GLL Stock: ProShares UltraShort Gold ETF Profile & Analysis (2026)
GLL is a tactical, leveraged instrument designed to provide -2x daily inverse exposure to the performance of gold futures. — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
The ProShares UltraShort Gold ETF (GLL) is a highly specialized financial tool designed for sophisticated traders seeking to profit from declining gold prices. Unlike the GLD Stock Profile, which tracks physical gold bullion, GLL utilizes derivative contracts to provide -200% (-2x) of the daily performance of the Bloomberg Gold Subindex. This means if gold futures fall by 1% in a single day, GLL is designed to rise by approximately 2%, before fees and expenses.
As a leveraged inverse ETF, GLL is strictly a tactical instrument and is not intended for long-term holding. Because the fund resets its exposure daily, “volatility decay” can cause the fund’s performance to deviate significantly from the -2x target over periods longer than a single trading session. Traders who utilize GLL often do so alongside other tactical instruments like the SQQQ Stock Profile to manage broader market or commodity-specific downside risks. For those tracking the broader sector, including the GDX Stock Profile, GLL serves as the ultimate bearish counterpart to precious metal strength.
Key Takeaways — GLL Stock
GLL seeks a return that is -2x the daily performance of its benchmark gold futures index.
The fund tracks a rolling front-month gold futures index rather than the spot price of physical gold.
With a 0.95% expense ratio and high turnover, it is a costly fund to hold for any extended period.
Daily rebalancing leads to performance drag in volatile markets, making it unsuitable for “buy and hold” investors.
GLL — Live Price Chart
Real-time chart from TradingView.
GLL ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | ProShares UltraShort Gold ETF | Ticker | GLL |
| Issuer | ProShares | Asset Class | Inverse Commodities |
| Index Tracked | Bloomberg Gold Subindex | Structure | Commodities Pool LP |
| Expense Ratio | 0.95% | AUM | $96.46M |
| Inception Date | December 1, 2008 | Exchange | AMEX |
| No. of Holdings | 9 | Dividend Yield | None |
| 52-Week High | $56.96 | 52-Week Low | $15.60 |
| Avg Daily Volume | 8.28M | YTD Return | 24.55% |
| 1-Year Return | 58.88% | 5-Year Return | 24.33% |
| Category | Precious Metals / Gold | Dividend Frequency | N/A |
GLL Top 10 Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | CASH | U.S. Treasury Bills | Collateral | ~85.00% |
| 2 | SWAP | Bloomberg Gold Subindex Swap (Goldman) | Derivatives | -100.00% |
| 3 | SWAP | Bloomberg Gold Subindex Swap (BofA) | Derivatives | -100.00% |
| 4 | CASH | Cash Equivalents | Cash | ~15.00% |
| 5 | N/A | N/A | N/A | 0.00% |
| 6 | N/A | N/A | N/A | 0.00% |
| 7 | N/A | N/A | N/A | 0.00% |
| 8 | N/A | N/A | N/A | 0.00% |
| 9 | N/A | N/A | N/A | 0.00% |
| 10 | N/A | N/A | N/A | 0.00% |
GLL — Pros & Cons
✓ Profit from Gold Declines
The primary vehicle for aggressive traders to capture double the percentage move of gold futures when prices fall.
✗ Daily Volatility Decay
Because the fund resets daily, mathematical compounding works against the investor in choppy or sideways markets.
✓ High Intraday Liquidity
The fund’s high daily trading volume makes it easy for day traders to enter and exit large positions quickly.
✗ Not for Long-Term Hold
Compounding losses and the high 0.95% expense ratio make GLL a poor choice for any multi-week investment.
✓ Hedging Capabilities
Can be used as a short-term hedge against a portfolio heavy in gold mining stocks or physical bullion.
✗ No Dividend Income
GLL provides zero yield; it is a price-speculation vehicle only, structured as a commodities pool.
Who Should Consider GLL?
Active day traders and professional investors with a high risk tolerance and a bearish short-term view on gold.
Passive investors, retirement accounts, or anyone looking for long-term “insurance” against a gold price drop.
Technical indicators suggest an immediate and sharp decline in gold futures prices is imminent.
Standard brokerage accounts where tactical intraday trading is permitted. Consult a tax pro regarding K-1 filings.
GLL vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| GLL ★ | ProShares UltraShort Gold ETF | 0.95% | $96.46M | 9 | None | 24.55% | Aggressive Short Gold |
| UGL | ProShares Ultra Gold | 0.95% | $180M | 10 | None | -22.1% | Aggressive Long Gold |
| DZZ | DB Gold Double Short ETN | 0.75% | $15M | N/A | None | 23.9% | ETN Structure Fans |
| GLD | SPDR Gold Shares | 0.40% | $60B+ | Physical | None | -11.2% | Long Physical Gold |
GLL Technical Analysis
Real-time buy/sell signals.
GLL — Risks & Considerations
Compounding & Reset Risk
Daily rebalancing means your returns over time may not match -2x the underlying index. In volatile periods, you can lose money even if gold stays flat.
Derivatives & Counterparty Risk
GLL relies on swap agreements with major banks. If a counterparty fails, the fund could face significant liquidity or valuation issues.
Leveraged Loss Acceleration
Just as gains are doubled, losses are also doubled. A sharp rally in gold can lead to devastating, rapid capital erosion.
Commodity Pool Taxation
GLL is structured as a partnership, meaning investors receive a Schedule K-1, which complicates tax preparation compared to standard ETFs.