At a glance
RXD charges 0.95% a year. It has $2.9M in assets; it paid 2.74% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −34.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −21.9% a year. At its worst it fell 16.6% in the 2020 crash (S&P 500: 33.7%) and 23.3% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort Health Care (RXD) aims to return twice the opposite (-2x) of each day's move in the S&P Health Care Select Sector Index, which covers health care stocks in the S&P 500. It is a short-term tool for betting against the sector: it uses swap contracts instead of owning stocks, resets daily, and charges 0.95% a year. Over the 10 years to October 27, 2026, its share price fell 92%.
Price history
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RXD -34.6% 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 | |
|---|---|---|---|---|---|---|
| RXD official prospectus, to Dec 31, 2025 | — | -21.58% | — | -11.85% | -19.94% | — |
| RXD price data to Oct 27, 2026 | -26.2% | -34.6% | -21.9% | -12.0% | -22.8% | -24.5% |
- Over the year to Oct 27, 2026, RXD returned -34.6%.
- Its 5-year annualized return was -12.0% and its 10-year -22.8%.
- In the 2020 COVID crash, while stocks fell, it gained 68.5%.
- Its worst full calendar year was 2013 (-53.6%); its best was 2024 (+2.3%).
- The deepest fall in its price history was 99.8% (Nov 20, 2008 to Oct 22, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -26.2% | — |
| 2025 | -22.7% | -21.58% |
| 2024 | +2.3% | +4.87% |
| 2023 | +1.7% | +3.29% |
| 2022 | +0.8% | +0.99% |
| 2021 | -37.9% | -37.94% |
| 2020 | -44.3% | -44.10% |
| 2019 | -32.5% | -32.32% |
| 2018 | -14.3% | -15.81% |
| 2017 | -35.3% | -34.38% |
| 2016 | -2.0% | -2.76% |
| 2015 | -21.8% | — |
| 2014 | -41.8% | — |
| 2013 | -53.6% | — |
| 2012 | -31.8% | — |
| 2011 | -29.7% | — |
| 2010 | -15.6% | — |
| 2009 | -40.6% | — |
| 2008 | -10.3% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 39.4% over that stretch · deepest drop along the way 57.6%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 68.5% over that stretch · deepest drop along the way 16.6%, back to its old high 0.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 23.4% over that stretch · deepest drop along the way 23.3%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 | |
| 2025 | $0.3000 | -42.3% |
| 2024 | $0.5200 | +40.5% |
| 2023 | $0.3700 | +362.5% |
| 2022 | $0.0800 | +76.2% |
| 2021 | $0.0454 | -43.3% |
| 2020 | $0.0800 | -93.1% |
| 2019 | $1.1600 | +367.7% |
| 2018 | $0.2480 | -99.4% |
| 2008 | $43.6940 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 37.70% | |
| Repurchase Agreement RA | 25.07% | |
| Repurchase Agreement RA | 15.04% | |
| Repurchase Agreement RA | 8.02% | |
| Repurchase Agreement RA | 5.01% |
By country
United States 90.84%By asset type
RA 90.84%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -12.26%, -4.78%, -9.14%.
How it works
RXD seeks two times the opposite (-2x) of the daily return, before fees and expenses, of the S&P Health Care Select Sector Index. S&P Dow Jones Indices runs the index, which includes the S&P 500's health care companies, such as drugmakers, biotech firms, medical equipment makers and health care providers, weighted by market value. The index is reviewed every September, with weight adjustments in March, June and December.
Rather than owning those stocks, ProShare Advisors uses a mathematical approach to size its positions, mainly total return swaps. These are contracts with large financial institutions that exchange payments based on the index's moves, arranged so the fund gains when health care stocks fall. As of August 31, 2026, the fund held six swaps, and repurchase agreements (short-term loans usually backed by U.S. government securities) made up about 91% of net assets.
