# SDP (ProShares UltraShort Utilities)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SDP returned +9.7% where its own daily promise gave +7.3%, 2.4 points over.

## Key facts

- SDP, what XLU did: −4.2%, as of Sep 11, 2026.
- SDP, what −2 times a day gives: +7.3%, as of Sep 11, 2026.
- SDP, what the fund returned: +9.7%, as of Sep 11, 2026.
- SDP, the fund itself added: +2.4 pts, as of Sep 11, 2026.
- SDP, net assets: $5m (issuer page, as of Sep 11, 2026).
- SDP, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## SDP over each window to Sep 11, 2026

| Window | Fund | XLU | -2x the move | Difference | XLU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +6.9% | −3.3% | +6.6% | +0.3 pts | 13% |
| 3 months | +9.7% | −4.2% | +8.4% | +1.3 pts | 14% |
| 6 months | +20.6% | −8.5% | +17.1% | +3.6 pts | 16% |
| 1 year | −1.5% | +2.4% | −4.8% | +3.3 pts | 15% |
| 3 years | −47.3% | +46.0% | −92.0% | +44.7 pts | 16% |
| Since launch | −98.6% | +379.6% | not meaningful over this window | not meaningful over this window | 17% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of XLU, reset daily | ETFIQ |
| Multiple a holder actually got over the window | XLU moved −4.2% over this window, too little to read a multiple from | ETFIQ |
| Underlying | XLU | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $5m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 14% annualized | ETFIQ |

## Questions

### Did SDP return -2 times XLU?

Over the window to Sep 11, 2026, XLU moved −4.2% and SDP returned +9.7%. 2 times that move is +8.4%, so the fund came out 1.3 points ahead of it.

### Why does SDP not return -2 times over a year?

Because it resets daily. SDP aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, SDP, data as of Sep 11, 2026. https://etfiq.com/funds/SDP
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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