At a glance
SPXU charges 0.9% a year, above the 0.68% average of the 5 funds most like it (the most expensive of 3). It has $380.5M in assets, the 4th largest of that group; it paid 6.4% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −28.1% with distributions reinvested, 5th of those 6 funds; over three years it returned −48.0% a year. At its worst it fell 40.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high. Its ten largest positions make up 64.8% of the fund, out of 11 in all.
The short version
ProShares UltraPro Short S&P500 (SPXU) aims to return three times the opposite of the S&P 500's move for a single day. It does this with swaps and futures, backed by Treasury bills. Because it resets every day, results over months can drift far from -3x. Over the 10 years to December 31, 2025, it lost an average of 41.2% a year. Its 0.90% expense ratio is above the 0.68% average of similar inverse S&P 500 funds.
Price history
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SPXU -28.1% 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 | |
|---|---|---|---|---|---|---|
| SPXU official prospectus, to Dec 31, 2025 | — | -41.82% | — | -36.62% | -41.20% | — |
| SPXU price data to Oct 27, 2026 | -29.5% | -28.1% | -48.0% | -33.0% | — | -41.7% |
- Over the year to Oct 27, 2026, SPXU returned -28.1%, 5th of 6 among similar funds.
- Its 5-year annualized return was -33.0%.
- Its worst full calendar year was 2021 (-57.9%); its best was 2022 (+36.1%).
- The deepest fall in its price history was 97.1% (Jun 11, 2020 to Aug 13, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -29.4% | — |
| 2025 | -43.2% | -41.82% |
| 2024 | -45.8% | -43.29% |
| 2023 | -46.1% | -45.96% |
| 2022 | +36.1% | +36.11% |
| 2021 | -57.9% | -57.87% |
| 2020 | — | -70.46% |
| 2019 | — | -56.38% |
| 2018 | — | +3.73% |
| 2017 | — | -44.20% |
| 2016 | — | -35.27% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 82.7% over that stretch · deepest drop along the way 40.3%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $1.2200 | |
| 2025 | $1.5900 | -61.3% |
| 2024 | $4.1100 | -65.8% |
| 2023 | $12.0000 | +757.1% |
| 2022 | $1.4000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (84.2% of net assets), with its inverse exposure coming from 11 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| U.S. Treasury Bills Bonds and notes | 17.08% | |
| United States of America Bonds and notes | 13.05% | |
| United States of America Bonds and notes | 13.04% | |
| United States of America Bonds and notes | 9.11% | |
| U.S. Treasury Bills Bonds and notes | 6.55% | |
| United States of America Bonds and notes | 2.08% | |
| Repurchase Agreement RA | 1.70% | |
| Repurchase Agreement RA | 1.13% | |
| Repurchase Agreement RA | 0.68% | |
| Repurchase Agreement RA | 0.36% | |
| Repurchase Agreement RA | 0.23% |
By country
United States 64.99%By issuer
US Treasury 60.9%Companies 4.09%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $62.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.72%, +0.84%, -7.15%.
How it works
SPXU does not own S&P 500 stocks. The index is run by S&P Dow Jones Indices and tracks 500 of the largest U.S. companies, weighted by market value. It is reviewed each September, with weight adjustments in March, June and December. ProShare Advisors uses a mathematical model to choose a mix of swap agreements and S&P 500 E-mini futures. A swap is a contract with a large bank to exchange returns. Together, these are meant to deliver three times the opposite of the index's daily move.
The cash behind those contracts sits in very short-term government debt. As of August 31, 2026, the fund had $380.5 million in net assets. About 61% was in U.S. Treasury bills averaging about 0.1 years to maturity. About 4% was in repurchase agreements, which are short loans backed by government securities. If a swap partner fails to pay, the fund could lose money.
The fund rebalances every day. When the index rises, the fund shrinks and cuts its exposure. When the index falls, it adds exposure. Over longer periods, this compounding can pull results far from -3x, especially when volatility (how much the index swings day to day) is high. The prospectus gives an example: if the index fell 20% over a year with 25% volatility, the fund would gain an estimated 34.2%, not 60%. If the index nears a 33% gain within one day, holders could lose everything.
