SDS vs SPXU: Grades, Fees and Holdings Compared

ProShares UltraShort S&P500

SDSBNYSE Arca

ProShares UltraPro Short S&P500

SPXUBNYSE Arca

Overlap

100%by weight

Expense ratio

SPXU −0.01pt a year

SDS0.91%SPXU0.90%

Avg volume · 30D

SPXU 2.7×the volume

SDS2.99MSPXU8.02M

10Y return · a year

SDS +14.9pt

SDS−27.2%SPXU−42.1%

SDS vs SPXU Performance

Oct 29, 2021 – Oct 30, 2026

−64.5%SDS−85.3%SPXU

Expense ratio: SDS 0.91%; SPXU 0.90%, better
Fund size: SDS $372M; SPXU $428M
1Y total return: SDS −15.6%, better; SPXU −25.3%
Yield (12M): SDS 5.07%; SPXU 6.05%, better
Holdings: SDS 13; SPXU 7
Avg volume (30D): SDS 2.99M sh; SPXU 8.02M sh, better
NAV per share: SDS $55.91; SPXU $36.03
52W range

ETF.net Grade

Pillar letters and Scores for SDS, SPXU, with each pillar’s weight
Pillar	SDS	SPXU
Cost30% weight	C42	B57Higher
Mission25% weight	A80	A82Higher
Risk15% weight	C49Higher	D33
Tradability15% weight	C48	C54Higher
Holdings10% weight	B61Higher	B55
Durability5% weight	B59	B59

Rank among Inverse S&P 500 funds

How we build Categories ›

Same Category. SDS and SPXU are both graded against the same 5 Inverse S&P 500 funds, so their Grades compare head to head.

Inverse S&P 500⁠

Category · 5 funds

See all 5 ›

SPXU ranks 3rd and SDS 4th of 5 funds in the Inverse S&P 500 Category.

Rank 1ASPDNDirexion Daily S&P 500 Bear 1X ETFScore 73
Rank 2ASHProShares Short S&P500Score 71
Rank 3BSPXUProShares UltraPro Short S&P500Score 59
Rank 4BSDSProShares UltraShort S&P500Score 56
Rank 5DSPXSDirexion Daily S&P 500 Bear 3X ETFScore 29

Our read on each fund

ETF.net Research

SDSBProShares UltraShort S&P500

SPXUBProShares UltraPro Short S&P500

In short

SDS The middle setting on the bear-S&P dial: SDS aims for two times the inverse of the S&P 500's daily move, before fees. Running since 2006, it resets every close, which makes it a trading tool, not a parking spot.

SPXU The 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

SDS The fund seeks daily, before-fee-and-expense returns equal to two times the inverse of the daily performance of the S&P 500 Index.

SPXU 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

SDS The mandate is one sentence long: twice the inverse of the S&P 500's daily performance. Day to day, it has landed close to that stated target.
Launched in 2006, it is one of the original leveraged ETFs and has run under the same sponsor through multiple market cycles.
Middle gear of the S&P bear lineup: SH runs 1x inverse, SPXU 3x, SDS 2x. Inverse exposure in a normal brokerage ticket, no share borrow.

SPXU 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

SDS The 2x target resets daily. Over longer holds, compounding in choppy markets can pull results well away from twice the index's move for that stretch.
At 0.91% it is the dearest of the ProShares S&P bear trio (SH 0.89%, SPXU 0.90%) and sits just above the cohort median.
It is not the most heavily traded name in the S&P bear group, so spreads add to the bill on fast round trips.

SPXU 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.

Full SDS profile⁠

Full SPXU profile⁠

SDS vs SPXU Holdings

How SDS and SPXU differ

Overlap by weight

100%

Shared holdings make up 100% of SPXU and 100% of SDS.

