At a glance
SJB charges 0.95% a year. It has $45.4M in assets; it paid 3.25% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +3.7% with distributions reinvested; over three years it returned −2.2% a year. At its worst it fell 3.5% in the 2020 crash (S&P 500: 33.7%) and 8.5% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high within a month and 2 months after the lows.
The short version
ProShares Short High Yield (SJB) aims to deliver the inverse (-1x) of the daily return of the Markit iBoxx $ Liquid High Yield Index, so it tends to gain when high yield ("junk") corporate bonds fall. It uses swap agreements, resets its exposure every day and is built for short-term hedging, not buy-and-hold. It charges 0.95% a year and lost about 26% over the 10 years through October 27, 2026.
Price history
The interactive chart needs JavaScript.
SJB +3.7% 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 | |
|---|---|---|---|---|---|---|
| SJB official prospectus, to Dec 31, 2025 | — | -1.83% | — | -1.28% | -4.60% | — |
| SJB price data to Oct 27, 2026 | +3.1% | +3.7% | -2.2% | +0.4% | -3.0% | -4.8% |
- Over the year to Oct 27, 2026, SJB returned +3.7%.
- Its 5-year annualized return was +0.4% and its 10-year -3.0%.
- In the 2020 COVID crash, while stocks fell, it gained 27%.
- Its worst full calendar year was 2016 (-14.0%); its best was 2022 (+9.6%).
- The deepest fall in its price history was 58.1% (Oct 4, 2011 to Dec 28, 2021), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +3.1% | — |
| 2025 | -1.8% | -1.83% |
| 2024 | -0.8% | -0.82% |
| 2023 | -5.6% | -5.67% |
| 2022 | +9.6% | +9.58% |
| 2021 | -6.7% | -6.83% |
| 2020 | -9.2% | -9.15% |
| 2019 | -11.4% | -11.42% |
| 2018 | +2.5% | +2.50% |
| 2017 | -6.2% | -6.28% |
| 2016 | -14.0% | -13.87% |
| 2015 | +2.4% | — |
| 2014 | -4.6% | — |
| 2013 | -8.8% | — |
| 2012 | -13.4% | — |
| 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 27% over that stretch · deepest drop along the way 3.5%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 13.8% over that stretch · deepest drop along the way 8.5%, back to its old high 1.5 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3300 | |
| 2025 | $0.6000 | -36.8% |
| 2024 | $0.9500 | +33.8% |
| 2023 | $0.7100 | +688.9% |
| 2022 | $0.0900 | +800.0% |
| 2020 | $0.0100 | -96.2% |
| 2019 | $0.2600 | +57.6% |
| 2018 | $0.1650 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (96.34% 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 | 1.76% | |
| Repurchase Agreement RA | 1.17% | |
| Repurchase Agreement RA | 0.70% | |
| Repurchase Agreement RA | 0.37% | |
| Repurchase Agreement RA | 0.23% |
By country
United States 4.25%By asset type
RA 4.25%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $20.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.22%, +0.51%, -0.57%.
How it works
SJB follows the Markit iBoxx $ Liquid High Yield Index, which S&P Dow Jones Indices maintains. The index holds US dollar fixed-rate corporate bonds from companies based in developed countries. To be included, a bond must be rated BB+ or lower by Fitch or S&P and Ba1 or lower by Moody's, which puts it below investment grade. Bonds are weighted by market value, no single issuer can exceed 3%, and the index is reset each month.
SJB does not short the bonds directly. ProShare Advisors uses swap agreements instead. These are contracts with major financial institutions that pay the fund roughly the opposite of the index's return. The rest of the money sits in cash-like holdings. As of August 31, 2026, the fund had net assets of $45.4 million. About 96% of that was in cash and short-term instruments such as repurchase agreements (short loans backed by US government securities), alongside four total return swaps.
