At a glance
SSG charges 0.95% a year. It has $37.8M in assets; it paid 7.33% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −59.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −75.1% a year. At its worst it fell 39.6% 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 Semiconductors (SSG) uses swaps to seek -2x the daily return of the Dow Jones U.S. Semiconductors Index. It aims to rise when U.S. chip stocks fall on a given day and to lose twice as much when they rise. Because it resets every day, long holding periods have been costly: it lost an average of 58.92% a year over the 10 years to December 31, 2025. It is a smaller, less leveraged alternative to Direxion's -3x SOXS.
Price history
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SSG -59.8% 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 | |
|---|---|---|---|---|---|---|
| SSG official prospectus, to Dec 31, 2025 | — | -70.05% | — | -63.58% | -58.92% | — |
| SSG price data to Oct 27, 2026 | -59.8% | -59.8% | -75.1% | -65.3% | — | -65.5% |
- Over the year to Oct 27, 2026, SSG returned -59.8%.
- Its 5-year annualized return was -65.3%.
- Its worst full calendar year was 2023 (-78.7%); its best was 2022 (+37.9%).
- The deepest fall in its price history was 99.9% (Jun 11, 2020 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -59.8% | — |
| 2025 | -70.6% | -70.05% |
| 2024 | -78.1% | -77.45% |
| 2023 | -78.7% | -78.77% |
| 2022 | +37.9% | +37.26% |
| 2021 | -67.5% | -67.43% |
| 2020 | — | -76.46% |
| 2019 | — | -63.06% |
| 2018 | — | -2.19% |
| 2017 | — | -51.29% |
| 2016 | — | -48.50% |
| 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 119.6% over that stretch · deepest drop along the way 39.6%, back to its old high 1.4 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.4000 | |
| 2025 | $1.9375 | -58.6% |
| 2024 | $4.6800 | -86.2% |
| 2023 | $34.0000 | +78.9% |
| 2022 | $19.0000 |
What's inside
As of Aug 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (112.44% of net assets), with its inverse exposure coming from 9 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 1.87% | |
| Repurchase Agreement RA | 1.25% | |
| Repurchase Agreement RA | 0.75% | |
| Repurchase Agreement RA | 0.40% | |
| Repurchase Agreement RA | 0.25% |
By country
United States 4.51%By asset type
RA 4.51%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $727K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -13.04%, +22.10%, -10.95%.
How it works
SSG is tied to the Dow Jones U.S. Semiconductors Index, which S&P Dow Jones Indices builds and maintains. The index covers U.S. companies that make or distribute semiconductors and other chips, along with related products such as chipmaking equipment and motherboards. Companies are weighted by market capitalization, which means bigger companies count for more. The index is reviewed every September, and its weights are adjusted again in March, June and December.
The fund does not own chip stocks. Instead, it signs total return swaps with major global financial institutions. A swap is a contract in which two parties trade payments based on how an asset moves. These swaps give the fund a negative, leveraged bet on the index. The rest of its money sits in short-term holdings such as U.S. Treasury bills, repurchase agreements (short loans backed by government securities) and a ProShares money market ETF. As of August 31, 2026, its five largest positions were repurchase agreements, and it held nine swap positions. If a swap partner fails to pay, the fund could lose money.
The fund rebalances every day. When the index rises, the fund's assets shrink, so it cuts its exposure. When the index falls, it adds exposure. Because of this daily reset, returns over longer periods can differ sharply from -2x the index, and choppy markets tend to make them worse. If the index nears a 50% gain within a single day, holders could lose their entire investment.
What it really costs
- SSG charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.38% 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 $1,568 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SSG | $97 | $384 | $692 | $1,568 |
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
It targets -2x the index's return for a single day only, and over longer periods it has lost nearly all of its value.
SSG is built for bets that last about a day, and its record shows what has happened over longer stretches. Its price data starts on June 2, 2020, so it does not cover the 2008 crisis or the 2020 COVID crash. In the 2022 bear market it gained 119.6%. Even then, it fell 39.6% between July 1 and August 15, 2022, before recovering by September 26. Every other calendar year from 2016 to 2025 was a loss. The worst was 2023, at -78.77%. From June 11, 2020, to October 6, 2026, it fell 99.9% and has not recovered. Its trailing yield was 7.33% as of October 27, 2026, paid quarterly, but price losses far outweighed that income. In the SEC's standard example, costs come to $97 in the first year on $10,000. 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 bet against U.S. semiconductor stocks and can check their positions every day.
- Traders hedging chip-stock holdings for short periods who want -2x exposure, which is milder than the -3x of Direxion's SOXS.
- Experienced investors who understand swaps, counterparty risk and how daily compounding wears down returns over weeks or months.
Look elsewhere if
- Long-term and retirement investors: it lost an average of 58.92% a year over the 10 years ended December 31, 2025.
- Income seekers: its 7.33% trailing yield as of October 27, 2026, was dwarfed by a 59.8% one-year price loss.
- Anyone who can't watch positions closely: if chip stocks rise about 50% in a single day, the whole investment could be lost.
Close alternatives
Matched by leveraged/inverse funds on the same index (semiconductor), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| SSG this fund | -2× | 0.95% | $37.8M | -59.8% | -75.1% |
| SOXS Direxion Daily Semiconductor Bear 3x Shares | -3× | — | $578.2M | -92.7% | -87.4% |
Questions investors ask
Is SSG a good long-term investment?
It isn't designed for long-term holding. SSG seeks -2x the daily return of the Dow Jones U.S. Semiconductors Index, and its prospectus warns that results over longer periods will likely differ from that target. As of December 31, 2025, it had lost an average of 63.58% a year over five years and 58.92% a year over 10 years. From June 2020 to October 6, 2026, it fell 99.9% from its peak.
What's the difference between SSG and SOXS?
Both make daily bets against semiconductor stocks, but SSG aims for -2x the index's daily move and Direxion's SOXS aims for -3x. SOXS is much larger, with about $578.2 million in assets, compared with SSG's $37.8 million as of August 31, 2026. The extra leverage has cut both ways: as of October 27, 2026, SOXS's one-year return was -92.7%, compared with SSG's -59.8%. Both reset daily.
Does SSG pay dividends?
Yes, SSG pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $0.88 per share, a trailing yield of 7.33%. Over the same period, though, its price fell 59.8%, so the payouts were small next to the losses. A fund that mostly holds swaps and short-term cash instruments is not built to provide steady income, and its payouts can change a lot from year to year.
Why has SSG lost so much if it's supposed to rise when chip stocks fall?
It gains on days the index falls and loses twice as much on days it rises. Over the 10 calendar years from 2016 to 2025, it posted a gain only in 2022 (+37.26%). Its daily reset also compounds losses, especially in choppy markets. Fees, swap financing and trading costs reduce returns further. Its worst quarter was a 60.59% loss in the quarter ended June 30, 2025.
What is SSG's expense ratio?
SSG's net expense ratio is 0.95%, according to its prospectus filed September 25, 2026. That figure includes a 0.75% management fee and reflects a 0.38% fee waiver. In the SEC's standard example, which assumes $10,000 invested and a 5% annual return, total costs would be about $97 after one year, $384 after three, $692 after five and $1,568 after 10. Costs from swap financing can also reduce returns.