Aims for three times the opposite of the S&P 500's return each day, so it rises on days the index falls. Because it resets daily, its return over longer periods can differ a lot from three times the opposite.
SPXU, the ProShares UltraPro Short S&P500 ETF, is a $430 million ETF whose main story is pure narrative flow. Over the past year it returned −33.3%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Pure narrative flow →
Disruptive innovation, online consumers, betting and stocks chosen by social sentiment: where the retail crowd puts its money.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | ARKK | 91.7% | $7.92bn | +0.7% | 0.75% |
| 2 | IBUY | 2.0% | $120.1m | −13.8% | 0.65% |
| 3 | BUZZ | 1.7% | $102.7m | +3.4% | 0.76% |
| 4 | MILN | 1.4% | $87.1m | −14.8% | 0.50% |
| 5 | SOCL | 1.4% | $85.0m | −28.3% | 0.65% |
| 94 other ETFs | 1.8% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 99 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| SPXU | −1.7% | −8.3% | −29.8% | −33.3% | −44.6% | −34.0% |
| Pure narrative flowits narrative | +6.7% | +9.4% | +14.8% | −0.4% | +31.0% | −3.6% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on June 25, 2009: −42.3% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if SPXU traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
SPXU tends to move against the market. When the market has moved 1%, SPXU has tended to move 2.90% the other way.
SPXU tends to move against pure narrative flow. When pure narrative flow has moved 1%, SPXU has tended to move 0.89% the other way.
Weekly returns over 157 weeks. The narrative is measured without SPXU in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Pure narrative flow
Each dot is one of 7 unlevered ETFs whose main narrative is pure narrative flow, placed by its return (up) and how much it swung (right) over the last year. SPXU is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
SPXU is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 3x the inverse of the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is SPXU selling?
SPXU’s main story is pure narrative flow, which covers disruptive innovation, online consumers, betting and stocks chosen by social sentiment: where the retail crowd puts its money.
Which ETFs compete with SPXU?
The ETFs whose weekly returns move most like SPXU’s over the past 3 years are VIXY (0.77), TAIL (0.73) and VIXM (0.72).
How has SPXU performed against its story?
Over the past year SPXU returned −33.3%, the ETFs carrying pure narrative flow −0.4% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of -0.77 with the story. Past performance only.
Run an ETF in pure narrative flow? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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