The fund rebalances every day to keep its exposure at -1x. If the index rises, the fund cuts its short position. If the index falls, it adds to it. Because of this daily reset, returns over weeks or months can differ sharply from -1x the index, and they are usually worse in choppy markets. Financing costs and fees reduce returns too. If the index ever came close to doubling in a single day, holders could lose everything.
What it really costs
- SJB charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.1% 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 $1,274 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SJB | $97 | $324 | $570 | $1,274 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
The fund resets daily and has lost money in 8 of the 10 calendar years from 2016 through 2025, so it works as a brief hedge, not something to hold for years.
SJB can help during sharp credit sell-offs. It rose 27% from February 19 to March 23, 2020, and 13.8% during the 2022 bear market. Timing matters a great deal, though. Even after that 2020 spike, it lost 9.15% for 2020 as a whole. Its worst calendar year was 2016, at -13.87%. Its deepest drop, -58.1% from October 2011 to December 2021, still had not been recovered as of October 27, 2026. A retiree who needed to sell shares after a long stretch like that would lock in heavy losses. The fund paid a 3.25% trailing yield, in quarterly distributions, as of October 27, 2026. On the SEC's standard $10,000 example, costs come to $97 after one year and $1,274 after 10. 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 who want a short-term hedge against falling high yield bond prices, and who are willing to monitor the position daily.
- Investors who hold high yield bonds and want to offset a sell-off for days or weeks without selling those bonds.
- People who understand swaps, daily resets and compounding, and who accept that the fund is built around one-day returns.
Look elsewhere if
- Buy-and-hold or retirement investors: the fund returned -4.6% a year over the 10 years through December 31, 2025.
- Income seekers: the 3.25% trailing yield comes with a short position that has lost money in most calendar years since 2016.
- Cost-conscious investors: the 0.95% expense ratio adds up to $1,274 over 10 years in the SEC's standard $10,000 example.
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 SJB good for retirement?
SJB is generally a poor fit for a long-term retirement portfolio. It resets its -1x exposure every day, and over longer periods compounding usually works against holders. The fund returned -4.6% a year on average over the 10 years through December 31, 2025, and lost money in 8 of the 10 calendar years from 2016 through 2025. ProShares designs it around daily results, so it works more as a short-term hedge than as a holding to keep for years.
Does SJB pay dividends?
Yes, SJB pays distributions quarterly. Over the 12 months through October 27, 2026, it paid about $0.50 per share, a trailing yield of 3.25%. This is not bond interest in the usual sense. The fund holds almost no bonds. As of August 31, 2026, about 96% of its assets were in cash and short-term instruments such as repurchase agreements, and its exposure comes from swaps. Distributions can change as short-term rates and the fund's results change.
Why does SJB lose money over time?
SJB loses money over time for three main reasons. First, high yield bonds pay interest and have often risen over long stretches, and a short position loses when they rise. Second, the fund resets daily, so in choppy markets compounding can pull returns below -1x of the index. Third, fees and the cost of keeping short exposure reduce returns. Together, these left SJB with a -58.1% drop from October 2011 to December 2021, which had not been recovered as of October 27, 2026.
How did SJB do in the 2020 crash and 2022 bear market?
SJB rose in both. From February 19 to March 23, 2020, it gained 27%, and its best quarter was +11.1% in the quarter ending March 31, 2020. It gained 13.8% during the 2022 bear market and finished 2022 up 9.58%. These gains were short-lived, though. For 2020 as a whole the fund lost 9.15%, because junk bonds bounced back quickly. That gap shows how much a hedge like this depends on timing.
What is SJB's expense ratio?
SJB's expense ratio is 0.95% a year, according to the prospectus filed September 25, 2026, and its management fee is 0.75%. In the SEC's standard example, with $10,000 invested, a 5% annual return and shares sold at the end of each period, total costs come to $97 after one year, $324 after three, $570 after five and $1,274 after 10. The cost of keeping the short exposure through swaps reduces returns further.