At a glance
SIJ charges 0.95% a year. It has $6.2M in assets; it paid 1.94% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −15.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −32.8% a year. At its worst it fell 13.9% in the 2020 crash (S&P 500: 33.7%) and 32.0% in the 2022 bear market (S&P 500: 24.5%).
The short version
ProShares UltraShort Industrials (SIJ) seeks twice the opposite of the S&P Industrial Select Sector Index's daily return, using swaps rather than stocks, so it gains when large US industrial stocks fall and loses when they rise. Its exposure resets daily, making it a short-term trading tool: held long term, it lost about 96% over the 10 years to October 27, 2026. It charges 0.95% a year after a fee waiver.
Price history
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SIJ -15.9% 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 | |
|---|---|---|---|---|---|---|
| SIJ official prospectus, to Dec 31, 2025 | — | -29.18% | — | -20.07% | -27.29% | — |
| SIJ price data to Oct 27, 2026 | -15.7% | -15.9% | -32.8% | -19.1% | -27.6% | -26.9% |
- Over the year to Oct 27, 2026, SIJ returned -15.9%.
- Its 5-year annualized return was -19.1% and its 10-year -27.6%.
- In the 2020 COVID crash, while stocks fell, it gained 127.7%.
- Its worst full calendar year was 2009 (-55.0%); its best was 2008 (+71.0%).
- The deepest fall in its price history was 99.9% (Mar 9, 2009 to Aug 4, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -15.7% | — |
| 2025 | -31.9% | -29.18% |
| 2024 | -25.4% | -21.73% |
| 2023 | -26.9% | -24.14% |
| 2022 | +18.1% | +18.09% |
| 2021 | -34.3% | -34.30% |
| 2020 | -54.1% | -54.15% |
| 2019 | -45.2% | -44.50% |
| 2018 | +20.6% | +19.37% |
| 2017 | -36.3% | -36.23% |
| 2016 | -34.3% | -34.67% |
| 2015 | -5.0% | — |
| 2014 | -19.4% | — |
| 2013 | -52.4% | — |
| 2012 | -33.5% | — |
| 2011 | -20.5% | — |
| 2010 | -46.3% | — |
| 2009 | -55.0% | — |
| 2008 | +71.0% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 286.9% over that stretch · deepest drop along the way 49%, back to its old high 1.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 127.7% over that stretch · deepest drop along the way 13.9%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 50.7% over that stretch · deepest drop along the way 32%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.2900 | |
| 2025 | $0.2750 | +7.8% |
| 2024 | $0.2550 | -8.9% |
| 2023 | $0.2800 | -87.0% |
| 2019 | $2.1600 | +68.8% |
| 2018 | $1.2800 | -100.0% |
| 2008 | $12262.9120 |
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 | 38.47% | |
| Repurchase Agreement RA | 25.58% | |
| Repurchase Agreement RA | 15.35% | |
| Repurchase Agreement RA | 8.19% | |
| Repurchase Agreement RA | 5.12% |
By country
United States 92.71%By asset type
RA 92.71%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $175K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -13.54%, +6.55%, +5.62%.
How it works
SIJ seeks daily results, before fees and expenses, of -2x (twice the opposite of) the daily performance of the S&P Industrial Select Sector Index. That index tracks the industrial companies in the S&P 500, spanning aerospace and defense, machinery, electrical equipment, airlines and ground transportation. Instead of picking stocks, ProShare Advisors uses a mathematical approach to choose positions that should, together, meet that target.
Its exposure comes mainly from swap agreements: contracts with major financial institutions that pay the fund when the index falls and cost it money when the index rises. The fund's cash sits in short-term holdings such as Treasury bills, repurchase agreements (short-term loans backed by government securities) and a ProShares money market ETF. As of August 31, 2026, repurchase agreements made up about 92.7% of net assets, while five total return swaps were worth a combined -14.8% of net assets, meaning the fund owed money on them.
