UGL Stock: ProShares Ultra Gold Profile & Analysis (2026)
UGL is a 2x leveraged exchange-traded fund designed to provide twice the daily performance of the gold spot price — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
ProShares Ultra Gold (UGL) is a powerful tactical instrument for traders looking to magnify their exposure to the price of gold. Unlike a standard physically-backed ETF like the GLD Stock Profile, UGL seeks to deliver twice (200%) the daily investment results of its underlying index. This fund is primarily used by aggressive traders to capitalize on short-term upward trends in the precious metals market or to hedge other portfolio positions against sudden inflationary spikes.
Investors must understand that UGL is not intended for long-term holding. Because the fund resets its leverage daily, the effects of compounding and volatility decay can cause its performance over weeks or months to differ significantly from two times the total return of gold. For those seeking non-leveraged equity exposure to the sector, reviewing the GDX Stock Profile or our list of publicly traded precious metal mining companies may provide a more stable long-term alternative.
Key Takeaways — UGL Stock
UGL targets a daily return that is 200% of the movement of the U.S. Dollar price of gold, allowing for rapid gains during bull runs.
Due to daily compounding resets, this fund is designed for intraday or very short swing trades, not for “buy and hold” portfolios.
Unlike bullion ETFs, UGL achieves its leverage through derivatives, including swaps and futures contracts, rather than holding physical bars.
In choppy or sideways markets, UGL can lose value even if the price of gold remains flat over several weeks due to mathematical “decay.”
UGL — Live Price Chart
Real-time chart from TradingView.
UGL ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | ProShares Ultra Gold | Ticker | UGL |
| Issuer | ProShares | Asset Class | 2x Leveraged Long Gold |
| Index Tracked | U.S. Dollar price of London PM Gold Fix | Structure | ETF |
| Expense Ratio | 0.95% | AUM | ~$757.57M |
| Inception Date | December 1, 2008 | Exchange | AMEX |
| No. of Holdings | 6 | Dividend Yield | 0.00% |
| 52-Week High | $55.71 | 52-Week Low | $29.31 |
| Avg Daily Volume | 1.43 million shares | YTD Return | 51.44% |
| 1-Year Return | 70.14% | 5-Year Return | 23.21% |
| Category | Commodity / Leveraged | Dividend Frequency | N/A |
UGL Top 6 Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | SWAP | Bloomberg Gold Subindex Swap Citibank NA | Derivatives | 73.31% |
| 2 | FUTURES | Gold 100 oz Futures Aug — 26 | Commodity | 69.60% |
| 3 | SWAP | Bloomberg Gold Subindex Swap UBS AG | Derivatives | 43.51% |
| 4 | SWAP | Bloomberg Gold Subindex Swap Goldman Sachs | Derivatives | 13.43% |
| 5 | NUGT | Direxton Gold Miners Bull 2X | ETF | 1.08% |
| 6 | DGOC | Direxton Gold Bullish 2X | ETF | 0.95% |
| 7 | — | — | — | — |
| 8 | — | — | — | — |
| 9 | — | — | — | — |
| 10 | — | — | — | — |
UGL — Pros & Cons
✓ Magnified Gains
Provides 200% exposure to gold movements, allowing traders to profit significantly from small price increases.
✗ Volatility Decay
Daily resets mean that if gold prices fluctuate without a clear trend, the fund will lose value over time due to math drag.
✓ High Liquidity
With millions of shares traded daily, UGL offers the liquidity needed for rapid intraday entries and exits.
✗ Rapid Losses
Leverage works both ways; a 5% drop in gold can lead to a 10% loss in UGL, which can compound quickly in a downturn.
✓ Hedging Tool
Useful for sophisticated traders looking to hedge against a sudden dollar devaluation or geopolitical crisis.
✗ High Expense Ratio
At 0.95%, the cost of management is significantly higher than passive commodity ETFs.
Who Should Consider UGL?
Active, experienced traders who have a high-conviction view on gold and plan to hold the position for only a few days.
Conservative long-term investors or those looking for “safe haven” protection for their retirement savings over many years.
You anticipate a sharp, immediate spike in gold prices and want to maximize the capital efficiency of your trade.
Taxable brokerage accounts where active trading is permitted and the risk of significant capital loss is acceptable.
UGL vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| UGL ★ | ProShares Ultra Gold | 0.95% | ~$757.57M | 6 | 0.00% | 51.44% | 2x Spot Gold Daily |
| GLD | SPDR Gold Shares | 0.40% | $60B+ | Physical | 0.00% | 25.12% | Long-Term Gold |
| NUGT | Direxion Gold Miners 2X | 1.08% | $400M | Miners | 0.00% | 38.20% | 2x Gold Mining Stocks |
| TQQQ | ProShares UltraPro QQQ | 0.95% | $20B+ | Tech | 1.12% | 42.15% | 3x Tech Daily |
UGL Technical Analysis
Real-time buy/sell signals.
UGL — Risks & Considerations
Daily Compounding Risk
Leverage is calculated daily. Over longer periods, the fund may not return 2x the gold price, potentially leading to losses even if gold rises.
High Volatility
Because it is double-leveraged, UGL will experience twice the price swings of the gold market, which can be extremely stressful for non-traders.
Derivatives Exposure
UGL uses swaps and futures, introducing counterparty risk that physically-backed gold ETFs do not have.
Liquidation Risk
Severe overnight drops in gold prices can cause massive gaps down in UGL’s price, potentially leaving traders unable to exit at their desired price.