ProShares - Ultra Health Care
RXL
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- ProShares Ultra Health Care (RXL), a series of ProShares Trust, seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P Health Care Select Sector Index. The fund invests principally in equity securities, derivatives such as swap agreements with major global financial institutions including UBS AG, Goldman Sachs International, Citibank NA, Societe Generale, BNP Paribas, and Bank of America NA, and money market instruments like U.S. Treasury bills and repurchase agreements to achieve leveraged exposure to at least 80% of its total assets in components of the index or instruments with similar economic characteristics; it rebalances daily to maintain the 2x target regardless of market conditions. The S&P Health Care Select Sector Index measures the performance of U.S. large-cap health care companies within the S&P 500 across industries including health care equipment and supplies, health care providers and services, health care technology, biotechnology, pharmaceuticals, and life sciences tools and services, comprising approximately 60 companies with key holdings such as Eli Lilly & Co., Johnson & Johnson, AbbVie Inc., UnitedHealth Group Inc., and Merck & Co. Inc. Launched on January 30, 2007, and listed on NYSE Arca (CUSIP 74347R735, Intraday Ticker RXL.IV), the fund is managed by ProShare Advisors LLC, with Michael Neches and Tarak Davé as primary portfolio managers since October 2013 and April 2018, respectively, from its headquarters at 7272 Wisconsin Avenue, 21st Floor, Bethesda, MD 20814. The fund targets investors seeking leveraged exposure to the U.S. health care sector, distributing income quarterly if any, with options trading available and a net expense ratio of 0.95% after fee waivers through September 30, 2026. It operates non-diversified with high portfolio turnover due to derivatives, focusing on North American developed markets without direct international geographic operations beyond counterparties. In recent developments, the fund underwent a 2-for-1 stock split effective November 6, 2024, announced on October 28, 2024, distributing new shares after market close on November 5, 2024, to adjust share structure amid trading around $43.99 year-start. ProShare Advisors extended its contractual fee waiver and expense reimbursement through September 30, 2026, capping total annual fund operating expenses at 0.95% (from gross 1.07%) to enhance cost efficiency. As of December 16, 2025, the fund's NAV stands at $51.23 with a 30-day median bid-ask spread of 0.06%, reflecting assets under management near $70-73 million and year-to-date returns of approximately 23.79% for NAV.