At a glance
DXD charges 0.95% a year. It has $47.1M in assets; it paid 3.66% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −15.4% with distributions reinvested (S&P 500: +11.5%); over three years it returned −24.9% a year. At its worst it fell 18.3% in the 2020 crash (S&P 500: 33.7%) and 24.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The short version
ProShares UltraShort Dow30 (DXD) uses swaps and futures to seek twice the inverse (-2x) of the Dow Jones Industrial Average's daily move. It aims to gain twice what the Dow loses on a given day, and to lose twice what the Dow gains. It is built for short-term bets against the Dow, not for long holding periods. It charges 0.95% a year, and its price fell about 94% over the 10 years to October 27, 2026.
Price history
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DXD -15.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| DXD official prospectus, to Dec 31, 2025 | — | -21.16% | — | -17.88% | -24.59% | — |
| DXD price data to Oct 27, 2026 | -14.1% | -15.4% | -24.9% | -14.3% | -24.4% | -23.0% |
- Over the year to Oct 27, 2026, DXD returned -15.4%.
- Its 5-year annualized return was -14.3% and its 10-year -24.4%.
- In the 2020 COVID crash, while stocks fell, it gained 103.3%.
- Its worst full calendar year was 2009 (-45.0%); its best was 2008 (+45.4%).
- The deepest fall in its price history was 99.7% (Mar 9, 2009 to Aug 5, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -14.1% | — |
| 2025 | -21.1% | -21.16% |
| 2024 | -16.1% | -16.05% |
| 2023 | -18.8% | -18.79% |
| 2022 | +7.1% | +6.98% |
| 2021 | -35.2% | -35.06% |
| 2020 | -44.6% | -44.51% |
| 2019 | -35.4% | -35.47% |
| 2018 | +3.6% | +2.81% |
| 2017 | -38.4% | -38.56% |
| 2016 | -29.7% | -29.56% |
| 2015 | -7.4% | — |
| 2014 | -20.6% | — |
| 2013 | -42.6% | — |
| 2012 | -22.0% | — |
| 2011 | -26.0% | — |
| 2010 | -29.8% | — |
| 2009 | -45.0% | — |
| 2008 | +45.4% | — |
| 2007 | -8.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 173.7% over that stretch · deepest drop along the way 35.2%, back to its old high 1.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 103.3% over that stretch · deepest drop along the way 18.3%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 41.6% over that stretch · deepest drop along the way 24.2%, back to its old high 1.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4100 | |
| 2025 | $0.8700 | -45.6% |
| 2024 | $1.6000 | +22.1% |
| 2023 | $1.3100 | +1090.9% |
| 2022 | $0.1100 | -45.0% |
| 2020 | $0.2000 | -89.7% |
| 2019 | $1.9500 | -30.4% |
| 2018 | $2.8000 | +180.0% |
| 2017 | $1.0000 | -99.9% |
| 2008 | $1619.2000 | +922.2% |
| 2007 | $158.4000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (81.92% of net assets), with its inverse exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 7.45% | |
| Repurchase Agreement RA | 4.95% | |
| Repurchase Agreement RA | 2.97% | |
| Repurchase Agreement RA | 1.58% | |
| Repurchase Agreement RA | 0.99% |
By country
United States 17.94%By asset type
RA 17.94%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -4.88%, -0.20%, -2.34%.
How it works
DXD is built around the Dow Jones Industrial Average, an index of 30 of the largest U.S. companies run by S&P Dow Jones Indices. Transportation and utility companies are left out. The index provider picks companies it believes have an excellent reputation, sustained growth and wide investor interest. It then weights them by share price, so a stock with a high share price counts for more than a bigger company with a lower one. The prospectus names financial, industrial and technology companies as significant parts of the index.
