Share-split context: A forward split was recorded on Nov 20, 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 Utilities ETF (UPW) is a leveraged ETF. This means it uses financial tools to try to provide more movement than the standard utilities sector. It is not an inverse ETF, so it moves in the same direction as its target market, but with increased intensity.

What the numbers show

The performance of UPW shows different results depending on how you measure it. It is important to know the difference between price return (the change in the share price) and total return (which includes the value of distributions).

• Year-to-Date (YTD): The price return is approximately -10.70%, while the total return is approximately -9.45%.

• One-Year: The price return is approximately -20.44%, while the total return is approximately -19.01%.

• Three-Year: The price return is approximately 76.52%, while the total return is approximately 87.12%.

• Five-Year: The five-year total return is approximately 38.11%.

Because this ETF has a history of forward splits, the price-per-share numbers are adjusted. In a forward split, each old share becomes multiple new shares. This causes the quoted price per share to fall, but it does not change how much of the fund you own.

Income and distribution explanation

UPW provides cash distributions to investors. The current distribution yield is approximately 1.96%. Over the last 12 months, there were 4 distributions, which usually happen on a quarterly basis.

When looking at income, it is important to remember that a distribution yield tells you how much cash was paid out relative to the price, but it is not the same as total return.

NAV erosion explanation

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.

Regarding price movement, the fund has an erosion-risk score of 55, which is labeled as "Moderate price erosion." This is a measurement of how the share price has behaved over time. While there is moderate price erosion, there is no "severe erosion-risk flag" present for this ETF.

Top Holdings

The following are the top holdings in the portfolio (note that this list is partial):

• CASH: 33.33%

• NextEra Energy Inc: 9.05%

• Southern Co: 5.46%

• Duke Energy Corp: 5.09%

• Constellation Energy Corp: 4.79%

• American Electric Power Co Inc: 3.70%

• Dominion Energy Inc: 3.05%

• Sempra: 2.92%

• Entergy Corp: 2.65%

• Xcel Energy Inc: 2.52%

Holdings can change over time.

Pros

• The three-year total return has been positive at approximately 87.12%.

• The fund provides regular quarterly distributions.

Cons

• The ETF is leveraged, which can lead to higher price volatility.

• Recent one-year and YTD price returns have been negative.

• The fund shows a moderate level of price erosion.

Beginner takeaway

UPW is a leveraged fund designed for the utilities sector. While it has shown strong total returns over a three-year period, its recent one-year price performance has been negative. Investors should distinguish between the cash they receive from distributions and the actual change in the share price.