# GLL (ProShares UltraShort Gold)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: GLL returned −6.6% where its own daily promise gave −9.5%, 3.0 points over.

## Key facts

- GLL, what GLD did: +2.8%, as of Sep 30, 2026.
- GLL, what −2 times a day gives: −9.5%, as of Sep 30, 2026.
- GLL, what the fund returned: −6.6%, as of Sep 30, 2026.
- GLL, the fund itself added: +3.0 pts, as of Sep 30, 2026.
- GLL, net assets: $108m (issuer page, as of Sep 30, 2026).
- GLL, expense ratio: 0.95% (issuer page).

## GLL over each window to Sep 30, 2026

| Window | Fund | GLD | -2x the move | Difference | GLD moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +14.6% | −6.8% | +13.5% | +1.1 pts | 24% |
| 3 months | −6.6% | +2.8% | −5.5% | −1.0 pts | 25% |
| 6 months | +27.9% | −13.0% | +26.0% | +1.9 pts | 24% |
| 1 year | −25.1% | +7.1% | −14.3% | −10.8 pts | 30% |
| 3 years | −80.6% | +122.1% | not meaningful over this window | not meaningful over this window | 22% |
| Since launch | −96.8% | +246.8% | 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 GLD, reset daily | ETFIQ |
| Multiple a holder actually got over the window | GLD moved +2.8% over this window, too little to read a multiple from | ETFIQ |
| Underlying | GLD | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $108m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | issuer page |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 25% annualized | ETFIQ |

## Questions

### Did GLL return -2 times GLD?

Over the window to Sep 30, 2026, GLD moved +2.8% and GLL returned −6.6%. −2 times that move is −5.5%, so the fund came out 1.0 points short of it.

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

Because it resets daily. GLL 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, GLL, data as of Sep 30, 2026. https://etfiq.com/funds/gll
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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