gll stock — GLL (ProShares UltraShort Gold)

GLL (ProShares UltraShort Gold)

gll stock refers to GLL, the ProShares UltraShort Gold exchange-traded fund. This guide explains what gll stock is, how the fund aims to deliver -2× the daily performance of the Bloomberg Gold Subindex, how the strategy is implemented, key trading facts, and the main risks investors should understand before trading. Readers will learn how GLL behaves on single-day vs. multi-day horizons, common use cases, alternatives such as long and unleveraged gold ETFs, and where to find official documentation. The piece is aimed at investors and traders who want a clear, practical overview of gll stock and related considerations.

Overview

GLL is an exchange-traded fund issued by ProShares that launched on December 1, 2008. As of 2026-01-28, according to ProShares' published materials, GLL seeks daily investment results that correspond to -200% (minus two times) the daily performance of the Bloomberg Gold Subindex. The fund is explicitly designed for short-term, tactical exposure and hedging — not as a buy-and-hold vehicle.

Typical investor profile for gll stock:

• Tactical traders seeking short-term bearish exposure to gold.
• Hedgers looking for a short-duration inverse exposure to manage near-term gold price risk.
• Sophisticated investors who understand daily reset mechanics, leverage, and path dependency.

GLL is not typically recommended for long-term passive exposure because of daily resetting and compounding effects that can materially change returns over multi-day holding periods.

Investment Objective and Strategy

Daily Target and Leverage

GLL targets -2× the daily return of the Bloomberg Gold Subindex. That means on any given trading day, if the underlying index falls by 1%, GLL’s NAV is designed to rise by approximately 2% (before fees and expenses); conversely, if the index rises by 1% in a day, GLL’s NAV aims to fall by approximately 2%.

Important mechanics to understand about gll stock’s leverage:

• Leverage is applied to the index’s daily returns and is reset each trading day.
• The -2× objective is measured relative to the index’s daily percentage change, not longer-term performance.
• Because leverage is applied daily, returns over multi-day periods are path dependent: the sequence of daily index moves matters.

Underlying Benchmark

GLL uses the Bloomberg Gold Subindex as its benchmark. The Bloomberg Gold Subindex tracks a rolling futures position on gold rather than spot bullion. In practice, the index reflects the performance of a synthetic exposure to gold through futures contracts and the rolling process those contracts require.

Instruments and Implementation

To achieve its -2× daily objective for gll stock, the fund typically uses a mix of derivatives and cash instruments rather than holding physical gold bullion. Primary instruments include:

• Gold futures contracts (short positions sized to achieve the targeted leverage).
• OTC swap agreements and other derivatives that provide inverse leveraged exposure to the benchmark.
• Cash and cash equivalents for collateral and liquidity management.

ProShares’ documentation notes that GLL does not hold physical gold bullion. Instead, the fund obtains leveraged inverse exposure via futures, swaps, and other derivative contracts that reference the Bloomberg Gold Subindex.

Rebalancing and Compounding Effects

GLL resets its leverage daily. That daily rebalancing causes compounding: multi-day returns of gll stock are not equal to -2× the multi-day return of the benchmark except in special cases (for example, when the underlying moves consistently in one direction).

Key implications:

• Volatility drag (also called volatility decay) can erode performance over a period even when the underlying ends the period near its starting level.
• Alternating up-and-down movements in gold prices amplify divergence between gll stock returns and the simple -2× multiple of the index over time.
• For traders who understand these dynamics, gll stock can provide precise short-duration exposure; for others, the same mechanics can produce unexpected losses over longer horizons.

Fund Details and Trading Information

Quick facts investors commonly seek about gll stock:

• Ticker: GLL
• Issuer: ProShares
• Exchange: Listed on NYSE Arca (market listings and trading may show on other U.S. exchanges as permitted by market participants; check your broker or trading platform).
• Inception date: December 1, 2008
• Objective: -2× daily performance of the Bloomberg Gold Subindex
• CUSIP: Provided in the fund prospectus and issuer materials (check the prospectus for the definitive CUSIP number).
• Expense ratio: Approximately 0.95% per issuer data (investors should verify the current expense figure in the latest prospectus and fact sheet).
• NAV vs. market price: GLL trades on an exchange at a market price that can deviate from its NAV. Factors such as intraday supply/demand, liquidity, and bid–ask spreads cause premiums or discounts.
• Options availability: Option contracts on GLL may be available depending on exchange listings and market-maker participation. Options liquidity can vary.
• Intraday ticker and NAV updates: Issuer materials and market data providers publish intraday quotes and NAV estimates; check the fund prospectus and regular issuer disclosures for details.

