ProShares Ultra Gold

What they do

The Trust issues shares for funds that invest in financial instruments like futures, swaps, and forwards to provide leveraged, inverse, or matching exposure to benchmarks including VIX, crude oil, natural gas, gold, silver, and currencies. It operates as a commodity pool under CFTC regulation, with ProShare Capital Management LLC as sponsor and commodity pool operator. Funds are listed on NYSE Arca and Cboe BZX.

Revenue drivers

• Leveraged Funds — Includes Ultra and UltraShort funds across commodities and currencies; generate management fees based on assets under management.
• VIX Funds — Includes Matching VIX Funds and Geared VIX Funds (Short and Ultra VIX); these trade volatility futures and earn fees.
• Geared Funds (Leveraged + Geared VIX) — Collectively these funds target daily leveraged or inverse returns; their trading activity and fee revenue are the primary income source.

Recent performance

For the quarter ended June 30, 2026, revenue was $49.7 million, up from $31.6 million in the year-ago quarter. The company reported net income of $1.71 billion for 2025, swinging from a loss of $39.4 million in 2024. Operating cash flow was negative $246.3 million in 2025, following a positive $208.8 million in 2024. Total assets were $4.89 billion as of June 30, 2026, with shareholder equity of $4.56 billion.

Strategy

The Trust continues to offer a range of leveraged and inverse ETFs designed for daily trading, emphasizing daily rebalancing to maintain target exposure. It lists funds on major exchanges and uses swap agreements and futures to achieve its objectives. Management focuses on maintaining correlation with benchmarks and managing counterparty risk. No explicit forward-looking strategy is stated in the provided excerpts.

Risks

• Daily rebalancing and compounding risk — Returns over periods longer than a day will likely differ in amount or direction from the daily target due to daily rebalancing.
• Leverage and inverse exposure loss risk — Leveraged and inverse positions could result in total loss of an investor's investment within a single day.
• Counterparty risk — The Trust relies on swap and futures counterparties such as Goldman Sachs and UBS, whose default could cause losses.
• Futures market contango and backwardation — Natural gas, oil, and precious metals funds are linked to futures indexes, which can perform very differently from spot prices due to contango or backwardation.

Outlook

Management does not provide forward-looking guidance in the provided filings. Near-term performance will depend on volatility and commodity/currency market movements. The Trust's expense ratio is expected to remain around 0.95% for most funds, excluding brokerage commissions.