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The ProShares Ultra Semiconductors (USD) is an exchange-traded fund that seeks to track the performance of semiconductor and hardware companies in the United States. The ETF is managed by ProShare Advisors LLC and traded under the ticker USD on NYSE Arca.
Classified as a leveraged technology equity ETF, USD aims to reflect, before fees and expenses, twice (2x) the daily variation in market value of the largest American microchip and artificial intelligence companies.
The fund adopts a passive leveraged management strategy, replicating the Dow Jones U.S. Semiconductors Index, using the direct purchase of shares and derivative contracts (swaps) entered into with major banks to maintain multiplied exposure to the equity sector.
Diversification and exposure
USD offers concentrated exposure to the tech and hardware infrastructure market, including instruments linked to:
• Shares of chip designers (such as NVIDIA and AMD) • Shares of machinery and memory manufacturers (such as Broadcom and Micron) • Swap contracts and institutional derivatives for 2x leverage • Short-term tactical strategies targeting the semiconductor sector
This structure seeks to reflect the daily movements of the technology sector, with a full and direct focus on the traditional equity market.
Structure and costs
USD shares trade on the secondary market of NYSE Arca during regular trading hours. The creation and redemption of shares occur through authorized participants, a mechanism that helps keep the ETF's price close to its net asset value (NAV).
The fund has a management fee of 0.95% per year set out in its prospectus and does not charge a performance fee. USD does not focus on recurring income distribution, as its structure is oriented toward capital leverage.
History and evolution of the ETF
The ProShares Ultra Semiconductors was launched in 2007, in a context of expansion of leveraged and thematic ETFs targeting the technology and electronic components sector.
Since its launch, the fund has been used by investors and traders interested in capturing amplified movements in the chip and tech industry through an exchange-traded structure.
In recent years, USD has reflected the global Artificial Intelligence boom, chip demand cycles across the global supply chain, corporate earnings from major tech companies, and the strong volatility of the innovation sector in financial markets.
Additional Information
ProShares Ultra Semiconductors (United States) is an exchange-traded fund (ETF), with assets under management totaling $2.47 billion.
Over the past 12 months, ProShares Ultra Semiconductors recorded a return of 84.49%, with its price trading between $43.19 and $127.00 during the same period.
The ETF is traded under the ticker USD.
