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Launched · SEC filings

ProShares UltraPro Short S&P500

SPXUNYSE ArcaProSharesBThis 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.

$36.54+0.54 (+1.50%)

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

B59/ 100

Rank 3 of 5 in Inverse S&P 500

B59/100Rank 3 of 5inInverse S&P 500
Intraday session: up, 79 prints from 36.00 to 36.54. Range 34.94 to 36.55. Use the arrow keys to read each point.35.0035.2535.5035.7536.2510 AM12 PM2 PM4 PM
Expense ratio
0.90%
Fund size
$428M
1Y total return
−25.3%
Yield · Last 12 months
6.05%
Holdings
7
Avg volume · 30D
8.02M sh
52W range
low $32.38high $62.85
Launched
Filings
SEC EDGAR

The ETF.net SPXU Grade

B

Score 59 out of 100

Category
Inverse S&P 500⁠
Rank
3 of 5
Six-pillar profile for SPXU. Scores out of 100: Cost 57, Risk 33, Mission 82, Tradability 54, Holdings 55, Durability 59. Strongest: Mission (82). Weakest: Risk (33). Leans toward Mission.

Score 59 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.
    B57 out of 100
    Rank 3 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A82 out of 100
    Rank 2 of 3

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D33 out of 100
    Rank 4 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C54 out of 100
    Rank 3 of 5

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B55 out of 100
    Rank 2 of 3

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 2 of 5

Our read on SPXU

ETF.net Research

In short

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

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

Worth knowing

  • The 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.
  • Leverage cuts both ways: a market that climbs moves this fund down about three times as fast on the day.
  • 0.90% 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 Performance

Launched Jun 23, 2009

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

SPXU$7,472
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. SPXU $7,472. SPY $11,199. Use the arrow keys to read each point.$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 SPXU. Periods over one year show the average yearly return.
PeriodSPXU
Year to date−25.5%
1 month+3.4%
3 months−2.3%
1 year−25.3%
3 yearsper year−45.4%
5 yearsper year−31.9%
10 yearsper year−42.1%

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−25.5%
2025−41.7%

SPXU in the news

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 Oct 30, 2026.
6.05%Last 12 months
Payout per share
$2.18Last 12 months
Last payment
$0.38 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. 10 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; Sep 23, 2026 $0.38. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.38
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, 2024No data
Jun 26, 2024Jul 3, 2024$2.32
Mar 20, 2024Mar 27, 2024$2.54
Dec 20, 2023Dec 28, 2023No data

See all 26 payments⁠

$10,000 in SPXU 10 years ago paid $11.15 in dividends.⁠

SPXU Risk

Risk pillarD33 out of 100Rank 4 of 5 in Inverse S&P 500

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.
34.1%
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.
−1.69
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.
−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.

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

SPXU Cost

Compare SPXU and SPDN

Overpaying vs SPDN, cheapest in Inverse S&P 500

$7,435

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

  • SPXU 0.90%

    $17,040

  • SPDN 0.48% Cheapest

    $9,605

$10,000
30 years

Cost over time

  • SPXU 0.90%
  • SPDN 0.48%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SPXU $17,040SPDN $9,605

Year by year

YearSPXUSPDNOverpaying
10$1,593$865$728
20$6,015$3,328$2,687
30$17,040$9,605$7,435

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