ETF Evaluator:
ProShares UltraShort Yen (YCS)
Follow This ETF
(as of Sep 03)
Best Performing in Trading--Miscellaneous Over the Last Year
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ETF Details
ProShares UltraShort Yen Overview
ProShares UltraShort Yen (YCS) is an actively managed Miscellaneous Trading--Miscellaneous exchange-traded fund (ETF). ProShares launched the ETF in 2008.
The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the performance of the U.S. Dollar price of the Japanese yen for a single day.
The fund seeks to meet its investment objective by investing under normal market conditions in any one of, or combinations of, Financial Instruments based on the fund’s benchmark. It will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities as collateral for Financial Instruments and pending investment in Financial Instruments.
About ProShares UltraShort Yen (YCS)
There are 1 members of the management team with an average tenure of 17.69 years: Management Team (2008). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: JPY USD index with a weighting of -200%. ProShares UltraShort Yen has 8 securities in its portfolio. The top 10 holdings constitute 40.1% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares UltraShort Yen is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraShort Yen has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0% 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 16.6% (16.6% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares UltraShort Yen has 83.4% of the portfolio in cash.
Assets Under Management
The fund has $29 million in total assets, which is below the $78 million average for the Trading--Miscellaneous 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.
YCS 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 UltraShort Yen expense ratio is high compared to funds in the Trading--Miscellaneous category. ProShares UltraShort Yen has an expense ratio of 0.98%, which is 6% 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 UltraShort Yen has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 46% for the Trading--Miscellaneous category.
Recently, in the month of July 2026, ProShares UltraShort Yen returned -3.8%, which earned it a grade of D, as the Trading--Miscellaneous category had an average return of 0.1%. 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 UltraShort Yen has a trailing yield of 0.00%, which is below the 68.32% category average.
The fund normally distributes its income none and its capital gains annually.
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 UltraShort Yen Grades
Year to date, the ETF has returned 7.0%, 12.0 percentage points better than the category, which translates into a grade of B. The fund has returned 19.4% over the past year (grade of A), 17.9% over the past three years (grade of A) and 23.5% per year over the past five years (grade of A) and 13.5% per year over the past 10 years (grade of A).
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YCS 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 |
|
| YCS Return (NAV) | -3.8% | 5.2% | 19.4% | 17.9% | 23.5% | 13.5% |
| YCS Return (Price) | -3.6% | 5.3% | 19.4% | 17.9% | 23.5% | 13.5% |
| NAV +/- Price Return | -0.265% | -0.167% | -0.006% | -0.064% | -0.045% | 0.013% |
| Trading--Miscellaneous Avg | 0.1% | -8.5% | -7.5% | -8.9% | -10.7% | -11.3% |
| YCS Grade (NAV) | D | B | A | A | A | A |
| +/- Category (NAV) | -3.9% | 13.7% | 27.0% | 26.8% | 34.2% | 24.8% |
| YCS Tax-Cost Ratio | na | na | 0.0% | 0.0% | 0.0% | 0.0% |
YCS Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| YCS Return (NAV) | 7.0% | 6.9% | 38.4% | 28.3% | 29.3% | 22.4% | -11.2% | 3.4% | -1.4% | -6.6% | -8.8% |
| YCS Return (Price) | 7.3% | 9.0% | 35.4% | 28.7% | 29.1% | 22.4% | -11.2% | 3.4% | -1.5% | -6.6% | -8.7% |
| NAV +/- Price Ret | 0.035% | 0.314% | -0.078% | 0.013% | -0.008% | 0.000% | -0.001% | 0.3% | 6.6% | -0.7% | -0.8% |
| Trading--Miscellaneous Avg | -4.9% | -8.8% | -5.4% | -17.0% | -10.3% | -12.4% | 6.5% | -12.0% | 5.8% | -4.1% | -10.4% |
| YCS Grade (NAV) | B | B | A | A | A | A | D | B | D | C | D |
| +/- Category | 12.0% | 15.6% | 43.8% | 45.3% | 39.7% | 34.8% | -17.6% | 15.3% | -7.2% | -2.6% | 1.6% |
| Risk Measures | |
| Beta: | -28.12 |
| R-Squared: | 2% |
| Standard Deviation: | 20.8% |
| Category Risk Index: | 0.87 |
| Category Risk Rating: | Above Average |
| Total Risk Index: | 1.70 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 30 Mil |
| Share Class Assets: | $ 30 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.98% |
| Index Fund: | No |
| Index Tracked: | JPY USD |
| Index Weighting: | -200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | None |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 17.7 years | |||
| Average Tenure: 17.7 years | |||
| Managers (Year): Team Management (2008) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 8 |
| % in Top 10 Holdings: | 40.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 16.6% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 83.4% |
Purchase Information
| Legal Structure: | Partnership (3C1) |
| Fund Family: | ProShares |
| Phone Number: | 240-497-6400 |
| Website: | www.proshares.com |
| Inception Date: | November 24, 2008 |
Expenses and Fees
| Expense Ratio (%): | 0.98% (Rating: High) |
| Category Average Expense Ratio (%): | 1.04% |
