Fund · ProShares Short S&P500 · measured from SEC filings
SH holdings
SH reports 8 holdings and behaves like 1.6 equally weighted ones, computed from its SEC Form N-PORT filing for 2026-05-31. The fact sheet publishes the first number; this page computes the second, and traces it across 27 quarters of filings.
Measured concentration
as of 2026-05-31This figure is not comparable with other funds
swap and futures notional is 102% of net assets: the fund's exposure is delivered by derivatives, and a count of its filed positions does not describe it. See the exposure section for what the notional is written on
77.0% of net assets carries no asset category in the filing
The figure below is what the filing says, published unchanged. What it may not do is sit beside a plain long-only fund and be read as the same quantity. How comparability is decided.
Computed by this site from the fund's SEC Form N-PORT filing; what the measure does not tell you · every fund in one table · hold it with other funds? X-ray the mix. Pricing: 77.04% at a quoted market price (level 1), one issuer country.
What stands out
as of 2026-05-31The largest line in SH's filing is not a stock but ProShares Genius Money Market ETF, a fund position at 92.88% of net assets. Between the 2026-02-28 and 2026-05-31 filings 3 positions were added and 3 dropped; 31.1% of the weight moved.
Each sentence is read from the fund's own SEC filing; the class median is computed across the comparable unknown funds on this site. Nothing here is a view on the fund.
Every filing since 2019
27| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2026-05-31 * | 8 | 1.6 | 100% | 77.04% |
| 2026-02-28 * | 13 | 2 | 99.37% | 68.73% |
| 2025-11-30 * | 14 | 3.8 | 98.02% | 43.36% |
| 2025-08-31 * | 11 | 5 | 99.71% | 32.78% |
| 2025-05-31 * | 18 | 8.1 | 95.28% | 19.17% |
| 2025-02-28 * | 16 | 7.6 | 97.96% | 21.63% |
| 2024-11-30 * | 14 | 8.2 | 93.93% | 21.54% |
| 2024-08-31 * | 19 | 13 | 80.86% | 11.87% |
Earlier filings (19 more, back to 2019-11-30)
| Period | Holdings | Effective | Top 10 | Largest |
|---|---|---|---|---|
| 2024-05-31 * | 19 | 12.1 | 84.83% | 11.95% |
| 2024-02-29 * | 22 | 15.8 | 71.47% | 11.27% |
| 2023-11-30 * | 32 | 22.8 | 54.47% | 8.75% |
| 2023-08-31 * | 26 | 17 | 67.65% | 11.5% |
| 2023-05-31 * | 30 | 21.9 | 54.34% | 10.3% |
| 2023-02-28 * | 35 | 20.9 | 60.91% | 9.1% |
| 2022-11-30 * | 20 | 12.7 | 83.55% | 12.19% |
| 2022-08-31 * | 33 | 18.9 | 64.63% | 10.79% |
| 2022-05-31 * | 32 | 15.7 | 70.6% | 11.74% |
| 2022-02-28 * | 30 | 17.1 | 68.84% | 9.9% |
| 2021-11-30 * | 27 | 16.9 | 64.32% | 12.24% |
| 2021-08-31 * | 26 | 19.2 | 61.57% | 10.04% |
| 2021-05-31 * | 26 | 21.3 | 58.65% | 7.35% |
| 2021-02-28 * | 29 | 21.7 | 56.9% | 6.59% |
| 2020-11-30 * | 29 | 14 | 67.9% | 18.24% |
| 2020-08-31 * | 30 | 19.3 | 61.74% | 11.5% |
| 2020-05-31 * | 38 | 22.6 | 54.44% | 9.9% |
| 2020-02-29 * | 28 | 14.2 | 71.97% | 16.81% |
| 2019-11-30 * | 27 | 17.3 | 62.92% | 13.9% |
One row per filed reporting period, newest first, read from EDGAR. Quarterly because that is the public filing cadence. Rows marked * are published but held out of the comparison above; the methodology page says when and why.
Largest positions, as filed
as of 2026-05-31The 5 largest of 8 positions in SH's Form N-PORT, weight as a share of net assets, securities-lending collateral excluded. Every position, every quarter: SH.csv.gz.
| # | Position | Weight | Cumulative |
|---|---|---|---|
| 1 | ProShares GENIUS Money Market ETF | 77.04% | 77.0% |
| 2 | United States of America | 14.37% | 91.4% |
| 3 | U.S. Treasury Bills | 6.34% | 97.7% |
| 4 | U.S. Treasury Bills | 2.11% | 99.9% |
| 5 | Repurchase Agreement | 0.14% | 100.0% |
Returns the fund reported
2019-09 – 2026-05Monthly total returns from Item B.5 of SH's own filings, 81 months on record. Not computed here and not from a price feed.
