At a glance
REK charges 0.95% a year. It has $12.0M in assets; it paid 2.83% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +1.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −6.9% a year. At its worst it fell 8.0% in the 2020 crash (S&P 500: 33.7%) and 16.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 1 month after the lows.
The short version
ProShares Short Real Estate (REK) uses swap contracts to seek the opposite (-1x) of the S&P Real Estate Select Sector Index's daily return; the index covers the S&P 500's real estate companies. It may suit traders betting on, or hedging against, short-term drops in real estate stocks. Exposure resets daily, and long holding periods have been costly: the fund lost 47% over the 10 years to October 27, 2026, and charges 0.95% a year.
Price history
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REK +1.6% 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 | |
|---|---|---|---|---|---|---|
| REK official prospectus, to Dec 31, 2025 | — | +2.16% | — | -2.75% | -6.32% | — |
| REK price data to Oct 27, 2026 | -3.8% | +1.6% | -6.9% | +2.2% | -6.1% | -9.3% |
- Over the year to Oct 27, 2026, REK returned +1.6%.
- Its 5-year annualized return was +2.2% and its 10-year -6.1%.
- In the 2020 COVID crash, while stocks fell, it gained 58%.
- Its worst full calendar year was 2021 (-30.6%); its best was 2022 (+29.2%).
- The deepest fall in its price history was 84.6% (Jul 6, 2010 to Dec 31, 2021), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -3.8% | — |
| 2025 | +2.3% | +2.16% |
| 2024 | +1.4% | +1.38% |
| 2023 | -6.6% | -6.25% |
| 2022 | +29.2% | +28.45% |
| 2021 | -30.6% | -30.24% |
| 2020 | -11.3% | -11.47% |
| 2019 | -21.0% | -20.97% |
| 2018 | +4.6% | +4.41% |
| 2017 | -9.3% | -9.13% |
| 2016 | -9.5% | -9.91% |
| 2015 | -4.4% | — |
| 2014 | -24.1% | — |
| 2013 | -5.2% | — |
| 2012 | -18.3% | — |
| 2011 | -14.0% | — |
| 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 58% over that stretch · deepest drop along the way 8%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 40.1% over that stretch · deepest drop along the way 16.2%, back to its old high 1.3 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3100 | |
| 2025 | $0.5900 | -45.4% |
| 2024 | $1.0800 | +30.1% |
| 2023 | $0.8300 | +730.0% |
| 2022 | $0.1000 | +400.0% |
| 2020 | $0.0200 | -93.8% |
| 2019 | $0.3200 | +128.6% |
| 2018 | $0.1400 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (66.54% of net assets), with its inverse exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 10.19% | |
| Repurchase Agreement RA | 6.77% | |
| Repurchase Agreement RA | 4.06% | |
| Repurchase Agreement RA | 2.17% | |
| Repurchase Agreement RA | 1.35% |
By country
United States 24.54%By asset type
RA 24.54%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.74%, -1.87%, +2.52%.
How it works
REK bets against the S&P Real Estate Select Sector Index, maintained by S&P Dow Jones Indices. The index holds the S&P 500's real estate companies: real estate investment trusts (REITs, which own and rent out property) such as office, industrial, residential, retail, health care and hotel REITs, plus property managers and developers. Companies are weighted by market value. The lineup is reviewed each September, with weight tweaks in March, June and December.
ProShare Advisors does this through total return swaps: contracts with major financial institutions that pay the fund when the index falls and cost it when the index rises. Cash usually sits in Treasury bills, repurchase agreements (short-term loans secured by government securities) and a ProShares money market ETF. As of August 31, 2026, the $12.0 million fund held six swaps and no stocks; repurchase agreements were about 25% of net assets and cash about 67%.
The fund aims for the opposite (-1x) of the index's move from one daily net asset value (NAV) calculation to the next, then rebalances: after the index rises, exposure is cut; after it falls, exposure grows. Over time, compounding can pull returns far from the index's inverse, usually for the worse in choppy markets. Swap financing costs weigh on results, and the fund could lose money if a counterparty failed to pay.
