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Launched · SEC filings

ProShares UltraShort Real Estate

SRSNYSE 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.

$39.34+0.66 (+1.69%)

As of Nov 10, 2026, 11:25 AM ET

B53/ 100

Rank 14 of 54 in Leveraged Inverse (2x & Other)

B53/100Rank 14 of 54inLeveraged Inverse (2x & Other)
Intraday session: up, 23 prints from 38.69 to 39.34. Range 39.04 to 39.50. Use the arrow keys to read each point.38.8039.0039.2010 AM12 PM2 PM4 PM
Expense ratio
0.95%*
Fund size
$16M
1Y total return
−17.2%
Yield · Last 12 months
3.39%
Holdings
2
Avg volume · 30D
14.3K sh
52W range
low $36.36high $50.80
Launched
Filings
SEC EDGAR

*After a fee waiver that ends Sep 30, 2027. Without it: 1.29%.

The ETF.net SRS Grade

Based on 5 of 6 pillars

B

Score 53 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
14 of 54
Six-pillar profile for SRS. Scores out of 100: Cost 50, Risk 55, Mission not scored, Tradability 60, Holdings 36, Durability 56. Strongest: Tradability (60). Weakest: Holdings (36). Based on 5 of 6 pillars.

Score 53 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25. The letter stays B for now. A new letter must hold for 3 published runs before it replaces it.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    C50 out of 100
    Rank 1 of 54

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    Not scored

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B55 out of 100
    Rank 21 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B60 out of 100
    Rank 17 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    D36 out of 100
    Rank 16 of 16

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B56 out of 100
    Rank 16 of 54

Our read on SRS

ETF.net Research

In short

BThe one-ticker way to lean against US real estate with leverage: SRS targets twice the inverse of the S&P 500's real estate sector, recalculated every single day. It has been running since 2007, just as the housing market cracked.

Stated mandate

The fund seeks daily results, before fees and expenses, equal to two times the inverse performance of the S&P Real Estate Select Sector SM Index.

Why people hold it

  • ProShares describes it as the only -2x ETF built to rise when the real estate sector falls on a given day. A REIT-heavy short with leverage, in one brokerage ticker, no margin account or borrow hunt.proshares.com
  • 0.95% net of a waiver through September 30, 2027 (1.29% gross), near the category median and the same net fee as ProShares' index shorts like PSQ and RWM, each 0.95% net of waivers through September 30, 2027.
  • Trading since January 2007, so nearly two decades of operating history across full real estate cycles. Few inverse sector funds have been around that long.
  • Among the leveraged and inverse funds we review, it sits in the upper tier of a large peer group on how cleanly the exposure is built and traded.

Worth knowing

  • The -2x target is a one-day target. The prospectus states that over longer periods daily rebalancing and compounding will very likely make returns differ from -2x the index, including in flat markets.sec.gov
  • Exposure comes mainly from swaps with large financial institutions rather than shorted shares, so counterparty terms and financing costs sit inside the return.sec.gov
  • A small fund that trades lightly next to the big index-based inverse ETFs, so spreads and execution deserve attention.

SRS Performance

Launched Jan 30, 2007

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

SRS$8,282
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,339
Nov 7, 2025 to Nov 9, 2026. SRS $8,282. SPY $11,339. Use the arrow keys to read each point.$8,000$10,000$12,000Nov 2025May 2026Nov 2026

Nov 7, 2025 – Nov 9, 2026

Returns run to the Nov 9, 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 SRS. Periods over one year show the average yearly return.
PeriodSRS
Year to date−20.0%
1 month−13.2%
3 months+0.5%
1 year−17.2%
3 yearsper year−18.8%
5 yearsper year−3.7%
10 yearsper year−17.6%

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 SRS
YearReturn barSRS
2026 YTD−20.0%
2025−1.5%
2024−3.5%
2023−18.9%
2022+54.7%

SRS in the news

SRS 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 Nov 9, 2026.
3.39%Last 12 months
Payout per share
$1.31Last 12 months
Last payment
$0.33 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. 24 payments from 2017 to 2026 YTD. Jun 20, 2018 $0.0099; Sep 26, 2018 $0.50; Dec 26, 2018 $0.65; Mar 20, 2019 $0.57; Jun 25, 2019 $0.86; Sep 25, 2019 $0.74; Dec 24, 2019 $0.51; Mar 25, 2020 $0.19; Dec 22, 2022 $0.22; Mar 22, 2023 $0.42; Jun 21, 2023 $0.59; Sep 20, 2023 $0.66; Dec 20, 2023 $0.89; Mar 20, 2024 $0.51; Jun 26, 2024 $0.97; Sep 25, 2024 $0.79; Dec 23, 2024 $0.88; Mar 26, 2025 $0.49; Jun 25, 2025 $0.43; Sep 24, 2025 $0.42; Dec 24, 2025 $0.43; Mar 25, 2026 $0.26; Jun 24, 2026 $0.29; Sep 23, 2026 $0.33. Use the arrow keys to read each point.2017201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 23, 2026Sep 29, 2026$0.33
Jun 24, 2026Jun 30, 2026$0.29
Mar 25, 2026Mar 31, 2026$0.26
Dec 24, 2025Dec 31, 2025$0.43
Sep 24, 2025Sep 30, 2025$0.42
Jun 25, 2025Jul 1, 2025$0.43
Mar 26, 2025Apr 1, 2025$0.49
Dec 23, 2024Dec 31, 2024$0.88
Sep 25, 2024Oct 2, 2024$0.79
Jun 26, 2024Jul 3, 2024$0.97
Mar 20, 2024Mar 27, 2024$0.51
Dec 20, 2023Dec 28, 2023$0.89

See all 30 payments⁠

$10,000 in SRS 10 years ago paid $385 in dividends.⁠

SRS Risk

Risk pillarB55 out of 100Rank 21 of 54 in Leveraged Inverse (2x & Other)

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.
33.0%
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.
−0.59
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.
−54.8%
Trough Jul 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.
−1.87
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.

SRS Cost

Compare SRS and QQQD

Overpaying vs QQQD, cheapest in Leveraged Inverse (2x & Other)

$7,890

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

  • SRS 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • SRS 0.95%
  • QQQD 0.50%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530SRS $17,869QQQD $9,979

Year by year

YearSRSQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890
How the 0.95% is worked out

Full fee 1.29%− waiver 0.34%= you pay 0.95%

The waiver ends Sep 30, 2027. After that the fee is 1.29% unless ProShares renews it. Source: prospectus, Sep 2026.

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