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SPXU +1.22% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is ProShares UltraPro Short S&P 500 (SPXU) stock up today?
No news items or SEC filings were found for SPXU in the 14-day news window or the 45-day filing window, so this view rests only on the 30-day market data. The fund closed at $35.79 on Nov 13, up 1.3% from $35.36 on Nov 12, and has moved within a narrow band since the Nov 5 spike. That spike took the close to $39.01 on 27.6M shares, roughly double its usual volume. Since then the fund has pulled back to the middle of its 30-day closing range of about $33.73 to $39.01. Volume has faded: Nov 11 to Nov 13 traded 8.2M, 8.4M and 7.1M shares, all below the 14.9M to 16.9M seen on the Nov 6 and Nov 9 sessions. The Nov 13 intraday range of $34.99 to $36.70 is consistent with a quieter, range-bound tape. Because SPXU is designed to move about three times opposite the S&P 500 each day, these moves reflect broad-market swings, but the input contains no index data or news that identifies their cause. The data shows no clear directional edge. Holding a daily-reset 3x inverse fund over months also carries compounding and volatility-decay risk that this data does not measure.
About ProShares UltraPro Short S&P 500
ProShares UltraPro Short S&P 500 (SPXU) is a leveraged inverse ETF, launched in 2009, that aims to return three times the opposite (-3x) of the S&P 500's move on a single day. It is built for short-term trading or hedging: it tends to rise when US large-cap stocks fall and drop sharply when they rise.
How the fund works
The fund gets its -3x daily exposure mainly through swap agreements with large banks and through S&P 500 futures. Most of its cash sits in Treasury bills and money-market holdings. It resets its leverage every day, so over periods longer than one day its returns can stray far from -3x the index. Choppy markets and long rallies have badly eroded its value over time: the average annual return since launch is roughly -42%. The expense ratio is about 0.90%. Assets are around $0.4–0.5 billion. It pays quarterly distributions, which come largely from the interest it earns on its cash.
What usually moves SPXU
- Daily moves in the S&P 500 (inverted and tripled)
- Market volatility and the compounding decay it causes
- Recession or market sell-off fears
- Short-term interest rates (collateral income and swap costs)
- Demand from traders for hedges