Ultra Gold - UGL Ultra Gold

ProShares Ultra Gold seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of gold bullion as measured by the p.m. U.S. Dollar price for delivery in London.

This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. Please read the prospectus carefully before investing.

This leveraged ProShares ETF seeks a return that is 2x the return of its underlying benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings as frequently as daily. For more on risks, please read the prospectus.

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Important Notice Regarding Schedule K-1 Tax Packages
— 2017 Schedule K-1 Tax Packages are expected to be available in mid-March. For more information, please visit our Schedule K-1 Tax Information page.

Index/Benchmark Summary

The LBMA Gold Price is the U.S. Dollar price of gold bullion for delivery in London. It is designed to be a price for settling contracts between members of the London bullion market.

The LBMA Gold Price is set twice a day, at 10:30 and 15:00 London time. The ProShares Gold ETFs will be benchmarked to the 15:00 price. Daily price quotes can be viewed at the London Bullion Market Association.

Gold is priced in U.S. dollars per troy ounce.