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SPXU

GradeBNew York Stock Exchange Arca

ProShares - UltraPro Short S&P500

Leveraged · Leveraged & Inverse · ProShares · Inception 2009-06-23 · 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.

$33.94+0.28 (+0.82%)

As of Sep 23, 2026, 2:15 PM EDT

Intraday session: up, 58 prints from 33.66 to 33.94. Range 33.39 to 34.13. Use the arrow keys to read each point.$33.40$33.60$33.80$34.2010 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$434M
1Y return
−35.0%
Yield · Last 12 months
7.53%
Holdings
19
Volume · 30D
8.6M sh
NAV per share
$35.21
52W range
low $32.82high $62.85

The ETF.net SPXU Grade

B

62/ 100

Rank 3 of 5 in Inverse S&P 500⁠

Confidence Medium

Six-pillar profile for SPXU. Scores out of 100: Cost 64, Risk 33, Mission 83, Tradability 59, Holdings 52, Durability 59. Strongest: Mission (83). Weakest: Risk (33). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 62 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.
    BScore 64
    Category rank3/5 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 83
    Category rank3/3 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 33
    Category rank5/5 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 59
    Category rank3/5 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    CScore 52
    Category rank3/3 · bottom quartile

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank3/5 · mid-pack

Graded as of Sep 22, 2026

Our read on SPXU

ETF.net Research

BThe maximum-strength short on the S&P 500. SPXU aims to deliver three times the index's inverse move each trading day, resetting every night, and it does it for less than the only other -3x bear fund on the index.

Stated mandate

The fund seeks daily results equal to three times the inverse performance of the S&P 500, before fees and expenses. It is designed for inverse exposure to declines in that index and is not intended to achieve its target over periods longer than one day.

Why people hold it

  1. 01At 0.90%, it undercuts SPXS (1.04%), the only other fund chasing -3x daily on the S&P 500.
  2. 02Tracks its stated daily target closely, which is the whole job for a leveraged fund and not a given in this corner of the market.
  3. 03Trading since 2009 and one of the busier inverse funds around, so getting in and out is rarely the hard part.
  4. 04One ticker replaces a margin account, borrowed shares or a futures position for short S&P 500 exposure.

Worth knowing

  1. 01The target resets daily. Hold longer and compounding takes over, so multi-day results can drift well away from -3x the index move over that stretch.
  2. 02Leverage cuts both ways: a market that climbs moves this fund down about three times as fast on the day.
  3. 030.90% sits at the median for S&P bear funds. Gentler versions of the same trade exist, like SH at -1x and SDS at -2x.

SPXU Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Stocks
Holdings
19
Top-10 weight
131%
Largest holding
IQMM76.3%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IQMMPROSHARES GENIUS MNY MKT ETF76.27%3,215,000$322M61
002—TREASURY BILL, 0%, due 2026-12-2915.23%65,000,000$64M18
003—TREASURY BILL, 0%, due 2026-11-1011.79%50,000,000$50M10
004—TREASURY BILL, 0%, due 2026-11-1711.78%50,000,000$50M7
005—TREASURY BILL, 0%, due 2026-12-018.23%35,000,000$35M5
006—TREASURY BILL, 0%, due 2026-09-245.92%25,000,000$25M11
007—TREASURY BILL, 0%, due 2026-12-241.88%8,000,000$8M7

Showing 1–7 of 7 holdings

SPXU Performance

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

SPXU$6,498
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. SPXU $6,498. SPY $11,723. Use the arrow keys to read each point.$5,935$9,118$12,300Sep 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 SPXU. Periods over one year show the average yearly return.
PeriodSPXU
Year to date−31.1%
1 month−3.1%
3 months−10.0%
1 year−35.0%
3 years−45.1%per year
5 years−35.0%per year
10 years−42.2%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 SPXU
YearReturn barSPXU
2026 YTD−31.1%
2025−41.7%
2024−44.3%
2023−49.0%
2022+35.5%
2021−57.9%
2020−70.4%

SPXU in the news

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

SPXU Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
7.53%Last 12 months
Payout per share
$2.53Last 12 months
Last payment
$0.39 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2024–2026

One bar per payment. 9 payments from 2024 to 2026 YTD. Mar 20, 2024 $2.54; Jun 26, 2024 $2.32; Dec 23, 2024 $1.93; Mar 26, 2025 $1.04; Jun 25, 2025 $0.75; Sep 24, 2025 $0.74; Dec 24, 2025 $0.96; Mar 25, 2026 $0.45; Jun 24, 2026 $0.39. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 30, 2026$0.39
Mar 25, 2026Mar 31, 2026$0.45
Dec 24, 2025Dec 31, 2025$0.96
Sep 24, 2025Sep 30, 2025$0.74
Jun 25, 2025Jul 1, 2025$0.75
Mar 26, 2025Apr 1, 2025$1.04
Dec 23, 2024Dec 31, 2024$1.93
Sep 25, 2024Oct 2, 2024Data unavailable
Jun 26, 2024Jul 3, 2024$2.32
Mar 20, 2024Mar 27, 2024$2.54
Dec 20, 2023Dec 28, 2023Data unavailable
Sep 20, 2023Sep 27, 2023Data unavailable

SPXU 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.
36.1%
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.
−91.6%
Trough Aug 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.
−2.86
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.

SPXU Cost

Expense ratio0.90%
  • The middle half of Inverse S&P 500 funds
  • Median 0.90%

2 of the 5 Inverse S&P 500 funds charge less.

SPXU costs $90.00 a year on $10,000. The median Inverse S&P 500 fund costs $90.00.