# SPXU (ProShares UltraPro Short S&P500)

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

Three months to Sep 11, 2026: SPXU returned −7.9% where its own daily promise gave −11.3%, 3.4 points over.

## Key facts

- SPXU, what SPY did: +3.3%, as of Sep 11, 2026.
- SPXU, what −3 times a day gives: −11.3%, as of Sep 11, 2026.
- SPXU, what the fund returned: −7.9%, as of Sep 11, 2026.
- SPXU, the fund itself added: +3.4 pts, as of Sep 11, 2026.
- SPXU, net assets: $435m (issuer page, as of Sep 11, 2026).
- SPXU, expense ratio: 0.90% (485BPOS XBRL, Sep 23, 2025).

## SPXU over each window to Sep 11, 2026

| Window | Fund | SPY | -3x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +4.2% | −1.1% | +3.2% | +1.0 pts | 9% |
| 3 months | −7.9% | +3.3% | −9.9% | +2.0 pts | 12% |
| 6 months | −34.9% | +16.0% | −48.1% | +13.2 pts | 14% |
| 1 year | −35.2% | +17.5% | −52.5% | +17.3 pts | 13% |
| 3 years | −80.3% | +77.9% | −233.6% | +153.4 pts | 15% |
| Since launch | −100.0% | +804.4% | not meaningful over this window | not meaningful over this window | 17% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 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 | $435m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.90% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SPXU return -3 times SPY?

Over the window to Sep 11, 2026, SPY moved +3.3% and SPXU returned −7.9%. 3 times that move is −9.9%, so the fund came out 2.0 points ahead of it.

### Why does SPXU not return -3 times over a year?

Because it resets daily. SPXU aims at -3 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 -3 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.

### Which -3x SPY ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 3 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

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

HTML: https://etfiq.com/funds/SPXU  ·  JSON: https://etfiq.com/funds/SPXU.json