Gold Leveraged ETF Spread

The blue line is UGL assets under management ÷ GLL assets under management. A reading of 5× means five dollars in UGL for each dollar in GLL. Both funds began on 1 December 2008 and target opposite daily exposures to the Bloomberg Gold Subindex: ProShares Ultra Gold (UGL), +2×, and ProShares UltraShort Gold (GLL), −2×. The same matched pair is used throughout. Gold miners, unleveraged bullion funds and other issuers’ products are outside this measure.

Daily dollar assets come directly from the issuer’s UGL history and GLL history. Assets are not multiplied by leverage. The ratio reflects fund performance as well as creations and redemptions; it is a positioning measure, not a pure fund-flow series or a calibrated trading signal. The dashed guide is the highest earlier ratio, excluding the latest session.

The white line is Yahoo Finance GC=F gold futures, in US dollars per troy ounce. It provides price context: it is a rolling futures series, with possible contract-roll effects, and differs from spot gold and the Bloomberg index tracked by the funds. Issuer AUM uses each fund’s valuation convention, currently 13:30 New York time; the futures daily close is not necessarily simultaneous.

Only completed NYSE trading sessions with both issuer assets are published. Missing historical futures closes break the price line while retaining valid AUM ratios. No forward filling or synthetic assets. Missing observations break the lines. Automated source checks run daily at 06:52, 12:52, 18:52, 20:52 and 23:52 New York time, allowing for late issuer publication. A calendar of exchange holidays and early closes prevents partial-session data from being added. Failed or regressing downloads retain the previous verified snapshot. Open pages check for new data every 15 minutes and when revisited.

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