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SH

GradeANew York Stock Exchange Arca

ProShares - Short S&P500

Leveraged · Leveraged & Inverse · ProShares · Inception 2006-06-19 · 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.

$32.10−0.10 (−0.30%)

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

Intraday session: down, 59 prints from 32.20 to 32.10. Range 31.93 to 32.17. Use the arrow keys to read each point.$32.00$32.2010 AM12 PM2 PM4 PM
Expense ratio
0.89%
Fund size
$975M
1Y return
−10.2%
Yield · Last 12 months
4.31%
Holdings
18
Volume · 30D
8.3M sh
NAV per share
$32.67
52W range
low $31.83high $39.20

The ETF.net SH Grade

A

70/ 100

Rank 2 of 5 in Inverse S&P 500⁠

Confidence Medium

Six-pillar profile for SH. Scores out of 100: Cost 64, Risk 65, Mission 87, Tradability 71, Holdings 57, Durability 67. Strongest: Mission (87). Weakest: Holdings (57). Leans toward Mission.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 70 of 100 sits in the A 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.
    BScore 64
    Category rank2/5 · top 40%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 87
    Category rank1/3 · top 33%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 65
    Category rank1/5 · top 20%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 71
    Category rank1/5 · top 20%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    BScore 57
    Category rank2/3 · mid-pack

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 67
    Category rank1/5 · top 20%

Graded as of Sep 22, 2026

Our read on SH

ETF.net Research

AThe plain-vanilla bear on the S&P 500: one unit of downside, no leverage stacked on top. Running since 2006, it aims to deliver the inverse of the index's move each day, then resets, which makes it a short-hold tool by design.

Stated mandate

The fund seeks daily returns before fees and expenses that are the inverse of the S&P 500 Index’s daily performance. It is intended to benefit when that index declines.

Why people hold it

  1. 01Straight -1x exposure. Its bear-S&P shelfmates run at -2x (SDS) or -3x (SPXU, SPXS), so this is the version without amplified moves.proshares.com
  2. 02Launched in 2006, one of the longest-running inverse equity ETFs, with a track record spanning the 2008 crash and every drawdown since.
  3. 03The mandate is one line and it sticks to it: inverse the S&P 500's daily return, before fees. Day-to-day tracking against that target has been tight.proshares.com
  4. 04Fee of 0.89% sits a hair under the middle of its bear-S&P peer group, and it is among the more actively traded names in that small corner.

Worth knowing

  1. 01Daily reset. Hold longer than a day and compounding takes over, so results can drift from the simple inverse of the index over that stretch, especially in choppy markets.proshares.com
  2. 02Not the cheapest way to get -1x: Direxion's SPDN charges 0.54% for the same daily inverse S&P 500 target.
  3. 03Distributions come quarterly and are driven by collateral income, not S&P 500 dividends. A short position does not collect those.proshares.com

SH Holdings

As of Sep 20, 2026, 6:50 AM
Asset class
Stocks
Holdings
18
Top-10 weight
114%
Largest holding
IQMM82.8%

Sectors

Geography

The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001IQMMPROSHARES GENIUS MNY MKT ETF82.78%7,818,000$783M61
002—TREASURY BILL, 0%, due 2026-11-1710.51%100,000,000$99M7
003—TREASURY BILL, 0%, due 2026-09-227.93%75,000,000$75M12
004—TREASURY BILL, 0%, due 2026-10-155.28%50,000,000$50M5
005—TREASURY BILL, 0%, due 2026-12-295.23%50,000,000$49M18
006—TREASURY BILL, 0%, due 2026-11-032.63%25,000,000$25M11

Showing 1–6 of 6 holdings

SH Performance

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

SH$8,977
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. SH $8,977. SPY $11,723. Use the arrow keys to read each point.$8,664$10,328$11,991Sep 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 SH. Periods over one year show the average yearly return.
PeriodSH
Year to date−9.3%
1 month−0.8%
3 months−2.7%
1 year−10.2%
3 years−13.8%per year
5 years−8.5%per year
10 years−12.6%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 SH
YearReturn barSH
2026 YTD−9.3%
2025−11.4%
2024−13.5%
2023−14.8%
2022+18.9%
2021−24.2%
2020−25.1%

SH in the news

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

SH 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.
4.31%Last 12 months
Payout per share
$1.39Last 12 months
Last payment
$0.32 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 $0.07; Mar 21, 2018 $0.15; Jun 20, 2018 $0.31; Sep 26, 2018 $0.43; Dec 26, 2018 $0.37; Mar 20, 2019 $0.41; Jun 25, 2019 $0.51; Sep 25, 2019 $0.43; Dec 24, 2019 $0.35; Mar 25, 2020 $0.11; Sep 21, 2022 $0.49; Dec 22, 2022 $0.20; Mar 22, 2023 $0.49; Jun 21, 2023 $0.70; Sep 20, 2023 $0.66; Dec 20, 2023 $0.94; Mar 20, 2024 $0.57; Jun 26, 2024 $0.79; Sep 25, 2024 $0.56; Dec 23, 2024 $0.70; Mar 26, 2025 $0.31; Jun 25, 2025 $0.42; Sep 24, 2025 $0.41; Dec 24, 2025 $0.48; Mar 25, 2026 $0.18; Jun 24, 2026 $0.32. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Jun 24, 2026Jun 30, 2026$0.32
Mar 25, 2026Mar 31, 2026$0.18
Dec 24, 2025Dec 31, 2025$0.48
Sep 24, 2025Sep 30, 2025$0.41
Jun 25, 2025Jul 1, 2025$0.42
Mar 26, 2025Apr 1, 2025$0.31
Dec 23, 2024Dec 31, 2024$0.70
Sep 25, 2024Oct 2, 2024$0.56
Jun 26, 2024Jul 3, 2024$0.79
Mar 20, 2024Mar 27, 2024$0.57
Dec 20, 2023Dec 28, 2023$0.94
Sep 20, 2023Sep 27, 2023$0.66

SH 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.
12.4%
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.
−1.35
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.
−45.5%
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.
−0.97
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.

SH Cost

Expense ratio0.89%
  • The middle half of Inverse S&P 500 funds
  • Median 0.90%

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

SH costs $89.00 a year on $10,000. The median Inverse S&P 500 fund costs $90.00.