# ProShares UltraShort Silver (ZSL)

> Source: Nexqual · https://nexqual.com/ZSL · data as of 2026-10-23 16:57 UTC · cite as "Nexqual, ProShares UltraShort Silver (ZSL), nexqual.com/ZSL" · informational, not investment advice.

**Price:** USD 33.97 (+2.23% today) · US market open, as of October 23, 2026 at 16:57 UTC; quotes may be delayed. Prev close 33.23 · day 33.7–35.19 · 52w 14.4–147.9 · market cap null · PCX

## Key facts
- Total return with dividends: 1Y -74.7% vs S&P 500 +14.6%; 5Y -96.8% vs S&P 500 +77.3%.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | -$1.68B | $95.8M | -$2.48B | -$39.4M | $1.71B | $389M |
| Cash + short-term investments | $1.47B | $2.28B | $2.60B | $2.58B | $3.25B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)


## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -74.7% | -96.8% |
| S&P 500 (SPY) | +14.6% | +77.3% |
| Per year | -74.7% | -49.7% |
| Volatility (annualized) | 122.0% | 69.8% |
| Max drawdown | -89.3% (Oct 2025→May 2026) | -99.0% (Aug 2022→Feb 2026) |

## Peers
GLL (ProShares UltraShort Gold) USD 27.05 +1.46% · AGQ (ProShares Ultra Silver) USD 52.7 -2.29% · UGL (ProShares Ultra Gold) USD 42 -1.48% · DZZ (DB Gold Double Short ETN due Fe) USD 1.89 +4.72% · EUO (ProShares UltraShort Euro) USD 32.41 +0.29%

## More
Full page: https://nexqual.com/ZSL · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Proshares Ultra Silver | $15.6M | 31.4% | +155.5% |
| Proshares Ultra Short Bloomberg Crude Oil | $9.1M | 18.2% | +669.6% |
| Proshares Ultra Gold | $7.8M | 15.7% | +51.8% |
| Proshares Ultra Bloomberg Crude Oil | $3.7M | 7.5% | +15.6% |
| Proshares Ultra Bloomberg Natural Gas | $3.1M | 6.2% | +47.3% |
| Proshares Ultra Vix Short Term Futures Etf | $2.5M | 5.0% | -11.0% |
| Proshares Short Vix Short Term Futures Etf | $1.7M | 3.4% | -54.5% |
| Proshares Vix Short Term Futures Etf | $1.6M | 3.2% | +33.9% |
| Proshares Ultra Short Bloomberg Natural Gas | $1.3M | 2.5% | -68.0% |
| Proshares Ultra Short Silver | $1.1M | 2.2% | +388.7% |
| Proshares Ultra Short Gold | $927,274 | 1.9% | +30.1% |
| Proshares Vix Mid Term Futures Etf | $416,705 | 0.8% | +92.0% |
| Proshares Ultra Yen | $340,254 | 0.7% | -41.4% |
| Proshares Ultra Short Euro | $330,295 | 0.7% | +8.9% |
| Proshares Ultra Short Yen | $266,435 | 0.5% | +27.6% |
| Proshares Ultra Euro | $47,346 | 0.1% | -31.0% |
| Total revenue | $49.7M | 100% | — |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 76.4% | ±17.1% |
| 2026-12-18 | 56 | 74.9% | ±23.3% |
| 2027-01-15 | 84 | 71.6% | ±27.1% |
| 2027-02-19 | 119 | 70.5% | ±31.4% |
| 2027-05-21 | 210 | 69.5% | ±40.3% |