At a glance
SDOW charges 0.95% a year. It has $163.1M in assets; it paid 4.94% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −24.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned −37.6% a year. At its worst it fell 27.1% in the 2020 crash (S&P 500: 33.7%) and 34.5% 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 UltraPro Short Dow30 (SDOW) aims to deliver three times the opposite (-3x) of the Dow Jones Industrial Average's return for a single day. It uses swaps and futures instead of owning stocks. It is a leveraged, inverse fund that resets every day, so it is built for short-term trades, not for holding. It charges 0.95% a year, and its price fell about 99% over the 10 years to October 27, 2026.
Price history
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SDOW -24.7% 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 | |
|---|---|---|---|---|---|---|
| SDOW official prospectus, to Dec 31, 2025 | — | -33.93% | — | -28.65% | -37.87% | — |
| SDOW price data to Oct 27, 2026 | -22.5% | -24.7% | -37.6% | -24.1% | -37.8% | -37.6% |
- Over the year to Oct 27, 2026, SDOW returned -24.7%.
- Its 5-year annualized return was -24.1% and its 10-year -37.8%.
- In the 2020 COVID crash, while stocks fell, it gained 163.3%.
- Its worst full calendar year was 2020 (-66.5%); its best was 2022 (+4.0%).
- The deepest fall in its price history was 100% (Jul 2, 2010 to Aug 5, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -22.5% | — |
| 2025 | -34.0% | -33.93% |
| 2024 | -25.9% | -25.96% |
| 2023 | -28.9% | -28.80% |
| 2022 | +4.0% | +3.88% |
| 2021 | -49.0% | -48.90% |
| 2020 | -66.5% | -66.49% |
| 2019 | -49.6% | -49.56% |
| 2018 | -0.3% | -0.70% |
| 2017 | -52.3% | -52.19% |
| 2016 | -42.4% | -42.19% |
| 2015 | -13.8% | — |
| 2014 | -30.3% | — |
| 2013 | -56.9% | — |
| 2012 | -32.1% | — |
| 2011 | -40.1% | — |
| 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 163.3% over that stretch · deepest drop along the way 27.1%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 60.4% over that stretch · deepest drop along the way 34.5%, 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) | $0.7500 | |
| 2025 | $1.8500 | -56.1% |
| 2024 | $4.2100 | +6.3% |
| 2023 | $3.9600 | +890.0% |
| 2022 | $0.4000 | -64.3% |
| 2020 | $1.1200 | -91.4% |
| 2019 | $12.9600 | -12.0% |
| 2018 | $14.7200 | +1050.0% |
| 2017 | $1.2800 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (129.32% 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 | 3.42% | |
| Repurchase Agreement RA | 2.27% | |
| Repurchase Agreement RA | 1.36% | |
| Repurchase Agreement RA | 0.73% | |
| Repurchase Agreement RA | 0.45% |
By country
United States 8.24%By asset type
RA 8.24%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $5.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -7.54%, -0.56%, -3.67%.
How it works
SDOW is tied to the Dow Jones Industrial Average, which S&P Dow Jones Indices maintains. The index holds 30 of the largest U.S. companies. Transportation and utility companies are left out. Stocks are weighted by share price, not company size, so higher-priced shares carry more weight. SDOW does not own these stocks. It uses derivatives, which are contracts whose value comes from another asset. These are mainly total return swaps with large financial institutions and futures on the Dow. Together they aim to return three times the inverse of the index's daily move.
Most of the fund's money is held as collateral. As of August 31, 2026, its largest disclosed positions were repurchase agreements, which are short-term loans backed by securities. The biggest was 3.4% of the fund's $163.1 million in net assets. Swaps add counterparty risk: if a bank on the other side of a swap fails to pay, the fund can lose money.
ProShare Advisors rebalances the fund every day. When the Dow rises, the fund's assets shrink, so it cuts its exposure. When the Dow falls, it adds exposure. Because of this daily reset, returns over longer periods can end up far from -3x. The prospectus gives an example: if the Dow fell 20% over a year with 50% volatility, the fund would be down about 56.4%.
What it really costs
- SDOW charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.03% 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 $1,199 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SDOW | $97 | $309 | $539 | $1,199 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
Its daily -3x reset and long record of steep losses make it a tool for trades lasting days, not years.
SDOW launched in February 2010, so it has no record from the 2008 crisis. It rose 163.3% between the market's February 19 peak and March 23, 2020 low, and 60.4% during the 2022 bear market. Even so, it fell 27.1% in one day in March 2020. Over full years the picture is grim. It lost 66.5% in 2020, and from 2016 to 2025 its only gaining year was 2022, at 3.88%. From its July 2, 2010 peak to its August 5, 2026 low, it lost almost all of its value, and it has not recovered. Anyone who had to sell in a bad year could lock in deep, permanent losses. Its 4.94% trailing yield (paid quarterly, as of October 27, 2026) and 0.95% expense ratio do not change that. 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
- Active traders who want a one-day bet against the Dow Jones Industrial Average at three times the inverse, and who check positions daily.
- Experienced investors hedging Dow exposure for a few days who accept the 0.95% expense ratio and the counterparty risk that comes with swaps.
- Traders who know a Dow gain near 33% in one day could wipe out the whole investment, and who size positions with that in mind.
Look elsewhere if
- Buy-and-hold and retirement investors: the price fell about 99% over the 10 years to October 27, 2026.
- Income seekers: the 4.94% trailing yield came alongside a 24.7% price loss over the year to October 27, 2026.
- Anyone wanting lasting crash protection: gains made in sell-offs, like 2022's, can vanish quickly once the Dow rebounds.
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 SDOW a good long-term investment?
Its design and record point against long holding periods. SDOW targets -3x the Dow's return for one day only, and the prospectus warns that returns over longer periods will likely differ from that, sometimes by a lot. Its average annual return was -37.87% over the 10 years to December 31, 2025. Its price fell about 99% over the 10 years to October 27, 2026. Its only gaining calendar year from 2016 to 2025 was 2022, at 3.88%.
Does SDOW pay dividends?
Yes, it pays quarterly. Over the 12 months to October 27, 2026, it paid $1.19 per share, a trailing yield of 4.94%. The fund owns no stocks, so these payouts don't come from company dividends. They likely reflect interest on the repurchase agreements and other short-term instruments it holds as collateral. The payouts were small next to price losses: the shares fell 24.7% over the same year.
What happens to SDOW if the Dow goes up 33% in a day?
You could lose your entire investment. The prospectus warns that if the Dow Jones Industrial Average gets close to a 33% gain at any point in a single day, the fund's -3x leverage could wipe out its value. Smaller gains hurt too. On any day the Dow rises, the fund aims to lose about three times that day's gain, before fees and costs.
Why does SDOW lose money even when the Dow goes down?
Because it resets every day, and compounding in choppy markets wears down returns. The prospectus estimates that if the Dow fell 20% over a year with 25% volatility, the fund would gain about 34.2%, short of the 60% that -3x suggests. With 50% volatility, it would lose about 56.4%, even though the index fell. A smooth decline can help the fund, but a bumpy one can turn a falling Dow into a loss.
What is SDOW's expense ratio?
It is 0.95% a year, according to the prospectus filed September 25, 2026, and it includes a 0.75% management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $97 over one year, $309 over three years, $539 over five years and $1,199 over ten years. The prospectus also notes that financing and transaction costs tied to its swaps and futures reduce returns.