Share-split context: A forward split was recorded on Jun 13, 2025 with coefficient 4. 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.

What this ETF is trying to do

The ProShares Ultra Gold 2x Shares (UGL) is a leveraged ETF. This means it uses financial tools to try and amplify the daily movement of gold. Specifically, it aims for a "2x" effect, meaning if the underlying asset moves, the ETF seeks to move twice as much in the same direction.

What the numbers show

As of October 7, 2026, the share price is $44.43. Because this ETF 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 and total return are both approximately -19.97%.

• One Year: The price return and total return are both approximately -9.03%.

• Three Year: The price return and total return are both approximately 245.42%.

• Five Year: The total return is approximately 219.87%.

This ETF had a forward split on June 13, 2025, with a coefficient of 4. In a forward split, each old share becomes multiple new shares, and the price per share drops proportionally. This change does not create a gain or a loss; it simply changes the number of shares an investor owns and the price of each share.

Income and distribution explanation

This ETF does not currently provide a way to earn regular cash income. The distribution yield is 0%, and there have been no payouts in the last 12 months. For investors who rely on ETFs for monthly or quarterly cash, it is important to remember that a high yield is not always a sign of a healthy fund, but in this case, there is no yield provided.

NAV erosion explanation

"NAV erosion" happens when the value of the assets inside a fund declines over time. StockValueFinder uses an erosion-risk score to measure this. UGL has an erosion score of 75, which is labeled as "Mild price erosion." This is a measurement of risk rather than a guarantee that the fund's value has collapsed. The severe erosion-risk flag is currently false.

Pros

• Long-term Growth: The three-year and five-year total returns show significant growth over those specific timeframes.

• Leverage: It allows investors to seek double the daily movement of gold.

Cons

• Recent Decline: Both the year-to-date and one-year returns are negative.

• No Income: There are no cash distributions for investors.

• Erosion Risk: The fund has a "mild" erosion-risk rating.

Beginner takeaway

UGL is a complex tool designed for those who want amplified exposure to gold. While it has shown strong returns over three and five years, it has struggled over the last year. Because it is leveraged, it behaves differently than a standard investment. Investors should be aware that it provides no cash income and carries a mild risk of price erosion.