Basic Information
| Ticker | SDS |
| ETF Name | ProShares UltraShort S&P500 |
| Underlying Index | S&P 500 |
| Leverage Multiple | -2x |
| Expense Ratio | 0.91% / year |
| Market | US (NYSE/NASDAQ) |
Cost Analysis
The true annual cost including hidden costs arising from the leveraged structure, beyond just the expense ratio.
| Cost Item | Annual Cost | Description |
|---|---|---|
| Expense Ratio | 0.91% | Published management fee |
| Borrowing Cost | 9.60% | SOFR + spread × 2x borrowed |
| Rebalancing Cost | 0.30% | Daily position rebalancing slippage |
| Total Hidden Costs | 9.90% | Borrowing + rebalancing |
| Total Annual Cost | 10.81% | Expense ratio + total hidden costs |
Calculation basis (March 2026): US SOFR 4.30% + spread 0.50% = effective rate 4.80%. Borrowed multiple 2x applied.
Hidden costs fluctuate with the interest rate environment. Lower rates reduce borrowing costs; higher rates increase them. The figures above are estimates based on current rates and may differ from actual ETF operating costs.
Simulation Shortcuts
Simulate SDS returns using real historical data.
Related ETFs
Other ETFs tracking the same underlying index (S&P 500).
| ETF Name | Multiple | Expense Ratio | Market |
|---|---|---|---|
| 225030TIGER 미국S&P500선물인버스(H) | -1x | 0.59% | KR |
| 225040TIGER 미국S&P500레버리지(합성 H) | 2x | 0.25% | KR |
| 360750TIGER 미국S&P500 | 1x | 0.07% | KR |
| IVViShares Core S&P 500 ETF | 1x | 0.03% | US |
| SHProShares Short S&P500 | -1x | 0.89% | US |
| SPUUDirexion Daily S&P 500 Bull 2X | 2x | 0.60% | US |
| SPXLDirexion Daily S&P 500 Bull 3X | 3x | 0.87% | US |
| SPXSDirexion Daily S&P 500 Bear 3X | -3x | 0.92% | US |
| SPXUProShares UltraPro Short S&P500 | -3x | 0.90% | US |
| SPYSPDR S&P 500 ETF Trust | 1x | 0.09% | US |
| SSOProShares Ultra S&P500 | 2x | 0.87% | US |
| UPROProShares UltraPro S&P500 | 3x | 0.89% | US |
| VOOVanguard S&P 500 ETF | 1x | 0.03% | US |
Disclaimer
This simulation is a theoretical calculation based on daily index closing prices and disclosed expense ratios. Actual ETF returns may differ. Tracking error, NAV premium/discount, and transaction costs are not reflected. Past performance does not guarantee future results. Use this tool only for educational purposes to understand the structure of leveraged ETFs. This is not investment advice, and investors are solely responsible for their investment decisions.