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ZSL ETF — ProShares UltraShort Silver
ProShares UltraShort Silver (ZSL)
Updated November 6, 2026.
ZSL is an ETF. Its expense ratio is 1.33%. Total return is -98.3% over the past 17.9 years, 1161.4 points behind SPY at 1063.1%.
ProShares UltraShort Silver is an ETF that uses financial instruments including swap agreements, futures contracts, and forward contracts to seek returns opposite to those of silver prices, with approximately double the inverse daily movement. The fund does not distribute income to shareholders and carries an expense ratio of 1.33%. It appeals to traders and investors seeking short-term bearish exposure to silver or tactical hedges against silver price increases.
ZSL performance versus SPY
Total return is -98.3% over the past 17.9 years, 1161.4 points behind SPY at 1063.1%. Over the past year its total return — price change plus distributions reinvested — is -73.8%. Its deepest 1-year drawdown was 88.8%.
| Window | Total return | CAGR |
|---|---|---|
| 1M | 32.1% | — |
| 3M | 32.0% | — |
| 6M | 55.0% | — |
| YTD | -33.1% | — |
| 1Y | -73.8% | — |
| 2Y CAGR | — | -67.60% |
| 3Y CAGR | — | -64.20% |
| 5Y CAGR | — | -48.80% |
| 10Y CAGR | — | -38.80% |
| Since 2008-12-03 (first price on file) · 17.9 years | -98.3% | -20.40% |
ZSL key facts
- Issuer
- ProShares
- Asset type
- ETF
- Asset class
- Commodity
- Inception date
- 12/01/2008
- Expense ratio
- 1.33%
- Distribution frequency
- None
- Last close
- $35.85 (as of 2026-11-06)
- AUM
- $71,943,264
- Average volume
- 2,026,012
- Beta
- -1.64
How Dividend Vision calculates returns
Total return uses split-adjusted close with distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date) from the first stored bar on or after inception through the latest bar, compared with the same window on the benchmark. That is the security's total return, not your personal gain/loss.
Yield and safety methodology · Distribution rate methodology · Distribution Safety Score methodology
Sources and review
Primary sources: ProShares; prices and distributions from Dividend Vision, derived from vendor EOD data.
Reviewed by Bert Sweet, CEO and Co-owner of Dividend Vision. Methodology: Distribution Safety Score.
ZSL risks and drawbacks
Total return has trailed SPY over the available window. The deepest 1-year drawdown on record here is 88.8%.
Who may consider ZSL — and who may not
It is a weaker fit for investors who need monthly cash flow (ZSL does not currently distribute); investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.
More on ZSL
Frequently asked questions
Does ZSL pay monthly?
No. ZSL does not currently distribute.
What is ZSL's expense ratio?
ZSL's expense ratio is 1.33%.
When does ZSL pay a dividend?
ZSL does not currently distribute.
How has ZSL performed?
Total return is -98.3% over the past 17.9 years, 1161.4 points behind SPY at 1063.1%. Over the past year its total return — price change plus distributions reinvested — is -73.8%. Its deepest 1-year drawdown was 88.8%.
More securities from ProShares.
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Holdings as-of date unavailable.
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