US-listed · NYSE Arca · FIF-eligible (above NZ$50K)
ProShares SPXU ProShares UltraPro Short S&P 500
Designed to deliver -3× the daily return of the S&P 500. Inverse-leveraged. Daily rebalancing produces severe decay over multi-day holds.
Updated Reviewed quarterly
SPXU is an INVERSE-leveraged ETF (-3× daily S&P 500). Compounding losses are the historical norm — daily-reset decay PLUS S&P 500's ~10%/year long-run upward drift means SPXU typically loses effectively all starting value over multi-year periods. ProShares routinely executes reverse splits to keep the share price tradeable. Designed for daily-cycle bearish bets only. Never a buy-and-hold instrument; never a "permanent hedge". Read our full leveraged-ETF risk explainer at /learn/leveraged-etfs-risk-nz/ before considering this fund.
About this fund
What is SPXU?
SPXU is the US-listed ticker for ProShares UltraPro Short S&P 500, issued by ProShares. Designed to deliver -3× the daily return of the S&P 500. Inverse-leveraged. Daily rebalancing produces severe decay over multi-day holds. TER is 0.91% per year.
SPXU does not distribute. Returns are reflected in unit price (accumulating / no distribution).
Platform availability
Where to buy SPXU from New Zealand
Based on each platform's advertised market coverage and fee schedule. Verify with the platform before transacting — instrument coverage can change.
| Platform | Per-trade fee | FX | Min | Notes |
|---|---|---|---|---|
 Sharesies Sharesies | 1.9% per trade | 0.5% | NZ$0 | Beginners, fractional shares, mixing NZ + US ETFs |
 Hatch Hatch | US$3 per trade (≤300 shares) | 0.5% | NZ$0 (US$1 to invest) | NZ investors who want US-only ETFs (SPY, VOO, QQQ, SCHD, JEPI) |
 Stake Stake | US$0 trades | 0.70% | NZ$0 | Frequent US-share traders who hate per-trade fees |
 Interactive Brokers Interactive Brokers | From US$0.35 / trade (Tiered) or US$1 flat (Fixed) | ~0.002% (US$2 min) | US$0 | Larger portfolios, frequent traders, multi-market investors |
 Tiger Brokers Tiger Brokers | US$1.99 per US trade | 0.50% | NZ$0 | NZ investors who want NZ + US + Asian markets in one account |
 Jarden Direct Jarden Direct | NZ$29.90 per NZX trade | ~0.40% | NZ$0 | Larger NZX trades and global market access through one NZ broker |
 ASB Securities ASB Securities | NZ$30 per NZX trade | Bank rates (~1%) | NZ$0 (ASB customer) | Existing ASB customers wanting one login for banking + brokerage |
Showing 7 platforms that list this ETF. Full platform comparison: all 11 NZ brokers → · Full coverage matrix: availability matrix →
NZ tax treatment
How is SPXU taxed for NZ investors?
SPXU is US-domiciled. NZ investors apply Foreign Investment Fund rules once total overseas-share cost basis crosses the de-minimis threshold. Below it, only dividends are taxable.
The FIF de-minimis threshold is NZ$50,000 (source) of overseas-share cost basis. Below it, FIF rules do not apply and only dividends are taxable.
Most NZ retail investors use Fair Dividend Rate (FDR): deemed income = 5% × opening market value × your marginal rate. Comparative Value (CV) can be lower in flat or down years.
FDR vs CV method → · PIE vs FIF comparison →
🧮 Model your own after-tax outcome
Mechanical NZ-tax calculator comparing PIE @ PIR vs FIF @ FDR vs FIF @ CV on your principal, assumed return, time horizon, PIR, and marginal rate. → Open the after-tax calculator
General information only — not personalised tax advice. Confirm your treatment with a registered NZ tax adviser before transacting.
Add up to 4 more tickers to compare TER · yield · distribution · NZ tax structure.
