ProShares

What ProShares does

ProShares is a privately held U.S. ETF issuer founded in 2006 and headquartered in Bethesda, Maryland, operating through ProShares Trust and ProShares Trust II (Delaware statutory trusts) with ProShare Advisors LLC as investment adviser. The company manages over $100 billion in assets across 110+ ETF products and is positioned as the world's largest provider of geared (leveraged and inverse) ETFs, anchored by TQQQ (UltraPro QQQ, ~$35 billion AUM), the world's largest leveraged ETF. Product categories span broad-market and sector geared ETFs (1x, 2x, 3x, -1x, -2x, -3x), single-stock leveraged wrappers (SpaceX, Coinbase, NVIDIA, Palantir, Tesla, Circle), crypto-linked products (BITO, BITU, ETHT, SLON, UXRP, KRYP), strategic dividend and high-income ETFs (NOBL, REGL, ISPY, IQQQ, ITWO, BUYB), money market (IQMM), thematic baskets, volatility products, and commodity and fixed-income geared funds.

ProShares' core technology stack is financial-engineering-driven rather than software-driven: geared ETFs deliver multiples of daily benchmark returns using swap agreements, futures contracts, and other derivatives, with daily portfolio rebalancing. The firm differentiates through first-mover product structuring — notably the IQMM money market ETF structured for GENIUS Act stablecoin reserve qualification, K-1-free leveraged platinum/palladium/copper ETFs, and single-stock leveraged ETFs tied to newly public companies — combined with index licensing partnerships with S&P Dow Jones Indices, Nasdaq, and Bloomberg Index Services.

ProShares generates revenue primarily through management fees charged on ETF assets under management, with expense ratios ranging from approximately 0.35% (e.g., NOBL) to 0.95% (e.g., BITO, leveraged products). Distribution is conducted through SEI Investments Distribution Co. and exchange listings on NYSE Arca and NASDAQ, making the products accessible to retail investors via Schwab, Fidelity, Vanguard, and TD Ameritrade, to financial advisors, and to institutional trading desks (banks, hedge funds, asset managers, and crypto-integrated businesses such as Coinbase). The company operates with a lean 51–100 employee base, reflecting an asset-light, scale-driven business model.

Name

ProShares

Legal name

ProShares (ProShares Trust and ProShares Trust II)

Website

https://proshares.com

Company type

Private

Founded year

2006

Operating status

Operating

Headcount range

101–250 employees

Short description

ProShares is a privately held U.S. ETF issuer managing over $100 billion across 110+ products, and the world's largest provider of leveraged and inverse ETFs. It serves retail investors, financial advisors, and institutions through geared, strategic, crypto-linked, and money market funds distributed via major brokerages.

Ownership category

akta.pro rank

Product category

Exchange-Traded Funds (Asset Management)

NAICS

Open-End Investment Funds (525910), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro industry

PRIMARYFSAAAFAK

Leveraged & Inverse ETFs

Financial & Insurance/Asset & Wealth Management/Asset Management — ETFs & Index Funds

SECONDARYFSAAAFAF

Multi-Asset & Allocation ETFs (Balanced, Target Risk)

Financial & Insurance/Asset & Wealth Management/Asset Management — ETFs & Index Funds

SECONDARYFSAAAFAD

Fixed Income ETFs (Government, Corporate, Munis, TIPS)

Financial & Insurance/Asset & Wealth Management/Asset Management — ETFs & Index Funds

Keywords

• Leveraged exchange traded funds
• Inverse ETF strategies
• Crypto ETF products
• Dividend growth ETFs
• Geared ETF provider

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Infrastructure, Others

Revenue model

1. Management Fees: ProShares earns revenue through management fees charged on ETF assets under management. Expense ratios vary by product, ranging from approximately 0.35% for dividend aristocrat ETFs to 0.95% for leveraged/inverse products. The firm manages over $100 billion in assets generating fee-based revenue.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels3 records

Core offering

ProShares is a private ETF issuer that designs, launches, and manages more than 110 exchange-traded funds with over $100 billion in assets under management. Its core offering is geared (leveraged and inverse) ETFs that deliver daily multiples (2x, 3x, -1x, -2x, -3x) of equity, sector, single-stock, fixed income, commodity, currency, and crypto benchmarks, supplemented by strategic ETFs covering dividend growth, stock buybacks, high-income covered-call strategies, interest-rate-hedged bonds, thematic baskets, and a GENIUS Act-aligned money market fund for stablecoin reserves.