What it really costs
- SPXU charges 0.9% a year, versus an average of 0.68% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $92 in the first year and $1,108 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SPXU | $92 | $287 | $498 | $1,108 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund targets -3x the S&P 500's daily move and resets each day, so holding it for long periods has led to steep, compounding losses.
SPXU is built for one-day bets. It launched in June 2009, after the 2008 crisis had ended. Its worst year in the prospectus was 2020, at -70.46%, as stocks rebounded from the COVID crash. During the 2022 bear market it rose 82.7%. Yet it fell 40.3% between June 16 and August 16, 2022, and never made that back. From June 11, 2020 to August 13, 2026, its price dropped 97.1%, with no recovery as of October 27, 2026. Anyone who needed cash after a market rebound could lock in deep losses. As of October 27, 2026, the trailing yield was 6.4%, paid quarterly, but it has not offset the price declines. The 0.90% expense ratio is above the 0.68% peer average. 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 check positions daily and want three times the inverse of the S&P 500's one-day move.
- Short-term hedgers protecting a stock portfolio for days who accept a 0.90% expense ratio and counterparty risk from swaps with large banks.
- Experienced traders comparing -3x S&P 500 funds: SPXU and Direxion's SPXS each returned about -28% over the year to October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: SPXU lost an average of 41.2% a year over the 10 years to December 31, 2025.
- Those wanting a milder hedge: -1x funds such as SH or SPDN (0.47% expense ratio) also reset daily but without triple leverage.
- Income seekers: the 6.4% trailing yield comes from Treasury bill interest, and the price fell 86% over the three years to October 27, 2026.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SPXU this fund | -3× | 0.9% | $380.5M | -28.1% | -48.0% |
| SPXS Direxion Daily S&P 500 Bear 3X Shares | -3× | — | $416.8M | -28.0% | -46.7% |
| HIBS Direxion Daily S&P 500 High Beta Bear 3X Sh… | -3× | — | $32.2M | -58.2% | -65.9% |
| SDS ProShares UltraShort S&P500 | -2× | — | $450.2M | -17.9% | -32.4% |
| SH ProShares Short S&P500 | -1× | 0.89% | $1.20B | -7.2% | -15.0% |
| SPDN Direxion Daily S&P 500 Bear 1x Shares | -1× | 0.47% | $213.8M | -6.7% | -14.7% |
Questions investors ask
Is SPXU good for long-term investing?
No, it is not designed for long-term holding. The prospectus says SPXU seeks -3x the S&P 500's return for a single day, and results over longer periods can differ sharply. As of December 31, 2025, it lost 41.82% over one year. It lost an average of 36.62% a year over five years and 41.2% a year over 10 years. It had losses in eight of the 10 calendar years from 2016 through 2025.
What's the difference between SPXU and SPXS?
Very little in approach. Both aim for three times the inverse of the S&P 500's daily return. SPXU comes from ProShares and SPXS from Direxion. Their results have been close. As of October 27, 2026, SPXU returned -28.1% over one year, against -28% for SPXS. Over three years, SPXU returned -48% a year and SPXS -46.7%. SPXU's expense ratio is 0.90%. SPXS's fee is worth checking in its own prospectus.
Why did SPXU lose money when the stock market went down?
Because it resets daily, and big swings in the index wear down returns over time. From January 3 to October 12, 2022, a bear market, SPXU's price rose 82.7%. But it also fell 40.3% between June 16 and August 16, 2022, as stocks bounced. The prospectus gives an example: if the S&P 500 fell 20% over a year with 50% volatility, the fund would lose an estimated 56.4%. It would not gain 60%.
Does SPXU pay dividends?
Yes, SPXU pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $2.18 per share, a trailing yield of 6.4%. This income reflects interest on the Treasury bills and repurchase agreements the fund holds as collateral. It does not come from stock dividends. The payouts have been small next to the price losses: the price fell 86% over the three years to October 27, 2026.
Can SPXU go to zero?
It can lose nearly all of its value. The prospectus warns that if the S&P 500 approaches a 33% gain at any point in a day, holders could lose their entire investment. Over longer periods, daily compounding has done similar damage. SPXU's price fell 97.1% from June 11, 2020 to August 13, 2026, and had not recovered as of October 27, 2026. Its one-year volatility was 38.1% as of that date.