ProShares - Ultra Communication Services
LTL
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- ProShares Ultra Communication Services (LTL) seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P Communication Services Select Sector Index. The fund, an exchange-traded fund (ETF) managed by ProShare Advisors LLC, primarily invests in derivatives such as swaps and financial instruments that provide leveraged exposure to U.S.-listed communication services companies across subsectors including interactive media and services, entertainment, media, diversified telecommunication services, and wireless telecommunication services; it holds positions in leading constituents like Meta Platforms Inc. Class A, Alphabet Inc. Class A and Class C, Netflix Inc., and others through direct equity stakes and total return swaps with counterparties including UBS AG, Goldman Sachs International, BNP Paribas, Bank of America NA, and Societe Generale. Launched on March 25, 2008, the ETF trades on NYSE Arca under ticker LTL with CUSIP 74347R263, features a net expense ratio of 0.95% (with contractual waiver through September 30, 2026), quarterly distributions, and options availability; it is domiciled in the United States with assets under management around $16 million as of recent data. The fund targets sophisticated investors seeking magnified daily returns from the communication services sector, which comprises providers of fixed-line and mobile telephone services, cellular, satellite, paging, regional and long-distance carriers, media production, entertainment content, and interactive services; its portfolio reflects the benchmark's characteristics, including 24 companies, a price/earnings ratio of 28.10, price/book ratio of 3.66, dividend yield of 1.07%, and average market capitalization of $257.37 billion as of September 30, 2025. In recent years, the fund underwent a benchmark transition effective around March 17, 2023, shifting from the Dow Jones U.S. Select Telecommunications Index to the S&P Communication Services Select Sector Index, accompanied by a name change from ProShares Ultra Telecommunications to ProShares Ultra Communication Services, repositioning holdings and incurring transaction costs during the adjustment period; it declared quarterly distributions including $0.085045 per share in March 2025 and another in June 2025, reflecting ongoing yield payments amid strong performance with year-to-date NAV returns exceeding 31% as of late 2025.