# SDP (ProShares UltraShort Utilities)

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

Three months to Sep 30, 2026: SDP returned +27.6% where its own daily promise gave +24.9%, 2.6 points over.

## Key facts

- SDP, what XLU did: −11.3%, as of Sep 30, 2026.
- SDP, what −2 times a day gives: +24.9%, as of Sep 30, 2026.
- SDP, what the fund returned: +27.6%, as of Sep 30, 2026.
- SDP, the fund itself added: +2.6 pts, as of Sep 30, 2026.
- SDP, net assets: $1m (issuer page, as of Sep 30, 2026).
- SDP, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SDP over each window to Sep 30, 2026

| Window | Fund | XLU | -2x the move | Difference | XLU moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +12.8% | −5.9% | +11.8% | +1.0 pts | 14% |
| 3 months | +27.6% | −11.3% | +22.5% | +5.1 pts | 14% |
| 6 months | +34.0% | −13.3% | +26.6% | +7.4 pts | 16% |
| 1 year | +18.8% | −7.0% | +14.0% | +4.8 pts | 15% |
| 3 years | −47.8% | +46.3% | −92.6% | +44.9 pts | 16% |
| Since launch | −98.4% | +349.5% | 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 | -2.45 times, against -2 stated | ETFIQ |
| Underlying | XLU | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $1m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| 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 30, 2026, XLU moved −11.3% and SDP returned +27.6%. −2 times that move is +22.5%, so the fund came out 5.1 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 30, 2026. https://etfiq.com/funds/sdp
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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