At a glance
ZSL charges 0.95% a year. It has $91.2M in assets. Over the past year it returned −76.8% with distributions reinvested (S&P 500: +11.5%); over three years it returned −65.1% a year. At its worst it fell 35.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The short version
ProShares UltraShort Silver (ZSL) is a commodity pool. It uses futures and other derivatives to try to deliver -2x, or twice the opposite, of the daily performance of a silver futures benchmark. It is a tool for short-term bets that silver will fall, not a long-term holding. Three things set it apart: a 0.95% sponsor fee, a daily reset of its exposure and K-1 tax reporting. It lost 87.29% in 2025.
Price history
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ZSL -76.8% 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 | |
|---|---|---|---|---|---|---|
| ZSL price data to Oct 27, 2026 | -37.4% | -76.8% | -65.1% | -49.6% | — | -43.5% |
- Over the year to Oct 27, 2026, ZSL returned -76.8%.
- Its 5-year annualized return was -49.6%.
- Its worst full calendar year was 2025 (-87.3%); its best was 2023 (-5.5%).
- The deepest fall in its price history was 99.1% (Sep 1, 2022 to May 13, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -37.4% |
| 2025 | -87.3% |
| 2024 | -42.4% |
| 2023 | -5.5% |
| 2022 | -28.1% |
| 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 Feb 22, 2021 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 18.8% over that stretch · deepest drop along the way 35%, back to its old high 2.1 months after the low |
What's inside
The fund holds futures contracts and the cash and Treasury bills backing them, not the commodity itself; its net assets were $91.2M as of Jun 30, 2026 (per its 10-Q). As a commodity pool it files 10-Q and 10-K reports instead of N-PORT holdings reports, so there is no holdings list.
How it works
ZSL does not own silver. Its annual report, filed February 26, 2026, says it invests in "Financial Instruments" instead. These include futures contracts, swap agreements and forward contracts. Their value comes from a benchmark index built to track silver futures contracts. That index can move quite differently from the price of physical silver, and sometimes in the opposite direction. ZSL is part of ProShares Trust II. ProShare Capital Management LLC is the sponsor and the commodity pool operator, registered with the CFTC. Wilmington Trust Company is the trustee. The trust is not registered under the Investment Company Act of 1940.
The fund aims for -2x the benchmark's move over a single day only, measured from one net asset value calculation to the next. Each day it resets its exposure. Over longer periods, those daily results compound. The total can differ sharply from -2x the benchmark's return, in size and even in direction. The sponsor says volatility may matter as much as the benchmark's actual return.
Expiring futures have to be rolled into later contracts, and the price gap between them can add to or reduce returns. Shares are created and redeemed only by Authorized Participants, in blocks of 50,000 shares. A 1-for-4 reverse split took effect November 7, 2024.
What it really costs
- ZSL charges 0.95% a year.
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.
- A commodity pool: it holds futures contracts (and the cash and Treasury bills backing them), not the commodity itself, and it is not a 1940 Act investment company, so it lacks some fund-specific investor protections. It is taxed as a partnership: investors get a Schedule K-1 rather than a 1099 and owe tax on their share of its gains each year, even without selling. Expiring contracts must be rolled into later ones, and the price gap between them adds to or takes from returns, so over time it can drift well away from the spot price of what it tracks. Besides the sponsor's fee, it pays brokerage commissions and other costs.
In a retirement portfolio
It aims for -2x silver futures over a single day only, and holding it for longer has led to near-total losses.
ZSL's price history starts February 22, 2021, so it doesn't show how the fund did in the 2008 crisis or the 2020 crash. In the 2022 bear market it ended up 18.8%. Along the way it fell 35% between January 6 and March 8, 2022, then recovered by May 10. Its worst calendar year was 2025, at -87.29%. Its deepest drop was 99.1%, from September 1, 2022 to May 13, 2026, and it had not recovered as of October 27, 2026. Anyone who needed cash during a stretch like that would have locked in close to a total loss. The fund has paid no distributions. It charges a 0.95% sponsor fee, plus brokerage and other costs. 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
- Experienced traders who want a one-day bet that silver futures will fall, at twice the opposite of the daily move.
- Active traders who check their positions daily, as the sponsor advises, and can live with one-year volatility of about 122%.
- Investors who already deal with Schedule K-1s and accept owing partnership tax on gains each year, even without cashing out.
Look elsewhere if
- Anyone looking for a long-term silver hedge: ZSL lost about 97% over the five years to October 27, 2026.
- Retirees who need income from their holdings, since ZSL has recorded no distributions.
- Investors who want 1940 Act protections, simple 1099 tax forms or low costs. ZSL charges 0.95% plus brokerage commissions.
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 ZSL a good long-term investment?
Its history and design point to no. ZSL aims for -2x silver futures over a single day only. Its sponsor says it is meant for knowledgeable investors who should consider monitoring it actively. As of October 27, 2026, it had lost an average of 65.1% a year over three years and 49.6% a year over five years. Its deepest drop was 99.1%, and it has not recovered. It also charges a 0.95% sponsor fee.
Why can ZSL lose money over time even if silver falls?
Because it resets its -2x exposure every day. Gains and losses compound from one day to the next. In choppy markets, that compounding tends to wear value away, even if silver ends lower over the whole period. The fund also holds futures, not metal. Rolling expiring contracts into later ones can add to or take away from returns, and the 0.95% fee and trading costs reduce returns further.
Does ZSL pay dividends?
No. ZSL has recorded no distributions, so it provides no income. It is a commodity pool taxed as a partnership. Investors get a Schedule K-1 instead of a 1099. They may owe tax on their share of the fund's gains each year, even if they haven't sold any shares and received no cash. This can complicate tax filing compared with a typical stock or bond fund.
What's the difference between ProShares UltraShort Silver and ProShares Ultra Silver?
They point in opposite directions. Both funds are part of ProShares Trust II, both track silver futures and both reset every day. UltraShort Silver (ZSL) aims for -2x the daily move, so it gains when silver futures fall. Ultra Silver aims for a leveraged multiple of the daily move, so it gains when they rise. The trust's Ultra funds target either 1.5x or 2x. Neither fund is built to be held for long.
Did ZSL do a reverse split?
Yes. ZSL carried out a 1-for-4 reverse split, effective when the market opened on November 7, 2024. Each four shares became one share at a higher price. The value of a shareholder's investment did not change. The ticker stayed ZSL, and the fund received a new CUSIP number, 74347Y722. Because price data is not split-adjusted in every source, older share prices may look different depending on where they are viewed.