Product overview

ProShares offers one of the largest lineups of ETFs with over $100 billion in assets, providing specialized investment strategies across multiple categories. The core offerings include Geared (Leveraged & Inverse) ETFs delivering multiples of daily benchmark returns (2x, 3x, -1x, -2x, -3x) across equity broad market, sector, international, single-stock, crypto-linked, fixed income, and commodity categories. Strategic ETFs encompass Dividend Growers (NOBL, REGL targeting Dividend Aristocrats), Stock Buybacks (BUYB for Buyback Aristocrats), High Income (ISPY, IQQQ, ITWO using covered call strategies), Crypto (BITO, BITI, BITU, ETHT, ETHD, SLON, UXRP, KRYP), Money Market (IQMM GENIUS Act-compliant stablecoin reserve fund), Interest Rate Hedged bonds (HYHG, EQRR, IGHG), Thematic investments (TINT, SUPL, ONLN, PAWZ, QQQA), and Volatility products (SVXY, UVXY, VIXY). The company is a leader in single-stock leveraged ETFs (SPCF for SpaceX, COIA for Coinbase, NVDB for NVIDIA, PLTA for Palantir, TSLI for Tesla, CRCA for Circle) and crypto-linked products including the first Bitcoin Strategy ETF (BITO) and CoinDesk 20 Crypto ETF (KRYP). ProShares continues to innovate with products like the GENIUS Money Market ETF (IQMM) for stablecoin reserves and FAB 10 ETF for AI ecosystem exposure.

Differentiator

Problem solved

Functional benefit

Brands

• ProFunds: Mutual funds offered by the ProShares family, accessible at profunds.com
• Geared ETFs

