At a glance
SRTY charges 0.95% a year, the same as the average of the 5 funds most like it (the cheapest of 3). It has $75.4M in assets, the 3rd largest of that group; it paid 5.93% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −34.6% with distributions reinvested, the weakest of those 6 funds; over three years it returned −50.0% a year. At its worst it fell 48.2% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
ProShares UltraPro Short Russell2000 (SRTY) aims to deliver three times the inverse (-3x) of the Russell 2000 Index's daily return. It does this with swaps and futures, backed by US Treasury bills, rather than by owning stocks. Its exposure resets every day, so it is built for short-term bets against small-cap stocks, not for holding. It lost an average of 32.17% a year over the five years to December 31, 2025. Its 0.95% expense ratio matches the peer average.
Price history
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SRTY -34.6% 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 | |
|---|---|---|---|---|---|---|
| SRTY official prospectus, to Dec 31, 2025 | — | -40.58% | — | -32.17% | -41.88% | — |
| SRTY price data to Oct 27, 2026 | -36.5% | -34.6% | -50.0% | -29.4% | — | -43.7% |
- Over the year to Oct 27, 2026, SRTY returned -34.6%, 6th of 6 among similar funds.
- Its 5-year annualized return was -29.4%.
- Its worst full calendar year was 2021 (-51.7%); its best was 2022 (+29.0%).
- The deepest fall in its price history was 98.2% (Jun 11, 2020 to Aug 14, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -36.5% | — |
| 2025 | -41.6% | -40.58% |
| 2024 | -32.9% | -33.00% |
| 2023 | -42.1% | -42.05% |
| 2022 | +29.0% | +28.84% |
| 2021 | -51.7% | -51.68% |
| 2020 | — | -80.55% |
| 2019 | — | -53.85% |
| 2018 | — | +23.15% |
| 2017 | — | -38.41% |
| 2016 | — | -55.00% |
| 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 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 66.1% over that stretch · deepest drop along the way 48.2%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8300 | |
| 2025 | $1.9300 | -72.7% |
| 2024 | $7.0800 | +18.8% |
| 2023 | $5.9600 | +1555.6% |
| 2022 | $0.3600 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (62.43% of net assets), with its inverse exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| United States of America Bonds and notes | 38.39% | |
| U.S. Treasury Bills Bonds and notes | 19.90% | |
| United States of America Bonds and notes | 13.17% | |
| Repurchase Agreement RA | 4.74% | |
| Repurchase Agreement RA | 3.15% | |
| Repurchase Agreement RA | 1.89% | |
| Repurchase Agreement RA | 1.01% | |
| Repurchase Agreement RA | 0.63% |
By country
United States 82.88%By issuer
US Treasury 71.46%Companies 11.42%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors added a net $4.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -11.38%, +10.16%, -2.77%.
How it works
SRTY does not own small-company stocks. It tracks the Russell 2000 Index from FTSE Russell, which holds the 2,000 smallest companies in the Russell 3000 Index, weighted by market value (market capitalization). The index is reviewed each June and December. As of May 31, 2026, every company in it was worth less than $81 billion. ProShare Advisors uses a mathematical model to choose a mix of swap agreements and Russell 2000 E-mini futures that together should return -3x the index's daily move. A swap is a contract in which a bank agrees to pay the fund based on an index's moves. As of August 31, 2026, about 71% of net assets sat in short-term US Treasury bills and about 11% in repurchase agreements (short-term loans backed by government securities).
The fund rebalances every day, measured from one net asset value calculation to the next. If the index rises, the fund's assets fall and it cuts its exposure. If the index falls, it adds exposure. Over periods longer than a day, compounding can pull results far from -3x. In the prospectus example, an index that fell 20% over a year with 50% volatility would leave the fund down an estimated 56.4%. If the index gains about 33% in a single day, holders could lose their entire investment. The fund could also lose money if a swap counterparty fails to pay.
What it really costs
- SRTY charges 0.95% a year, versus an average of 0.95% for the similar funds below (1st of 3, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.15% 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 $1,327 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SRTY | $97 | $335 | $592 | $1,327 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× 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
Its leveraged, daily-reset inverse design has wiped out almost all of its value over multi-year periods, so it suits short-term trades, not long holding periods.
