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Launched · SEC filings

ProShares UltraShort S&P500

SDSNYSE ArcaProSharesBThis 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.

$56.41+0.52 (+0.93%)

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

B56/ 100

Rank 4 of 5 in Inverse S&P 500

B56/100Rank 4 of 5inInverse S&P 500
Intraday session: up, 79 prints from 55.89 to 56.41. Range 54.77 to 56.42. Use the arrow keys to read each point.55.0055.5010 AM12 PM2 PM4 PM
Expense ratio
0.91%
Fund size
$372M
1Y total return
−15.6%
Yield · Last 12 months
5.07%
Holdings
13
Avg volume · 30D
2.99M sh
52W range
low $51.97high $80.50
Launched
Filings
SEC EDGAR

The ETF.net SDS Grade

B

Score 56 out of 100

Category
Inverse S&P 500⁠
Rank
4 of 5
Six-pillar profile for SDS. Scores out of 100: Cost 42, Risk 49, Mission 80, Tradability 48, Holdings 61, Durability 59. Strongest: Mission (80). Weakest: Cost (42). Leans toward Mission.

Score 56 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C42 out of 100
    Rank 4 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A80 out of 100
    Rank 3 of 3

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C49 out of 100
    Rank 3 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C48 out of 100
    Rank 5 of 5

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    B61 out of 100
    Rank 1 of 3

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 2 of 5

Our read on SDS

ETF.net Research

In short

BThe middle setting on the bear-S&P dial: SDS aims for two times the inverse of the S&P 500's daily move, before fees. Running since 2006, it resets every close, which makes it a trading tool, not a parking spot.

Stated mandate

The fund seeks daily, before-fee-and-expense returns equal to two times the inverse of the daily performance of the S&P 500 Index.

Why people hold it

  • The mandate is one sentence long: twice the inverse of the S&P 500's daily performance. Day to day, it has landed close to that stated target.
  • Launched in 2006, it is one of the original leveraged ETFs and has run under the same sponsor through multiple market cycles.
  • Middle gear of the S&P bear lineup: SH runs 1x inverse, SPXU 3x, SDS 2x. Inverse exposure in a normal brokerage ticket, no share borrow.

Worth knowing

  • The 2x target resets daily. Over longer holds, compounding in choppy markets can pull results well away from twice the index's move for that stretch.
  • At 0.91% it is the dearest of the ProShares S&P bear trio (SH 0.89%, SPXU 0.90%) and sits just above the cohort median.
  • It is not the most heavily traded name in the S&P bear group, so spreads add to the bill on fast round trips.

SDS Holdings

Holdings pillarB61 out of 100Rank 1 of 3 in Inverse S&P 500
Asset class
Stocks
Holdings
13
Top-10 weight
136%
Largest holding
IQMM99.6%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1IQMMProshares Genius Mny Mkt Etf99.59%3,815,000$382M61
2No dataTREASURY BILL, 0%, due 2026-11-056.52%25,000,000$25M11
3No dataTREASURY BILL, 0%, due 2026-11-175.21%20,000,000$20M7
4No dataTREASURY BILL, 0%, due 2026-12-175.19%20,000,000$19.9M10
5No dataTREASURY BILL, 0%, due 2026-12-084.42%17,000,000$16.9M4
6No dataTREASURY BILL, 0%, due 2026-11-104.30%16,500,000$16.5M10
7No dataTREASURY BILL, 0%, due 2027-01-123.88%15,000,000$14.9M7
8No dataTREASURY BILL, 0%, due 2026-12-293.11%12,000,000$11.9M19
9No dataTREASURY BILL, 0%, due 2026-11-032.61%10,000,000$10M11
10No dataTREASURY BILL, 0%, due 2027-03-041.54%6,000,000$5.92M3
11No dataTREASURY BILL, 0%, due 2026-12-311.30%5,000,000$4.97M4
12No dataTREASURY BILL, 0%, due 2027-01-191.29%5,000,000$4.96M12
13No dataTREASURY BILL, 0%, due 2026-11-240.52%2,000,000$2M2

Showing 1–13 of 13 holdings

SDS Performance

Launched Jul 11, 2006

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

SDS$8,437
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. SDS $8,437. SPY $11,199. Use the arrow keys to read each point.$8,000$10,000$12,000Oct 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 SDS. Periods over one year show the average yearly return.
PeriodSDS
Year to date−16.1%
1 month+2.5%
3 months−1.0%
1 year−15.6%
3 yearsper year−30.3%
5 yearsper year−18.7%
10 yearsper year−27.2%

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 SDS
YearReturn barSDS
2026 YTD−16.1%
2025−26.8%
2024−29.4%
2023−31.6%
2022+30.7%

SDS in the news

SDS 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.
5.07%Last 12 months
Payout per share
$2.83Last 12 months
Last payment
$0.63 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2017–2026

One bar per payment. 27 payments from 2017 to 2026 YTD. Dec 26, 2017 $0.91; Mar 21, 2018 $1.95; Jun 20, 2018 $3.08; Sep 26, 2018 $4.30; Dec 26, 2018 $4.41; Mar 20, 2019 $2.25; Jun 25, 2019 $3.59; Sep 25, 2019 $3.23; Dec 24, 2019 $2.35; Mar 25, 2020 $1.43; Sep 23, 2020 $1.42; Dec 22, 2022 $0.80; Mar 22, 2023 $1.37; Jun 21, 2023 $1.88; Sep 20, 2023 $2.46; Dec 20, 2023 $2.92; Mar 20, 2024 $1.72; Jun 26, 2024 $2.22; Sep 25, 2024 $1.71; Dec 23, 2024 $2.12; Mar 26, 2025 $1.17; Jun 25, 2025 $0.86; Sep 24, 2025 $0.82; Dec 24, 2025 $1.17; Mar 25, 2026 $0.42; Jun 24, 2026 $0.61; Sep 23, 2026 $0.63. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.63
Jun 24, 2026Jun 30, 2026$0.61
Mar 25, 2026Mar 31, 2026$0.42
Dec 24, 2025Dec 31, 2025$1.17
Sep 24, 2025Sep 30, 2025$0.82
Jun 25, 2025Jul 1, 2025$0.86
Mar 26, 2025Apr 1, 2025$1.17
Dec 23, 2024Dec 31, 2024$2.12
Sep 25, 2024Oct 2, 2024$1.71
Jun 26, 2024Jul 3, 2024$2.22
Mar 20, 2024Mar 27, 2024$1.72
Dec 20, 2023Dec 28, 2023$2.92

See all 36 payments⁠

$10,000 in SDS 10 years ago paid $294 in dividends.⁠

SDS Risk

Risk pillarC49 out of 100Rank 3 of 5 in Inverse S&P 500

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.
22.9%
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.
−1.63
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.
−76.6%
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.
−1.92
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.

SDS Cost

Compare SDS and SPDN

Overpaying vs SPDN, cheapest in Inverse S&P 500

$7,602

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

  • SDS 0.91%

    $17,207

  • SPDN 0.48% Cheapest

    $9,605

$10,000
30 years

Cost over time

  • SDS 0.91%
  • SPDN 0.48%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SDS $17,207SPDN $9,605

Year by year

YearSDSSPDNOverpaying
10$1,610$865$745
20$6,076$3,328$2,748
30$17,207$9,605$7,602

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