ProShares - Short S&P500
BThis 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.
$31.83+0.01 (+0.03%)
- 0.89%
- $958M
- −12.6%
- 4.00%
- 8.5M sh
- $31.82
- low $31.64high $39.20
The ETF.net SH Grade
B
Score 69 out of 100
- 2 of 5
Score 69 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.B64 out of 100Rank 2 of 5Mission
Whether the fund did what it promised, tested against its stated mandate.A83 out of 100Rank 1 of 3Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.B65 out of 100Rank 1 of 5Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.A71 out of 100Rank 1 of 5Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.B55 out of 100Rank 2 of 3Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B67 out of 100Rank 1 of 5
Our read on SH
BThe 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.
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
- Straight -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
- Launched in 2006, one of the longest-running inverse equity ETFs, with a track record spanning the 2008 crash and every drawdown since.
- The 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
- Fee 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
- Daily 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
- Not the cheapest way to get -1x: Direxion's SPDN charges 0.54% for the same daily inverse S&P 500 target.
- Distributions come quarterly and are driven by collateral income, not S&P 500 dividends. A short position does not collect those.proshares.com
SH Holdings
- Stocks
- 6
- 118%
- IQMM
Sectors
- Financials100.0%
Geography
- United States100.00%
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$8,744
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 | SH |
|---|---|
| Year to date | −9.6% |
| 1 month | −1.6% |
| 3 months | −1.9% |
| 1 year | −12.6% |
| 3 years | −13.8% |
| 5 years | −8.7% |
| 10 years | −12.8% |
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 | SH |
|---|---|---|
| 2026 YTD | −9.6% | |
| 2025 | −11.4% | |
| 2024 | −13.5% | |
| 2023 | −14.8% | |
| 2022 | +18.9% | |
| 2021 | −24.2% | |
| 2020 | −25.1% |
SH in the news
SH Dividends
- 4.00%
- $1.27
- $0.30 per share
- Quarterly
Distribution history
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.
- 11.8%
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.
- −1.55
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.
- −45.5%
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.
- −0.97
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
0.89%
SH0.89%
- The middle half of Inverse S&P 500 funds
- Median 0.90%
1 of the 5 Inverse S&P 500 funds charge less.
Other funds in Inverse S&P 500
- ASPDNDirexion Daily S&P 500 Bear 1X ETFExpense ratio 0.54%1 year return −12.1%
- BSPXUProShares - UltraPro Short S&P500Expense ratio 0.90%1 year return −39.8%
- BSDSProShares - UltraShort S&P500Expense ratio 0.91%1 year return −27.0%
- DSPXSDirexion Daily S&P 500 Bear 3X ETFExpense ratio 1.04%1 year return −39.7%