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ZSL

GradeBNew York Stock Exchange Arca

ProShares - UltraShort Silver

Leveraged · Leveraged & Inverse · ProShares · Inception 2008-12-01 · 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.

$24.34+1.97 (+8.81%)

As of Sep 23, 2026, 3:05 PM EDT

Intraday session: up, 68 prints from 22.37 to 24.34. Range 23.80 to 24.48. Use the arrow keys to read each point.$23.80$24.00$24.2010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$61M
1Y return
+30.1%
Yield · Last 12 months
—
Holdings
6
Volume · 30D
3.9M sh
NAV per share
$22.84
52W range
low $14.40high $175.70

The ETF.net ZSL Grade

B

66/ 100

Rank 10 of 54 in Leveraged Inverse (2x & Other)⁠

Confidence Medium

Six-pillar profile for ZSL. Scores out of 100: Cost 88, Risk 36, Mission not scored, Tradability 56, Holdings not scored, Durability 65. Strongest: Cost (88). Weakest: Risk (36). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 66 of 100 sits in the B 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.
    AScore 88
    Category rank11/54 · top 20%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 36
    Category rank39/53 · mid-pack

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 56
    Category rank22/54 · top 41%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 65
    Category rank9/54 · top 17%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on ZSL

ETF.net Research

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.

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

  1. 01Fee runs 0.95% a year, under the median for leveraged and inverse bear funds, and it stands among the stronger builds in that group.
  2. 02ProShares 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
  3. 03Actively traded for such a specialized corner, which helps keep the spread you pay on the way in and out contained.
  4. 04Trading since December 2008, so it has run through multiple silver booms and busts under the same daily -2x mandate.

Worth knowing

  1. 01The -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
  2. 02The benchmark tracks rolling COMEX silver futures, not spot silver, and futures can behave very differently from the metal's spot price.sec.gov
  3. 03It 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

As of Sep 20, 2026, 6:50 AM
Asset class
Other
Holdings
6
Top-10 weight
100%
Largest holding
Net Other Assets (Liabilities)100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—Net Other Assets (Liabilities)100.00%64,875,924$65M162

Showing 1–1 of 1 holdings

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$13,006
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. ZSL $13,006. SPY $11,723. Use the arrow keys to read each point.$-423$10,483$21,388Sep 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 ZSL. Periods over one year show the average yearly return.
PeriodZSL
Year to date+318.9%
1 month+4.6%
3 months−13.7%
1 year+30.1%
3 years−33.6%per year
5 years−28.4%per year
10 years−25.5%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 ZSL
YearReturn barZSL
2026 YTD+318.9%
2025−87.3%
2024−42.4%
2023−5.5%
2022−28.1%
2021−2.0%
2020−74.4%

ZSL in the news

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

ZSL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

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.

How much the fund’s monthly returns vary, scaled to a year.
211.5%
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.
0.23
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.
−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.

ZSL Cost

Expense ratio0.95%
  • The middle half of Leveraged Inverse (2x & Other) funds
  • Median 1.44%

3 of the 53 Leveraged Inverse (2x & Other) funds charge less.

ZSL costs $95.00 a year on $10,000. The median Leveraged Inverse (2x & Other) fund costs $144.00.