SSG -2x ProShares UltraShort Semiconductors
BEAR ETF standard · Issuer ProShares · Tracks Semiconductors (SOXX) · Listed 2007-01-30
Realized vs theoretical -2x Semiconductors
Cumulative return of SSG against a clean -2x of Semiconductors's return over the same window; the red line (right axis) is the gap between them.
Other leveraged products on Semiconductors
7| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d volume | Options |
|---|---|---|---|---|---|---|---|
| SOXL | +3x | BULL | Direxion | Direxion Daily Semiconductor Bull 3X ETF | $24.4B | 59,068,642 | ✓ |
| SMHU | +3x | BULL | MicroSectors | MicroSectors 3x Long Semiconductor ETNs | — | 9,072 | |
| USD | +2x | BULL | ProShares | ProShares Ultra Semiconductors | $2.9B | 569,129 | ✓ |
| TSXU | +2x | BULL | Direxion | Direxion Daily Semiconductors Top 5 Bull 2X ETF | — | 152,151 | |
| TSXD | -2x | BEAR | Direxion | Direxion Daily Semiconductors Top 5 Bear 2X ETF | — | 69,555 | |
| SOXS | -3x | BEAR | Direxion | Direxion Daily Semiconductor Bear 3X ETF | $1.8B | 57,149,269 | ✓ |
| SMHD | -3x | BEAR | MicroSectors | MicroSectors -3x Short Semiconductor ETNs | — | 1,608 |
How SSG works
SSG targets -2x the daily return of Semiconductors — 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.