ETF Evaluator:
ProShares Ultra High Yield (UJB)
Follow This ETF
(as of Aug 19)
Best Performing in Trading--Leveraged Debt Over the Last Year
| 5.1% | ProShares Ultra High Yield (UJB) |
| -0.7% | ProShares Ultra 7-10 Year Treasury (UST) |
| -4.7% | Trading--Leveraged Debt () |
| -5.6% | Direxion Daily 7-10 Yr Trs Bull 3X ETF (TYD) |
| -7.3% | ProShares Ultra 20+ Year Treasury (UBT) |
Risk
Index
Risk
Index
ETF Details
ProShares Ultra High Yield Overview
ProShares Ultra High Yield (UJB) is a passively managed Miscellaneous Trading--Leveraged Debt exchange-traded fund (ETF). ProShares launched the ETF in 2011.
The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Markit iBoxx $Liquid High Yield Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of U.S. dollar denominated high yield corporate debt. Under normal circumstances, the fund will obtain leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares Ultra High Yield (UJB)
There are 2 members of the management team with an average tenure of 5.33 years: Michael Neches (2021) and Tarak Davé (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Markit iBoxx Liquid High Yield TR USD index with a weighting of 200%. ProShares Ultra High Yield has 7 securities in its portfolio. The top 10 holdings constitute 23.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Ultra High Yield is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Ultra High Yield has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.2% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Ultra High Yield has 41.1% of the portfolio in cash.
Assets Under Management
The fund has $10 million in total assets, which is below the $452 million average for the Trading--Leveraged Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
UJB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Ultra High Yield expense ratio is high compared to funds in the Trading--Leveraged Debt category. ProShares Ultra High Yield has an expense ratio of 0.95%, which is 1% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Ultra High Yield has a portfolio turnover rate of 12%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 51% for the Trading--Leveraged Debt category.
Recently, in the month of July 2026, ProShares Ultra High Yield returned -0.8%, which earned it a grade of A, as the Trading--Leveraged Debt category had an average return of -6.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Ultra High Yield has a trailing yield of 3.21%, which is below the 3.76% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Ultra High Yield Grades
Year to date, the ETF has returned 0.5%, 8.8 percentage points better than the category, which translates into a grade of A. The fund has returned 5.1% over the past year (grade of A), 10.4% over the past three years (grade of A) and 2.5% per year over the past five years (grade of A) and 5.9% per year over the past 10 years (grade of A).
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UJB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| UJB Return (NAV) | -0.8% | -0.5% | 5.1% | 10.4% | 2.5% | 5.9% |
| UJB Return (Price) | -0.8% | -0.5% | 5.2% | 10.3% | 2.5% | 5.7% |
| NAV +/- Price Return | 0.019% | -0.003% | -0.072% | 0.035% | 0.009% | 0.217% |
| Trading--Leveraged Debt Avg | -6.3% | -5.6% | -4.7% | -5.4% | -15.3% | -6.4% |
| UJB Grade (NAV) | A | A | A | A | A | A |
| +/- Category (NAV) | 5.6% | 5.1% | 9.8% | 15.8% | 17.8% | 12.3% |
| UJB Tax-Cost Ratio | na | na | 1.3% | 1.2% | 1.0% | 1.1% |
UJB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| UJB Return (NAV) | 0.5% | 12.1% | 9.6% | 17.6% | -23.3% | 6.4% | 5.3% | 26.8% | -6.0% | 11.1% | 26.5% |
| UJB Return (Price) | 0.4% | 12.3% | 9.4% | 17.7% | -23.3% | 6.6% | 5.1% | 26.7% | -6.1% | 11.7% | 29.1% |
| NAV +/- Price Ret | -0.160% | 0.017% | -0.017% | 0.003% | -0.001% | 0.036% | -0.028% | -0.6% | 2.0% | 5.8% | 9.8% |
| Trading--Leveraged Debt Avg | -8.3% | 6.9% | -13.6% | -0.4% | -45.2% | -8.7% | 24.3% | 24.6% | -5.5% | 11.7% | 4.6% |
| UJB Grade (NAV) | A | A | A | A | A | A | F | B | C | C | A |
| +/- Category | 8.8% | 5.2% | 23.2% | 18.0% | 22.0% | 15.1% | -19.0% | 2.3% | -0.5% | -0.6% | 21.9% |
| Risk Measures | |
| Beta: | 1.39 |
| R-Squared: | 74% |
| Standard Deviation: | 9.1% |
| Category Risk Index: | 0.41 |
| Category Risk Rating: | Below Average |
| Total Risk Index: | 0.74 |
| Total Risk Rating: | Below Average |
| Portfolio Characteristics | |
| Yield: | 3.2% |
| Total Assets: | $ 10 Mil |
| Share Class Assets: | $ 10 Mil |
| Turnover: | 12.0% |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Neches Michael (2021), Davé Tarak (2021) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 23.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.2% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 58.7% |
| Cash: | 41.1% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | April 13, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.96% |
