The ProShares UltraShort Yen (YCS) is an alternatives ETF with $0.03 billion in assets under management. Launched in 2008, YCS seeks to deliver twice the inverse of the daily performance of the Japanese Yen relative to the U.S. dollar. With an expense ratio of 0.95%, YCS employs a leveraged strategy to achieve its investment objective, primarily investing in cash and money market instruments. Past performance does not guarantee future results.
The ProShares UltraShort Yen (YCS) is an alternatives ETF with $0.03 billion in assets under management. Launched in 2008, YCS seeks to deliver twice the inverse of the daily performance of the Japanese Yen relative to the U.S. dollar. With an expense ratio of 0.95%, YCS employs a leveraged strategy to achieve its investment objective, primarily investing in cash and money market instruments. Past performance does not guarantee future results.
ETF Overview
ProShares UltraShort Yen seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the price of the Japanese yen versus the U.S. dollar.
The ProShares UltraShort Yen (YCS) aims to provide daily investment results, before fees and expenses, corresponding to two times the inverse (-2x) of the daily performance of the Japanese yen versus the U.S. dollar. This ETF is designed for investors seeking to profit from a weakening Japanese yen relative to the U.S. dollar. YCS achieves its objective through investments primarily in cash and money market instruments. A significant portion of its holdings is allocated to the ProShares GENIUS Money Market ETF (IQMM), representing 25.11% of the fund. The fund's sector allocation is entirely in Cash & Others (100.0%), reflecting its strategy of using financial instruments to achieve its leveraged inverse exposure. YCS is not a diversified fund and is designed for short-term trading rather than long-term investment. Past performance does not guarantee future results.
Risk Metrics
The ProShares UltraShort Yen (YCS) carries a high level of risk due to its leveraged inverse strategy. Its beta of -35.47 (3Y) indicates a strong inverse correlation to the Japanese Yen, meaning it is highly sensitive to currency fluctuations. The fund's concentration in a single sector, Cash & Others (100.0%), further amplifies risk, as any adverse movements in the currency market could significantly impact its performance. The expense ratio of 0.95% is relatively high, which can erode returns, especially in a volatile market. The fund's small AUM of $0.03 billion may also present liquidity risks. Investors should be aware that YCS is designed for short-term tactical plays and not for long-term investment strategies. Past performance does not guarantee future results.
ProShares UltraShort Yen (YCS) is an exchange-traded fund (ETF) designed to provide daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the price of the Japanese yen versus the U.S. dollar. This means that YCS aims to increase in value when the Japanese yen weakens relative to the U.S. dollar, and vice versa. It achieves this objective through the use of financial instruments and derivatives. The fund is managed by ProShares and offers investors a way to express a short-term bearish view on the Japanese yen. Past performance does not guarantee future results.
What is the expense ratio for YCS?
The expense ratio for the ProShares UltraShort Yen (YCS) is 0.95%. This means that for every $1000 invested in the fund, $9.50 is used to cover the fund's operating expenses annually. While there isn't a specific 'alternatives' category average for leveraged currency ETFs, this expense ratio is relatively high compared to broad market ETFs. the may be worth researching expense ratio as part of the overall cost of investing in YCS, especially given its leveraged and short-term nature. Past performance does not guarantee future results.
What are the top holdings in YCS?
As of 2026-03-15, the top holding in the ProShares UltraShort Yen (YCS) is the ProShares GENIUS Money Market ETF (IQMM), with a weighting of 25.11%. The remaining holdings are not explicitly detailed, but the fund's sector allocation indicates that 100% of its assets are in Cash & Others. This suggests that the fund primarily uses cash and money market instruments to achieve its leveraged inverse exposure to the Japanese Yen. Investors should note that the holdings may change over time as the fund rebalances its portfolio to maintain its investment objective. Past performance does not guarantee future results.
Is YCS a good long-term investment?
The ProShares UltraShort Yen (YCS) is generally not considered a suitable long-term investment. Its design aims for twice the inverse of the daily performance of the Japanese Yen versus the U.S. dollar, making it a short-term tactical tool. The leveraged nature of the fund, combined with the potential for currency fluctuations, can lead to significant volatility and erosion of capital over extended periods. With a 3-year beta of -35.47, YCS is highly sensitive to Yen movements. Investors seeking long-term growth or stability should consider other investment options. Past performance does not guarantee future results.
How does YCS compare to similar ETFs?
The ProShares UltraShort Yen (YCS) is unique in its specific focus on providing twice the inverse daily performance of the Japanese Yen against the U.S. dollar. While other currency ETFs exist, few offer the same leveraged inverse exposure to this particular currency pair. With an expense ratio of 0.95% and AUM of $0.03 billion, YCS is relatively small and expensive compared to broad market ETFs. Its leveraged strategy differentiates it from non-leveraged currency ETFs, making it a higher-risk, higher-potential-reward option for investors with a short-term bearish outlook on the Yen. Past performance does not guarantee future results.
Does YCS pay dividends?
As of 2026-03-15, the ProShares UltraShort Yen (YCS) does not pay dividends. Its dividend yield is 0.00%. This is consistent with its investment strategy, which focuses on providing leveraged inverse exposure to the daily performance of the Japanese Yen rather than generating income. Investors seeking dividend income should consider other investment options that prioritize dividend payments. Past performance does not guarantee future results.