ProShares Ultra Utilities (UPW)

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  • commenter
    cc
    Jul 18 04:21 PM
    ProShares UltraShort and UltraLong ETFs [view article]
    I wish you would look into QID and why it is never and I mean NEVER 2X the inverse.. I checked out Rydex shares and all their inverse etf's perform grea on a daily basis.. THIS piece of $@^$ is so bad.. Check out what the underlying was when this was trading 57.. THe ndx is lower now and this should be trading close 49 to 52,, Do we have any recourse against Proshares?

    Reply
  • commenter
    Ames
    Tiedeman
    Jul 15 07:22 PM
    My Website
    ProShares ETFs: Why Volume Trading Makes a Difference [view article]
    John, That is a great question. I do not have the answer, but I suspect they are using some kind of derivative to produce this. I have found that the Ultra's are fantastic to trade. Good luck. Reply
  • commenter
    Ames
    Tiedeman
    Jul 15 07:20 PM
    My Website
    ProShares UltraShort and UltraLong ETFs [view article]
    QID and QLD have been very reliable at 2x.


     Reply
  • commenter
    User 149845
    Jul 15 05:06 PM
    ProShares UltraShort and UltraLong ETFs [view article]
    Thanks for the article.

    I think the Proshares ETF are not reliable.

    Let's take the example of FXP. They are not double short but only 1.7 short.

    The prices are very inconsistent.

    For example:

    I bought FXP on March 6th at 99. That day, FXI closed 135.66.

    On March 24th, FXP was at 106.92 and FXI 128.35 (same as today).

    Today FXP closed at 87.98 and FXI closed at 128.66

     Reply
  • commenter
    Ames
    Tiedeman
    Jul 13 10:59 PM
    My Website
    ProShares UltraShort and UltraLong ETFs [view article]
    Great list. Thanks for the data. Reply
  • commenter
    johnthebear
    Jun 30 06:41 PM
    ProShares ETFs: Why Volume Trading Makes a Difference [view article]
    John the bear wrote on June 28:

    I am amazed that there is a way to get a 2:1 ratio against an index, and I admit to investing without knowing all the facts.

    I would appreciate it if you could explain how the process works so that I will have greater confidence in the future as my profit keeps expanding my holdings.

    Please try to find an answer for me.

    Have you asked ProShares to explain it to you?     Reply
  • commenter
    adan
    Jun 28 06:22 PM
    My Website
    ProShares ETFs: Why Volume Trading Makes a Difference [view article]
    really good info, very interesting, thanks! Reply
  • commenter
    johnthebear
    Jun 28 09:02 AM
    ProShares ETFs: Why Volume Trading Makes a Difference [view article]
    I invest in ultra short FXP (China) and SRS (Dow Jones RE index) and have done very well with both. Trades have executed quickly and I chart each in Yahoo and include the FXI and IYR to compare trends as to which is moving up faster.

    I am amazed that there is a way to get a 2:1 ratio against an index, and I admit to investing without knowing all the facts.

    I would appreciate it if you could explain how the process works so that I will have greater confidence in the future as my profit keeps expanding my holdings.

    I appreciate ProShares and the opportunity they have provided to the small investor.     Reply
  • commenter
    james22
    Apr 29 12:02 PM
    ProShares Ultra and UltraShort Sector ETFs: Does 2 = 2? [view article]
    As has been already said in earlier comments - it's the constant 200% leverage at work, dumdum. Twice the daily return (which are these funds mandates) will exceed twice the overall return over an extended period when markets are trending, and underperform in markets that see many trend reversals, even in a perfect world of zero management fees and zero tracking error. In essence holders of 2X ETF's are short daliy realized volatility of the index.

    If you plot the long-minus-short portfolio 'shortfalls' against the realized volatilities of each index over the corresponding periods, you should see that sectors with the highest volatilities would have the largest shortfalls.     Reply
  • commenter
    johnthebear
    Apr 11 05:30 PM
    ProShares Ultra and UltraShort Sector ETFs: Does 2 = 2? [view article]
    IYR was down today -0.36% while SRS was up +2.76%. How do you explain that relationship if they try to balance on a daily basis?

    I am not complaining that SRS was up more than 2 x .36, that is not the point. The real problem here is that the -.36 does not look correct for the index when compared to the average of the top 9 funds that make up the index were down -12.24% or an average of -1.36%. I don't have the average percentage gains of all of the funds that make up IYR and I realize an average of percentage numbers is not accurate, but it makes me wonder what happened.

    But if you take 1.36 x 2 = 2.72% which is very close to actual amount that SRS increased at 2.76%! So did they lose the 1.0 factor or was the index flawed?

    Does anyone know exactly how the manage to keep the two indexes as close as they do? Thanks, John

    Reply
  • commenter
    SeekingAlpha
    Editors
    Apr 06 05:21 AM
    My Website
    General Discussion on UPW
    Is this a buy or a sell? Reply
  • commenter
    TomO
    Apr 05 08:45 PM
    Leveraged ETFs: A Value Destruction Trap? [view article]
    Tristan ----
    I did the same thing "mg" did (9/28/07 questoin) and my results are identical. Ditto for UYG, the 2x financial sector ETF. So for the long-term investor, where's the down-side. What are we missing? A reply would be appreciated. Thanks.     Reply
  • commenter
    James Tobin
    Student
    Apr 04 12:51 AM
    Leveraged ETFs: A Value Destruction Trap? [view article]
    The leveraged DCA approach exposes the investor to portfolio ruin much more significantly than the constant leverage approach. suppose the markets drop 10% per day for 7 days (unlikely, but it makes the point). The DCA approach results in total portfolio loss, whereas the constant leverage approach results in a damaged, but in tact, portfolio. the investor must determine if the increased risk of portfolio ruin is worth the tradeoff in returns. proshares and rydex probably know that anything but a daily mirroring of the index would be unviable because of the risk of portfolio ruin. The "daily" aspect of the 2x etfs may, in fact, be the very feature that makes them viable investment choices. Less efficient than 50% margin, but total avoidance of a margin call and very little change, comparatively, of receiving a margin call. Reply
  • commenter
    Kunst
    Apr 03 02:00 AM
    ProShares Ultra and UltraShort Sector ETFs: Does 2 = 2? [view article]
    (1 + x) * (1 - x) = 1 - x^2

    (1 + 2x) * (1 - 2x) = 1 - 4x^2

    Still, if you get the direction right, the 2x should still put you ahead more than the 1x, but not twice as much. If you get the direction wrong, you are in a world of hurt. In a trading range, the above formulas show that the ultra bleeds you much faster than the straight.

    This is true of both ultra and ultrashort.     Reply
  • commenter
    Michael
    Bommarito
    Apr 01 02:28 PM
    My Website
    ProShares Ultra and UltraShort Sector ETFs: Does 2 = 2? [view article]
    Also, in response to User 170913, I've used adjusted close values for these calculations, so the dividends are already incorporated. Reply

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