At a glance
SCC charges 0.95% a year. It has $5.5M in assets; it paid 2.7% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +6.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −28.4% a year. At its worst it fell 10.1% in the 2020 crash (S&P 500: 33.7%) and 38.2% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort Consumer Discretionary (SCC) uses swap contracts with large financial institutions to seek twice the opposite (-2x) of the S&P Consumer Discretionary Select Sector Index's daily move. Because it resets every day, longer-term results can stray far from -2x; it lost 95% over the 10 years to October 27, 2026. It is a short-term tool for betting against S&P 500 consumer discretionary stocks, with a 0.95% annual expense ratio after a fee waiver.
Price history
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SCC +6.5% 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 | |
|---|---|---|---|---|---|---|
| SCC official prospectus, to Dec 31, 2025 | — | -18.59% | — | -18.92% | -25.77% | — |
| SCC price data to Oct 27, 2026 | +4.8% | +6.5% | -28.4% | -14.3% | -25.2% | -26.0% |
- Over the year to Oct 27, 2026, SCC returned +6.5%.
- Its 5-year annualized return was -14.3% and its 10-year -25.2%.
- In the 2020 COVID crash, while stocks fell, it gained 76.4%.
- Its worst full calendar year was 2009 (-55.6%); its best was 2022 (+63.6%).
- The deepest fall in its price history was 99.9% (Nov 20, 2008 to Jan 9, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +4.8% | — |
| 2025 | -19.1% | -18.59% |
| 2024 | -37.9% | -36.12% |
| 2023 | -45.5% | -44.41% |
| 2022 | +63.6% | +63.33% |
| 2021 | -25.8% | -25.80% |
| 2020 | -54.7% | -54.46% |
| 2019 | -39.0% | -38.53% |
| 2018 | -8.5% | -10.35% |
| 2017 | -31.6% | -31.27% |
| 2016 | -17.1% | -15.99% |
| 2015 | -16.4% | — |
| 2014 | -30.1% | — |
| 2013 | -53.2% | — |
| 2012 | -38.8% | — |
| 2011 | -26.9% | — |
| 2010 | -42.1% | — |
| 2009 | -55.6% | — |
| 2008 | +35.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 145.9% over that stretch · deepest drop along the way 48%, not recovered by the end of the data |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 76.4% over that stretch · deepest drop along the way 10.1%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 69% over that stretch · deepest drop along the way 38.2%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2500 | |
| 2025 | $0.6600 | -4.3% |
| 2024 | $0.6900 | 0.0% |
| 2023 | $0.6900 | +331.3% |
| 2022 | $0.1600 | -16.7% |
| 2020 | $0.1920 | -93.1% |
| 2019 | $2.8000 | +84.2% |
| 2018 | $1.5200 | -100.0% |
| 2008 | $4342.1440 |
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 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 40.71% | |
| Repurchase Agreement RA | 27.07% | |
| Repurchase Agreement RA | 16.24% | |
| Repurchase Agreement RA | 8.66% | |
| Repurchase Agreement RA | 5.41% |
By country
United States 98.1%By asset type
RA 98.1%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $697K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.27%, +1.58%, -0.74%.
How it works
SCC's benchmark is the S&P Consumer Discretionary Select Sector Index, built by S&P Dow Jones Indices from the S&P 500's consumer discretionary companies: makers of cars, auto parts, household durables, leisure products, apparel and luxury goods; hotels, restaurants and leisure firms; consumer services; distributors; and retailers. Companies are weighted by size (market capitalization), so the largest count most. The index is reviewed each September, with weight adjustments in March, June and December.
Instead of owning the stocks, the fund holds positions chosen by ProShare Advisors' mathematical model to target -2x the index's daily return. The main tool is total return swaps with large financial institutions: contracts that gain when the index falls and lose when it rises. As of August 31, 2026, the fund had four swaps, with about 98% of net assets in repurchase agreements (short-term loans backed by securities, usually U.S. government debt). If a swap partner fails to pay, the fund can lose money.
