Average Daily Volume
484.3K
Fund Overview
The ProShares UltraShort Silver (ZSL) is an exchange-traded fund (ETF) designed to provide investors with twice the inverse (-2x) daily performance of silver bullion as measured by the London Bullion Market Association (LBMA) Silver Price. This ETF is primarily used by traders looking to hedge against or profit from declines in the price of silver. Due to its leveraged and inverse nature, ZSL is intended for short-term trading rather than long-term investment. The fund achieves its objectives through the use of financial derivatives, including futures contracts and swaps, which introduce additional risks and complexities.
- Asset Class
-
Commodity
- Industry
-
Silver Miners
- Annual Dividend Rate
-
- Smart Beta
-
No
- Leveraged / Inverse
-
N/A / Yes
- Dividend Quality - Yield
-
- N/A
- Currency Hedged
-
No
- Portfolio Turnover
-
0 %
- Dividend Date
-
Why Invest in the ZSL ETF?
Potential Benefits
- Provides leveraged inverse exposure to silver prices, allowing traders to potentially profit from silver price declines.
- Offers a liquid and cost-effective way to hedge silver exposure in a portfolio.
- Can be used as a short-term trading tool for those with a bearish outlook on silver.
- No need for a futures account, making it accessible to retail investors.
- Trades on major exchanges with high liquidity, enabling easy entry and exit.
Potential Risks
- Leveraged and inverse ETFs are designed for short-term use; holding them long-term can lead to significant losses due to compounding effects.
- High volatility in silver prices can amplify losses, especially with daily reset leverage.
- Derivative-based strategies introduce counterparty risk and potential tracking error.
- Expense ratios and trading costs can erode returns, particularly with frequent rebalancing.
- Not suitable for buy-and-hold investors due to the inherent risks of leveraged products.
RSI data unavailable or insufficient history.
Monthly Returns (%)
| Year |
Jan |
Feb |
Mar |
Apr |
May |
Jun |
Jul |
Aug |
Sep |
Oct |
Nov |
Dec |
| 2026 |
-66.5%
|
+13.7%
|
+46.2%
|
-8.6%
|
-16.0%
|
+57.8%
|
-5.8%
|
-22.4%
|
+14.8%
|
+2.9%
|
-
|
-
|
| 2025 |
-20.0%
|
+6.2%
|
-17.6%
|
+6.8%
|
-2.8%
|
-14.1%
|
-5.7%
|
-11.9%
|
-29.8%
|
-13.1%
|
-17.9%
|
-56.7%
|
| 2024 |
+7.4%
|
+6.5%
|
-16.7%
|
-18.8%
|
-25.9%
|
+11.7%
|
+3.2%
|
-8.1%
|
-15.1%
|
-13.7%
|
+23.7%
|
+6.2%
|
| 2023 |
+2.8%
|
+31.5%
|
-28.0%
|
-8.4%
|
+15.2%
|
+5.2%
|
-14.3%
|
-2.8%
|
+18.8%
|
-6.9%
|
-13.4%
|
+7.2%
|
| 2022 |
+3.3%
|
-15.5%
|
-9.2%
|
+14.4%
|
+9.1%
|
+13.0%
|
+4.4%
|
+19.0%
|
-8.1%
|
-8.6%
|
-20.5%
|
-23.8%
|
| 2021 |
-3.7%
|
-12.2%
|
+27.7%
|
-16.7%
|
-14.0%
|
+14.7%
|
+0.4%
|
+11.8%
|
+22.4%
|
-21.5%
|
+9.5%
|
-3.2%
|
| 2020 |
0.0%
|
+1.8%
|
+33.1%
|
-18.9%
|
-27.3%
|
-1.8%
|
-44.6%
|
-36.3%
|
+23.0%
|
+4.1%
|
+3.0%
|
-30.6%
|
| 2019 |
-7.9%
|
+4.6%
|
+10.0%
|
+1.4%
|
+5.7%
|
-9.9%
|
-15.6%
|
-18.2%
|
+6.2%
|
-4.8%
|
+11.0%
|
-10.6%
|
| 2018 |
-2.9%
|
+8.2%
|
+1.3%
|
-3.0%
|
+0.3%
|
+5.7%
|
+6.7%
|
+13.2%
|
+4.2%
|
-3.0%
|
+2.1%
|
-13.3%
|
| 2017 |
-11.8%
|
-12.5%
|
+0.2%
|
+9.2%
|
-2.1%
|
+9.4%
|
-2.9%
|
-8.8%
|
+6.1%
|
-0.6%
|
+3.2%
|
-3.4%
|
< -5%
-5% to -2%
-2% to 0%
0%
0% to +2%
+2% to +5%
> +5%
Top Holdings (by weight)
| Symbol |
Company Name |
Weight |
No holdings data available.