Level by level

Asset classEquity100%
Countryby domicile100%
Sector1 Sector100%
Holdings5 in both100%

Sector

Sector weights in SDS and SPXU, widest gap first
Sector	More in SDSMore in SPXU	SDS	SPXU
Financials	Same weight	100.0%	100.0%

Country, concentration and asset class

Country by domicile

Country weights in SDS and SPXU, widest gap first
Country	More in SDSMore in SPXU	SDS	SPXU
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

SDS136.4%
SPXU134.7%

Securities held

SDS13
SPXU7

Asset class

SDS: Equity
SPXU: Equity

Holdings

Only in SDS8
In both5
Only in SPXU2

Only in SDS

8 securities, 26.0% of SDS by weight

TREASURY BILL, 0%, due 2026-11-056.52%
TREASURY BILL, 0%, due 2026-12-175.19%
TREASURY BILL, 0%, due 2026-12-084.42%
TREASURY BILL, 0%, due 2027-01-123.88%
TREASURY BILL, 0%, due 2026-11-032.61%
TREASURY BILL, 0%, due 2027-03-041.54%
TREASURY BILL, 0%, due 2026-12-311.30%
TREASURY BILL, 0%, due 2026-11-240.52%

Only in SPXU

2 securities, 9.7% of SPXU by weight

TREASURY BILL, 0%, due 2026-12-017.88%
TREASURY BILL, 0%, due 2026-12-241.80%

Weight gaps

All 5 Holdings in both funds, largest gap first.

Holding weights in SDS and SPXU, widest gap first
Holding	More in SDSMore in SPXU	SDS	SPXU
Proshares Genius Mny Mkt EtfIQMM	SDS +13.30 points	99.59%	86.29%
TREASURY BILL, 0%, due 2026-12-29	SPXU +11.48 points	3.11%	14.59%
TREASURY BILL, 0%, due 2026-11-10	SPXU +6.99 points	4.30%	11.29%
TREASURY BILL, 0%, due 2026-11-17	SPXU +6.07 points	5.21%	11.28%
TREASURY BILL, 0%, due 2027-01-19	SPXU +0.28 points	1.29%	1.57%

All 16 SDS holdings⁠All 19 SPXU holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

SDS vs SPXU Cost

Overpaying SDS vs SPXU

$167

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

SDS 0.91%
$17,207
SPXU 0.90%
$17,040

Amount$10,000

Years30 years

Cost over time

SDS 0.91%
SPXU 0.90%
Overpaying

Year by year

Year	SDS	SPXU	Overpaying
10	$1,610	$1,593	$17
20	$6,076	$6,015	$61
30	$17,207	$17,040	$167

Expense ratio

0.91%SDS
0.90%SPXU, cheaper

SPXU0.90%SDS0.91%

0.48%1.04%

Middle half of Inverse S&P 500 funds
Median 0.90%

SPXU 3rd cheapest of 5 funds

SDS 4th cheapest of 5 funds

SDS vs SPXU Dividends

Last 12 months to Oct 30, 2026

Yield (12M): SDS 5.07%; SPXU 6.05%, better
Payout (12M): SDS $2.83; SPXU $2.18
Last payment: SDS $0.63; SPXU $0.38
Ex-dividend: SDS Sep 23, 2026; SPXU Sep 23, 2026
Paid on: SDS Sep 29, 2026; SPXU Sep 29, 2026
Frequency: SDS Quarterly; SPXU Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

SDSQuarterly · 27 paymentsAll SDS payments⁠

SPXUQuarterly · 10 paymentsAll SPXU payments⁠

SDS vs SPXU Risk

Fall from peak · 5 years

SDS
SPXU

Risk facts

VolatilityStd dev, 3 years: SDS 22.9%, betterSPXU 34.1%
Return per unit of riskSharpe ratio, 3 years: SDS −1.63, betterSPXU −1.69
Worst fallMax drawdown, 5 years: SDS −76.6%, betterSPXU −91.6%
Market sensitivityBeta, 5 years: SDS −1.92SPXU −2.86; Market = 1

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