Share-split context: A forward split was recorded on Nov 20, 2025 with coefficient 2. A forward split turns each old share into multiple new shares and lowers the quoted price per share proportionally. Proportional ownership is unchanged at the split moment, so the split itself creates neither a gain nor a loss. The price-return figures in this report are already split-adjusted.

ETF Education Report: ProShares UltraPro Dow30 (UDOW)

The ProShares UltraPro Dow30 (UDOW) is a leveraged ETF designed to amplify the movements of the Dow Jones Industrial Average. It is built for investors seeking higher potential returns than a standard index fund, though this comes with different risks.

What this ETF is trying to do

UDOW is a leveraged fund. This means it uses financial tools to multiply the daily performance of its target index. Unlike a standard fund that tracks a price 1-to-1, a leveraged ETF aims for a larger move in the same direction. It invests in a mix of assets, including swaps and stocks.

Top Holdings (as of Oct 8, 2026):

The fund's portfolio is partial, but its largest holdings include:

• ProShares Genius Money Market ETF (24.86%)

• DJ Industrial Average Swap (8.9%)

• The Goldman Sachs Group Inc (5.66%)

• Caterpillar Inc (4.81%)

• DJ Industrial Average Index Swap (3.23%)

• Microsoft Corp (2.97%)

What the numbers show

Because UDOW has a history of share splits, we look at split-adjusted returns to see how it has performed.

• Year-to-Date (YTD): The price return is 10.03%, while the total return is 10.93%.

• One-Year: The price return is 17.61%, and the total return is 18.95%.

• Three-Year: The price return is 139.95%, and the total return is 148.85%.

Price Return measures only the change in the share price. Total Return is a broader measure that includes the distributions paid out to investors.

Income and Distribution Explanation

UDOW pays distributions usually every quarter. Over the last 12 months, it has made 4 payments.

• Distribution Yield: 1.09%

• Trailing Distributions: $0.69 per share

It is important to remember that a distribution yield is not the same as a total return. While these payments provide cash income, they do not guarantee that the original investment value will stay the same.

NAV Erosion Explanation

"NAV erosion" happens when the value of the fund's underlying assets drops over time. The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, based on price-based evidence, the erosion score is 100, and the label is "No price erosion detected." The severe erosion-risk flag is false.

Share Split History

UDOW has a history of forward splits, with 5 events total. The most recent occurred on November 20, 2025, with a coefficient of 2. In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This does not create a gain or loss; it simply changes the number of shares an investor owns.

Pros

• Strong split-adjusted price and total returns over the one-year and three-year periods.

• No price erosion detected according to the erosion score.

Cons

• Leveraged ETFs are more complex than standard ETFs.

• The distribution yield is relatively low compared to income-focused funds.

Beginner Takeaway

UDOW is a high-powered tool used to amplify the Dow 30. While it has shown significant price growth over the last three years, leveraged funds behave differently than normal stocks. Investors should distinguish between the share-price movement (price return) and the overall return including cash payments (total return).