At a glance
SZK charges 0.95% a year. It has $4.5M in assets; it paid 6.23% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −19.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −15.2% a year. At its worst it fell 16.4% in the 2020 crash (S&P 500: 33.7%) and 31.5% 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 UltraShort Consumer Staples (SZK) seeks two times the opposite of the S&P Consumer Staples Select Sector Index's daily return, using swap contracts rather than owning stocks. It is built for short-term bets against large US everyday-goods stocks, such as food, beverage and household-product makers. Because its exposure resets daily, holding it for long periods has been costly: it lost 85% over the 10 years to October 27, 2026.
Price history
The interactive chart needs JavaScript.
SZK -19.6% 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 | |
|---|---|---|---|---|---|---|
| SZK official prospectus, to Dec 31, 2025 | — | +3.17% | — | -4.12% | -16.26% | — |
| SZK price data to Oct 27, 2026 | -22.3% | -19.6% | -15.2% | -2.2% | -17.2% | -19.6% |
- Over the year to Oct 27, 2026, SZK returned -19.6%.
- Its 5-year annualized return was -2.2% and its 10-year -17.2%.
- In the 2020 COVID crash, while stocks fell, it gained 88.3%.
- Its worst full calendar year was 2020 (-58.2%); its best was 2022 (+47.1%).
- The deepest fall in its price history was 99.4% (Mar 9, 2009 to Jan 4, 2022), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -22.3% | — |
| 2025 | +3.4% | +3.17% |
| 2024 | -11.3% | -11.46% |
| 2023 | -3.2% | -2.89% |
| 2022 | +47.1% | +46.98% |
| 2021 | -37.8% | -37.85% |
| 2020 | -58.2% | -58.30% |
| 2019 | -39.5% | -38.87% |
| 2018 | +33.7% | +31.06% |
| 2017 | -27.3% | -27.07% |
| 2016 | -13.1% | -14.11% |
| 2015 | -22.7% | — |
| 2014 | -20.2% | — |
| 2013 | -44.1% | — |
| 2012 | -25.2% | — |
| 2011 | -24.3% | — |
| 2010 | -34.9% | — |
| 2009 | -42.9% | — |
| 2008 | +46.1% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Gained 124% over that stretch · deepest drop along the way 28.3%, back to its old high 1.8 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 88.3% over that stretch · deepest drop along the way 16.4%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 63% over that stretch · deepest drop along the way 31.5%, back to its old high 1.9 months after the low |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.9900 | |
| 2025 | $0.7400 | -49.3% |
| 2024 | $1.4600 | +19.7% |
| 2023 | $1.2200 | +577.8% |
| 2022 | $0.1800 | +125.0% |
| 2020 | $0.0800 | -94.4% |
| 2019 | $1.4400 | +100.0% |
| 2018 | $0.7200 | -99.9% |
| 2008 | $625.6000 |
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 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Repurchase Agreement RA | 37.95% | |
| Repurchase Agreement RA | 25.23% | |
| Repurchase Agreement RA | 15.14% | |
| Repurchase Agreement RA | 8.07% | |
| Repurchase Agreement RA | 5.05% |
By country
United States 91.44%By asset type
RA 91.44%What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $195.00 (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.60%, -4.62%, +0.57%.
How it works
SZK's benchmark is the S&P Consumer Staples Select Sector Index from S&P Dow Jones Indices. The index includes the consumer staples companies in the S&P 500: makers of food, beverages, tobacco, and household and personal care products, plus staples retailers and distributors. Companies are weighted by market capitalization (the total value of their shares). The index is reviewed each September, with weight adjustments in March, June and December.
SZK doesn't own these stocks. ProShare Advisors uses a mathematical approach to choose derivatives (contracts tied to another asset's value), mainly swaps, that should deliver two times the opposite of the index's daily return. A swap is a contract in which the fund and a major bank exchange payments based on the index's moves. As of August 31, 2026, the fund had four swaps, and about 91% of its $4.5 million in net assets sat in repurchase agreements: short-term loans backed by securities, usually US government debt.
