RXD -2x ProShares UltraShort Health Care

RXD

ETF -2x BEAR standard
ProShares UltraShort Health Care
Issuer: ProShares · Tracks: Healthcare (XLV) · Listed: 2007-01-30
Implied AUM
$3.4M
Last Close
$16.86
20260720
30d Avg Vol
4,182
Options
available
Realized return vs theoretical -2x Healthcare
Pair counterpart found: RXL (+2x bull, ProShares Ultra Health Care)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking Healthcare
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
CURE +3x BULL Direxion Direxion Daily Healthcare Bull 3X ETF $168.1M 91,819
RXL +2x BULL ProShares ProShares Ultra Health Care $81.1M 13,107

How RXD works

RXD targets -2x the daily return of Healthcare — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on RXD carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.