ProShares - UltraShort Nasdaq Biotechnology
$11.56+0.44 (+3.96%)
- Expense ratio
- 3.20%
- Fund size
- $2M
- 1Y return
- −57.2%
- Yield · Last 12 months
- 7.08%
- Holdings
- 8
- Volume · 30D
- 0M sh
- NAV per share
- $11.79
- 52W range
The ETF.net BIS Grade
Score 27 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E. A structural cap ceilings this fund at 40, so B and A are out of reach.
Cost
What you pay to own it — the expense ratio plus trading frictions, ranked within its category.FScore 21Category rankMission
How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.Not scoredRisk
How violently it can move — volatility, drawdown depth, and downside capture versus its category.DScore 27Category rankTradability
How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.DScore 37Category rankHoldings
What it actually owns — the quality, breadth, and concentration of the underlying portfolio.Not scoredDurability
Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.DScore 37Category rank
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
- 8
- 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.
Returns run to the Sep 22, 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 | −40.4% |
| 1 month | +2.8% |
| 3 months | −28.7% |
| 1 year | −57.2% |
| 3 years | −35.0% |
| 5 years | −17.9% |
| 10 years | −25.5% |
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 | −40.4% | |
| 2025 | −46.0% | |
| 2024 | +4.8% | |
| 2023 | −6.6% | |
| 2022 | −2.1% | |
| 2021 | −14.7% | |
| 2020 | −56.1% |
BIS in the news
ETF.net Research hasn’t filed on BIS yet — coverage lands here as it’s written.
BIS Dividends
- 7.08%
- $0.79
- $0.14 per share
- Quarterly
Distribution history
| Ex-date | Pay date | Amount per share |
|---|---|---|
| Jun 24, 2026 | Jun 30, 2026 | $0.14 |
| Mar 25, 2026 | Mar 31, 2026 | $0.14 |
| Dec 24, 2025 | Dec 31, 2025 | $0.21 |
| Sep 24, 2025 | Sep 30, 2025 | $0.31 |
| Jun 25, 2025 | Jul 1, 2025 | $0.22 |
| Mar 26, 2025 | Apr 1, 2025 | $0.27 |
| Dec 23, 2024 | Dec 31, 2024 | $0.41 |
| Sep 25, 2024 | Oct 2, 2024 | $0.30 |
| Jun 26, 2024 | Jul 3, 2024 | $0.32 |
| Mar 20, 2024 | Mar 27, 2024 | $0.32 |
| Dec 20, 2023 | Dec 28, 2023 | $0.35 |
| Sep 20, 2023 | Sep 27, 2023 | $0.24 |
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.
- 33.8%
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.
- −1.12
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.
- −1.19
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
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
41 of the 53 Leveraged Inverse (2x & Other) funds charge less.