As of 2026-01-28, according to ProShares' product page and the fund’s most recent prospectus, the expense ratio and core fund mechanics remain consistent with the -2× daily objective. Investors should consult the latest issuer documents for up-to-date NAV, AUM, and expense figures before trading gll stock.

When considering where to trade gll stock, traders often use their existing brokerage accounts or institutional execution platforms. For users seeking integrated trading, market data, and Web3 wallet support, Bitget offers services that may facilitate access to ETFs and related market instruments; check Bitget’s product and brokerage support for availability and account requirements.

Holdings and Portfolio Composition

GLL’s reported holdings typically show a small number of line items focused on derivative positions rather than a diversified basket of physical assets. Typical holdings and composition for gll stock include:

• Short exposures to gold futures contracts sized to meet the -2× daily target.
• Swap agreements with counterparties that provide inverse leveraged exposure.
• Cash and cash equivalents used as collateral and for liquidity management.

Because GLL relies on derivatives, the fund’s public holdings report will list futures positions, not ounces of physical bullion. Investors looking for physically backed gold exposure should consider that gll stock is derivative-based and does not own physical gold.

Performance and Tracking

Performance reporting for gll stock is available via two primary lenses:

• NAV (Net Asset Value): Reflects the per-share value of the fund’s holdings and is the basis for the fund’s objective.
• Market price: The actual exchange price at which shares trade, which can differ from NAV.

Single-day behavior:

• On individual trading days, GLL’s NAV is designed to move roughly -2× the benchmark’s daily percentage change (subject to fees, slippage, and tracking errors).

Multi-day behavior:

• Over longer horizons, GLL’s returns can diverge materially from a simple -2× of the benchmark’s multi-day return because of daily compounding.
• Historical patterns show that in volatile, range-bound markets, leveraged inverse ETFs like gll stock commonly underperform the simple leveraged multiple.

Tracking error sources:

• Intraday execution and derivatives pricing differences.
• Financing costs and expense ratio drag.
• Differences between futures-based benchmark performance and the actual derivatives used by the fund.

Investors should review both historical NAV-based performance series and market-price performance when evaluating gll stock. Historical data can illustrate how the fund reacted during periods of steady trends versus volatile chop.

Risks and Considerations

Trading and holding gll stock involves several distinct risks. The sections below summarize the most material considerations.

Leverage and Volatility Decay

Because gll stock seeks -2× the daily return, it is subject to volatility decay and path dependency. If gold experiences volatile swings, GLL can lose value over several days even if the gold price returns to its starting level. This occurs because daily compounding magnifies the impact of sequential returns.

Example (illustrative, not predictive):

• Day 1: Benchmark drops 5% → GLL NAV roughly increases 10%.
• Day 2: Benchmark rebounds 5% → GLL NAV roughly decreases 10% from the Day 1 NAV, producing a cumulative NAV lower than starting level despite the index finishing near where it began.

This demonstrates why gll stock is intended for short-term tactical use rather than long-term holding.

Counterparty and Derivatives Risk

GLL uses swaps and OTC derivatives that expose the fund to counterparty credit risk. If a swap counterparty fails to meet obligations, the fund may not be able to recover full value. ProShares mitigates this via collateral arrangements and counterparty diversification, but residual counterparty risk remains.

Liquidity, Bid–Ask Spread, and Premium/Discount to NAV

Market liquidity for the ETF’s shares and for the options (if listed) affects execution quality. Wider bid–ask spreads increase trading costs, and during stressed market conditions, GLL’s market price may trade at a material premium or discount to NAV.

Traders should consider:

• Average daily traded volume (check current market data before trading).
• Depth of the order book and spreads during the trading session.
• How market makers and authorized participants are performing to keep market price close to NAV.

Expense and Fee Risk

GLL’s expense ratio (approximately 0.95% as reported by the issuer) reduces returns relative to the gross leveraged exposure. Over time, higher operating costs compound with volatility decay to lower investor returns compared to a hypothetical zero-fee leveraged exposure.

Tax Considerations

GLL is structured to use futures and swaps, and issuer materials generally describe fund tax treatment. Depending on jurisdiction and investor status, tax reporting and treatment can differ for funds that rely heavily on derivatives and that may be treated as commodity pools or grantor trusts for tax purposes.

• As of 2026-01-28, ProShares’ prospectus and tax guide provide details on U.S. federal tax treatment and guidance for non-U.S. investors.
• Investors should consult a qualified tax advisor for specific guidance; tax consequences depend on individual circumstances and jurisdiction.

