At a glance
BIS charges 0.95% a year. It has $1.9M in assets, the 4th largest of that group; it paid 4.11% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −49.8% with distributions reinvested (S&P 500: +11.5%), 2nd of those 4 funds; over three years it returned −39.5% a year. At its worst it fell 14.9% in the 2020 crash (S&P 500: 33.7%) and 42.4% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares UltraShort Nasdaq Biotechnology (BIS) aims for twice the opposite of the Nasdaq Biotechnology Index's daily return, using swap contracts rather than stocks. Because it resets every day, it is built for short-term bets against biotech, not long holding: it lost 96% over the 10 years to October 27, 2026. It costs 0.95% a year after a large fee waiver, and net assets were $1.87 million as of August 31, 2026.
Price history
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BIS -49.8% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| BIS official prospectus, to Dec 31, 2025 | — | -46.10% | — | -15.14% | -21.21% | — |
| BIS price data to Oct 27, 2026 | -40.7% | -49.8% | -39.5% | -21.1% | -27.4% | -33.3% |
- Over the year to Oct 27, 2026, BIS returned -49.8%, 2nd of 4 among similar funds.
- Its 5-year annualized return was -21.1% and its 10-year -27.4%.
- In the 2020 COVID crash, while stocks fell, it gained 41.9%.
- Its worst full calendar year was 2013 (-68.9%); its best was 2016 (+21.9%).
- The deepest fall in its price history was 99.9% (Jul 6, 2010 to Aug 19, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -40.7% | — |
| 2025 | -47.0% | -46.10% |
| 2024 | +2.7% | +5.01% |
| 2023 | -7.3% | -6.34% |
| 2022 | -2.1% | -2.54% |
| 2021 | -14.7% | -14.79% |
| 2020 | -56.0% | -55.99% |
| 2019 | -41.0% | -40.79% |
| 2018 | +5.2% | +4.97% |
| 2017 | -37.0% | -37.22% |
| 2016 | +21.9% | +22.04% |
| 2015 | -37.6% | — |
| 2014 | -55.4% | — |
| 2013 | -68.9% | — |
| 2012 | -49.1% | — |
| 2011 | -35.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 41.9% over that stretch · deepest drop along the way 14.9%, not recovered by the end of the data |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 22.8% over that stretch · deepest drop along the way 42.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3500 | |
| 2025 | $0.4900 | -27.9% |
| 2024 | $0.6800 | +112.5% |
| 2023 | $0.3200 | +33.3% |
| 2020 | $0.2400 | -89.3% |
| 2019 | $2.2400 | +211.1% |
| 2018 | $0.7200 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 31.85% | |
| Repurchase Agreement RA | 21.18% | |
| Repurchase Agreement RA | 12.71% | |
| Repurchase Agreement RA | 6.78% | |
| Repurchase Agreement RA | 4.24% |
By country
United States 76.75%By asset type
RA 76.75%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $354K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -17.55%, +3.24%, -19.43%.
How it works
BIS is built around the Nasdaq Biotechnology Index, which Nasdaq Inc. compiles from biotechnology and pharmaceutical companies listed on the Nasdaq Global Select Market or Nasdaq Global Market, including some non-US firms. Companies are picked by size and liquidity (how easily shares trade) and weighted by market value, so the largest count most. The list is reset each December, with weight adjustments in March, June and September.
Rather than shorting stocks, ProShare Advisors uses swap agreements — contracts with major financial institutions that exchange payments based on the index's moves — sized to deliver about twice the opposite of the index's daily return. Cash is held in Treasury bills, repurchase agreements (short-term loans usually backed by government securities) and a ProShares money market ETF. As of August 31, 2026, the fund held no stocks: five repurchase agreements made up about 77% of net assets, alongside five total return swaps.
The fund rebalances daily. When biotech stocks rise, its assets shrink and it trims exposure; when they fall, it adds exposure. That keeps each day near the target, but over longer periods compounding can pull returns far from twice the index's inverse, usually for the worse in choppy markets. Fees and financing costs add drag. If the index nears a 50% gain within a day, the prospectus warns, holders could lose everything.
