UDOW targets three times the daily move of the Dow Jones Industrial Average. The Dow's construction makes it behave differently from the S&P: it holds only 30 companies and weights them by share price rather than market value, so a high-priced constituent can swing the index more than a far larger company does.
ProShares UltraPro Dow30 (UDOW) is currently trading at $73.43. Over the past 52 weeks, UDOW has traded between a low of $46.25 and a high of $79.26. Recent daily volume is around 1.2M. These figures update live as the market moves.
Swaps and futures on the Dow, rebalanced daily for 3x exposure. The daily reset means the multiple applies to a single session, and returns over longer periods depend on the path the index took rather than just where it ended.
Price weighting is unusual and consequential. A $500 stock moves the Dow ten times as much as a $50 stock, regardless of the companies' relative size. The index also skews toward established industrials, financials and healthcare rather than the technology concentration that dominates the S&P and Nasdaq — so UDOW and TQQQ can diverge sharply on the same day.
Broad macro releases, and earnings from the Dow's highest-priced members, which carry outsized index weight. On days when a rotation out of technology lifts value and industrials, UDOW frequently outperforms the Nasdaq-leveraged funds.