The fund rebalances daily to keep exposure at -2x: after the index rises, it trims exposure; after a fall, it adds. This daily reset means returns over weeks or years can differ sharply from -2x the index, usually for the worse in choppy markets. If the index nears a 50% gain within a day, holders could lose everything.
What it really costs
- SCC charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2.03% 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 $3,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SCC | $97 | $730 | $1,388 | $3,155 |
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 -2x inverse exposure resets daily, and it lost 95% over the 10 years to October 27, 2026, so it is built for short holding periods, not decades.
SCC has surged in crashes: up 146% from the market's October 2007 peak to the March 2009 low, 76% in the 2020 COVID crash and 69% in the 2022 bear market. The gains didn't last. Its worst calendar year was 2009 (-55.6%), and it ended 2020 down 54.46% as stocks rebounded. From November 20, 2008, to January 9, 2026, it lost 99.9% and had not recovered as of October 27, 2026. Anyone needing cash after a stock rally could face deep, lasting losses.
As of October 27, 2026, it yielded 2.7% over the prior year ($0.40 a share), paid quarterly. Its September 2026 prospectus lists a 0.95% expense ratio after a 2.03% fee waiver; in the SEC's $10,000 example, costs reach $97 after one year and $3,155 after ten. Past results don't predict future ones, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders who want twice the inverse daily move of the S&P Consumer Discretionary Select Sector Index and can watch positions every day.
- Investors temporarily hedging (offsetting) a consumer discretionary stock position who accept that the -2x target resets daily and drifts over time.
- Experienced traders who accept swap-partner risk and quarterly swings as wide as +59.25% and -40.75% (quarters ended June 2022 and June 2020).
Look elsewhere if
- Long-term and retirement investors: SCC lost 95% over the 10 years to October 27, 2026, and 99.9% from November 2008 to January 2026.
- Income seekers: its 2.7% yield as of October 27, 2026, paid quarterly, is dwarfed by losses of 36.12% in 2024 and 18.59% in 2025.
- Cost-wary investors: the 0.95% expense ratio reflects a 2.03% fee waiver, and net assets were just $5.5 million on August 31, 2026.
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 SCC a good long-term investment?
It isn't designed to be one. SCC aims for -2x the S&P Consumer Discretionary Select Sector Index's return over a single day, and its prospectus warns that results over longer periods will likely differ, possibly by a lot. As of December 31, 2025, its average annual returns were -18.59% over one year, -18.92% over five years and -25.77% over 10. It lost money in every calendar year from 2016 through 2025 except 2022, when it gained 63.33%.
What does SCC actually hold?
Mostly repurchase agreements and swaps, not stocks. As of August 31, 2026, about 98% of SCC's roughly $5.5 million in net assets sat in five repurchase agreements, which are cash-like short-term loans backed by securities. The fund's bet against consumer discretionary stocks comes from four total return swaps with financial institutions, which gain when the index falls and lose when it rises. Holders also carry the risk that a swap partner fails to pay.
Why did SCC lose money in 2020 when stocks crashed?
Because the crash was brief and the rebound lasted much longer. SCC rose 76% between the market's peak on February 19, 2020, and its low on March 23, 2020. Consumer discretionary stocks then rallied, and with -2x daily exposure the fund lost roughly twice the index's gain on each up day. SCC ended 2020 down 54.46%, according to its prospectus, and the quarter ended June 30, 2020, was its weakest shown there, at -40.75%.
What is SCC's expense ratio?
SCC's expense ratio is 0.95% a year, per its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a fee waiver of 2.03%. In the Securities and Exchange Commission's standard example ($10,000 invested, a 5% annual return, shares redeemed at the end of each period), costs total $97 after one year, $730 after three, $1,388 after five and $3,155 after 10. The steep climb after year one suggests the waiver is temporary.
Does SCC pay dividends?
Yes, SCC pays distributions quarterly. As of October 27, 2026, it yielded 2.7% over the prior year, or $0.40 a share. Because the fund holds repurchase agreements and swaps rather than stocks, that income likely reflects interest on its cash-like holdings, not company dividends. The payout is small next to the fund's swings: its one-year volatility (a measure of how widely the price moves) was 38.1% as of the same date, and it fell 25.5% at its deepest point over that year.