ETF Evaluator:
ProShares Short High Yield ()
Follow This ETF
(as of Aug 26)
Best Performing in Trading--Inverse Debt Over the Last Year
| 14.4% | Direxion Daily 20+ Yr Trsy Bear 3X ETF (TMV) |
| 11.9% | ProShares UltraPro Short 20+ Year Trs (TTT) |
| 9.8% | ProShares UltraShort 20+ Year Treasury (TBT) |
| 9.5% | Direxion Daily 7-10 Yr Trs Bear 3X ETF (TYO) |
| 7.5% | Trading--Inverse Debt () |
Risk
Index
Risk
Index
ETF Details
ProShares Short High Yield Overview
ProShares Short High Yield (SJB) is a passively managed Miscellaneous Trading--Inverse Debt exchange-traded fund (ETF). ProShares launched the ETF in 2011.
The investment seeks daily investment results that correspond to the inverse (-1x) of the daily performance of the Markit iBoxx $Liquid High Yield Index.
The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is a market-value weighted index designed to provide a balanced representation of U.S. dollar denominated high yield corporate bonds for sale within the U.S. by means of including the most liquid high yield corporate bonds available as determined by a set of transparent and objective index rules. The fund is non-diversified.
About ProShares Short High Yield (SJB)
There are 2 members of the management team with an average tenure of 5.33 years: Michael Neches (2021) and Tarak Davé (2021). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Markit iBoxx Liquid High Yield TR USD index with a weighting of -100%. ProShares Short High Yield has 12 securities in its portfolio. The top 10 holdings constitute 166.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Short High Yield is part of the Other global asset class and is within the Miscellaneous ETF group. ProShares Short High Yield has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -95.6% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Short High Yield has 166.3% of the portfolio in cash.
Assets Under Management
The fund has $47 million in total assets, which is below the $91 million average for the Trading--Inverse Debt category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
SJB Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Short High Yield expense ratio is high compared to funds in the Trading--Inverse Debt category. ProShares Short High Yield has an expense ratio of 0.95%, which is the same as its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Short High Yield has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 0% for the Trading--Inverse Debt category.
Recently, in the month of July 2026, ProShares Short High Yield returned 0.5%, which earned it a grade of F, as the Trading--Inverse Debt category had an average return of 13.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Short High Yield has a trailing yield of 3.59%, which is above the 2.59% category average.
The fund normally distributes its income quarterly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Short High Yield Grades
Year to date, the ETF has returned 1.1%, 3.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 0.7% over the past year (grade of F), -1.5% over the past three years (grade of F) and -0.2% per year over the past five years (grade of F) and -3.5% per year over the past 10 years (grade of F).
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SJB Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| SJB Return (NAV) | 0.5% | 0.6% | 0.7% | -1.5% | -0.2% | -3.5% |
| SJB Return (Price) | 0.6% | 0.6% | 0.8% | -1.5% | -0.1% | -3.5% |
| NAV +/- Price Return | -0.076% | 0.013% | -0.100% | -0.026% | -0.019% | 0.014% |
| Trading--Inverse Debt Avg | 13.1% | 13.8% | 7.5% | 7.8% | 15.2% | 1.9% |
| SJB Grade (NAV) | F | F | F | F | F | F |
| +/- Category (NAV) | -12.6% | -13.2% | -6.9% | -9.3% | -15.4% | -5.4% |
| SJB Tax-Cost Ratio | na | na | 1.4% | 1.8% | 1.2% | 0.7% |
SJB Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| SJB Return (NAV) | 1.1% | -1.8% | -0.8% | -5.7% | 9.6% | -6.8% | -9.1% | -11.4% | 2.5% | -6.3% | -13.9% |
| SJB Return (Price) | 1.2% | -1.9% | -0.8% | -5.6% | 9.6% | -6.7% | -9.2% | -11.4% | 2.5% | -6.2% | -14.0% |
| NAV +/- Price Ret | 0.077% | 0.026% | 0.037% | -0.006% | -0.002% | -0.020% | 0.010% | 0.1% | 0.0% | -1.8% | 1.0% |
| Trading--Inverse Debt Avg | 5.0% | -2.9% | 21.5% | -4.2% | 73.3% | 1.6% | -28.8% | -19.1% | 3.4% | -12.4% | -8.2% |
| SJB Grade (NAV) | F | C | F | D | F | F | A | B | C | B | F |
| +/- Category | -3.9% | 1.0% | -22.3% | -1.5% | -63.8% | -8.4% | 19.7% | 7.7% | -0.9% | 6.1% | -5.7% |
| Risk Measures | |
| Beta: | -0.68 |
| R-Squared: | 73% |
| Standard Deviation: | 4.4% |
| Category Risk Index: | 0.19 |
| Category Risk Rating: | Low |
| Total Risk Index: | 0.36 |
| Total Risk Rating: | Low |
| Portfolio Characteristics | |
| Yield: | 3.6% |
| Total Assets: | $ 48 Mil |
| Share Class Assets: | $ 48 Mil |
| Turnover: | na |
| Expense Ratio: | 0.95% |
| Index Fund: | Yes |
| Index Tracked: | Bloomberg US Agg Bond TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Quarterly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 5.3 years | |||
| Average Tenure: 5.3 years | |||
| Managers (Year): Neches Michael (2021), Davé Tarak (2021) | |||
Portfolio Composition (as of 7/31/22)
| # of Holdings: | 12 |
| % in Top 10 Holdings: | 166.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -95.6% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 29.3% |
| Cash: | 166.3% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | March 21, 2011 |
Expenses and Fees
| Expense Ratio (%): | 0.95% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