Cross-checked against a series computed separately from prices: median difference — percentage points over 0 months, which is roughly the distributions. Every month with the filing it came from: SH.json · all funds.
Since the previous filing
2026-02-28 → 2026-05-315 positions became 5: 3 added (22.8% of the fund at the later date), 3 dropped (24.3% at the earlier date). Half the sum of all weight changes, a turnover proxy: 31.1%. Positions are matched on identifiers, so a security whose identifier changed shows as one drop and one add. Every filing of SH compared this way, as a feed: changes.xml · all funds: filings received.
| Largest increases | 2026-02-28 | 2026-05-31 | Largest decreases | 2026-02-28 | 2026-05-31 |
|---|---|---|---|---|---|
| ProShares GENIUS Money Market ETF | 68.73% | 77.04% | Repurchase Agreement | 7.00% | 0.14% |
New: United States of America (14.37%), U.S. Treasury Bills (6.34%), U.S. Treasury Bills (2.11%). Gone: United States of America (17.85%), United States of America (6.42%), N/A (0.01%).
Asset categories and pricing
as of 2026-05-31| Asset category (as filed) | Share of investments |
|---|---|
| unknown unknown | 77.04% |
| short-term investment STIV | 22.82% |
| repurchase agreement RA | 0.14% |
77.0% of SH is carried at a quoted market price (fair-value level 1). Categories and levels are the filer's, from Form N-PORT; what a low level-1 share does and does not mean is in the measure's page.
Derivative exposure and counterparties
as of 2026-05-31A position count cannot describe a fund that uses derivatives, because a swap is filed at its unrealised gain, not its exposure. These are the notionals the fund itself reported, against net assets of $981M. Notional of an interest-rate or currency swap is not equity exposure.
| Swap counterparty | Notional | % of net assets |
|---|---|---|
| Barclays Bank plc | −$147M | -14.96% |
| UBS AG | −$130M | -13.21% |
| Bank of America NA | −$128M | -13.07% |
| Goldman Sachs International | −$95M | -9.73% |
| BNP PARIBAS | −$90M | -9.21% |
| JPMORGAN CHASE BANK, NATIONAL ASSOCIATION | −$83M | -8.5% |
| Societe Generale SA | −$80M | -8.18% |
| Wells Fargo Bank NA | −$46M | -4.72% |
| CITIBANK, NATIONAL ASSOCIATION | −$36M | -3.68% |
| Morgan Stanley & Co. International plc | −$35M | -3.61% |
Financing leg as filed : the fund receives FEDL01 + 0.552% on $872M of short swap notional. Issuers fill the spread field differently (some file the all-in rate), so compare within an issuer, not across.
Full detail for every fund that files derivatives: leverage.json (CC BY 4.0).
Neighbours by effective holdings, unknown funds
9Every measured unknown fund lined up by how many holdings it behaves like; these sit either side of SH (1.6). Same filings, same arithmetic. Position in this list says nothing about which fund is better.
| Fund | Reports | Behaves like | Top ten | As of |
|---|---|---|---|---|
| HEFA iShares Currency Hedged MSCI EAFE ETF | 66 | 1 | 99.99% | 2026-07-31 |
| HEWJ iShares Currency Hedged MSCI Japan ETF | 5 | 1 | 100% | 2026-05-31 |
| HEZU iShares Currency Hedged MSCI Eurozone ETF | 5 | 1 | 100% | 2026-05-31 |
| BITO ProShares Bitcoin ETF | 5 | 1.2 * | 100% | 2026-05-31 |
| SDS ProShares UltraShort S&P500 | 10 | 2 * | 100% | 2026-05-31 |
| PSQ ProShares Short QQQ | 9 | 2.5 * | 100% | 2026-05-31 |
| AOK iShares Core 30/70 Conservative Allocation ETF | 8 | 2.6 | 100% | 2026-07-31 |
| DFAW Dimensional World Equity ETF | 5 | 2.8 | 100% | 2026-07-31 |
| AOM iShares Core 40/60 Moderate Allocation ETF | 8 | 3.1 | 100% | 2026-07-31 |
Essays that examine SH
1-
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Mentions are detected across the full text of every article, so an appearance may be a passing comparison rather than the subject. Nothing here is a recommendation to buy or sell — see the disclaimer.