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Leveraged ETFs often underperform their underlying index due to beta-slippage. Monthly and yearly drift can be monitored to assess the performance of leveraged ETFs relative to their underlying index. UDOW's average 12-month drift is -2.43%, with compounding volatility eroding returns, especially during market whipsaws.

Encompass More Asset Management increased its holdings in ProShares UltraPro Dow30 (NYSEARCA:UDOW) by 191.1% during the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 32,235 shares of the company's stock after purchasing an additional 21,162 shares during the quarter. Encompass