At a glance
GLL charges 0.95% a year. It has $111.2M in assets. Over the past year it returned −13.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −37.9% a year. At its worst it fell 12.2% in the 2020 crash (S&P 500: 33.7%) and 25.4% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort Gold (GLL) is a commodity pool that uses futures and other derivatives to seek twice the opposite (-2x) of the daily move in a gold futures benchmark. Because it resets every day, its returns over longer periods can differ sharply from -2x gold's return. It charges 0.95% a year and issues a K-1 tax form. It lost about 91% over the 10 years to October 27, 2026.
Price history
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GLL -13.9% 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 | |
|---|---|---|---|---|---|---|
| GLL price data to Oct 27, 2026 | +0.3% | -13.9% | -37.9% | -27.6% | -21.7% | -18.2% |
- Over the year to Oct 27, 2026, GLL returned -13.9%.
- Its 5-year annualized return was -27.6% and its 10-year -21.7%.
- In the 2020 COVID crash, while stocks fell, it gained 2.5%.
- Its worst full calendar year was 2025 (-62.8%); its best was 2013 (+65.4%).
- The deepest fall in its price history was 99.2% (Dec 5, 2008 to Mar 2, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +0.3% |
| 2025 | -62.8% |
| 2024 | -33.3% |
| 2023 | -14.9% |
| 2022 | -2.1% |
| 2021 | +1.7% |
| 2020 | -41.5% |
| 2019 | -26.9% |
| 2018 | +5.4% |
| 2017 | -23.7% |
| 2016 | -21.8% |
| 2015 | +15.6% |
| 2014 | -3.2% |
| 2013 | +65.4% |
| 2012 | -21.0% |
| 2011 | -28.7% |
| 2010 | -46.3% |
| 2009 | -45.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 2.5% over that stretch · deepest drop along the way 12.2%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 12.2% over that stretch · deepest drop along the way 25.4%, back to its old high 3.9 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $111.2M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
GLL is part of ProShares Trust II. The trust's sponsor is ProShare Capital Management LLC, and Wilmington Trust Company is its trustee. The fund does not own gold. It uses financial instruments such as futures contracts, swap agreements and forward contracts, backed by cash and Treasury bills, to seek twice the inverse (-2x) of the daily performance of its benchmark. That benchmark is an index built to track gold futures contracts, so it can move differently from the price of physical gold. When futures contracts expire, the fund replaces them with later ones. The price gap between the old and new contracts can add to or take away from returns.
The -2x target applies to a single day only, measured from one net asset value (NAV) calculation to the next. Because the fund resets its exposure daily, returns compound over longer periods. They can differ sharply from -2x the benchmark, even in direction, and choppy markets usually hurt. The sponsor tells holders to consider monitoring their position actively or rebalancing it periodically.
GLL is not a 1940 Act investment company, and it is taxed as a partnership. Large dealers called Authorized Participants create and redeem shares in blocks of 50,000 at NAV. The fund carried out 1-for-2 reverse splits on June 13, 2025, and November 20, 2025. Each split raised the share price and cut the number of shares without changing what holdings were worth.
What it really costs
- GLL charges 0.95% a year.
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.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
GLL seeks -2x gold's daily move for one day at a time, and its long-term record shows steep, lasting losses.
GLL is not built for long holding periods. The fund did not exist for the full 2008 crisis. In the 2020 COVID crash it ended up 2.5%, but it fell 12.2% between March 19 and March 23, 2020. In the 2022 bear market it gained 12.2% overall, after a 25.4% slide from January 6 to March 8 that took about 3.9 months to recover. Its worst calendar year was 2025, at -62.8%. Its deepest drop was 99.2%, from December 2008 to March 2026, and it had not been recovered as of October 27, 2026. Someone who had to take money out during a bad stretch could lock in deep losses. The fund pays no income and costs 0.95% a year. 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 gold and can watch the position daily, as the sponsor's filings advise.
- Short-term traders seeking -2x daily exposure to a gold futures benchmark without opening a futures account themselves.
- Traders comfortable with Schedule K-1 tax forms and partnership taxation who hold positions for days, not years.
Look elsewhere if
- Buy-and-hold investors and retirees: GLL lost about 91% over the 10 years to October 27, 2026, and once fell 99.2% from its peak.
- Anyone seeking income, since the fund has no recorded distributions and its one-year volatility was 55.8% as of October 27, 2026.
- Investors who want 1940 Act fund protections or a simple 1099, since this commodity pool is not a registered investment company and issues K-1s.
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 GLL a good long-term investment?
For long-term holders, its record says no. GLL seeks -2x gold's benchmark for a single day only. Its sponsor says it is meant for knowledgeable investors who watch their positions. Over the 10 years to October 27, 2026, it lost about 21.7% a year, or about 91% in total. Its deepest drop, from December 2008 to March 2026, reached 99.2%, and it had not been recovered as of October 27, 2026.
Does GLL go up when gold goes down?
On a single day, that is the goal. GLL seeks twice the opposite of the daily move in its gold benchmark, before fees and expenses, measured from one NAV calculation to the next. Over longer periods, daily compounding and gold's swings can push results well away from -2x, and possibly in the other direction. Its benchmark also tracks gold futures, not physical gold, so it can drift from the spot gold price.
Does GLL pay dividends?
No. GLL has no recorded distributions, so it provides no income. It is a commodity pool taxed as a partnership. Holders get a Schedule K-1 instead of a 1099, and they may owe tax on their share of the fund's gains each year, even if they didn't sell any shares and received no cash. That means extra paperwork, and the tax treatment is worth checking with a tax professional.
What is GLL's expense ratio?
GLL's expense ratio was 0.95% for the period ended June 30, 2026. On top of that sponsor fee, the fund also pays brokerage commissions and other costs, so the total cost of holding it can be higher. There was no comparison group of similar funds to measure it against. The fund held about $111.2 million in net assets as of June 30, 2026.
What's the difference between GLL and ProShares Ultra Gold?
The main difference is direction. Both are commodity pools in ProShares Trust II, both follow benchmarks that track gold futures, and both reset daily. GLL aims for twice the opposite of its benchmark's daily move, so it is designed to gain when gold falls. ProShares Ultra Gold aims for a leveraged multiple in the same direction, so it is designed to gain when gold rises. Both carry the same compounding risks over periods longer than a day.