The ProShares Ultra Oil & Gas ETF – DIG (ISIN: US74347G7051) tracks the performance of the Dow Jones US Oil and Gas Index. The index includes companies primarily engaged in the oil and gas sector, with the main activities including exploration and production, oil equipment and services. The DIG-ETF mainly contains stocks of companies with a large market capitalization and pursues a value-oriented investment approach.
After a jump of 121.96% in 2022 on the back of rising energy prices (triggered by supply constraints resulting from the Russia-Ukraine conflict), the DIG ETF is down 20% year-to-date as energy prices have returned to normal. Crude oil futures are down 10.40% year-to-date, while natural gas is down 44.14% over the same period. Weakness in energy prices has sent energy stocks reeling after a successful 2022 that saw some of the big energy companies post record profits. Is the uptrend on its last legs?