{
 "ticker": "SH",
 "name": "ProShares Short S&P500",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/SH",
 "html": "https://etfiq.com/funds/SH",
 "markdown": "https://etfiq.com/funds/SH.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: SH returned \u22121.9% where its own daily promise gave \u22123.5%, 1.6 points over.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+3.3%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SH, what SPY did: +3.3%, as of Sep 11, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "\u22123.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SH, what \u22121 times a day gives: \u22123.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22121.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SH, what the fund returned: \u22121.9%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.6 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SH, the fund itself added: +1.6 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$981m",
   "source": "source, as filed for May 31, 2026",
   "as_of": "2026-09-11",
   "sentence": "SH, net assets: $981m (source, as filed for May 31, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "SH, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of SPY, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SPY moved +3.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPY",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, us large cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$981m",
   "source": "source, as filed for May 31, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+1.6%",
   "SPY": "\u22121.1%",
   "-1x the move": "+1.1%",
   "Difference": "+0.6 pts",
   "SPY moved about": "9%"
  },
  {
   "window": "3 months",
   "Fund": "\u22121.9%",
   "SPY": "+3.3%",
   "-1x the move": "\u22123.3%",
   "Difference": "+1.4 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "6 months",
   "Fund": "\u221211.7%",
   "SPY": "+16.0%",
   "-1x the move": "\u221216.0%",
   "Difference": "+4.3 pts",
   "SPY moved about": "14%"
  },
  {
   "window": "1 year",
   "Fund": "\u221210.4%",
   "SPY": "+17.5%",
   "-1x the move": "\u221217.5%",
   "Difference": "+7.1 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "3 years",
   "Fund": "\u221232.9%",
   "SPY": "+77.9%",
   "-1x the move": "\u221277.9%",
   "Difference": "+45.0 pts",
   "SPY moved about": "15%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221290.3%",
   "SPY": "+804.4%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SPY moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did SH return -1 times SPY?",
   "a": "Over the window to Sep 11, 2026, SPY moved +3.3% and SH returned \u22121.9%. 1 times that move is \u22123.3%, so the fund came out 1.4 points ahead of it."
  },
  {
   "q": "Why does SH not return -1 times over a year?",
   "a": "Because it resets daily. SH aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  },
  {
   "q": "Which -1x SPY ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 1 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}