SPXU Stock: ProShares UltraPro Short S&P 500 Profile & Analysis (2026)
A tactical trading instrument designed to provide three times the inverse daily performance of the S&P 500 — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
The ProShares UltraPro Short S&P 500 (SPXU) is a high-conviction trading tool designed for sophisticated investors who wish to profit from or hedge against declines in the S&P 500 Index. Unlike a traditional long position in a complete list of semiconductor companies or other growth sectors, SPXU uses financial derivatives to seek daily investment results that correspond to three times the inverse (-3x) of the daily performance of its benchmark. This means if the S&P 500 drops by 1% on a given day, SPXU is designed to gain approximately 3%, before fees and expenses.
It is critical for traders to understand that SPXU is not for long-term holding. Because the fund resets its leverage daily, the effects of compounding can cause its performance over periods longer than a single day to differ significantly from the -3x target. While an investor might hold crude oil tanker companies or micro cap oil stocks for months based on fundamental trends, SPXU is strictly a tactical instrument. Due to “volatility decay,” the value of SPXU can decline even if the S&P 500 is flat over several weeks, making it suitable only for those who monitor their portfolios daily.
Key Takeaways — SPXU Stock
SPXU provides -3x daily leverage to the S&P 500, making it one of the most aggressive bearish tools available for major U.S. equity markets.
The fund rebalances its exposure every day. This causes performance to diverge from the index over longer timeframes due to mathematical compounding.
In volatile or “choppy” markets, SPXU can lose value rapidly even if the underlying index does not see a major net gain, a phenomenon known as decay.
This ETF is designed for day traders or swing traders looking to hedge a portfolio for a specific event or capitalize on immediate downward momentum.
SPXU — Live Price Chart
Real-time chart from TradingView.
SPXU ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | ProShares UltraPro Short S&P 500 | Ticker | SPXU |
| Issuer | ProShares (ProShare Advisors LLC) | Asset Class | Equities / Inverse Equity (Short Large Cap) |
| Index Tracked | S&P 500 Total Return Index USD (inverse -3x) | Structure | ETF |
| Expense Ratio | 0.90% | AUM | ~$476.02M |
| Inception Date | June 23, 2009 | Exchange | AMEX |
| No. of Holdings | 22 | Dividend Yield | 8.55% |
| 52-Week High | $77.68 | 52-Week Low | $35.82 |
| Avg Daily Volume | 9.47M-10 | YTD Return | 29.75% |
| 1-Year Return | 45.04% | 5-Year Return | 40.31% |
| Category | Trading–Inverse Equity | Dividend Frequency | Quarterly |
SPXU Top 10 Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | SWAPS | Total return swaps | Synthetic Exposure | 100% |
| 2 | SPXS | Direxion Daily S&P 500 Bear 3X | Leveraged Inverse | 0.95% |
| 3 | PSQ | ProShares Short QQQ | Inverse Index | 0.95% |
| 4 | PBS | ProShares Short S&P 500 | Inverse Index | 0.55% |
| 5 | CASH | U.S. Dollar | Currency | 0.00% |
| 6 | TREASURY | U.S. Treasury Bills | Government | N/A |
| 7 | OTHER | Net Other Assets/Liabilities | Diversified | N/A |
| 8 | – | – | – | – |
| 9 | – | – | – | – |
| 10 | – | – | – | – |
SPXU — Pros & Cons
✓ Profit from Bear Markets
SPXU allows investors to generate significant positive returns when the S&P 500 experiences sharp downturns.
✗ Rapid Capital Erosion
Due to triple leverage, if the market rises 10%, SPXU can drop approximately 30% in value very quickly.
✓ Portfolio Hedging
It can serve as a temporary hedge for long portfolios during periods of expected macroeconomic instability.
✗ Volatility Decay
In a sideways market, the daily reset mechanism causes “decay,” meaning you can lose money even if the index price stays the same.
✓ High Liquidity
With millions of shares traded daily, entry and exit points are typically easy for traders to execute.
✗ High Management Costs
The 0.90% expense ratio is significantly higher than standard ETFs, reflecting the cost of swap contracts and management.
Who Should Consider SPXU?
Active day traders and professional market timers who monitor their positions intraday and have a high risk tolerance.
Retirement savers, “buy and hold” investors, or anyone looking for a long-term bearish investment strategy.
You expect a significant, immediate drop in large-cap U.S. equities and want to maximize the gain from that move.
Active brokerage accounts where trades are monitored daily; generally inappropriate for passive 401(k) or IRA structures.
SPXU vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| SPXU ★ | ProShares UltraPro Short S&P 500 | 0.90% | $476.02M | 22 | 8.55% | 29.75% | Aggressive 3x Shorting |
| PBS | ProShares Short S&P 500 | 0.55% | Varies | 100% Index | N/A | N/A | Conservative 1x Shorting |
| SPXS | Direxion Daily S&P 500 Bear 3X | 0.95% | Varies | 20+ | N/A | N/A | Similar 3x Bear Alternative |
| PSQ | ProShares Short QQQ | 0.95% | Varies | Index Swaps | N/A | N/A | Shorting Nasdaq 100 |
SPXU Technical Analysis
Real-time buy/sell signals.
SPXU — Risks & Considerations
Compounding Loss Risk
Leverage is a double-edged sword. A few days of strong S&P 500 gains can result in a loss of 50% or more of your principal in SPXU.
Path Dependency
If the S&P 500 falls but does so with high daily volatility, SPXU may still lose money due to the constant rebalancing of its derivative positions.
Counterparty Risk
Because the fund uses swaps, it depends on the ability of major financial institutions to fulfill their obligations under those contracts.
Liquidity and Gap Risk
During “gap up” market openings, SPXU can plunge in value before a trader has the chance to exit the position.