ProShares Ultra Palladium K-1 Free ETF (UPAL)

The ProShares Ultra Palladium K-1 Free ETF is a leveraged commodity fund from ProShares. It seeks daily investment results equal to two times (200%) the daily performance of a palladium benchmark.

The fund obtains its exposure through palladium-linked derivatives such as futures, and it is structured so that shareholders receive a Form 1099 rather than a Schedule K-1. The 2x objective applies to a single day, and daily rebalancing combined with derivative roll effects means longer-term results can differ substantially from twice the change in palladium prices.

The fund is intended for short-term traders seeking magnified bullish exposure to palladium.