Products and services

• TQQQ - UltraPro QQQ World's largest leveraged ETF delivering 3x daily returns of the Nasdaq-100 Index using swaps and futures contracts. Designed for active traders and institutional investors seeking amplified short-term Nasdaq-100 exposure.
• UPRO - UltraPro S&P 500 Provides 3x daily returns of the S&P 500 Index through a leveraged derivatives strategy for active traders and institutional hedgers.
• UDOW - UltraPro Dow30 Delivers 3x daily returns of the Dow Jones Industrial Average for amplified blue-chip exposure.
• SSO - Ultra S&P 500 Provides 2x daily returns of the S&P 500 Index, with average annual returns of 14.5% since 2006 inception.
• QLD - Ultra QQQ Delivers 2x daily returns of the Nasdaq-100 Index for traders seeking leveraged Nasdaq exposure.
• DDM - Ultra Dow30 Provides 2x daily returns of the Dow Jones Industrial Average.
• SQQQ - UltraPro Short QQQ Delivers -3x inverse daily returns of the Nasdaq-100 Index for bearish market positioning and hedging.
• SH - Short S&P 500 Provides -1x daily returns of the S&P 500 Index for hedging or bearish exposure.
• SDS - UltraShort S&P500 Delivers -2x daily returns of the S&P 500 Index for bearish positioning.
• URSP - Ultra S&P 500 Equal Weight Only ETF targeting 2x daily returns of the S&P 500 Equal Weight Index, launched August 27, 2025.
• QQXL - Ultra QQQ Top 30 First ETF to target 2x daily returns of Nasdaq-100 Top 30 Index, launched August 15, 2025.
• NOBL - S&P 500 Dividend Aristocrats ETF Tracks an equal-weighted index of S&P 500 companies with at least 25 consecutive years of dividend increases; offers quality exposure with downside cushion at a 0.35% expense ratio.
• REGL - S&P MidCap 400 Dividend Aristocrats ETF Provides mid-cap exposure to dividend growers with 25+ consecutive years of dividend increases at lower concentration risk than large-cap dividend ETFs.
• BUYB - S&P 500 Buyback Aristocrats ETF First ETF exclusively tracking S&P 500 companies with at least 10 consecutive years of share repurchases; identifies firms with sustained capital return discipline. Launched May 7, 2026.
• ISPY - S&P 500 High Income ETF Employs a covered call strategy on the S&P 500 to generate high current income while offering exposure to large-cap equities. Launched December 20, 2023.
• IQQQ - Nasdaq-100 High Income ETF Uses a covered call strategy on Nasdaq-100 stocks to generate income while providing tech-focused equity exposure. Launched March 20, 2024.
• ITWO - Russell 2000 High Income ETF Uses a dynamic covered-call strategy with daily expiring options to generate income for Russell 2000 small-cap exposure. Launched September 5, 2024.
• IQMM - GENIUS Money Market ETF First money market ETF structured to qualify as an approved reserve asset for payment stablecoin issuers under the GENIUS Act of 2025; holds short-term U.S. Treasurys with maturities of 93 days or less. Launched February 19, 2026.
• KRYP - CoinDesk 20 Crypto ETF First CoinDesk 20 Crypto ETF providing diversified exposure to the top 20 cryptocurrencies by market capitalization. Launched February 4, 2026.
• BITO - Bitcoin Strategy ETF Futures-based Bitcoin ETF providing exposure to Bitcoin through CME futures contracts rather than spot holdings, at a 0.95% expense ratio.
• BITI - Short Bitcoin ETF Provides inverse daily returns of the Bloomberg Bitcoin Index for bearish Bitcoin positioning.
• BITU - Ultra Bitcoin ETF Delivers 2x daily returns of the Bloomberg Bitcoin Index through derivatives exposure; first ETF to target 2x daily Bitcoin returns. Launched April 2, 2024.
• ETHT - Ultra Ether ETF Provides 2x daily returns of the Bloomberg Ethereum Index through a futures-based strategy. Launched June 7, 2024.
• ETHD - UltraShort Ether ETF Delivers -2x daily returns of the Bloomberg Ethereum Index for bearish Ether positioning. Launched June 7, 2024.
• SLON - Ultra Solana ETF Targets 2x daily returns of the Bloomberg Solana Index through crypto futures. Launched July 15, 2025.
• UXRP - Ultra XRP ETF Provides 2x daily returns of the Bloomberg XRP Index through derivatives. Launched July 15, 2025.
• COIA - Ultra COIN Delivers 2x daily returns of Coinbase Global, Inc. stock; single-stock leveraged ETF launched September 10, 2025.
• CRCA - Ultra CRCL First single-stock ETF targeting 2x daily returns of Circle Internet Group. Launched August 7, 2025.
• NVDB - Ultra NVDA Provides 2x daily returns of NVIDIA Corporation through derivatives; single-stock leveraged ETF launched September 10, 2025.
• PLTA - Ultra PLTR Delivers 2x daily returns of Palantir Technologies Inc.; single-stock leveraged ETF launched September 10, 2025.
• TSLI - Ultra TSLA Provides 2x daily returns of Tesla, Inc. stock; single-stock leveraged ETF launched September 10, 2025.
• SPCF - Ultra SpaceX ETF Targets 2x daily returns of SpaceX, giving investors amplified exposure to the aerospace and orbital AI compute company. Launched June 15, 2026.
• USD - Ultra Semiconductors Delivers 2x daily returns of the Dow Jones U.S. Semiconductor Index for leveraged tech exposure.
• ROM - Ultra Technology Provides 2x daily returns of the S&P Technology Select Sector Index.
• DIG - Ultra Energy Delivers 2x daily returns of the S&P Energy Select Sector Index.
• AGQ - Ultra Silver Provides 2x daily returns of the Bloomberg Silver Subindex through commodity futures.
• UGL - Ultra Gold Delivers 2x daily returns of the Bloomberg Gold Subindex.
• UPLT - Ultra Platinum First ETF offering leveraged exposure to platinum through an ETF wrapper with a K-1 tax-free structure. Launched April 21, 2026.
• UPAL - Ultra Palladium First ETF offering leveraged exposure to palladium through an ETF wrapper with a K-1 tax-free structure. Launched April 21, 2026.
• UCOP - Ultra Copper K-1 Free ETF Delivers 2x daily returns of copper prices with a K-1 tax-free structure.
• BOIL - Ultra Bloomberg Natural Gas Provides 2x daily returns of the Bloomberg Natural Gas Subindex.
• UCO - Ultra Bloomberg Crude Oil Delivers 2x daily returns of WTI crude oil through a balanced futures basket that smooths roll costs.
• TBT - UltraShort 20+ Year Treasury Provides -2x daily returns of the ICE U.S. Treasury 20+ Year Bond Index for bearish Treasury positioning.
• UBT - Ultra 20+ Year Treasury Delivers 2x daily returns of the ICE U.S. Treasury 20+ Year Bond Index.
• HYHG - High Yield Interest Rate Hedged High yield bond exposure with a built-in hedge against rising interest rates; received 5-star Morningstar rating across 3, 5, and 10-year periods.
• EQRR - Equities for Rising Rates ETF Designed to perform well during periods of rising interest rates by targeting financial sector equities.
• IGHG - Investment Grade Interest Rate Hedged Investment grade corporate bond exposure with an interest rate hedge.
• SVXY - Short VIX Short-Term Futures ETF Provides inverse exposure to short-term VIX futures positions for hedging against market volatility.
• UVXY - Ultra VIX Short-Term Futures ETF Delivers 1.5x daily returns of the S&P 500 VIX Short-Term Futures Index for volatility exposure.
• VIXY - VIX Short-Term Futures ETF Tracks short-term VIX futures for direct volatility exposure.
• TINT - Smart Materials ETF Invests only in companies mining battery metals, targeting the clean energy transition theme. Launched November 30, 2022.
• SUPL - Supply Chain Logistics ETF First supply chain logistics ETF providing exposure to global shipping and logistics companies. Launched April 7, 2022.
• ONLN - Online Retail ETF Targets online retail and e-commerce companies benefiting from the shift to digital shopping.
• PAWZ - Pet Care ETF Invests in pet care companies capturing the enduring investment theme of pet ownership. Launched November 6, 2018.
• QQQA - Nasdaq-100 Dorsey Wright Momentum ETF Combines Nasdaq-100 exposure with the Dorsey Wright momentum factor for enhanced returns.

