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Launched · SEC filings

ProShares UltraShort Gold

GLLNYSE ArcaProSharesCThis 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.

$27.73−0.92 (−3.21%)

At close: Nov 2, 2026, 4:00 PM ET

C48/ 100

Rank 24 of 54 in Leveraged Inverse (2x & Other)

C48/100Rank 24 of 54inLeveraged Inverse (2x & Other)
Intraday session: down, 79 prints from 28.65 to 27.73. Range 27.39 to 27.82. Use the arrow keys to read each point.27.5028.0028.2528.5010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$111M
1Y total return
−5.6%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
2.55M sh
52W range
low $15.60high $31.52
Launched
Filings
SEC EDGAR

The ETF.net GLL Grade

Based on 4 of 6 pillars

C

Score 48 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
24 of 54
Six-pillar profile for GLL. Scores out of 100: Cost 50, Risk 31, Mission not scored, Tradability 56, Holdings not scored, Durability 67. Strongest: Durability (67). Weakest: Risk (31). Based on 4 of 6 pillars.

Score 48 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D31 out of 100
    Rank 44 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B56 out of 100
    Rank 22 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B67 out of 100
    Rank 6 of 54

Our read on GLL

ETF.net Research

In short

CShort 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

  • One 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.
  • A 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.
  • Live since 2008, so it has traded through gold's booms and busts. Few inverse commodity funds have that much road behind them.
  • Actively 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

  • The leverage resets every day. Hold longer and choppy gold prices can leave results well away from -2x the index's move over that stretch.
  • It cuts both ways. A gold rally lands on this fund at roughly double force on a daily basis.
  • Structured 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 Performance

Launched Dec 1, 2008

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

GLL$9,437
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. GLL $9,437. SPY $11,199. Use the arrow keys to read each point.$6,000$8,000$10,000$12,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+9.6%
1 month+14.9%
3 months+8.1%
1 year−5.6%
3 yearsper year−36.6%
5 yearsper year−26.6%
10 yearsper year−20.9%

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+9.6%
2025−62.8%
2024−33.3%
2023−14.9%
2022−2.1%
2021+1.7%
2020−41.5%

GLL in the news

GLL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

GLL Risk

Risk pillarD31 out of 100Rank 44 of 53 in Leveraged Inverse (2x & Other)

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.
38.2%
Annualised · 36 months to Oct 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.
−1.10
vs 3-month T-bills · to Oct 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.
−0.63
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.

FMP measures it over up to five years of monthly returns.

GLL Cost

Compare GLL and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • GLL 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • GLL 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530GLL $17,869QQQD $9,979

Year by year

YearGLLQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890

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