Skip to content
etf.net

SDS

GradeBNew York Stock Exchange Arca

ProShares - UltraShort S&P500

Leveraged · Leveraged & Inverse · ProShares · Inception 2006-07-11 · SEC filings

This 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.

$53.59+0.05 (+0.09%)

As of Sep 23, 2026, 2:20 PM EDT

Intraday session: up, 59 prints from 53.54 to 53.59. Range 53.03 to 53.81. Use the arrow keys to read each point.$53.00$53.20$53.40$53.8010 AM12 PM2 PM4 PM
Expense ratio
0.91%
Fund size
$392M
1Y return
−23.1%
Yield · Last 12 months
5.65%
Holdings
16
Volume · 30D
3M sh
NAV per share
$55.15
52W range
low $52.54high $80.50

The ETF.net SDS Grade

B

57/ 100

Rank 4 of 5 in Inverse S&P 500⁠

Confidence Medium

Six-pillar profile for SDS. Scores out of 100: Cost 42, Risk 49, Mission 85, Tradability 48, Holdings 62, Durability 59. Strongest: Mission (85). Weakest: Cost (42). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 57 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    CScore 42
    Category rank4/5 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 85
    Category rank2/3 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 49
    Category rank3/5 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 48
    Category rank4/5 · bottom quartile

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 62
    Category rank1/3 · top 33%

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 59
    Category rank2/5 · top 40%

Graded as of Sep 22, 2026

Our read on SDS

ETF.net Research

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

  1. 01The 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.
  2. 02Launched in 2006, it is one of the original leveraged ETFs and has run under the same sponsor through multiple market cycles.
  3. 03Middle 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

  1. 01The 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.
  2. 02At 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.
  3. 03It 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

As of Sep 20, 2026, 6:50 AM
Asset class
Stocks
Holdings
16
Top-10 weight
137%
Largest holding
IQMM99.4%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IQMMPROSHARES GENIUS MNY MKT ETF99.41%3,785,000$379M61
002—TREASURY BILL, 0%, due 2026-10-157.85%30,000,000$30M5
003—TREASURY BILL, 0%, due 2026-11-056.53%25,000,000$25M5
004—TREASURY BILL, 0%, due 2026-11-175.21%20,000,000$20M7
005—TREASURY BILL, 0%, due 2026-12-084.42%17,000,000$17M4
006—TREASURY BILL, 0%, due 2026-11-104.31%16,500,000$16M10
007—TREASURY BILL, 0%, due 2026-09-223.94%15,000,000$15M12
008—TREASURY BILL, 0%, due 2026-11-032.61%10,000,000$10M11
009—TREASURY BILL, 0%, due 2026-10-011.31%5,000,000$5M8
010—TREASURY BILL, 0%, due 2026-12-311.30%5,000,000$5M2
011—TREASURY BILL, 0%, due 2026-11-240.52%2,000,000$2M2

Showing 1–11 of 11 holdings

SDS Performance

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

SDS$7,690
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. SDS $7,690. SPY $11,723. Use the arrow keys to read each point.$7,243$9,670$12,096Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

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.

Trailing total return for SDS. Periods over one year show the average yearly return.
PeriodSDS
Year to date−20.6%
1 month−1.9%
3 months−6.3%
1 year−23.1%
3 years−30.0%per year
5 years−21.2%per year
10 years−27.3%per year

As of the close, 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−20.6%
2025−26.8%
2024−29.4%
2023−31.6%
2022+30.7%
2021−43.0%
2020−49.9%

SDS in the news

ETF.net Research hasn’t filed on SDS yet — coverage lands here as it’s written.

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 Sep 22, 2026.
5.65%Last 12 months
Payout per share
$3.03Last 12 months
Last payment
$0.61 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. 26 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. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
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
Sep 20, 2023Sep 27, 2023$2.46

SDS 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.

How much the fund’s monthly returns vary, scaled to a year.
24.5%
Annualised · 36 months to Aug 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.
−1.36
vs 3-month T-bills · to Aug 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.
−1.93
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.

SDS Cost

Expense ratio0.91%
  • The middle half of Inverse S&P 500 funds
  • Median 0.90%

3 of the 5 Inverse S&P 500 funds charge less.

SDS costs $91.00 a year on $10,000. The median Inverse S&P 500 fund costs $90.00.