Our regularly updated inverse/short ETFs list shows you what ETFs are active and provides the ticker, market capitalization, and expense ratios.
Inverse or Short ETFs are exchange-traded funds that enable you to bet against a market, sector, or index. Typically, Short ETFs simplify shorting the market and incorporating leverage.
What Are Inverse or Short ETFs?
Inverse or Short ETFs are exchange-traded funds (ETFs) that attempt to generate returns that correspond to a specified multiple of the inverse (-1x) or short (-2x, -3x, etc.) of the daily performance of an index. These funds can provide investors with effective hedging tools and gain exposure to bear markets when stocks and other financial assets are declining.
How Do Short ETFs Work?
Inverse or Short ETFs typically combine derivatives, such as futures contracts and swaps, to achieve their objectives. As ETFs can be purchased on any major exchange, investors can gain exposure to these bear-market strategies without needing to open a margin account or go through the process of shorting individual stocks.
The Best Short & Inverse ETFs
While no single “Best” short or inverse ETF exists, the best ETFs share the following traits. Firstly, they should have significant assets under management; secondly, they should have large enough trading volume to ensure liquidity; and lastly, they should have low management fees.
Our list of the best short and inverse ETFs includes the 10-day average trading volumes, the net assets under management, and the expense ratio.
5 Tips on ETFs That Short The Market?
1. Inverse ETFs Should be Traded on a Daily Basis?
All short or inverse ETFs have warnings that they should only be traded on a daily basis. Of course, you can hold them for longer than one day, but you will see mismatches in the return of the short ETF vs. the actual index over time.
Inverse ETFs Do Not Match the Index Performance Because:
- The underlying contracts supporting the Inverse ETFs must be rebalanced at the end of the trading day. This causes slippage.
- The volatility of an index will affect compounding, which affects the inverse ETF. For more information, see this Leveraged ETF FAQ.
- Related Article: Our Resident ETF Trader Joe’s Leveraged ETF Strategy
2. Inverse ETFs Should Have Good Liquidity & Volume
It is important that if you purchase an Inverse ETF, you can sell it when you want to, for a price that is close to your target price. There are 244 Inverse/Leveraged ETFs on the US exchanges, and the average 10-day trading volume is 1.8 million shares per day. You will want to choose ETFs that average at least 500,000 traded per day.
3. Choose ETFs With Higher Assets Under Management
The median amount of Net Assets under management for leveraged and inverse ETFs is $50 million. It is wise to utilize ETFs with more than $100 million in assets managed; this helps with liquidity and the fund’s stability.
4. ETFs Should Have Low Expenses
Any Inverse or Leveraged ETF you trade should have lower expense ratios. Of the 244 ETFs in this study, the average expense ratio is 0.96%, but the range of expenses spanned from 1.85% to 0.35%. The largest, most liquid funds have an expense ratio between 0.95% and 1.07%, which is acceptable.
5. Use a Commission Free Broker to Minimize Costs
When purchasing ETFs, you should select a broker that enables you to buy and sell ETFs with $0 zero commissions. Firstrade has over 2,200 commission-free ETFs, the largest in the industry. Read the Firstrade Review or visit Firstrade.
Inverse/Short S&P 500 ETFs List
| Short S&P 500 ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| ProShares Short S&P500 | SH | $2,864 | 0.90% | 1X | 10,014,473 |
| ProShares UltraShort S&P500 | SDS | $1,091 | 0.91% | 2X | 10,768,469 |
| ProShares UltraPro Short S&P500 | SPXU | $887 | 0.93% | 3X | 21,883,476 |
| Direxion Daily S&P 500 Bear 3X Shares | SPXS | $736 | 1.07% | 3X | 30,179,092 |
| Direxion Daily S&P 500 Bear 1X Shares | SPDN | $167 | 0.50% | 1X | 134,750 |
| Direxion Daily S&P 500 High Beta Bear 3X Shares | HIBS | $45 | 1.07% | 3X | 1,340,846 |
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Inverse ETF Performance vs. The S&P 500
The long-term performance of inverse ETFs does not match the performance of the underlying index. This example shows a 1-year chart of the S&P 500 versus the ProShares UltraShort 2X Inverse leveraged ETF. This is the chart spanning the Corona Virus Crash.
