# SDS (ProShares UltraShort S&P500)

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

Three months to Sep 11, 2026: SDS returned −4.8% where its own daily promise gave −7.3%, 2.5 points over.

## Key facts

- SDS, what SPY did: +3.3%, as of Sep 11, 2026.
- SDS, what −2 times a day gives: −7.3%, as of Sep 11, 2026.
- SDS, what the fund returned: −4.8%, as of Sep 11, 2026.
- SDS, the fund itself added: +2.5 pts, as of Sep 11, 2026.
- SDS, net assets: $402m (issuer page, as of Sep 11, 2026).
- SDS, expense ratio: 0.91% (485BPOS XBRL, Sep 23, 2025).

## SDS over each window to Sep 11, 2026

| Window | Fund | SPY | -2x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +2.9% | −1.1% | +2.1% | +0.8 pts | 9% |
| 3 months | −4.8% | +3.3% | −6.6% | +1.8 pts | 12% |
| 6 months | −23.9% | +16.0% | −32.0% | +8.2 pts | 14% |
| 1 year | −23.2% | +17.5% | −35.0% | +11.8 pts | 13% |
| 3 years | −62.4% | +77.9% | −155.8% | +93.4 pts | 15% |
| Since launch | −99.5% | +804.4% | 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 SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, us large cap | ETFIQ |
| Net assets | $402m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.91% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SDS return -2 times SPY?

Over the window to Sep 11, 2026, SPY moved +3.3% and SDS returned −4.8%. 2 times that move is −6.6%, so the fund came out 1.8 points ahead of it.

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

Because it resets daily. SDS 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, SDS, data as of Sep 11, 2026. https://etfiq.com/funds/SDS
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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