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Launched · SEC filings

ProShares UltraShort Nasdaq Biotechnology

BISNasdaqProSharesDThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$10.77+0.30 (+2.91%)

At close: Nov 2, 2026, 4:00 PM ET

D39/ 100

Rank 49 of 54 in Leveraged Inverse (2x & Other)

D39/100Rank 49 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 79 prints from 10.47 to 10.77. Range 10.41 to 10.77. Use the arrow keys to read each point.10.4010.6010.7010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$2M
1Y total return
−49.7%
Yield · Last 12 months
5.90%
Holdings
1
Avg volume · 30D
8.68K sh
52W range
low $10.06high $22.98
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 3.91%.

The ETF.net BIS Grade

Based on 4 of 6 pillars

D

Score 39 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
49 of 54
Six-pillar profile for BIS. Scores out of 100: Cost 50, Risk 22, Mission not scored, Tradability 36, Holdings not scored, Durability 39. Strongest: Cost (50). Weakest: Risk (22). Based on 4 of 6 pillars.

Score 39 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

Very small fund, grade capped at C.

The cap holds the Score at 40 or below, so B and A are out of reach.

The pillars earned
39
This cap took
0
Published Score
39 Grade D

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F22 out of 100
    Rank 48 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    D36 out of 100
    Rank 37 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    D39 out of 100
    Rank 41 of 54

Our read on BIS

ETF.net Research

In short

DThe only -2x bet against biotech: BIS aims to deliver twice the inverse of the Nasdaq Biotechnology Index's daily move, then resets the clock every night. A gentler dial than the -3x biotech bear funds, and designed for single-day exposure.

Stated mandate

The fund seeks daily results, before fees and expenses, equal to approximately negative two times the daily performance of the Nasdaq Biotechnology Index. It is not designed to achieve that target over periods longer than one day.

Why people hold it

  • ProShares calls it the only -2x ETF built to move against daily declines in biotech. Where rivals jump straight to -3x, this is the half-step.proshares.com
  • 0.95% net of a waiver through September 30, 2027, near the category median and the same net fee as ProShares stablemates PSQ, DOG and RWM (also waived to that date).
  • Tracks the Nasdaq Biotechnology Index, the cap-weighted Nasdaq-listed biotech and pharma benchmark, rather than the equal-weight small-cap index behind Direxion's -3x biotech pair.proshares.comdirexion.com
  • Live since April 2010, so it has traded through multiple biotech boom-and-bust cycles under the same daily-reset mechanics.

Worth knowing

  • The prospectus is blunt: it targets -2x for one day and is not designed to hit that over longer periods. Compounding means multi-day results depend on the path.proshares.com
  • Gross expenses run 3.91%; the 0.95% you pay rests on a waiver scheduled through September 30, 2027.
  • One of the smaller, more thinly traded funds in the leveraged-bear group, so spreads can be wider than on headline names like PSQ.

BIS Performance

Launched Apr 7, 2010

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

BIS$5,025
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. BIS $5,025. SPY $11,199. Use the arrow keys to read each point.$5,000$7,500$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for BIS. Periods over one year show the average yearly return.
PeriodBIS
Year to date−43.2%
1 month−6.2%
3 months−24.4%
1 year−49.7%
3 yearsper year−38.9%
5 yearsper year−20.6%
10 yearsper year−28.0%

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for BIS
YearReturn barBIS
2026 YTD−43.2%
2025−46.0%
2024+4.8%
2023−6.6%

BIS in the news

BIS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Oct 30, 2026.
5.90%Last 12 months
Payout per share
$0.62Last 12 months
Last payment
$0.14 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2023–2026

One bar per payment. 14 payments from 2023 to 2026 YTD. Jun 21, 2023 $0.04; Sep 20, 2023 $0.24; Dec 20, 2023 $0.35; Mar 20, 2024 $0.32; Jun 26, 2024 $0.32; Sep 25, 2024 $0.30; Dec 23, 2024 $0.41; Mar 26, 2025 $0.27; Jun 25, 2025 $0.22; Sep 24, 2025 $0.31; Dec 24, 2025 $0.21; Mar 25, 2026 $0.14; Jun 24, 2026 $0.14; Sep 23, 2026 $0.14. Use the arrow keys to read each point.2023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.14
Jun 24, 2026Jun 30, 2026$0.14
Mar 25, 2026Mar 31, 2026$0.14
Dec 24, 2025Dec 31, 2025$0.21
Sep 24, 2025Sep 30, 2025$0.31
Jun 25, 2025Jul 1, 2025$0.22
Mar 26, 2025Apr 1, 2025$0.27
Dec 23, 2024Dec 31, 2024$0.41
Sep 25, 2024Oct 2, 2024$0.30
Jun 26, 2024Jul 3, 2024$0.32
Mar 20, 2024Mar 27, 2024$0.32
Dec 20, 2023Dec 28, 2023$0.35

See all 21 payments⁠

$10,000 in BIS 10 years ago paid $104 in dividends.⁠

BIS Risk

Risk pillarF22 out of 100Rank 48 of 53 in Leveraged Inverse (2x & Other)

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
31.5%
Annualised · 36 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−1.52
vs 3-month T-bills · to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−83.2%
Trough Aug 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−1.17
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

BIS Cost

Compare BIS and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • BIS 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • BIS 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530BIS $17,869QQQD $9,979

Year by year

YearBISQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 3.91%− waiver 2.96%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 3.91% unless ProShares renews it. Source: prospectus, Sep 2026.

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