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ProShares describes UDOW as the only ETF targeting positive 3x daily returns of the Dow Jones Industrial Average. Its nearest Dow leveraged alternatives are not equivalent: DDM targets positive 2x daily returns, while SDOW targets negative 3x daily returns. To compare them, check the direction and daily multiple first, then compare costs, dated trading data, and the risks of daily resetting.
What UDOW, DDM, and SDOW are designed to do
These funds target a multiple of the Dow’s performance for one trading day, before fees and expenses. They are not designed to deliver that multiple over a longer holding period.
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| Fund | Stated daily target | How it differs from UDOW |
|---|---|---|
| UDOW | +3x the Dow Jones Industrial Average’s daily performance, before fees and expenses | Positive 3x daily exposure |
| DDM | +2x the Dow’s daily performance | Positive exposure, but a lower daily multiple |
| SDOW | -3x the Dow’s daily performance | Inverse exposure: it targets the opposite daily direction |
ProShares identifies UDOW as the only ETF targeting positive 3x daily Dow returns in its materials; that is the issuer’s characterization, not an independently verified census of every listed fund. DDM and SDOW are useful nearby comparisons, but neither matches UDOW’s positive 3x objective. See ProShares’ UDOW page, DDM page, and SDOW page.
How the funds compare on expenses
The figures below are annual operating expense ratios reported by ProShares. Gross expenses are before applicable waivers or reimbursements; net expenses reflect them. The ratios do not capture every cost of owning or trading a fund.
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| Fund | Gross expense ratio | Net expense ratio | Waiver information |
|---|---|---|---|
| UDOW | 0.95% | 0.95% | Its summary prospectus retrieved October 4, 2026, says expenses before waivers and reimbursements are capped at 0.95% through September 30, 2027. |
| DDM | 0.96% | 0.95% | ProShares’ page accessed October 4, 2026 displayed a waiver through September 30, 2026; consult current fund documents for current terms. |
| SDOW | 0.97% | 0.95% | ProShares’ page accessed October 4, 2026 displayed a waiver through September 30, 2026; consult current fund documents for current terms. |
On these reported ratios, the three net figures are the same, while UDOW has the lowest stated gross ratio. The waiver dates differ, so do not assume a displayed net ratio or waiver will remain in force. Check each fund’s latest prospectus before relying on a figure.
Annual operating expenses are only part of the cost picture. UDOW’s prospectus notes that brokerage charges and transaction and financing costs associated with securities and derivatives are not all included in the annual expense ratio. Trades also incur the bid-ask spread, discussed below. Read the UDOW summary prospectus and the latest documents for any fund you are considering.
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How to compare liquidity and trading costs
ProShares’ published snapshots report both trading volume and the 30-day median bid-ask spread. The dates matter: these are observations, not permanent rankings or guarantees about the price at which a particular order will execute.
| Fund | Trading volume | 30-day median bid-ask spread | Snapshot date |
|---|---|---|---|
| UDOW | 1,957,012 shares | 0.03% | October 2, 2026 |
| DDM | 198,104 shares | 0.05% | October 2, 2026 |
| SDOW | 3,612,107 shares | 0.04% | September 30, 2026 |
In these snapshots, SDOW had the highest reported volume, while UDOW had the narrowest reported median spread. Because SDOW’s observation is from a different date, this is not a strictly simultaneous comparison. Volume alone does not establish how much a particular order will cost to execute; spreads can change with market conditions, order size, and timing. Check current quotes and consider limit orders rather than assuming the historical spread will be available.
Sources: UDOW, DDM, and SDOW pages.
Why multi-day returns can diverge from the daily target
Each fund resets its exposure daily. Over multiple days, returns compound from one day to the next, so the result depends on the sequence of daily index moves as well as the index’s overall change. Volatility can magnify the gap between a fund’s holding-period return and the daily multiple applied to the index’s total return.
For example, an index that rises one day and falls the next can end near where it started, while a leveraged fund can lose value through the combined effect of those daily moves. A flat or rising index over a holding period therefore does not guarantee a gain in a leveraged or inverse fund. ProShares says UDOW does not seek 3x the index’s performance for any period other than one day. The SEC likewise explains that most leveraged and inverse ETFs reset daily and may diverge significantly from their stated daily objective over longer periods. Its 2023 bulletin illustrates the point with another index: that index gained 2% over four months while a leveraged ETF lost 6%; this is an illustration, not a UDOW result.
Sources: UDOW summary prospectus and the SEC Investor Bulletin, updated August 29, 2023.
Other risks to weigh beyond the headline multiple
Leveraged exposure involves more than magnifying an index move. UDOW uses financial instruments, including derivatives, and its prospectus identifies risks that investors should understand before trading.
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- Loss and volatility: A sharp adverse daily move can cause a substantial loss. Outcomes over time also depend on volatility and the holding period.
- Derivatives, financing, and counterparties: The fund’s instruments can involve financing costs, contractual risks, and the possibility that a counterparty does not meet its obligations.
- Tracking and implementation: The fund’s return may not exactly match its daily objective after expenses and other costs.
- Market price versus net asset value: Shares can trade at a price above or below the fund’s net asset value.
- Trading costs: Brokerage charges and the spread affect an investor’s realized result; the annual expense ratio does not represent every such cost.
Past performance does not predict future results. Review the current prospectus for each fund’s full risk disclosures and terms rather than treating the daily target as a forecast.
Quick Recap
A practical comparison checklist
- Match the exposure to the comparison. Confirm whether the fund targets positive or inverse daily returns, and note the multiple. DDM and SDOW do not share UDOW’s positive 3x target.
- Read current expense disclosures. Compare gross and net ratios, identify any waiver or reimbursement and its end date, and account for costs outside the annual operating expenses.
- Use dated liquidity data. Look at both volume and median bid-ask spread, check that the dates are comparable, and review live quotes before placing an order.
- Consider the intended holding period. The stated multiple applies to a day, not a multi-day outcome. Daily compounding and volatility can materially change longer-period results.
- Read the risk disclosures. Review the latest prospectus for derivative, financing, tracking, market-price, and loss risks that apply to the particular fund.
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