ZSL ETF — ProShares UltraShort Silver

ProShares UltraShort Silver (ZSL)

ZSL is an ETF. its expense ratio is 1.33%. Total return is -98.9% over the past 17.8 years, 1207.5 points behind SPY at 1108.6%.

ProShares UltraShort Silver is an ETF that seeks to deliver inverse performance to silver prices through financial instruments including swap agreements, futures contracts, and forward contracts, with a goal of moving roughly twice as much as silver prices in the opposite direction. The fund does not distribute income and carries an expense ratio of 1.33%. It appeals to traders and investors seeking short-term bearish exposure to silver or hedging against silver price increases.

ZSL performance versus SPY

Price and return data through 2026-09-18.

Total return is -98.9% over the past 17.8 years, 1207.5 points behind SPY at 1108.6%. Over the past year its total return — price change plus distributions reinvested — is -88.0%. Its deepest 1-year drawdown was 92.0%.

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

$23.02 (as of 2026-09-18)

NAV

$24.47

Premium / discount

5.93% discount

AUM

$62,180,938

Average volume

3662700.0

Beta

-1.7

How Dividend Vision calculates yield and returns

Distribution rate (the posted rate) is the latest regular payout annualized by the fund's stated frequency, divided by the last close. Issuers often publish this as “Distribution Rate” on the fact sheet. Trailing-12-month yield is the sum of distributions paid in the last 12 months, split-adjusted, divided by the last close. It lags a recent raise or cut. 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.

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 92.0%.

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 hunting double-digit covered-call yields; investors whose main goal is matching SPY total return. This is educational context, not a recommendation to buy or sell.

Frequently asked questions

More securities from ProShares.