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Launched · SEC filings

ProShares UltraShort Silver

ZSLNYSE ArcaProSharesCThis 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.

$38.27−1.96 (−4.87%)

At close: Nov 2, 2026, 4:00 PM ET

C50/ 100

Rank 23 of 54 in Leveraged Inverse (2x & Other)

C50/100Rank 23 of 54inLeveraged Inverse (2x & Other)
Intraday session: down, 79 prints from 40.23 to 38.27. Range 37.42 to 38.40. Use the arrow keys to read each point.37.5039.0039.5010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$66M
1Y total return
+182.9%
Yield · Last 12 months
No data
Holdings
1
Avg volume · 30D
3.09M sh
52W range
low $1.57high $144.10
Launched
Filings
SEC EDGAR

The ETF.net ZSL Grade

Based on 4 of 6 pillars

C

Score 50 out of 100

Category
Leveraged Inverse (2x & Other)⁠
Rank
23 of 54
Six-pillar profile for ZSL. Scores out of 100: Cost 50, Risk 40, Mission not scored, Tradability 58, Holdings not scored, Durability 65. Strongest: Durability (65). Weakest: Risk (40). Based on 4 of 6 pillars.

Score 50 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.

  • 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.
    C40 out of 100
    Rank 34 of 53

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B58 out of 100
    Rank 20 of 54

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B65 out of 100
    Rank 8 of 54

Our read on ZSL

ETF.net Research

In short

CSilver 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.

Stated mandate

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 Performance

Launched Dec 1, 2008

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

ZSL$28,285
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. ZSL $28,285. SPY $11,146. Use the arrow keys to read each point.$0$10,000$20,000$30,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 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 ZSL. Periods over one year show the average yearly return.
PeriodZSL
Year to date+616.7%
1 month+39.4%
3 months+22.3%
1 year+182.9%
3 yearsper year−22.1%
5 yearsper year−18.7%
10 yearsper year−22.3%

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 ZSL
YearReturn barZSL
2026 YTD+616.7%
2025−87.3%
2024−42.4%
2023−5.5%
2022−28.1%
2021−2.0%
2020−74.4%

ZSL in the news

ZSL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

ZSL Risk

Risk pillarC40 out of 100Rank 34 of 53 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.
212.6%
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.
0.30
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.
−98.9%
Trough Jan 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.
−1.90
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.

ZSL Cost

Compare ZSL 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.

  • ZSL 0.95%

    $17,869

  • QQQD 0.50% Cheapest

    $9,979

$10,000
30 years

Cost over time

  • ZSL 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$20K051015202530ZSL $17,869QQQD $9,979

Year by year

YearZSLQQQDOverpaying
10$1,678$900$778
20$6,322$3,460$2,862
30$17,869$9,979$7,890

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