ProShares - UltraShort Nasdaq Biotechnology
DThis 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.
$12.32+0.58 (+4.94%)
- 3.20%
- $2M
- −49.8%
- 5.26%
- 0M sh
- $11.76
- low $10.51high $24.54
The ETF.net BIS Grade
D
Score 27 out of 100
- 44 of 54
Score 27 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
- 27
- This cap took
- −0
- Published Score
- 27
Cost
The fund’s net expense ratio, ranked against its category.F21 out of 100Rank 43 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.D28 out of 100Rank 45 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.D36 out of 100Rank 37 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.D39 out of 100Rank 41 of 54
Our read on BIS
DA dedicated bearish bet on biotech: BIS aims for negative two times the daily move of the Nasdaq Biotechnology Index, reset every day. Built as a short-horizon trading tool, not a set-and-forget hedge.
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
- Pure-play bearish biotech exposure in one ticker: -2x the Nasdaq Biotechnology Index's daily move, no margin account, no locating shares to borrow.proshares.com
- Open since 2010 and registered under the 1940 Act, so it reports on a standard 1099 (no K-1), and unlike an actual short position it cannot cost you more than you put in.proshares.com
- The reference point is a published benchmark, the Nasdaq Biotechnology Index, not a manager's discretionary basket, so you can see exactly what you are positioned against.proshares.com
Worth knowing
- Daily reset is the whole story. The fund states it is not designed to hit -2x over periods longer than one day; compounding pushes longer holds away from that math, especially in choppy tape.proshares.com
- At a 3.2% expense ratio, this is priced well above the typical leveraged or inverse ETF, a real drag on any position held beyond a quick trade.
- Small asset base and light trading volume, which can mean wider bid-ask spreads and more slippage on size than you would meet in the big index-short funds like PSQ.
BIS Holdings
- Stocks
- 1
- 100%
- Net Other Assets (Liabilities)
BIS Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
BIS$5,020
Returns run to the Oct 12, 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.
| Period | BIS |
|---|---|
| Year to date | −36.3% |
| 1 month | −0.7% |
| 3 months | −10.1% |
| 1 year | −49.8% |
| 3 years | −33.9% |
| 5 years | −19.4% |
| 10 years | −26.5% |
Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.
| Year | Return bar | BIS |
|---|---|---|
| 2026 YTD | −36.3% | |
| 2025 | −46.0% | |
| 2024 | +4.8% | |
| 2023 | −6.6% | |
| 2022 | −2.1% | |
| 2021 | −14.7% | |
| 2020 | −56.1% |
BIS in the news
BIS Dividends
- 5.26%
- $0.62
- $0.14 per share
- Quarterly
Distribution history
BIS Risk
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.
- 33.2%
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.
- −1.23
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.
- −83.2%
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.
- −1.17
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
BIS Cost
3.20%
BIS3.20%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
41 of the 53 Leveraged Inverse (2x & Other) funds charge less.
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