What it really costs
- REK charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.62% 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 $1,815 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| REK | $97 | $435 | $797 | $1,815 |
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
Its exposure resets daily, and the prospectus warns that returns over periods longer than a day will likely differ from its -1x target, possibly significantly.
REK launched in 2010, after the 2008 crisis. It gained 58% during the market's February 19 to March 23, 2020 slide and 40.1% in the 2022 bear market. Yet it ended 2020 down 11.47% and lost 30.24% in 2021, its worst year. Its deepest drop, 84.6% from July 2010 to December 2021, remained unrecovered as of October 27, 2026. Anyone needing cash in a bad year had a narrow window: gains faded fast, and over long stretches the fund mostly lost value.
Its yield was 2.83% as of October 27, 2026, paid quarterly; it owns no real estate stocks, so this isn't property income. The fund charges 0.95% a year, and the SEC's standard $10,000 example puts costs at $97 after one year and $1,815 after 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders expecting the S&P 500's real estate companies to fall over a day or a few days, who check positions daily.
- Holders of real estate stocks or funds seeking a hedge lasting days, not months, against a fall in large US real estate companies.
- Traders wanting to profit from falling prices without borrowing shares, who accept a 0.95% expense ratio, swap financing costs and counterparty risk.
Look elsewhere if
- Long-term or retirement investors: the fund lost 47% over the 10 years to October 27, 2026, and its 84.6% drop hadn't recovered by then.
- Income seekers: despite a 2.83% yield as of October 27, 2026, total returns were negative in 2016, 2017, 2019, 2020, 2021 and 2023.
- Investors wary of small funds or counterparty risk: REK had $12.0 million in assets as of August 31, 2026, and relies on swaps.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is REK a good long-term investment?
It isn't built for that. REK resets its -1x exposure every day, and its prospectus warns that results over periods longer than a day will likely differ from that target, and the gap may be significant. As of December 31, 2025, its average annual return was -2.75% over five years and -6.32% over 10 years. Based on prices through October 27, 2026, it had lost 47% over 10 years, and its deepest drop, 84.6%, had not been recovered.
Is REK leveraged?
No, it doesn't multiply the index's move. Its prospectus, filed September 25, 2026, says REK seeks -1x, the simple opposite, of the S&P Real Estate Select Sector Index's daily return. Even so, the prospectus lists leverage risk, and the daily reset means results over weeks or months can drift from -1x. It also warns that if the index approached a 100% gain within a day, investors could lose their entire investment.
Does REK pay dividends?
Yes, REK pays distributions quarterly. Its yield was 2.83% as of October 27, 2026, based on $0.46 per share paid over the prior year. As of August 31, 2026, the fund held swaps, repurchase agreements and cash rather than real estate stocks, so these payouts don't come from owning REITs (real estate investment trusts). The income is small next to the fund's price swings: it lost 30.24% in 2021 and gained 28.45% in 2022.
What's the difference between REK and a regular real estate ETF?
REK moves the opposite way. A conventional fund tracking the S&P Real Estate Select Sector Index owns the S&P 500's real estate companies and rises when they rise. REK held none of them as of August 31, 2026; it uses swaps to aim for -1x the index's daily return, so it gains when those stocks fall. It also resets daily and charges 0.95% a year after a fee waiver; the SEC's standard $10,000 example puts costs at $97 after one year and $1,815 after 10 years.
Is REK a good hedge against a stock market crash?
Only over short stretches, based on its record. REK gained 58% as the stock market fell from its February 19, 2020 peak to its March 23 low, and 40.1% during the 2022 bear market. Yet it ended 2020 down 11.47%. Its strongest quarter, up 19.6% in the first quarter of 2020, was followed by its weakest, down 16.71% in the second. It also bets against real estate stocks, not the broad market, and has no 2008 record, having launched in 2010.