ETF Evaluator:
ProShares UltraPro Short S&P500 (SPXU)
Follow This ETF
(as of Jul 31)
Best Performing in Trading--Inverse Equity Over the Last Year
| 272.0% | T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) |
| 231.8% | Defiance Daily Target 2X Short MSTR ETF (SMST) |
| 78.7% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 53.3% | -1x Short VIX Futures ETF (SVIX) |
| 37.6% | Direxion Daily FTSE China Bear 3X ETF (YANG) |
Risk
Index
Risk
Index
ETF Details
ProShares UltraPro Short S&P500 Overview
ProShares UltraPro Short S&P500 (SPXU) is a passively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). ProShares launched the ETF in 2009.
The investment seeks daily investment results before fees and expenses that correspond to three times the inverse (-3x) of the daily performance of the S&P 500® Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of the 500 largest companies listed and domiciled in the U.S. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares UltraPro Short S&P500 (SPXU)
There are 2 members of the management team with an average tenure of 10.46 years: Michael Neches (2013) and Devin Sullivan (2018). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of -300%. ProShares UltraPro Short S&P500 has 21 securities in its portfolio. The top 10 holdings constitute 175.9% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares UltraPro Short S&P500 is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares UltraPro Short S&P500 has -0.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -46.4% There is -0.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares UltraPro Short S&P500 has 146.7% of the portfolio in cash.
Assets Under Management
The fund has $426 million in total assets, which is above the $76 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SPXU Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares UltraPro Short S&P500 expense ratio is high compared to funds in the Trading--Inverse Equity category. ProShares UltraPro Short S&P500 has an expense ratio of 0.90%, which is 21% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares UltraPro Short S&P500 has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 1085% for the Trading--Inverse Equity category.
Recently, in the month of June 2026, ProShares UltraPro Short S&P500 returned 2.7%, which earned it a grade of B, as the Trading--Inverse Equity category had an average return of 5.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares UltraPro Short S&P500 has a trailing yield of 6.85%, which is above the 5.71% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares UltraPro Short S&P500 Grades
Year to date, the ETF has returned -24.3%, 1.0 percentage points better than the category, which translates into a grade of C. The fund has returned -42.0% over the past year (grade of C), -40.6% over the past three years (grade of D) and -34.0% per year over the past five years (grade of D) and -41.7% per year over the past 10 years (grade of D).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about ProShares UltraPro Short S&P500, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
SPXU Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SPXU Return (NAV) | 2.7% | -34.1% | -42.0% | -40.6% | -34.0% | -41.7% |
| SPXU Return (Price) | 3.0% | -34.0% | -41.9% | -40.6% | -33.9% | -41.7% |
| NAV +/- Price Return | -0.253% | -0.054% | -0.012% | 0.006% | -0.022% | -0.014% |
| Trading--Inverse Equity Avg | 5.4% | -24.7% | -29.0% | -29.6% | -22.7% | -30.2% |
| SPXU Grade (NAV) | B | D | C | D | D | D |
| +/- Category (NAV) | -2.7% | -9.4% | -12.9% | -11.0% | -11.3% | -11.5% |
| SPXU Tax-Cost Ratio | na | na | 2.1% | 2.5% | 1.7% | 1.0% |
SPXU Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SPXU Return (NAV) | -24.3% | -41.8% | -43.3% | -46.0% | 36.1% | -57.9% | -70.5% | -56.4% | 3.8% | -44.2% | -35.3% |
| SPXU Return (Price) | -24.1% | -41.7% | -43.3% | -46.1% | 36.0% | -57.9% | -70.4% | -56.3% | 4.0% | -44.2% | -35.6% |
| NAV +/- Price Ret | -0.008% | -0.002% | -0.001% | 0.004% | -0.002% | 0.001% | -0.001% | -0.2% | 7.4% | 0.1% | 1.0% |
| Trading--Inverse Equity Avg | -25.3% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| SPXU Grade (NAV) | C | D | D | D | B | D | D | F | D | D | C |
| +/- Category | 1.0% | -6.6% | -16.8% | -19.7% | 20.9% | -24.3% | -18.2% | -16.6% | -5.7% | -9.5% | -2.0% |
| Risk Measures | |
| Beta: | -2.75 |
| R-Squared: | 96% |
| Standard Deviation: | 36.6% |
| Category Risk Index: | 0.97 |
| Category Risk Rating: | Average |
| Total Risk Index: | 3.01 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 6.9% |
| Total Assets: | $ 427 Mil |
| Share Class Assets: | $ 427 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 0.90% |
| Index Fund: | Yes |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | -300% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 12.8 years | |||
| Average Tenure: 10.5 years | |||
| Managers (Year): Neches Michael (2013), Sullivan Devin (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 21 |
| % in Top 10 Holdings: | 175.9% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | -0.2% |
Portfolio Allocation |
|
| Domestic Stock: | -46.4% |
| Foreign Stock: | -0.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 146.7% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | June 23, 2009 |
Expenses and Fees
| Expense Ratio (%): | 0.90% (Rating: High) |
| Category Average Expense Ratio (%): | 1.13% |
