RXD -2x ProShares UltraShort Health Care

BEAR ETF standard · Issuer ProShares · Tracks Healthcare (XLV) · Listed 2007-01-30

Quote & options All leveraged ETFs

Implied AUM

$3.2M

shares out × price

Last close

$15.27

20261001

30-day avg volume

9,981

options listed →

RXD realized

—

what holders actually earned

Theoretical -2x

—

-2x × Healthcare's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x Healthcare

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

Pair counterpart: RXL (+2x bull, ProShares Ultra Health Care)

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 Healthcare

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
CURE	+3x	BULL	Direxion	Direxion Daily Healthcare Bull 3X ETF	$161.3M	51,999	✓
RXL	+2x	BULL	ProShares	ProShares Ultra Health Care	$94.4M	15,303	✓

How RXD works

RXD targets -2x the daily return of Healthcare — 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.