ATLASProShares UltraShort S&P 500 (SDS): outlook, holdings and fees
ProShares UltraShort S&P 500 (SDS) is an exchange-traded fund and is managed by ProShares. The expense ratio is 0.89% and the yield is 5.16%. The ten largest holdings are 223% of the fund.
Fund data as of Oct 14, 2026 · Price Nov 2, 2026
ATLAS view on SDS
| Last price | $55.15 (-1.3%) |
|---|---|
| ATLAS chance of a higher price in 1 month | 52% |
| Likely 1-month range (50%) | $52.84 – $57.90 |
| Normal 1-day range (±1σ) | ±1.6% |
| Distribution yield | 5.16% |
ATLAS probabilities use the same calibrated model as every stock page. A fair value is shown for companies, not funds; the holdings below link to the fair value of each company.
SDS fund facts
| Issuer | ProShares |
|---|---|
| Theme | Inverse (short) |
| Assets under management | $348M |
| Expense ratio | 0.89% |
| Number of holdings | 10 |
| Portfolio turnover | 0% |
| Inception | Jul 11, 2006 |
| Exchange | NYSE |
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.
SDS top holdings
| Holding | Sector | Weight |
|---|---|---|
| S&P 500 Index Swap Bnp Paribas | – | 35.90% |
| S&P 500 Index Swap Citibank Na | – | 32.23% |
| S&P 500 Index Swap Ubs Ag | – | 29.82% |
| S&P 500 Index Swap Bank Of America Na | – | 27.94% |
| S&P 500 Index Swap Jp Morgan Securities | – | 21.04% |
| S&P 500 Index Swap Goldman Sachs International | – | 20.75% |
| S&P 500 Index Swap Societe Generale | – | 17.63% |
| United States Treasury Bills | – | 16.46% |
| S&P 500 Index Swap Morgan Stanley & Co. International Plc | – | 12.33% |
| S&P 500 Index Swap Credit Suisse International | – | 9.29% |
Holdings with an ATLAS page link to their probability range, fair value and earnings calendar.
SDS returns and risk
| Year to date | -21.7% |
|---|---|
| 1 year | -24.3% |
| 3 years (annualised) | -30.9% |
| 5 years (annualised) | -21.2% |
| 10 years (annualised) | -28.4% |
| Volatility (3 years) | 23.5% |
| Sharpe ratio (3 years) | -1.66 |
Past returns do not guarantee future results.
SDS: frequently asked questions
What does SDS invest in?
ProShares UltraShort S&P 500 invests in a portfolio of securities. Its largest holdings are S&P 500 Index Swap Bnp Paribas (35.9%), S&P 500 Index Swap Citibank Na (32.2%), S&P 500 Index Swap Ubs Ag (29.8%), S&P 500 Index Swap Bank Of America Na (27.9%), S&P 500 Index Swap Jp Morgan Securities (21.0%).
What is the SDS expense ratio?
0.89% a year: about $89.00 for every $10,000 invested.
What is the SDS dividend yield?
5.16%. ATLAS does not hold the exact distribution dates for ETFs.
Will SDS go up?
Nobody can know. The ATLAS model puts the chance of a higher price in one month at 52%, with a likely range (50%) of $52.84 to $57.90 from $55.15 today. It is a probability, not a prediction.
How has SDS performed?
Year to date -21.7%, one year -24.3%, three years -30.9% a year, five years -21.2% a year. Past returns do not guarantee future results.
Similar ETFs: Inverse (short)
- First Trust Long/Short Equity ETF (FTLS)
- Direxion Daily Semiconductor Bear 3X Shares (SOXS)
- ProShares UltraPro Short QQQ (SQQQ)
- FlexShares Ultra-Short Income Fund (RAVI)
- Convergence Long/Short Equity ETF (CLSE)
- ProShares Short S&P 500 (SH)
- BNY Mellon Ultra Short Income ETF (BKUI)
- VanEck Short High Yield Muni ETF (SHYD)
Educational information, not investment advice. Disclaimer