ETF. its distribution rate is 2.55%, its trailing-12-month yield is 1.86%, its expense ratio is 0.95%. Dividend Vision Distribution Safety Score™ is 41/100 (Caution). Total return is 431.8% over the past 19.7 years, 224.8 points behind SPY at 656.6%.

ProShares Ultra Utilities is an ETF that uses leverage to seek daily returns consistent with twice the performance of utility companies in the S&P 500 Index. The fund distributes quarterly income at a modest current distribution rate and carries an expense ratio of 0.95%. It appeals to investors seeking leveraged equity exposure to the utilities sector, though leverage amplifies both gains and losses.

UPW performance versus SPY

Price and return data through 2026-10-16.

Total return is 431.8% over the past 19.7 years, 224.8 points behind SPY at 656.6%. Over the past year its total return — price change plus distributions reinvested — is -18.0%. Its deepest 1-year drawdown was 33.0%.

UPW key facts

Distribution Safety Score™

41 · Caution

Safety-Adjusted Yield

1.05%

Issuer

ProShares

Asset type

ETF

Asset class

Equity

Inception date

01/30/2007

Expense ratio

0.95%

Distribution rate

2.55%

Distribution frequency

Quarterly

Trailing yield

1.86%

Last close

$20.38 (as of 2026-10-16)

AUM

$12,296,522

Average volume

5349.0

Dividend

$0.13

Ex-dividend date

09/23/2026

Payment date

09/29/2026

Beta

0.63

How Dividend Vision calculates yield and returns

Distribution rate (2.55%) uses calculation basis unavailable. Issuer rates can use a different denominator and date, including ex-date NAV. Trailing-12-month yield (1.86%) 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.

UPW risks and drawbacks

UPW'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 33.0%.

Who may consider UPW — and who may not

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

• All tickers starting with U

Tagged: Leverage.

Frequently asked questions

More securities from ProShares.