SPDN, the ProShares UltraShort S&P500 ETF, is a leveraged inverse exchange-traded fund designed to provide -2x the inverse daily performance of the S&P 500 Index. This analysis evaluates its Shariah compliance across financial ratios, business activities, index inclusions, and multi-perspective views. Due to its reliance on derivatives, short selling, and potential interest-bearing instruments, SPDN fails qualitative business activity screening under all major Shariah standards. Financial ratios cannot be meaningfully calculated due to the ETF structure lacking traditional corporate balance sheets. Overall, it is classified as non-compliant based on unanimous exclusion from Shariah indices.