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Launched · SEC filings

ProShares - UltraShort Gold

GLLNYSE ArcaBThis 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.

$24.93+0.09 (+0.36%)

At close: Oct 13, 2026, 4:00 PM

B65/ 100

Rank 10 of 54 in Leveraged Inverse (2x & Other)

B65/100Rank 10 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 79 prints from 24.84 to 24.93. Range 24.63 to 25.11. Use the arrow keys to read each point.24.7025.0025.1010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$97M
1Y total return
−19.4%
Yield · Last 12 months
—
Holdings
1
Avg volume · 30D
2.7M sh
NAV per share
$24.88
52W range
low $15.60high $31.62
Launched
Filings
SEC EDGAR

The ETF.net GLL Grade

Based on 4 of 6 pillars

B

Score 65 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
10 of 54
Six-pillar profile for GLL. Scores out of 100: Cost 88, Risk 30, Mission not scored, Tradability 55, Holdings not scored, Durability 67. Strongest: Cost (88). Weakest: Risk (30). Based on 4 of 6 pillars.

Score 65 of 100 falls in the B 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.
    A88 out of 100
    Rank 4 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.
    D30 out of 100
    Rank 42 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B55 out of 100
    Rank 23 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

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 Oct 13, 2026
Asset class
Other
Holdings
1
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%92,980,540$93M163

Showing 1–1 of 1 holdings

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$8,060
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$12,044
Oct 10, 2025 to Oct 12, 2026. GLL $8,060. SPY $12,044. Use the arrow keys to read each point.$4,789$8,693$12,598Oct 2025Apr 2026Oct 2026

Oct 10, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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−5.0%
1 month+9.0%
3 months−3.8%
1 year−19.4%
3 yearsper year−41.9%
5 yearsper year−29.1%
10 yearsper year−22.3%

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−5.0%
2025−62.8%
2024−33.3%
2023−14.9%
2022−2.1%
2021+1.7%
2020−41.5%

GLL in the news

Filtered to GLL · Leveraged Inverse (2x & Other)

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.
37.0%
Annualised · 36 months to Sep 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.
−1.39
vs 3-month T-bills · to Sep 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.

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.

Other funds in Leveraged Inverse (2x & Other)

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