ProShares UltraPro Short S&P 500

SPXU

Market cap $581M

Overview Fund Activity

14.14 USD

+0.07

0.5%

At close Updated Sep 16, 4:00 PM EDT

Pre-market

After hours

14.18

+0.04

0.28%

1 day

0.5%

5 days

-2.62%

1 month

-6.42%

3 months

-23.03%

6 months

-43.39%

Year to date

-37.79%

1 year

-46.13%

5 years

-93.42%

10 years

-99.61%

0

Funds holding %

of 7,463 funds

–

Analysts bullish %

Fund manager confidence

Based on 2025 Q2 regulatory disclosures by fund managers ($100M+ AUM)

35% more call options, than puts

Call options by funds: $30M | Put options by funds: $22.2M

29% more repeat investments, than reductions

Existing positions increased: 9 | Existing positions reduced: 7

14% less funds holding

Funds holding: 43 [Q1] → 37 (-6) [Q2]

15.2% less ownership

Funds ownership: 22.39% [Q1] → 7.19% (-15.2%) [Q2]

40% less first-time investments, than exits

New positions opened: 9 | Existing positions closed: 15

69% less capital invested

Capital invested by funds: $121M [Q1] → $36.8M (-$83.8M) [Q2]

100% less funds holding in top 10

Funds holding in top 10: 1 [Q1] → 0 (-1) [Q2]

See Fund Rankings

Financial journalist opinion

SPXU: Drifting In The Right Direction For Now

SPXU offers -3X daily leverage on the S&P 500 for trading or hedging. Leveraged ETF drift can erode returns—especially in volatile, non-trending markets and with high inverse leverage factors. SPXU's historical drift has fluctuated, with recent positive drift, but long-term data shows significant decay during market whipsaws.

SPXU: Drifting In The Right Direction For Now

SPXU Is For Trading The S&P 500, Not For Buying And Holding

SPXU is designed for -3x daily inverse S&P 500 exposure, making it suitable only for short-term speculation or hedging, not long-term investment. Holding SPXU over time leads to value erosion, due to daily derivative time decay and compounding losses, especially in volatile markets. The ETF is highly liquid with tight spreads and low costs, performing as intended for its specific purpose of daily leveraged trading.

SPXU Is For Trading The S&P 500, Not For Buying And Holding

Zacks Investment Research

Trump Tariff Shakes U.S. Market: 5 Inverse ETFs to Gain

The U.S. equity index nosedived on Trump's sweeping series of tariffs, resulting in a spike for inverse or inverse-leveraged ETFs.

Trump Tariff Shakes U.S. Market: 5 Inverse ETFs to Gain

SPXU Ultra-Short S&P 500: Why Being Bearish Is A Bad Idea

Without the help of a crystal ball, holding the ProShares UltraPro Short S&P500 ETF is probably a bad idea for nearly every investor. I believe in the sustained deterioration in market conditions caused by the uncertainty surrounding the current trade war, but this is not enough to justify owning SPXU. For those being careful or skeptical about the prospects of the S&P 500 ahead of a potential recession, I present a few alternatives to being bearish the US equities markets.

SPXU Ultra-Short S&P 500: Why Being Bearish Is A Bad Idea

Zacks Investment Research

Trump's Tariffs Shake Markets: ETFs to Watch

President Trump's tariffs unleash a fresh wave of chaos in global markets. Investors should keep an eye on these ETFs.

Trump's Tariffs Shake Markets: ETFs to Watch

SPXU Is In A Positive Drift, But History Suggests Being Cautious

Leveraged ETFs like ProShares UltraPro Short S&P500 ETF have a non-linear behavior. A watchlist with 22 leveraged ETFs. The SPXU ETF is a cost-effective hedging tool in bull markets, but may suffer steep decay during volatile periods.

SPXU Is In A Positive Drift, But History Suggests Being Cautious

3 Strategic ETFs for Bearish Investors Post-Election

Following the 2024 U.S. election, there has been a great deal of speculation about how a second Trump administration will set policies that have an impact on the economy. Some have taken a strongly optimistic view of what's to come—a recent Goldman Sachs report suggested that the likelihood of a recession has diminished along with inflation levels and that anticipated changes to tariffs, immigration, and other policies are not likely to dampen economic growth.

3 Strategic ETFs for Bearish Investors Post-Election

SPXU: A Bet On Election Uncertainty And Expensive Valuations

The ProShares UltraPro Short S&P500 ETF aims to provide triple the inverse daily performance of the S&P 500, ideal for bearish market outlooks. The ETF is highly leveraged and suitable for short-term trading, not long-term holding due to an elevated expense ratio and numerous medium-and-long-term tailwinds for US stocks. Arguments for a long SPXU position include election uncertainty, high concentration and elevated valuation of the S&P 500, as well as passive investor inflows.

SPXU: A Bet On Election Uncertainty And Expensive Valuations

SPXU: A Juicy 10.74% Dividend Out Of Reach

SPXU is a 3x leveraged inverse bet on the S&P 500 with a 10.74% TTM dividend yield from US Treasuries. While the dividend is attractive, it is more of a quirk than something we can effectively capture. The fund's leveraged nature comes with high risk warnings and negative compounding that amplifies losses over time.

SPXU: A Juicy 10.74% Dividend Out Of Reach

SPXU: A Risky Bet On Perfect Timing And Rare Luck

ProShares UltraPro Short S&P500 is a triple-leveraged, inverse ETF that aims to produce three times the negative daily return of the S&P 500. SPXU tends to lose value over time due to betting against an asset that generally rises in value and suffers from compounding losses. Historical data suggests that SPXU is only successful during periods of market chaos and downward momentum, making it an unreliable trading or investment vehicle.

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