Aims for twice the daily return of the real estate companies in the S&P 500, using swaps. Because it resets daily, its return over longer periods can differ a lot from twice the index.
URE, the ProShares Ultra Real Estate, is a $47 million ETF whose main story is the refinancing cycle. Over the past year it returned −5.9%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The refinancing cycle →
Real estate, homebuilders and mortgage REITs: property bought with debt and priced against rates.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | VNQ | 40.2% | $39.29bn | +2.0% | 0.13% |
| 2 | SCHH | 10.8% | $10.56bn | +5.5% | 0.07% |
| 3 | DFAR | 8.3% | $1.65bn | +5.3% | – |
| 4 | XLRE | 7.8% | $7.65bn | +0.8% | 0.08% |
| 5 | USRT | 4.4% | $4.31bn | +8.2% | 0.08% |
| 59 other ETFs | 28.5% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 64 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| URE | −12.1% | −16.6% | +0.9% | −5.9% | +11.4% | −7.0% |
| The refinancing cycleits narrative | −5.8% | −8.3% | +4.2% | +2.1% | +10.8% | +1.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on February 2, 2007: −4.0% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if URE traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
URE moves partly with the market. When the market has moved 1%, URE has tended to move 1.15%.
URE moves closely with the refinancing cycle. When the refinancing cycle has moved 1%, URE has tended to move 2.04%.
Weekly returns over 157 weeks. The narrative is measured without URE in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The refinancing cycle
Each dot is one of 45 unlevered ETFs whose main narrative is the refinancing cycle, placed by its return (up) and how much it swung (right) over the last year. URE is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
URE is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is URE selling?
URE’s main story is the refinancing cycle, which covers real estate, homebuilders and mortgage REITs: property bought with debt and priced against rates.
Which ETFs compete with URE?
The ETFs whose weekly returns move most like URE’s over the past 3 years are XLRE (1.00), IYR (1.00) and VNQ (0.99).
How has URE performed against its story?
Over the past year URE returned −5.9%, the ETFs carrying the refinancing cycle +2.1% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.99 with the story. Past performance only.
Run an ETF in the refinancing cycle? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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