# SDS (ProShares UltraShort S&P500)

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

Three months to Sep 30, 2026: SDS returned −3.2% where its own daily promise gave −5.7%, 2.5 points over.

## Key facts

- SDS, what SPY did: +2.5%, as of Sep 30, 2026.
- SDS, what −2 times a day gives: −5.7%, as of Sep 30, 2026.
- SDS, what the fund returned: −3.2%, as of Sep 30, 2026.
- SDS, the fund itself added: +2.5 pts, as of Sep 30, 2026.
- SDS, net assets: $350m (issuer page, as of Sep 30, 2026).
- SDS, expense ratio: 0.91% (485BPOS XBRL, Sep 25, 2026).

## SDS over each window to Sep 30, 2026

| Window | Fund | SPY | -2x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.2% | −0.3% | +0.7% | +0.6 pts | 10% |
| 3 months | −3.2% | +2.5% | −5.0% | +1.8 pts | 11% |
| 6 months | −24.8% | +17.0% | −34.0% | +9.2 pts | 12% |
| 1 year | −21.1% | +15.7% | −31.4% | +10.4 pts | 13% |
| 3 years | −65.3% | +85.0% | −170.0% | +104.7 pts | 15% |
| Since launch | −99.5% | +804.6% | 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 SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +2.5% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, US large cap | ETFIQ |
| Net assets | $350m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.91% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 11% annualized | ETFIQ |

## Questions

### Did SDS return -2 times SPY?

Over the window to Sep 30, 2026, SPY moved +2.5% and SDS returned −3.2%. −2 times that move is −5.0%, 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 30, 2026. https://etfiq.com/funds/sds
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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