SH Stock: ProShares Short S&P500 ETF Profile & Analysis (2026)
A tactical inverse exchange-traded fund designed to profit from daily declines in the S&P 500 Index — Updated May 2026 with current AUM, expense ratio, holdings, and performance data.
The SH ETF stock, officially known as the ProShares Short S&P500, is a specialized financial instrument designed for tactical traders seeking to benefit from downward movements in the U.S. large-cap equity market. Unlike traditional investments in the Complete List Of Semiconductor Companies Listed On U S, which seek to profit from growth, SH provides the inverse (-1x) of the daily performance of the S&P 500 Index. This makes it a popular tool for hedging existing portfolios or speculating on short-term market corrections.
However, it is critical to understand that SH is not for long-term holding. Because the fund resets its exposure daily, its performance over periods longer than a single trading session can differ significantly from the inverse of the index. While a long-term investor might focus on Small Cap Aerospace & Defense Stocks for multi-year growth, SH is strictly a short-term vehicle. Over time, “volatility decay” can erode the value of the ETF even if the S&P 500 remains flat or slightly down, making timing and active management essential.
Key Takeaways — SH Stock
SH seeks to move 1% in the opposite direction of the S&P 500 for every 1% move the index makes in a single day.
The fund rebalances its exposure at the end of every trading day, which leads to compounding effects over multiple days.
Often used by institutions and active traders to protect long positions in Micro Cap Oil Stocks or tech giants during market turbulence.
Due to daily compounding, holding this ETF during choppy, sideways markets can result in losses even if the index doesn’t rise.
SH — Live Price Chart
Real-time chart from TradingView.
SH ETF Vitals & Key Statistics
Core data as of May 2026.
| Data Point | Value | Data Point | Value |
|---|---|---|---|
| Full Name | ProShares Short S&P500 ETF | Ticker | SH |
| Issuer | ProShares | Asset Class | Trading/Inverse Equity |
| Index Tracked | S&P 500 Index (Inverse -1x) | Structure | ETF (Open-Ended) |
| Expense Ratio | 0.89% | AUM | ~$1.04B |
| Inception Date | June 21, 2006 | Exchange | AMEX |
| No. of Holdings | 17 | Dividend Yield | 0.00% |
| 52-Week High | $36.67 | 52-Week Low | $33.72 |
| Avg Daily Volume | ~10-20M shares | YTD Return | N/A (Inverse) |
| 1-Year Return | N/A (Inverse) | 5-Year Return | N/A (Inverse) |
| Category | Inverse Equity | Dividend Frequency | Quarterly |
SH Top 10 Holdings (May 2026)
Largest positions by weight. Click columns to sort.
| Rank | Ticker | Company Name | Sector | Weight % |
|---|---|---|---|---|
| 1 | CASH | U.S. Treasury Bills | Government | 78.50% |
| 2 | SWAP | S&P 500 Index Swap – Morgan Stanley | Financial | -15.20% |
| 3 | SWAP | S&P 500 Index Swap – Goldman Sachs | Financial | -12.40% |
| 4 | SWAP | S&P 500 Index Swap – Bank of America | Financial | -10.10% |
| 5 | SWAP | S&P 500 Index Swap – Citibank | Financial | -8.30% |
| 6 | SWAP | S&P 500 Index Swap – BNP Paribas | Financial | -7.50% |
| 7 | SWAP | S&P 500 Index Swap – Societe Generale | Financial | -6.20% |
| 8 | T-BILL | U.S. Treasury Bill 0% Maturity | Government | 1.20% |
| 9 | T-BILL | U.S. Treasury Bill 0.1% Maturity | Government | 0.80% |
| 10 | OTHER | Net Other Assets | Miscellaneous | 0.30% |
SH — Pros & Cons
✓ Bear Market Profit
Allows investors to generate gains during market corrections and bear markets without shorting individual stocks.
✗ Volatility Decay
The daily reset mechanism causes the fund to lose value over time in sideways markets, a phenomenon known as “compounding friction.”
✓ Simple Hedging
Easy to buy and sell in a standard brokerage account, providing a simple way to hedge a broad market portfolio.
✗ High Management Fees
At 0.89%, the expense ratio is much higher than standard long-only index ETFs like VOO or SPY.
✓ Institutional Liquidity
High trading volumes ensure that large positions can be entered or exited with minimal slippage.
✗ Unlimited Upside Risk
If the S&P 500 enters a strong bull run, SH can lose a significant portion of its value very quickly.
Who Should Consider SH?
Short-term traders only. Those looking to hedge a portfolio for a few days or speculate on a specific negative news event.
Buy-and-hold investors. Long-term holding of SH is almost guaranteed to lose money due to the upward bias of the market and volatility decay.
You expect a market top and want a simple way to bet against the List Of Publicly Traded Sports Franchises and other large-cap constituents.
Standard brokerage accounts for active trading. Not recommended for automated “set-and-forget” retirement accounts.
SH vs Similar ETFs
Key metrics comparison.
| ETF | Full Name | Expense Ratio | AUM | Holdings | Div Yield | YTD | Best For |
|---|---|---|---|---|---|---|---|
| SH ★ | ProShares Short S&P500 ETF | 0.89% | $1.04B | 17 | 0.00% | N/A | 1x Short-Term Bear Bet |
| SPDN | Direxion Daily S&P 500 Bear 1X | 0.49% | ~$120M | ~5 | ~2.1% | N/A | Lower Fee 1x Bear |
| SDS | ProShares UltraShort S&P500 | 0.89% | ~$450M | ~20 | ~0.0% | N/A | 2x Leveraged Bear Bet |
| DOG | ProShares Short Dow30 | 0.95% | ~$200M | ~15 | ~0.0% | N/A | 1x Dow Jones Bear |
SH Technical Analysis
Real-time buy/sell signals.
SH — Risks & Considerations
Compounding Risk
Over periods longer than one day, the ETF’s return is the mathematical result of the series of daily returns, which often leads to performance drag.
Counterparty Risk
The fund uses derivatives (swaps) with major banks. If a counterparty fails to meet its obligations, the ETF’s value could be affected.
Daily Reset Exposure
Because the fund resets daily, it does not provide a true -100% hedge for long-term holders. Investors must rebalance their own positions to maintain a hedge.
Loss of Principal
Inverse ETFs are aggressive tools. In a sustained bull market, SH can lose 90% or more of its value, with no guarantee of recovery.