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ProShares describes UDOW as the only ETF targeting positive three-times (3x) daily returns of the Dow Jones Industrial Average (DJIA). Its nearby Dow funds are not equivalent positive-3x alternatives: DDM targets positive 2x daily returns, while SDOW targets negative 3x daily returns. Compare each fund’s direction and daily target first, then its costs and trading conditions. Most importantly, none of these daily objectives promises the same multiple over a holding period longer than one day.
Which Dow ETFs are actually comparable to UDOW?
UDOW seeks 3x the DJIA’s performance for a single day, before fees and expenses. ProShares says it is the only ETF targeting positive 3x daily Dow returns; that is the issuer’s description, not an independently exhaustive count of every listed product. ProShares’ adjacent Dow funds have different targets:
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| Fund | Stated daily target | How it differs from UDOW |
|---|---|---|
| UDOW | +3x the DJIA’s daily performance, before fees and expenses | Positive 3x exposure |
| DDM | +2x the DJIA’s daily performance | Positive direction, lower daily multiple |
| SDOW | -3x the DJIA’s daily performance | Inverse exposure: it seeks to move opposite the index on a daily basis |
So DDM and SDOW can help compare different ways to take leveraged Dow exposure, but they are not direct substitutes for UDOW’s positive 3x daily objective. Fund targets and terms are described in the UDOW prospectus and fund materials, the DDM fund materials, and the SDOW fund materials.
How do their stated expenses compare?
Expense ratios are only one part of ownership cost. The following issuer-reported figures are not a complete measure of trading, financing, or transaction costs.
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| Fund | Gross annual expense ratio | Net annual expense ratio | Source and date qualification |
|---|---|---|---|
| UDOW | 0.95% | 0.95% | ProShares summary prospectus retrieved October 4, 2026. It says expenses before waivers and reimbursements are capped at 0.95% through September 30, 2027. |
| DDM | 0.96% | 0.95% | ProShares fund-page snapshot current to October 2, 2026, accessed October 4, 2026. The page displayed a waiver through September 30, 2026. |
| SDOW | 0.97% | 0.95% | ProShares fund-page snapshot dated September 30, 2026, accessed October 4, 2026. The page displayed a waiver through September 30, 2026. |
These are annual fund operating expense figures, not a promise that every fund’s current net expense ratio or waiver terms will remain unchanged. The difference between gross and net figures reflects waivers or reimbursements as presented in the cited materials. Check each fund’s latest prospectus for current terms, especially when a displayed waiver date has passed. UDOW’s current summary prospectus specifies its cap through September 30, 2027; the cited DDM and SDOW pages displayed earlier waiver end dates.
ProShares’ UDOW prospectus also notes that brokerage charges and transaction and financing costs associated with securities and derivatives are not all reflected in annual operating expenses. A lower displayed expense ratio therefore does not by itself establish which fund would cost less to trade or hold.
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What do the liquidity figures show—and what do they not show?
ProShares’ snapshots report both trading volume and the 30-day median bid-ask spread. The figures below are dated observations, not permanent rankings or guarantees about the price available for a particular order.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errors| 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 |
Volume measures how many shares traded in the cited snapshot; the spread is the difference between bid and ask prices, expressed here as a percentage. A narrower spread can indicate a smaller quoted gap, but neither metric tells you the exact execution price for a future trade. The SDOW observation is two calendar days older than the UDOW and DDM observations, so the numbers are not perfectly contemporaneous.
For a real order, check live bid and ask quotes and consider using a limit order rather than assuming that a past median spread or a high volume figure will be available at the moment you trade. The issuer’s dated snapshots are available on the UDOW, DDM, and SDOW pages.
Why can a daily 3x fund lose over a longer period?
UDOW’s 3x target applies to one day, not to the cumulative return of the DJIA over several days, months, or years. Its prospectus explicitly says the fund does not seek 3x the index’s performance for any period other than one day. Because leveraged funds reset their exposure daily, the sequence of index returns and volatility affect compounded results.
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For example, if an index rises 10% one day and then falls about 9.09% the next, it returns to roughly its starting level before costs. A fund targeting 3x the daily moves would gain about 30% on the first day and lose about 27.27% on the second, leaving it below its starting value. This simplified arithmetic illustrates daily compounding; it is not a UDOW performance result and excludes fees, financing, tracking differences, and other real-world effects.
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A free scan shows the junk files, broken settings and background clutter dragging Windows down - then fixes them in one click.Free scan · Windows 10 & 11The SEC’s August 29, 2023 Investor Bulletin gives a separate illustration involving another index: an index gained 2% over four months while a leveraged ETF lost 6%. It is an example of how a multi-period result can diverge from a stated daily multiple, not a forecast or a UDOW result. The SEC explains that most leveraged and inverse ETFs reset daily in its Investor Bulletin on leveraged and inverse ETFs.
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Why volatility and holding time matter
- Daily reset: The fund adjusts exposure to pursue its daily target, so each day’s return compounds on the value left by earlier days.
- Choppy markets: Repeated rises and falls can erode value through compounding even when the index ends near its starting point.
- Longer holding periods: The more daily returns accumulate, the less appropriate it is to treat a 3x daily objective as a 3x multi-day promise.
The prospectus warns that investors can lose money even if the index is flat or rises over the holding period. Past performance does not predict future results.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What other risks belong in the comparison?
Leveraged and inverse funds pursue their objectives using financial instruments, including derivatives, and daily rebalancing. Their prospectuses describe risks beyond the direction and size of the index move.
- Derivatives and counterparty exposure: Instruments used to obtain exposure can introduce risks that differ from simply owning the index’s constituent stocks.
- Financing and implementation costs: Borrowing or derivative financing and transactions can affect results and may not be captured fully by the annual operating expense ratio.
- Tracking differences: The fund’s return can differ from its stated daily target because of expenses, market conditions, and implementation effects.
- Market price versus NAV: An ETF’s exchange-traded price can differ from its net asset value (NAV), affecting the price at which an investor buys or sells.
- Loss risk: A leveraged or inverse position can lose value quickly when the index moves against its daily target; daily reset does not limit losses to the stated annual fee.
Read the current prospectus for the specific fund rather than assuming that all risks or mechanics are identical. UDOW’s summary prospectus describes its daily objective, expenses, and risks; the DDM and SDOW fund pages link to their own current materials.
Quick Recap
A practical way to compare the funds
- Match the exposure you intend to compare. Confirm whether the target is positive or inverse and whether it is 2x or 3x per day. UDOW is +3x, DDM +2x, and SDOW -3x, according to ProShares.
- Verify current costs. Compare gross and net expense ratios in current prospectuses and note the end date of any waiver or expense cap. Do not treat annual operating expenses as the total cost of trading and financing.
- Check current trading conditions. Review live bid and ask prices and recent volume. Treat the dated spread and volume observations above as historical snapshots rather than execution promises.
- Set the relevant time horizon. Read the daily objective literally. If assessing a multi-day holding, account for the path of daily returns and volatility instead of multiplying the index’s period return by three.
- Read the fund-specific risk disclosures. Review derivatives, financing, tracking, and market-price/NAV risks in the latest prospectus before making a decision.
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