Similar ETFs
ETFs with similar focus to SPXU
Same asset class, issuer cousins, and exchange peers — ranked by closest match. Click any row to compare side-by-side in the multi-compare tool.
| Ticker | Name | TER | Yield | Distribution | NZ tax | Compare |
|---|---|---|---|---|---|---|
| USF | US 500 (USF) Smartshares · NZX | 0.34% | — | Quarterly | PIE | SPXU vs USF |
| USG | US Growth (USG) Smartshares · NZX | 0.55% | — | Quarterly | PIE | SPXU vs USG |
| USS | US Small Cap (USS) Smartshares · NZX | 0.55% | — | Quarterly | PIE | SPXU vs USS |
| SPY | SPY State Street · NYSE Arca | 0.09% | 1.3% | Quarterly | FIF | SPXU vs SPY |
| VOO | VOO Vanguard · NYSE Arca | 0.03% | 1.4% | Quarterly | FIF | SPXU vs VOO |
Distribution history
Last 12 distributions — SPXU
SPXU does not pay distributions. Returns are reflected in the unit price (accumulating). There is no distribution-payment history to display.
FAQ
Common questions about SPXU
What is the SPXU ETF? ⌄
SPXU is the ProShares UltraPro Short S&P 500 — an inverse-leveraged ETF designed to deliver -3× the daily return of the S&P 500 Index. When the S&P 500 falls 1% in a day, SPXU aims to rise ~3% (and vice versa). The exposure resets every trading day. TER is 0.91%. Used for daily-cycle bearish bets on the broad US market.
SPXU vs SH (1× inverse) — what's the difference? ⌄
SH is ProShares Short S&P 500 — -1× daily inverse, no leverage. SPXU is -3× daily inverse — leverage applied. Both reset daily, but SH has no leverage decay, only inverse decay (compounding mismatch over multi-day periods, smaller magnitude). SPXU has both kinds of decay layered. SH is closer to a "hedge ETF you can hold for weeks-months". SPXU is strictly a daily trade.
Why does SPXU lose money over multi-year holds? ⌄
Two structural drags. First, daily-reset volatility decay. Second, the S&P 500 has appreciated ~10% per year on average over multi-decade periods — so a -3× inverse product is fighting an 30%/year structural headwind on top of decay. Over multi-year buy-and-hold periods, SPXU has lost effectively all of its starting value. ProShares routinely executes reverse splits to keep the share price tradeable.
What use case does SPXU fit? ⌄
Strictly intra-day or 1-3 day bearish bets on the broad US market. Some institutional traders use it for short-term portfolio hedging during specific event windows (Fed announcements, recession signals). For NZ retail investors with multi-year horizons, SPXU is structurally inappropriate. Holding it as a "permanent hedge" is one of the most consistently money-losing trades in retail investing.
Where to buy SPXU from New Zealand
The platforms below all support SPXU. Each link opens the platform's site directly — we don't take any payment for placement or for clicks.
Hatch 
Sharesies 
Interactive Brokers 
Stake 
Tiger Brokers Fees + platform details verified against each provider's published rate card. Always check the current schedule before transacting. Full platform comparison →
Sources for this SPXU data
Every TER, yield, and holdings figure on this page traces to one of the documents below. We do not pull live prices; the data is reviewed monthly against issuer fact sheets and exchange listings (last reviewed 2026-05-04).
External links open in a new tab. We do not earn commission on issuer product pages. See our methodology + disclosure.
Related ETFs and resources
Leveraged ETFs — risk explainer (READ FIRST)
Why SPXU / TZA / SOXS lose money over time.
UPRO — 3× S&P 500 BULL (counterpart)
Bull-side leveraged counterpart.
SPXL — 3× S&P 500 BULL (Direxion sibling)
Direxion sibling to UPRO; same long-side strategy.
VOO — Vanguard S&P 500 (unleveraged)
Buy-and-hold-friendly S&P 500 at 0.03% TER.
FIF tax explained
Why FIF + structural-loser = particularly poor after-tax outcomes.