It rebalances daily. When health care stocks rise, the fund's assets shrink and it reduces its bet against the index. When they fall, it adds to the bet. Because each day's result builds on the last, longer-term returns can differ sharply from -2x the index's return, usually for the worse in choppy markets. If the index nears a 50% gain at any point in a day, holders could lose everything.
What it really costs
- RXD charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 3.58% 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 $4,430 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| RXD | $97 | $1,044 | $2,000 | $4,430 |
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
RXD aims for two times the opposite of health care stocks' daily move and resets every day, and its share price fell 92% in the 10 years to October 27, 2026, so it is built for short holding periods, not long-term savings.
RXD has gained when the broad market fell: 39.4% from the market's October 2007 peak to its March 2009 low, 68.5% in the 2020 COVID crash and 23.4% in the 2022 bear market. Those gains faded fast. It lost 44.1% across 2020 and made just 0.99% in 2022. Its worst calendar year was 2013, down 53.6%. Its deepest drop was 99.8%, from November 20, 2008, to October 22, 2026, with no recovery. For anyone drawing on savings, gains came in hard-to-time bursts while losses piled up.
Payouts over the year to October 27, 2026, equaled a 2.74% yield, paid quarterly. It charges 0.95% a year after a 3.58% fee waiver. The SEC's standard $10,000 example shows $97 in costs after one year and $4,430 over 10. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day bet against U.S. health care stocks at -2x the daily move of the S&P Health Care Select Sector Index.
- Holders of a large health care stake seeking a brief hedge who can check the position daily, since returns drift from -2x over time.
- Traders expecting a sharp, short drop in stocks; RXD rose 68.5% during the February–March 2020 COVID crash.
Look elsewhere if
- Long-term and retirement savers: RXD resets daily, and its share price fell 92% over the 10 years to October 27, 2026.
- Income seekers: its 2.74% yield (as of October 27, 2026), paid quarterly, is small next to its 21.58% loss in 2025.
- Investors wary of tiny funds: net assets were about $2.9 million as of August 31, 2026, after $1.3 million of outflows in three months.
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
Can you hold RXD long term?
You can, but it is built for one-day moves, and long holds have gone badly. Based on its share price, RXD lost 92% in the 10 years to October 27, 2026. Its prospectus reports a 19.94% average annual loss for the 10 years to December 31, 2025. Because its -2x exposure resets daily, returns over longer periods can differ sharply from twice the index's opposite move, usually for the worse in choppy markets.
What's the difference between RXD and a regular health care ETF?
A regular health care ETF owns health care stocks and rises when they rise. RXD aims to move the opposite way, at twice the size, one day at a time, against the S&P Health Care Select Sector Index, which covers the S&P 500's health care companies. As of August 31, 2026, it held no stocks, only swap contracts and short-term cash instruments. It charges 0.95% a year, and its daily reset can push long-term results far from -2x the index.
Does RXD pay dividends?
Yes. RXD pays distributions quarterly. Payouts over the year to October 27, 2026, totaled $0.36 per share, a 2.74% yield. The fund holds swaps and short-term instruments such as repurchase agreements, not health care stocks, so those payouts don't come from company dividends. The income is small next to the fund's price swings: its share price fell 26.2% from the start of 2026 through October 27, 2026.
What is RXD's expense ratio?
RXD's expense ratio, the yearly fee taken from fund assets, is 0.95%, according to its prospectus filed September 25, 2026. That is after a 3.58% fee waiver; the management fee alone is 0.75%. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, costs total $97 after one year, $1,044 after three, $2,000 after five and $4,430 after 10. Costs climb steeply after the first year, showing how much more the fund would cost without the waiver.
Can RXD go to zero?
Yes, a total loss is possible. The prospectus warns that if the S&P Health Care Select Sector Index approaches a 50% gain at any point in a day, holders could lose their entire investment. Losses have already been extreme: RXD fell 99.8% from November 20, 2008, through October 22, 2026, without recovering. The fund also depends on swap counterparties, the financial institutions on the other side of its contracts, and could lose money if one fails to pay.