SRTY could at most act as a brief hedge against a sharp drop in small-cap stocks. Its record shows the cost of holding it longer. It launched in 2010, after the 2008 crisis. It lost 80.55% in calendar 2020, including 64.45% in the second quarter alone, as small caps rebounded from the COVID crash. It gained 28.84% in 2022, yet fell 48.2% between June 16 and August 15, 2022. Its deepest drop, 98.2% from June 11, 2020 to August 14, 2026, had not been recovered as of October 27, 2026. Anyone forced to sell in a bad year would likely lock in deep losses.
The trailing yield was 5.93% as of October 27, 2026, and it pays quarterly, but that income is small next to its price losses. In the SEC's standard $10,000 example, costs come to $97 in the first year. 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, -3x bet against the Russell 2000 and can check their position every day.
- Experienced investors seeking a brief hedge on small-cap holdings who understand how the daily reset and compounding erode multi-day returns.
- Traders comparing -3x small-cap tools: its 0.95% expense ratio equals the peer average and it is worth comparing with Direxion's larger TZA.
Look elsewhere if
- Buy-and-hold and retirement investors: it lost an average of 41.88% a year over the ten years to December 31, 2025.
- Anyone who can't accept a near-total loss: a gain of about 33% in the Russell 2000 in one day could wipe out the investment.
- Investors wanting a milder bet against small caps, who may compare ProShares Short Russell2000 (RWM), a -1x fund with the same 0.95% expense ratio.
Close alternatives
Matched by leveraged/inverse funds on the same index (russell 2000), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SRTY this fund | -3× | 0.95% | $75.4M | -34.6% | -50.0% |
| TZA Direxion Daily Small Cap Bear 3X Shares | -3× | — | $283.1M | -34.5% | -49.4% |
| TWM ProShares UltraShort Russell2000 | -2× | — | $56.7M | -21.6% | -33.3% |
| SDD ProShares UltraShort SmallCap600 | -2× | — | $2.5M | -25.0% | -29.3% |
| RWM ProShares Short Russell2000 | -1× | 0.95% | $192.4M | -8.9% | -14.9% |
| SBB ProShares Short SmallCap600 | -1× | 0.95% | $4.9M | +79.2% | +13.1% |
Questions investors ask
Is SRTY a good long-term investment?
No. SRTY is not designed for long-term holding. It resets its -3x inverse exposure daily, and compounding has eroded its value over time. Its official average annual return was -32.17% over five years and -41.88% over ten years, both to December 31, 2025. Based on price, it was down 82% over the five years to October 27, 2026. The prospectus warns that results over periods longer than a day will likely differ from -3x, possibly by a lot.
What's the difference between SRTY and TZA?
Very little in strategy. Both aim for -3x the daily return of the Russell 2000. SRTY is run by ProShares and TZA by Direxion. Their returns as of October 27, 2026 were nearly the same: -34.6% versus -34.5% over one year, and -50% versus -49.4% a year over three years. TZA is larger, at about $283 million, compared with SRTY's $75.4 million as of August 31, 2026. TZA's expense ratio wasn't available here, so it is worth checking before comparing costs.
Why does SRTY lose money even when small caps fall?
Because it resets daily, and compounding in choppy markets eats into returns. Each day the fund rebalances to -3x, adding exposure after losses and cutting it after gains, so a jumpy market drags returns down. The prospectus shows that if the Russell 2000 fell 20% over a year with 50% volatility, SRTY would lose an estimated 56.4%, even though it bets on falling prices. Only in calmer declines would it come out well ahead.
Does SRTY pay dividends?
Yes. SRTY pays distributions quarterly. Its trailing 12-month payout was $1.55 per share, a yield of 5.93% as of October 27, 2026. The fund holds Treasury bills, repurchase agreements and derivatives rather than stocks, so these payments are not stock dividends. The income is small next to the fund's price swings: the fund returned -34.6% over the year to October 27, 2026, far more than the payouts offset.
What is SRTY's expense ratio?
SRTY's expense ratio is 0.95%, according to its prospectus filed September 25, 2026, including a 0.75% management fee. That matches the 0.95% average of similar funds. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost $97 after one year, $335 after three, $592 after five and $1,327 after ten. Financing and trading costs on its swaps and futures also reduce returns.