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SDOW · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is ProShares UltraPro Short Dow 30 (SDOW) stock moving?
SDOW has been roughly flat over the last 30 days, closing at 23.44 on Oct 22 and 24.05 on Nov 10, within a 22.28 to 26.00 range. Volatility spiked in early November. On Nov 4 the stock fell 8.4% to 22.73 on 11.2M shares, about three times the typical 3-5M daily volume. On Nov 5 it opened at 22.36, traded between 22.28 and 25.14, and closed up 10.5% at 25.11 on 13.0M shares. It reached a high of 26.00 on Nov 6, then fell 6.5% to 23.83 on Nov 9 on 4.8M shares. On Nov 10 it closed at 24.05 on 3.7M shares, near its VWAP of 24.16. No news items or SEC filings were available for this period, so the cause of these moves is not identified in the provided data. The price action suggests large swings in the underlying index, but that is an inference, not something the data confirms. As a 3x inverse product that resets daily, SDOW can lose value through volatility over multi-week periods, so the price path matters for longer holding periods. Overall the evidence shows high volatility without a clear directional trend.
About ProShares UltraPro Short Dow 30
ProShares UltraPro Short Dow30 is an ETF that aims to return three times the opposite (-3x) of the Dow Jones Industrial Average's move each day, so it rises when the Dow falls on a given day. ProShares describes it as the only -3x ETF on the Dow, and it is built for short-term trading or hedging, not for holding long term.
How the fund works
The fund doesn't own the Dow's 30 stocks. Instead it uses swaps and futures to bet against the index and keeps most of its assets in US Treasury bills as collateral. It resets its exposure every day, so over periods longer than a day its returns can drift well away from -3x the Dow's return, especially when markets swing a lot. This effect, along with the market's long-term rise, has led to large losses over time: about -37% a year since it launched in 2010. The net expense ratio is about 0.95%. It pays distributions, mostly from the interest on its T-bills. It had about $150 million in assets and went through a 1-for-4 reverse split in November 2024.
What usually moves SDOW
- Daily moves in the Dow Jones Industrial Average (inverse, 3x)
- Market volatility and the losses that daily resets cause over time
- Moves in large Dow components such as big financial and tech stocks
- Interest rates, which affect what it earns on collateral and what it pays on swaps
- Recession and risk-off sentiment