What it really costs
- BIS charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2.96% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $3,943 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| BIS | $97 | $919 | $1,760 | $3,943 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It is designed for single-day bets against biotech, and held long term it lost 96% over the 10 years to October 27, 2026.
BIS launched in April 2010, so it has no 2008 record. During the 2020 COVID crash it rose 41.9% while stocks fell from February 19 to March 23, yet it ended 2020 down 55.99%. In the 2022 bear market it gained 22.8% as stocks slid but dropped 42.4% between May and August, finishing the year down 2.54%. For someone who may need to raise cash in a bad year, gains like these can vanish within months. Its worst calendar year by price was 2013, at -68.9%, and from its July 2010 high to August 19, 2026, it lost 99.9% without recovering.
Its trailing 12-month yield was 4.11% as of October 27, 2026, paid quarterly, but that is small next to its price swings. Costs are 0.95% a year after a fee waiver. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a short-term bet that Nasdaq Biotechnology Index stocks will fall, magnified twofold, who check positions daily.
- Hedgers offsetting a Nasdaq biotech or drug-stock position for days, not months, who accept the risk a swap partner fails to pay.
- Traders comfortable with sharp swings: one-year volatility, a measure of how much returns bounce around, was 45.6% as of October 27, 2026.
Look elsewhere if
- Long-term and retirement investors: the fund resets its exposure daily and lost 96% over the 10 years to October 27, 2026.
- Income seekers: the 4.11% trailing yield, paid quarterly, was dwarfed by a 49.8% one-year decline as of October 27, 2026.
- Investors wary of tiny funds: net assets were $1.87 million as of August 31, 2026, and the 0.95% cost relies on a fee waiver.
Close alternatives
Matched by leveraged/inverse funds on the same index (technology), same direction.
Net assets from each fund's latest N-PORT or annual report where available. Returns through Oct 27, 2026.Questions investors ask
Is BIS a good long-term investment?
BIS is not designed for long-term holding. It aims for twice the opposite of the Nasdaq Biotechnology Index's return for a single day, and resets daily, so longer-term results can differ sharply from that target. As of October 27, 2026, its price had fallen 96% over 10 years and 69% over five years. The prospectus reports an average annual return of -21.21% for the 10 years ended December 31, 2025.
Does BIS pay dividends?
Yes. BIS pays distributions quarterly. Over the trailing 12 months it paid $0.45 per share, a 4.11% yield as of October 27, 2026. Because the fund holds swaps and cash-like assets rather than stocks, these are not company dividends; funds like this generally earn interest on that cash. The payouts are small next to the price swings: the fund fell 49.8% over the year to October 27, 2026.
What's the difference between BIS and LABD?
Both bet against biotech stocks, but they differ in index and leverage. BIS, from ProShares, targets twice the opposite of the Nasdaq Biotechnology Index's daily return. LABD, from Direxion, targets three times the opposite of an S&P biotech index's daily return, so its daily moves are magnified more. As of October 27, 2026, BIS returned -49.8% over one year versus -74.4% for LABD, and -39.5% versus -70.7% annualized over three years. BIS is much smaller, with $1.87 million in net assets as of August 31, 2026.
What happens to BIS when biotech stocks go up?
BIS loses money when the Nasdaq Biotechnology Index rises, by roughly twice the index's daily gain before fees. Losses compound over time, and the prospectus warns that if the index approaches a 50% gain within a single day, holders could lose their entire investment. Its history shows how deep losses can run: from its July 6, 2010 high to August 19, 2026, the fund's price fell 99.9% and had not recovered.
What is BIS's expense ratio?
BIS's expense ratio is 0.95%, per its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a fee waiver of 2.96 percentage points, so costs before the waiver are far higher. In the SEC's standard example ($10,000 invested, 5% annual return, shares cashed out at each period's end), costs total $97 after one year, $919 after three, $1,760 after five and $3,943 after 10. The steep jump after year one suggests the example applies the waiver only in the first year.