The fund gets its exposure mainly through derivatives, which are contracts whose value depends on something else. ProShare Advisors uses a mathematical approach to combine total return swaps with Dow E-mini futures. A total return swap is a contract with a large financial institution to exchange returns tied to the index. As of August 31, 2026, most of the fund's $47 million in net assets sat in cash-like holdings. Its largest listed positions were repurchase agreements, which are short-term loans backed by government securities.
The fund's exposure resets every day. When the Dow rises, the fund's assets fall, so it cuts its exposure. When the Dow falls, it adds exposure. Because of this compounding, returns over periods longer than a day can differ sharply from -2x the index, and they are usually worse in choppy markets. The prospectus warns that holders could lose their entire investment if the Dow nears a 50% gain in a single day.
What it really costs
- DXD charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.14% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,316 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| DXD | $97 | $333 | $587 | $1,316 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its prospectus says returns over periods longer than a day will likely differ from -2x the Dow, and its price fell about 94% over the 10 years to October 27, 2026.
DXD did rise in past market crashes. From each market peak to its low point, it gained 173.7% in the 2008 financial crisis, 103.3% in the 2020 COVID crash and 41.6% in the 2022 bear market. But those gains faded fast. For the 2022 calendar year it gained only 6.98%. In 2009, as stocks rebounded, it fell 45%. From March 9, 2009 to August 5, 2026, it lost 99.7% and never recovered. To use it as insurance, a retiree would have to own it at exactly the right moment and get out before the rebound.
Its trailing yield was 3.66% as of October 27, 2026, paid quarterly, but that is small next to its price losses. It costs 0.95% a year. In the SEC's standard example, that comes to $1,316 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a one-day bet against the 30 Dow stocks and can check their position every day.
- Investors looking for a brief hedge on a portfolio heavy in Dow stocks, who accept swap counterparty risk and a 0.95% expense ratio.
- People who understand daily-reset compounding and the prospectus warning that a near-50% one-day Dow rise could wipe out the investment.
Look elsewhere if
- Long-term and retirement investors: DXD's average annual return over the 10 years to December 31, 2025 was -24.59%.
- Income seekers: its 3.66% trailing yield as of October 27, 2026 was swamped by price losses, including -21.16% in 2025.
- Anyone wanting lasting crash protection: after gaining 45.4% in 2008, it fell 45% in 2009 as stocks recovered.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is DXD good for long-term investors?
Its record says no. The prospectus says DXD aims for -2x the Dow's return for a single day, and that results over longer periods will likely differ, sometimes a lot. As of December 31, 2025, its official average annual returns were -21.16% over one year, -17.88% over five years and -24.59% over 10 years. Its price fell 99.7% from March 9, 2009 to August 5, 2026, and it had not recovered.
What does 2x inverse daily mean for DXD?
It means DXD aims to move twice as much as the Dow Jones Industrial Average each day, but in the opposite direction, before fees. The target resets every day. Over longer stretches, compounding takes over, and in a market that swings up and down, losses can build. In 2022, the fund rose 41.6% from the market's January peak to its October low. Yet it gained only 6.98% for the full calendar year.
Does DXD pay dividends?
Yes. DXD pays quarterly. It paid $0.63 per share over the 12 months to October 27, 2026, a trailing yield of 3.66%. It doesn't own the Dow stocks. Instead, it holds most of its assets in cash-like instruments such as Treasury bills and repurchase agreements. Those payouts have been small next to its price swings: the price fell 15.4% over the year to the same date.
What is DXD's expense ratio?
DXD's expense ratio is 0.95% a year, according to its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a 0.14% fee waiver. In the SEC's standard example, $10,000 earning 5% a year would cost $97 after one year, $333 after three, $587 after five and $1,316 after 10. Financing and trading costs for its swaps and futures can lower returns further.
Can you lose all your money in DXD?
Yes. The prospectus warns that if the Dow nears a 50% gain at any point during a day, the fund could lose its entire value. Even without one big day, losses compound over time: its price fell 99.7% from March 9, 2009 to August 5, 2026. The fund also relies on swaps with large financial institutions. If one of them fails to pay, the fund could suffer significant losses.