Related ETFs: ZSL vs Peers
Comparison highlights key differences on cost, coverage, and focus within sector ETFs.
Investment Strategy
ZSL seeks to deliver -2x the daily performance of silver prices by utilizing a combination of futures contracts, swaps, and other derivative instruments. The fund does not hold physical silver but instead gains exposure through financial derivatives. Its daily reset mechanism means that the leverage factor is applied to each day's price movement, not cumulative performance. This makes ZSL suitable only for short-term trading, as holding it over extended periods can lead to performance erosion due to compounding effects. The fund is rebalanced daily to maintain its target leverage ratio.
Frequently Asked Questions
Is ZSL suitable for long-term investors?
No, ZSL is designed for short-term trading due to its daily leveraged reset, which can lead to significant performance deviations over longer periods.
How does ZSL achieve its -2x daily return?
ZSL uses derivatives like futures and swaps to deliver twice the inverse of the daily performance of silver prices.
What are the main risks of investing in ZSL?
Key risks include volatility decay, counterparty risk from derivatives, and the potential for amplified losses in volatile markets.
Does ZSL hold physical silver?
No, ZSL gains exposure through financial derivatives rather than holding physical silver bullion.
Who might consider investing in ZSL?
ZSL is best suited for experienced traders with a bearish short-term outlook on silver prices or those looking to hedge existing silver exposure.
Industry Overview
The ProShares UltraShort Silver (ZSL) operates within the leveraged and inverse commodity ETF space, specifically targeting silver. Silver, often referred to as 'poor man's gold,' is a precious metal with both industrial and investment demand. Investing in silver ETFs like ZSL allows traders to speculate on or hedge against price movements without directly holding physical metal. However, leveraged and inverse products like ZSL are complex instruments best suited for experienced traders due to their amplified risk profile. The silver market is influenced by factors such as industrial demand (e.g., electronics, solar panels), monetary policy, inflation expectations, and broader commodity trends.
Alternative Comparison
Compared to other silver-related ETFs like AGQ (ProShares Ultra Silver, +2x leveraged) or SLV (iShares Silver Trust, physically backed), ZSL stands out as a bearish play on silver. While AGQ offers leveraged bullish exposure, ZSL provides inverse leveraged exposure, making it a tool for those expecting silver prices to decline. Unlike physically backed ETFs such as SLV or SIVR, ZSL does not hold silver bullion but instead relies on derivatives, introducing additional risks like counterparty exposure and tracking error. ZSL's expense ratio is higher than non-leveraged silver ETFs, reflecting the costs of maintaining its leveraged strategy.
Issuer Overview
ProShares is a leading provider of leveraged and inverse ETFs, offering a wide range of products designed for short-term trading strategies. The firm is known for its expertise in derivatives-based strategies, providing investors with tools to hedge or amplify exposure to various asset classes, including equities, fixed income, and commodities like silver. ProShares' ETFs are widely used by active traders and institutional investors seeking tactical positioning in volatile markets.
Conclusion
The ProShares UltraShort Silver (ZSL) is a specialized ETF designed for traders seeking leveraged inverse exposure to silver prices. While it offers potential benefits as a hedging or speculative tool, its complex structure and daily reset mechanism make it unsuitable for long-term investors. Those considering ZSL should thoroughly understand its risks, including volatility decay and derivative-related risks, and use it only as part of a disciplined short-term trading strategy.
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