Quantifiable outcome

• TQQQ delivered 133.16% one-year return through June 2026
• +1 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and flagship.

• SEI Investments Distribution Co.coreChannel Partner/ Reseller/ Distributor · 12 June 2026SEI Investments Distribution Co. serves as the primary distributor for all ProShares ETFs, providing distribution infrastructure, brokerage relationships, and regulatory compliance support for listing and trading activities across major exchanges.
• S&P Dow Jones IndicescoreTechnology or IntegrationLicensing partner for multiple index-tracking ETFs including S&P 500 Dividend Aristocrats (NOBL), S&P 500 Buyback Aristocrats (BUYB), and S&P MidCap 400 Dividend Aristocrats (REGL). ProShares collaborates with S&P Dow Jones Indices on index methodology and licensing.
• NasdaqcoreTechnology or IntegrationNasdaq provides index licensing for Nasdaq-100 based products including TQQQ, QLD, and single-stock ETFs tracking Nasdaq-listed companies like Coinbase and Palantir.
• Bloomberg Index ServicescoreTechnology or IntegrationBloomberg provides benchmarks for commodity ETFs (gold, silver, oil, natural gas) and cryptocurrency-linked products including BITO (Bitcoin) and ETHT (Ethereum).
• Coinbase Global Inc.flagshipStrategic or Co-development PartnerCoinbase invested in ProShares' GENIUS Money Market ETF (IQMM) as part of stablecoin reserve requirements. Coinbase also backs the COIA (Ultra COIN) single-stock ETF, demonstrating deep integration in crypto-focused product development.

