# SH (ProShares Short S&P500)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: SH returned −1.9% where its own daily promise gave −3.5%, 1.6 points over.

## Key facts

- SH, what SPY did: +3.3%, as of Sep 11, 2026.
- SH, what −1 times a day gives: −3.5%, as of Sep 11, 2026.
- SH, what the fund returned: −1.9%, as of Sep 11, 2026.
- SH, the fund itself added: +1.6 pts, as of Sep 11, 2026.
- SH, net assets: $981m (source, as filed for May 31, 2026).
- SH, expense ratio: not read by ETFIQ, as of Sep 11, 2026.

## SH over each window to Sep 11, 2026

| Window | Fund | SPY | -1x the move | Difference | SPY moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.6% | −1.1% | +1.1% | +0.6 pts | 9% |
| 3 months | −1.9% | +3.3% | −3.3% | +1.4 pts | 12% |
| 6 months | −11.7% | +16.0% | −16.0% | +4.3 pts | 14% |
| 1 year | −10.4% | +17.5% | −17.5% | +7.1 pts | 13% |
| 3 years | −32.9% | +77.9% | −77.9% | +45.0 pts | 15% |
| Since launch | −90.3% | +804.4% | not meaningful over this window | not meaningful over this window | 17% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of SPY, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPY moved +3.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPY | ETFIQ |
| Segment | broad index, us large cap | ETFIQ |
| Net assets | $981m | source, as filed for May 31, 2026 |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 12% annualized | ETFIQ |

## Questions

### Did SH return -1 times SPY?

Over the window to Sep 11, 2026, SPY moved +3.3% and SH returned −1.9%. 1 times that move is −3.3%, so the fund came out 1.4 points ahead of it.

### Why does SH not return -1 times over a year?

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.

### Which -1x SPY ETF tracked its stated multiple most closely?

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.


## Cite this page

ETFIQ, SH, data as of Sep 11, 2026. https://etfiq.com/funds/SH
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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