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SH +0.43% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is ProShares Short S&P500 (SH) stock up today?
No news items or SEC filings were published in the window, so this view rests on the market data for the 14 sessions from Oct 27 to Nov 13. SH is an inverse ETF, so its price moves against the S&P 500, but the index itself is not in the data and the link to the market is inferred. The clearest event is Nov 5, when SH hit a high of $33.83 and closed there on about 23.0M shares, roughly double the window average of about 11.3M. Since then the price has slipped to $32.66 on Nov 11 and recovered to $32.92 on Nov 13, which is 2.7% below the Nov 5 high and about 2.1% above the Oct 27 close of $32.24. The Nov 13 session traded about 7.3M shares, below average, which suggests no fresh pressure. Because SH resets its exposure daily, its value tends to erode over longer holding periods, which weighs on any multi-month view. The evidence supports a near-neutral short-term stance and a mildly bearish longer-term stance, consistent with the previous analysis.
About ProShares Short S&P500
ProShares Short S&P500 (SH) is an exchange-traded fund that aims to go up when the S&P 500 goes down. It tries to deliver the opposite (-1x) of the index's return each day, and it was launched in 2006. It's one of the largest and longest-running unleveraged inverse funds tied to US large-cap stocks.
How the fund works
SH does not hold the stocks themselves. Instead it uses derivatives, mainly S&P 500 swaps with large banks and E-mini futures, to bet against the index. Its cash collateral sits in Treasury and money-market holdings. Because the fund resets its exposure every day, returns held over weeks or months can drift away from simply -1x the index, especially when markets swing a lot. It has also lost value over the long run as stocks have risen. Costs are relatively high, with an expense ratio of roughly 0.89%. The fund pays quarterly distributions, largely from interest earned on its collateral. Assets are roughly $1 billion.
What usually moves SH
- Daily moves in the S&P 500 (inverse)
- Market volatility and selloffs
- Short-term interest rates earned on collateral
- Investor demand for hedging