Note: Issuers sometimes issue specific guidance for withholding or PTP (publicly traded partnership) rules where applicable; consult the fund prospectus for the definitive tax treatment for gll stock.

Use Cases

Common, appropriate use cases for gll stock include:

• Short-term tactical bearish exposure to gold prices when a trader expects a near-term decline.
• Intraday or short-duration speculation to capture bearish moves in gold.
• Portfolio hedging for short-lived exposures, for example hedging a short-term event risk that could move gold prices higher.

Explicitly unsuitable uses:

• Long-term passive exposure to a bearish gold position. gll stock is not designed for buy-and-hold strategies.
• Using gll stock as a replacement for portfolio-level risk management without understanding daily reset mechanics.

When using gll stock for hedging or trading, plan holding periods carefully and understand how leverage and compounding can alter outcomes beyond a single day.

Alternatives and Related Funds

Investors comparing gll stock to alternatives should consider product structure, fees, liquidity, and tax treatment. Relevant alternatives include:

• Long gold ETFs (physically backed) such as large, physically backed products that hold bullion and aim to track spot gold more directly.
• Unleveraged commodity vehicles that provide exposure to gold futures without leverage.
• Other leveraged or inverse gold ETFs offered by different issuers; compare objectives (-1×, -2×, +2×, +3×), expense ratios, and historical tracking behavior.

When evaluating alternatives, compare:

• Whether the fund holds physical bullion or is futures/derivatives-based.
• Expense ratios and additional trading costs.
• Liquidity, average daily volume, and bid–ask spreads.
• Tax treatment and any special structural considerations.

For traders using an execution and custody platform, consider Bitget’s trading services and wallet features where available; Bitget’s platform may offer integrated market access and tools to monitor leveraged and inverse ETF positions alongside other assets.

Regulatory, Prospectus and Documentation

Investors should review the fund prospectus, the statement of additional information, and the issuer’s fact sheet for gll stock before trading. These documents provide the official, detailed disclosures of fund mechanics, fees, risks, and operational terms.

Where to find primary documents (no external links provided here):

• The ProShares GLL product page (issuer-maintained) publishes the prospectus, fact sheet, NAV history, and daily holdings disclosures.
• SEC filings and Form N-1A (or other relevant filings) provide regulatory disclosures and are the authoritative source for material changes.
• Market data providers and ETF databases publish historical NAV and performance series for further analysis.

As of 2026-01-28, according to issuer documents, the prospectus contains up-to-date disclosures on fund operating expenses, derivatives usage, and risks. Always read the prospectus fully to understand fund-specific rules and the circumstances under which the fund may deviate from stated objectives.

See Also

• Leveraged ETFs
• Inverse ETFs
• Gold futures
• Bloomberg Gold Subindex
• GLD (SPDR Gold Shares) — long gold ETF
• ETF tracking error
• Commodity pools

Performance Data, Market Size and Trading Volume (Reporting Date Notes)

• As of 2026-01-28, according to ProShares’ fund disclosure materials, investors should refer to the issuer for current assets under management (AUM) and average daily trading volume for gll stock; those figures change day to day.
• Market data providers publish daily volume and AUM snapshots; check the latest published figures before trading.

Quantitative metrics to verify prior to trading gll stock include:

• Current NAV and market price spread
• Average daily trading volume (shares)
• Assets under management (USD)
• Historical NAV-based returns over 1-day, 1-week, 1-month, 3-month, 1-year horizons

Because these indicators change frequently, they are best validated against current issuer and market data sources on the trade date.

References and Data Sources

This article’s factual descriptions are based on issuer disclosures and standard industry sources for ETF structure and derivatives usage. Primary sources to consult for validation include:

• ProShares GLL product page, prospectus, and fact sheet (issuer primary documents).
• SEC filings and periodic reports for the fund.
• Market data providers and ETF databases for NAV history, trading volume, and AUM.

As of 2026-01-28, according to ProShares’ public disclosures, the fund’s structure, objective, and expense ratio are described above; consult the most recent prospectus for the definitive and current figures.

Further reading and official documents are recommended before making trading decisions. For up-to-the-minute order execution and custody features, consider exploring Bitget’s platform capabilities and wallet services for potential convenience when integrating ETF trading with broader asset management workflows.

Note: This article is informational and neutral. It is not investment advice. Investors should read the official prospectus for gll stock and consult a qualified advisor for tax or investment guidance. For account setup, trading access, and integrated wallet support, consider Bitget’s services where suitable for your needs.