ProShares - Short S&P500
SH
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- ProShares Short S&P500 (SH) is an exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to the inverse (-1x) of the daily performance of the S&P 500 Index. The fund invests principally in derivatives, including swap agreements with major global financial institutions such as UBS AG, Citibank NA, Bank of America NA, Barclays Capital, BNP Paribas, JPMorgan Chase Bank NA, Goldman Sachs International, Societe Generale, and Morgan Stanley & Co. International PLC, as well as futures contracts like S&P500 E-mini futures; it also holds money market instruments such as U.S. Treasury bills and repurchase agreements to manage cash balances and collateral. Launched on June 19, 2006, and listed on NYSE Arca, the fund is managed by ProShare Advisors LLC, based at 7272 Wisconsin Avenue, 21st Floor, Bethesda, Maryland 20814, with senior portfolio managers Michael Neches (since October 2013) and Devin Sullivan (since April 2018). The fund operates within the leveraged and inverse ETF segment of the investment management industry, targeting investors seeking short exposure to large-cap U.S. equities comprising the S&P 500 Index, a market capitalization-weighted benchmark of 500 leading companies domiciled in the United States. It provides tactical opportunities for hedging or speculating on daily declines in the index, with assets under management exceeding $1.2 billion and a net expense ratio of 0.89%, subject to fee waivers through September 30, 2026. ProShares, the issuer, manages over $95 billion in ETF and mutual fund assets as of September 2025, offering a broad lineup including dividend growth, high income, interest rate hedged bonds, crypto-linked, and geared strategies; the firm distributes its products through SEI Investments Distribution Co. and focuses on North American markets. In recent developments, ProShares announced forward and reverse share splits on 22 ETFs, including certain leveraged and inverse products, effective in November 2025 to improve trading liquidity and accessibility for investors. The firm strengthened its distribution capabilities in September 2025 by hiring three regional vice presidents—Chad Brand for Southern California, Mike Hart for New York City/Westchester/Long Island, and Matt Zorumski for Florida—to enhance support for financial advisors amid business expansion. Additionally, ProShares launched its first interval fund in October 2025, allocating at least 80% to private equity strategies such as buyouts, growth equity, and secondaries, marking a strategic diversification beyond traditional ETFs.