The fund rebalances daily. When the index rises, the fund's assets shrink and it cuts exposure; when the index falls, it adds exposure. Because gains and losses compound, results over longer periods can differ sharply from -2x the index, usually for the worse in choppy markets. If the index approached a 50% gain within a day, holders could lose their entire investment.
What it really costs
- SIJ charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 2.87% 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 $3,870 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SIJ | $97 | $901 | $1,725 | $3,870 |
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 over the long run it lost about 99.9% from its March 2009 peak through August 4, 2026, so it is built for very short holding periods.
SIJ has jumped in crashes: about 287% from the October 2007 market peak to the March 2009 low, about 128% in the 2020 COVID crash and about 51% in the 2022 bear market. Those gains faded as markets rebounded. It lost 54% in calendar 2020, its worst calendar year was 2009 (down about 55%), and from March 2009 to August 4, 2026, it fell about 99.9% without recovering. Anyone holding it after a crash ended, or drawing money from it during a rebound, could have locked in steep losses.
Its trailing 12-month yield, paid quarterly, was 1.94% as of October 27, 2026, small next to its price swings. It charges 0.95% a year after a fee waiver; the SEC's standard example puts costs on $10,000 at $3,870 over 10 years. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders seeking a -2x bet, held for a day or so, that S&P 500 industrial stocks will fall.
- Investors who watch positions daily and understand that the -2x target resets each day, so results over several days can stray far from -2x.
- Short-term hedgers wanting protection against a drop in industrial stocks without shorting shares, accepting a 0.95% expense ratio and swap-partner default risk.
Look elsewhere if
- Long-term and retirement investors: it lost about 96% over the 10 years to October 27, 2026, and about 99.9% from its March 2009 peak.
- Income seekers: the 1.94% trailing yield, paid quarterly, is dwarfed by average annual losses of 27.29% over the 10 years to December 31, 2025.
- Those wary of small funds or derivatives: net assets were about $6.2 million as of August 31, 2026, and exposure comes through 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 SIJ a good long-term investment?
It isn't built for that. SIJ targets -2x the S&P Industrial Select Sector Index for a single day, and its prospectus warns that returns over longer periods will likely differ from that target, possibly significantly. Held for years, results have been severe: average annual returns were -27.29% over the 10 years to December 31, 2025, and the price fell about 99.9% from March 9, 2009, to August 4, 2026, without recovering.
Is SIJ a good hedge against a stock market crash?
Only briefly, and only with good timing. SIJ gained about 287% from the market's October 2007 peak to its March 2009 low, about 128% in the 2020 COVID crash and about 51% in the 2022 bear market. But it gave much of that back as markets rebounded, losing 54% in calendar 2020 and about 55% in 2009. It also tracks only industrial stocks, not the whole market, and its daily reset makes longer holds unpredictable.
Does SIJ pay dividends?
Yes, SIJ pays distributions quarterly. Its trailing 12-month yield was 1.94% as of October 27, 2026, or about $0.365 per share. The payouts likely come mainly from interest on the fund's cash-like holdings, such as repurchase agreements, which made up about 92.7% of net assets as of August 31, 2026. That income is small next to the fund's price swings: it lost 15.7% in 2026 through October 27.
What's the difference between SIJ and a regular industrials ETF?
They move in opposite directions, and SIJ aims to move twice as far each day. A regular industrials index fund owns shares of industrial companies, rises when they rise, and can be held for years. SIJ holds mainly repurchase agreements and swaps aimed at -2x the S&P Industrial Select Sector Index's daily move, so it gains when industrials fall and resets every day. Over the year to October 27, 2026, its beta (sensitivity to market moves) was -1.78.
What is SIJ's expense ratio?
SIJ's expense ratio is 0.95% in its prospectus filed September 25, 2026, after a fee waiver of 2.87%; the management fee alone is 0.75%. The SEC's standard example, assuming $10,000 invested and a 5% annual return, puts costs at $97 after one year, $901 after three, $1,725 after five and $3,870 after 10. The jump after year one reflects the waiver counting only in the first year. The prospectus adds that financing costs on its derivatives also lower returns.