ProShares - UltraShort Silver
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.
$28.67+0.93 (+3.35%)
- 0.95%
- $69M
- +90.1%
- 3.2M sh
- $27.71
- low $1.57high $147.90
The ETF.net ZSL Grade
B
Score 67 out of 100
- 9 of 54
Score 67 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.A88 out of 100Rank 4 of 54Mission
Whether the fund did what it promised, tested against its stated mandate.Risk
How the fund held up when markets fell: downside volatility, drawdowns and tail loss.C40 out of 100Rank 33 of 53Tradability
How easy the fund is to trade: daily volume, and how far its price strays from net asset value.B56 out of 100Rank 21 of 54Holdings
How concentrated the fund is, and how complete and current its disclosed holdings are.Durability
Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.B65 out of 100Rank 8 of 54
Our read on ZSL
BSilver runs hot, and ZSL leans the other way. Live since 2008, it aims to deliver twice the inverse of the Bloomberg Silver Subindex's daily move, reset every day: a short-term trading tool in a corner with almost no rivals.
The fund seeks daily results, before fees and expenses, equal to two times the inverse of the Bloomberg Silver Subindex’s daily performance.
Why people hold it
- Fee runs 0.95% a year, under the median for leveraged and inverse bear funds, and it stands among the stronger builds in that group.
- ProShares calls it the only US ETF designed to gain when daily silver futures prices fall. Inverse silver exposure via one ticker, no futures account or margin short.proshares.com
- Actively traded for such a specialized corner, which helps keep the spread you pay on the way in and out contained.
- Trading since December 2008, so it has run through multiple silver booms and busts under the same daily -2x mandate.
Worth knowing
- The -2x target resets daily. Held longer, compounding can push results far from twice the inverse of the index's move over the period.sec.gov
- The benchmark tracks rolling COMEX silver futures, not spot silver, and futures can behave very differently from the metal's spot price.sec.gov
- It is a commodity pool taxed as a partnership, so holders get a Schedule K-1 at tax time rather than a 1099.proshares.com
ZSL Holdings
- Other
- 1
- 100%
- Net Other Assets (Liabilities)
ZSL Performance
Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.
ZSL$19,013
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 | ZSL |
|---|---|
| Year to date | +419.5% |
| 1 month | +13.1% |
| 3 months | −7.3% |
| 1 year | +90.1% |
| 3 years | −32.2% |
| 5 years | −25.2% |
| 10 years | −25.6% |
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 | ZSL |
|---|---|---|
| 2026 YTD | +419.5% | |
| 2025 | −87.3% | |
| 2024 | −42.4% | |
| 2023 | −5.5% | |
| 2022 | −28.1% | |
| 2021 | −2.0% | |
| 2020 | −74.4% |
ZSL in the news
ZSL Dividends
No distributions in the last 12 months.
ZSL 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.
- 211.4%
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.
- 0.22
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.
- −98.9%
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.
- −1.90
How it’s calculated: beta
The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.
ZSL Cost
0.95%
ZSL0.95%
- The middle half of Leveraged Inverse (2x & Other) funds
- Median 1.44%
3 of the 53 Leveraged Inverse (2x & Other) funds charge less.
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- BDXDProShares UltraShort Dow30Expense ratio 1.06%1 year return −21.0%
- BGLLProShares - UltraShort GoldExpense ratio 0.95%1 year return −19.4%
- BQIDProShares - UltraShort QQQExpense ratio 1.02%1 year return −38.9%