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GLL

GradeBNew York Stock Exchange Arca

ProShares - UltraShort Gold

Leveraged · Leveraged & Inverse · ProShares · Inception 2008-12-01 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$23.45+0.81 (+3.60%)

As of Sep 23, 2026, 3:05 PM EDT

Intraday session: up, 68 prints from 22.64 to 23.45. Range 23.23 to 23.59. Use the arrow keys to read each point.$23.20$23.30$23.40$23.50$23.6010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$83M
1Y return
−35.6%
Yield · Last 12 months
—
Holdings
5
Volume · 30D
2.7M sh
NAV per share
$22.42
52W range
low $15.60high $35.74

The ETF.net GLL Grade

B

63/ 100

Rank 14 of 54 in Leveraged Inverse (2x & Other)⁠

Confidence Medium

Six-pillar profile for GLL. Scores out of 100: Cost 88, Risk 23, Mission not scored, Tradability 53, Holdings not scored, Durability 67. Strongest: Cost (88). Weakest: Risk (23). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 63 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 88
    Category rank6/54 · top 11%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    FScore 23
    Category rank48/53 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 53
    Category rank27/54 · top 50%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 67
    Category rank6/54 · top 11%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on GLL

ETF.net Research

BShort gold, with the volume knob turned to two. GLL aims for -2x the daily move of the Bloomberg Gold Subindex, it has been running since 2008, and it charges less than the typical leveraged-bear fund.

Stated mandate

GLL seeks daily results equal to -2 times the daily performance of the Bloomberg Gold Subindex, before fees and expenses.

Why people hold it

  1. 01One job, stated plainly: -2 times the daily move of the Bloomberg Gold Subindex. No discretion, no stock picking, no wondering what is under the hood.
  2. 02A 0.95% expense ratio undercuts the median leveraged-bear fund by a wide margin. Nothing is cheap in this aisle, but within the cohort the fee is a real edge.
  3. 03Live since 2008, so it has traded through gold's booms and busts. Few inverse commodity funds have that much road behind them.
  4. 04Actively traded in a corner of the market where plenty of products are thin, and one of the stronger implementations among leveraged-bear funds.

Worth knowing

  1. 01The leverage resets every day. Hold longer and choppy gold prices can leave results well away from -2x the index's move over that stretch.
  2. 02It cuts both ways. A gold rally lands on this fund at roughly double force on a daily basis.
  3. 03Structured as a commodity pool tracking a futures-based gold index, not a stock fund, and it has not been paying distributions. A trading tool, not an income holding.

GLL Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
5
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%91,633,289$92M162

Showing 1–1 of 1 holdings

GLL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

GLL$6,435
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. GLL $6,435. SPY $11,723. Use the arrow keys to read each point.$4,100$8,215$12,329Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for GLL. Periods over one year show the average yearly return.
PeriodGLL
Year to date−13.4%
1 month+11.9%
3 months−8.9%
1 year−35.6%
3 years−42.4%per year
5 years−30.3%per year
10 years−22.0%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for GLL
YearReturn barGLL
2026 YTD−13.4%
2025−62.8%
2024−33.3%
2023−14.9%
2022−2.1%
2021+1.7%
2020−41.5%

GLL in the news

ETF.net Research hasn’t filed on GLL yet — coverage lands here as it’s written.

GLL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

GLL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
36.5%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.44
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−89.8%
Trough Mar 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.60
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

GLL Cost

Expense ratio0.95%
  • The middle half of Leveraged Inverse (2x & Other) funds
  • Median 1.44%

3 of the 53 Leveraged Inverse (2x & Other) funds charge less.

GLL costs $95.00 a year on $10,000. The median Leveraged Inverse (2x & Other) fund costs $144.00.