At a glance
SRS charges 0.95% a year. It has $14.5M in assets; it paid 3.05% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −1.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −18.7% a year. At its worst it fell 29.7% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 1 month after the low.
The short version
ProShares UltraShort Real Estate (SRS) uses swap contracts to aim for twice the opposite (-2x) of the daily move in the S&P Real Estate Select Sector Index, which holds the real estate stocks in the S&P 500. Its exposure resets every day, so it is built for short-term bets against real estate stocks. It charges 0.95% a year. Over long periods it has lost heavily: an average of 16.7% a year over the 10 years to December 31, 2025.
Price history
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SRS -1.5% 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 | |
|---|---|---|---|---|---|---|
| SRS official prospectus, to Dec 31, 2025 | — | -1.62% | — | -10.62% | -16.70% | — |
| SRS price data to Oct 27, 2026 | -11.2% | -1.5% | -18.7% | -2.0% | — | -13.9% |
- Over the year to Oct 27, 2026, SRS returned -1.5%.
- Its 5-year annualized return was -2.0%.
- Its worst full calendar year was 2021 (-52.2%); its best was 2022 (+54.6%).
- The deepest fall in its price history was 68.5% (Jun 26, 2020 to Jul 28, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -11.2% | — |
| 2025 | -1.5% | -1.62% |
| 2024 | -3.5% | -3.57% |
| 2023 | -18.9% | -18.81% |
| 2022 | +54.6% | +54.33% |
| 2021 | -52.2% | -52.03% |
| 2020 | — | -33.13% |
| 2019 | — | -38.92% |
| 2018 | — | +5.88% |
| 2017 | — | -18.02% |
| 2016 | — | -20.47% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Not in the price data, which starts Jun 2, 2020 |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 88.5% over that stretch · deepest drop along the way 29.7%, 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) | $0.8800 | |
| 2025 | $1.7700 | -44.0% |
| 2024 | $3.1600 | +23.4% |
| 2023 | $2.5600 | +1180.0% |
| 2022 | $0.2000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (83.07% 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 | 3.35% | |
| Repurchase Agreement RA | 2.23% | |
| Repurchase Agreement RA | 1.34% | |
| Repurchase Agreement RA | 0.71% | |
| Repurchase Agreement RA | 0.45% |
By country
United States 8.07%By asset type
RA 8.07%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $1.9M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.99%, -4.13%, +4.75%.
How it works
The fund tracks the S&P Real Estate Select Sector Index from S&P Dow Jones Indices. The index holds the real estate companies in the S&P 500. These include real estate investment trusts (REITs, which own and rent out property) and companies that manage or develop property. Each company is weighted by its market value. The index is reviewed each September, and its weights are adjusted in March, June and December.
The fund gets its exposure without owning the index's stocks. ProShare Advisors uses a mathematical approach that relies mainly on swap agreements with major global financial institutions. These are contracts in which two parties exchange payments based on the index's moves. Cash backing the swaps is held in Treasury bills, repurchase agreements (short-term loans backed by government securities) and a ProShare Advisors money market ETF. As of August 31, 2026, the fund held six swaps, and most of its assets were in cash and repurchase agreements. If a swap partner fails to pay, the fund could lose money.
The fund rebalances every day to keep its exposure at -2x. When the index rises, the fund's assets shrink and it cuts its exposure. When the index falls, it adds exposure. Because of this daily reset, results over longer periods can differ sharply from -2x the index's return. They are usually worse when the index swings up and down. If the index approaches a 50% gain within a single day, holders could lose their entire investment.
What it really costs
- SRS charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.34% 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 $1,527 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SRS | $97 | $375 | $675 | $1,527 |
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 exposure resets daily, so returns over months or years can drift far from the target, and it lost money in most calendar years from 2016 through 2025.
SRS can jump when real estate stocks fall, but it is an unreliable cushion for anyone who needs cash in a bad year. It gained 30.85% in the first quarter of 2020, lost 34.27% in the next quarter and ended 2020 down 33.1%. It rose 54.3% in 2022, yet fell 29.7% between June 16 and August 15 that year before recovering by September 23. Its worst year was 2021, when it lost 52.0%. Its deepest drop was 68.5%, from June 26, 2020 to July 28, 2026, and it had not recovered as of October 27, 2026. Figures for the 2008 crisis aren't available.
Its trailing yield (the past year's payouts as a share of the price) was 3.05% as of October 27, 2026, paid quarterly. The 0.95% expense ratio adds a further drag. 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
- Active traders who want a one-day, -2x bet against the real estate stocks in the S&P 500 and who can check the position every day.
- Investors who want a brief hedge on REIT holdings without borrowing shares to bet against them, and who accept swap and counterparty risk.
- Short-term traders for whom a 0.95% yearly expense ratio matters little over a few days, and who understand how daily compounding distorts longer-term returns.
Look elsewhere if
- Long-term and retirement investors: SRS lost an average of 16.7% a year over the 10 years to December 31, 2025.
- Anyone who wants a dependable crash hedge: SRS ended 2020 down 33.1%, even though it gained 30.85% in that year's first quarter.
- Income seekers: the 3.05% trailing yield as of October 27, 2026 came alongside a 68.5% drop from June 2020 to July 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 SRS a good long-term investment?
Not by design. SRS aims for -2x the daily return of the S&P Real Estate Select Sector Index. Its prospectus warns that results over periods longer than a day will likely differ from that target, sometimes significantly. Its long-term record has been poor: as of December 31, 2025, its average annual return was -10.62% over five years and -16.70% over 10 years. The daily reset usually hurts most when the index swings up and down without a clear trend.
Does SRS pay dividends?
Yes. SRS pays distributions quarterly. Over the past 12 months, payouts totaled $1.31 per share, a 3.05% yield as of October 27, 2026. The fund owns no REITs, so these payouts don't come from rent. They mainly reflect interest earned on its cash-like holdings, such as repurchase agreements and Treasury bills. The yield is small compared with the fund's price swings: it returned -11.2% in 2026 through October 27.
What's the difference between SRS and a regular real estate ETF?
They move in opposite directions. A regular real estate index fund owns REIT shares and gains when they rise. SRS owns no real estate stocks. It uses swap contracts to aim for -2x the daily return of the S&P Real Estate Select Sector Index. On a given day, it should gain about twice the index's percentage drop and lose about twice its gain, before costs. It resets daily, charges 0.95% a year and had about $14.5 million in net assets as of August 31, 2026.
Can SRS go to zero?
Yes, it is possible. The prospectus warns that if the S&P Real Estate Select Sector Index approaches a 50% gain at any point in a day, holders could lose their entire investment, because the fund carries -2x exposure. Even without that, losses can be deep. SRS fell 68.5% from June 26, 2020 to July 28, 2026 and had not recovered as of October 27, 2026. Its worst calendar year was 2021, when it lost 52.0%.
What is the expense ratio of SRS?
SRS's expense ratio, the yearly fee taken from fund assets, is 0.95%, according to its prospectus filed September 25, 2026. That figure is after a 0.34% fee waiver. The management fee alone is 0.75%. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, total costs would be $97 after one year, $375 after three years, $675 after five and $1,527 after 10 years. Financing costs tied to its swaps can lower returns further.