Scale indicators8 records

Recent moves18 records

Expansion highlights5 records

Direct peers

• AXS Investments: AXS Investments is a specialized ETF sponsor focused on leveraged, inverse, and thematic products for active traders, including 2x single-stock and sector ETFs that overlap directly with ProShares' TQQQ/UPRO/SQQQ-class offerings. Comparable in scale and customer target (active retail and tactical advisors).
• Direxion: Direxion is the closest direct peer — a US-based ETF issuer specializing in leveraged, inverse, and thematic ETFs across equities, currencies, and commodities, competing head-to-head with ProShares in the daily-reset leveraged category. The two firms regularly launch similar 2x/3x products and frequently split issuer/competitor of the year recognition in the leveraged ETF subcategory.
• GraniteShares: GraniteShares is a US issuer of leveraged and short ETFs including single-stock and commodity products, competing directly in the geared category where ProShares is the market leader. Both firms pursue a strategy of launching first-to-market single-stock leveraged ETFs on newly public or trending names.

Emerging players

• Bitwise Asset Management: Bitwise is a leading crypto-specialized asset manager with spot Bitcoin and Ethereum ETFs in the US plus broader crypto index products that overlap with ProShares' BITO/BITU/ETHT/KRYP franchises. Strong direct competitor in crypto ETF distribution to advisors and RIAs.
• Innovator ETFs: Innovator pioneered defined-outcome (buffered) ETFs in the US — a strategy adjacent to ProShares' ultra/short offerings in that both serve outcome-driven retail and advisor demand. While Innovator focuses on downside buffers rather than daily-reset leverage, the firms compete for the same tactical product shelf at broker-dealers and RIAs.
• Simplify Asset Management: Simplify is a thematic and options-overlay ETF issuer that competes with several of ProShares' strategic categories (covered-call income, thematic, factor). Both firms target a similar advisor channel with actively managed, non-traditional indexing approaches.
• 21Shares: 21Shares is one of the largest crypto ETP issuers globally, offering single-asset and index crypto exposures across jurisdictions. Its crypto index products overlap conceptually with ProShares' KRYP CoinDesk 20 ETF and broader crypto-linked lineup.

Broad incumbents

• WisdomTree Investments: WisdomTree is a publicly-traded asset manager with a large ETF platform spanning currency, commodity, and thematic products, including leveraged products that compete for active-trader wallet share. Provides a useful scale benchmark — comparable AUM class (~$100B+) — and similar advisor/retail distribution.
• Invesco: Invesco operates one of the largest US ETF platforms (QQQ is its flagship), with actively growing thematic, leveraged, and ETF-of-ETF offerings that partially overlap with ProShares' strategic and geared categories. Invesco's QQQ franchise is also a key benchmark that ProShares' TQQQ tracks.

Regional players

• Leverage Shares: Leverage Shares is a London-based issuer of single-stock and index leveraged ETPs, pioneering the European geared retail market with very similar product mechanics to ProShares' US lineup. While they don't directly compete in the US listings, they compete for global advisor mandates with US-domiciled ProShares ETFs.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/ProShares
• YouTubeyoutube.com/@ProSharesETFs
• LinkedInlinkedin.com/company/proshare-advisors-llc
• Instagraminstagram.com/proshares

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ProShares