GLL -2x ProShares UltraShort Gold

BEAR ETV standard · Issuer ProShares · Tracks Gold (GLD) · Listed 2008-12-01

Quote & options All leveraged ETFs

Implied AUM

$99.7M

shares out × price

Last close

$24.70

20261001

30-day avg volume

3,360,344

options listed →

GLL realized

—

what holders actually earned

Theoretical -2x

—

-2x × Gold's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Gold

Cumulative return of GLL against a clean -2x of Gold's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: UGL (+2x bull, ProShares Ultra Gold)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on Gold

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
UGL	+2x	BULL	ProShares	ProShares Ultra Gold	$745.3M	3,296,832	✓
UGLD	+2x	BULL	Direxion	DIREXION DAILY GOLD BULL 2X ETF	—	62,157

How GLL works

GLL targets -2x the daily return of Gold — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.