The fund rebalances daily. When the index rises, it cuts exposure, and when the index falls, it adds exposure. Because of this daily reset, returns over longer periods can stray far from -2x the index, usually for the worse in choppy markets. If the index nears a 50% gain within a day, holders could lose their entire investment. A bank defaulting on a swap is another risk.
What it really costs
- SZK charges 0.95% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 4.2% 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 $4,887 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| SZK | $97 | $1,167 | $2,234 | $4,887 |
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, and over long periods it has lost nearly all its value, including a 99.4% fall from March 2009 to January 2022.
SZK has gained during broad market crashes. It rose 124% from the October 2007 market peak to the March 2009 low, 88% in the early-2020 COVID crash and 63% in the 2022 bear market. Those gains faded once markets recovered. It lost 58.3% in 2020, its worst calendar year. Its deepest fall, 99.4% from March 2009 to January 2022, had not been recovered as of October 27, 2026.
For someone who may need to draw money in a bad year, timing matters: gains in a crash can vanish before they are needed, and long holding periods have brought steep losses. The 6.23% yield over the 12 months to October 27, 2026, paid quarterly, has not offset those losses, and the 0.95% expense ratio adds to the drag. Past results don't predict the future, and any plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a one-day or few-day bet against S&P 500 consumer staples stocks, who can check the position daily.
- Owners of big consumer staples stock positions wanting brief protection from a drop, accepting the 0.95% expense ratio and swap-bank default risk.
- Traders who can stomach big swings, such as a 33.09% loss in the second quarter of 2020 and a 46.98% gain in 2022.
Look elsewhere if
- Long-term investors wanting a lasting crash hedge: SZK gained 88.3% in the early-2020 crash yet lost 58.3% for calendar 2020.
- Income seekers: the 6.23% yield over the 12 months to October 27, 2026, came alongside a one-year return of -19.6%.
- Investors preferring larger, simpler funds: SZK had about $4.5 million in net assets as of August 31, 2026, and relies on 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 SZK a good investment for retirement?
SZK isn't designed for retirement portfolios. It targets -2x the daily return of the S&P Consumer Staples Select Sector Index. That exposure resets each day, so results over months or years can stray far from the target. Over the 10 years to December 31, 2025, it lost an average of 16.26% a year. Its deepest decline, 99.4% from March 2009 to January 2022, had not been recovered as of October 27, 2026.
Why doesn't SZK return -2x the index over the long run?
Because it resets every day. SZK rebalances daily to restore its -2x exposure, so each day's return compounds on a new starting value. When the index swings up and down, that compounding usually wears value away, even if the index ends a period near where it started. Fees, swap financing costs and the cost of betting against stocks also reduce returns. The prospectus warns that results over periods longer than a day will likely differ from the daily target, possibly by a lot.
How did SZK do in the 2020 stock market crash?
It jumped during the crash, then gave back those gains and more. From the February 19, 2020 market peak to the March 23 low, SZK gained 88.3%, despite a 16.4% drop in early March that it recovered within days. For calendar 2020 it lost 58.3%, its worst year. Its worst quarter, a 33.09% loss, was the three months to June 30, 2020. Gains from an inverse fund can fade quickly once markets rebound.
Does SZK pay dividends?
Yes. SZK pays distributions quarterly, totaling $1.19 per share over the 12 months to October 27, 2026, a trailing yield of 6.23%. These aren't company dividends. As of August 31, 2026, the fund held no stocks, and about 91% of its net assets were in interest-earning repurchase agreements. The payouts haven't made up for losses: the fund's one-year return to October 27, 2026, was -19.6%.
What is SZK's expense ratio?
SZK's expense ratio is 0.95%, per its prospectus filed September 25, 2026. That includes a 0.75% management fee and reflects a 4.2% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% yearly return and cashing out at the end of each period. On that basis, total costs would be $97 after one year, $1,167 after three, $2,234 after five and $4,887 after ten. The sharp rise after year one shows the example counts the waiver for the first year only.