Key Highlights

  • BIS rose 3.04% to $11.55 on Friday, October 23, 2026, from an implied prior close near $11.21 (calculated).
  • A minus 2x fund implies the Nasdaq Biotechnology Index fell about 1.52% on the day (calculated, before fees).
  • The fund's net expense ratio is 0.95%, against 3.20% gross, and its assets were about $1.86 million.
  • Amgen closed at $447.28 on Thursday, October 22, up 2.04%, with a market value of $241.81 billion.
  • Amgen reports next on November 3, 2026.

BIS Fund: Why Did a 2x Inverse Biotech Product Rise 3% on Friday?

ProShares UltraShort Nasdaq Biotechnology (NASDAQ:BIS) rose 3.04% to $11.55 on Friday, October 23, 2026. It seeks twice the inverse of the daily performance of the Nasdaq Biotechnology Index, so the gain points to an index decline of roughly 1.52% (3.04% divided by two, calculated and approximate).

No single biotech headline sits behind the move. Large biotechs eased in early trading while inverse funds tied to the Dow, banks and gold miners also rose, which fits a broad pullback rather than one company's news.

Large-Cap Biotech: What Is Happening at Amgen, Gilead and Vertex?

Large companies set the tone for an index of this kind. Amgen (NASDAQ:AMGN) closed at $447.28 on Thursday, up 2.04%, and was indicated 0.72% lower early Friday. Its last report, on August 4, showed earnings of $6.29 a share, and the stock rose 4.57% the next day.

Amgen announced full Phase 3 CROSSING results for Tezspire in eosinophilic esophagitis this week, and research firms raised price targets to $480 and $400. Options markets were pricing a move of about 5.28% around the November 3 report.

Gilead (NASDAQ:GILD) agreed on October 14 to a collaboration with a biotech partner worth up to $1.87 billion, with $135 million upfront or near term. Vertex (NASDAQ:VRTX) has been among the buyers in a deal-heavy year, and Moderna (NASDAQ:MRNA) was quoted 3.27% lower early Friday after a melanoma vaccine result emerged ahead of an embargo. A widely held biotech fund lists Gilead, Amgen and Vertex as its three largest positions, at 8.44%, 8.01% and 7.44%.

Product Risk: What Does a $1.86 Million Fund Mean for Spreads and Resets?

The fund launched in April 2010 and trades on Nasdaq. Net assets of about $1.86 million, as of late September, are small beside its leveraged peers, and very small funds can show wider bid-ask spreads and may be closed by their sponsors.

The expense ratio is 0.95% net, with the page showing a gross figure of 3.20% and a contractual fee waiver stated through September 30, 2026. A 2x inverse fund resets daily. If the index fell 1.52% and then rose 1.52%, it would end about 0.02% lower, while the fund would gain 3.04%, then lose 3.04%, finishing about 0.09% lower (calculated, before fees).

What to Watch: Do the Fed and Amgen Set the Next Biotech Test?

The Federal Reserve decides on October 28, with the 10-year Treasury yield at 4.96% on October 22 after a 17 basis point fall. Amgen follows on November 3 after the close. This article is informational only; leveraged and inverse products are designed for short holding periods and can lose value even when an index is flat.