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Inverse/Short Nasdaq ETFs List
| Inverse Nasdaq ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| ProShares UltraPro Short QQQ | SQQQ | $1,520 | 0.95% | 3X | 67,453,112 |
| ProShares Short QQQ | PSQ | $774 | 0.95% | 1X | 4,373,616 |
| ProShares UltraShort QQQ | QID | $283 | 0.95% | 2X | 10,253,212 |
| ProShares UltraShort Nasdaq Biotechnology | BIS | $12 | 0.95% | 2X | 41,206 |
| ProShares UltraPro Short Nasdaq Biotechnology | ZBIO | $3 | 0.95% | 3X |
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- Related Article: The 11 Stock Sectors & The ETFs To Trade Them
Dow Jones Short ETFs List
| Dow Jones Short ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| ProShares UltraPro Short Dow30 | SDOW | $516 | 0.95% | 3X | 6,776,916 |
| ProShares Short Dow30 | DOG | $408 | 0.95% | 1X | 665,817 |
| ProShares UltraShort Dow30 | DXD | $160 | 0.95% | 2X | 1,453,146 |
| Direxion Daily Dow Jones Internet Bear 3X Shares | WEBS | $5 | 1.07% | 3X | 6,395 |
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Short Russell & Mid Cap ETFs List
| Short Russell ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| Direxion Daily Small Cap Bear 3X Shares | TZA | $526 | 1.07% | 3X | 13,988,740 |
| ProShares Short Russell2000 | RWM | $445 | 0.95% | 1X | 1,056,058 |
| ProShares UltraPro Short Russell2000 | SRTY | $151 | 0.95% | 3X | 4,638,339 |
| ProShares UltraShort Russell2000 | TWM | $114 | 0.95% | 2X | 1,597,720 |
| ProShares Short MidCap400 | MYY | $32 | 0.95% | 1X | 31,546 |
| ProShares UltraPro Short MidCap400 | SMDD | $13 | 0.95% | 3X | 33,262 |
| ProShares Short SmallCap600 | SBB | $12 | 0.95% | 1X | 3,894 |
| ProShares UltraShort SmallCap600 | SDD | $7 | 0.95% | 2X | 10,685 |
| Direxion Daily Mid Cap Bear 3X Shares | MIDZ | $6 | 1.08% | 3X | 0 |
| ProShares UltraShort MidCap400 | MZZ | $4 | 0.95% | 2X | 7,170 |
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Short Oil ETFs List
| Short Oil ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| ProShares UltraShort Bloomberg Crude Oil | SCO | $80 | 0.95% | 2X | 2,838,394 |
| Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | DRIP | $49 | 1.07% | 2X | 366,216 |
| MicroSectors U.S. Big Oil Index Inverse ETNs | YGRN | $31 | 0.95% | 1X | 267 |
| ProShares UltraShort Oil & Gas | DUG | $21 | 0.95% | 2X | 63,022 |
Short Gold ETFs List
| Short Gold ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| Direxion Daily Gold Miners Index Bear 2X Shares | DUST | $131 | 1.07% | 2X | 4,581,334 |
| Direxion Daily Junior Gold Miners Index Bear 2X Shares | JDST | $94 | 1.10% | 2X | 5,423,593 |
| ProShares UltraShort Gold | GLL | $27 | 1.32% | 2X | 35,139 |
| DB Gold Double Short ETN | DZZ | $6 | 0.75% | 2X | 5,802 |
| DB Gold Short ETN | DGZ | $3 | 0.75% | 2X | 1,863 |
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Short/Inverse International ETFs List
| Short International ETFs | Ticker | Net Assets ($M) | Expense Ratio | Leverage | 10-Day Volume (Avg) |
| ProShares Short MSCI Emerging Markets | EUM | $62 | 0.95% | 1X | 73,966 |
| Direxion Daily MSCI Real Estate Bear 3X Shares | DRV | $40 | 1.08% | 3X | 173,320 |
| Direxion Daily MSCI Emerging Markets Bear 3X Shares | EDZ | $35 | 1.08% | 3X | 197,446 |
| ProShares UltraShort MSCI Brazil Capped | BZQ | $29 | 0.95% | 2X | 769,465 |
| ProShares Short MSCI EAFE | EFZ | $28 | 0.95% | 1X | 15,882 |
| ProShares UltraShort MSCI Emerging Markets | EEV | $12 | 0.95% | 2X | 11,774 |
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List of All Short/Inverse ETFs By Expense Ratio & Capitalization
| Ticker | Company | Expense Ratio | Market Cap ($M USD) |
| SPDN | Direxion Daily S&P 500 Bear 1X Shares | 0.56% | $372 |
| TAIL | Cambria Tail Risk ETF | 0.59% | $186 |
| EMTY | ProShares Decline of the Retail Store ETF | 0.65% | $10 |
| FAIL | Cambria Global Tail Risk ETF | 0.71% | $4 |
| SARK | AXS Short Innovation Daily ETF | 0.75% | $242 |
| DZZ | DB Gold Double Short ETN | 0.75% | $5 |
| DGZ | DB Gold Short ETN | 0.75% | $3 |
| CYA | Simplify Tail Risk Strategy ETF | 0.84% | $17 |
| SH | ProShares Short S&P500 | 0.89% | $1,857 |
| SPXU | ProShares UltraPro Short S&P500 | 0.90% | $1,110 |
| SDS | ProShares UltraShort S&P500 | 0.90% | $942 |
| SQQQ | ProShares UltraPro Short QQQ | 0.95% | $4,743 |
| PSQ | ProShares Short QQQ | 0.95% | $990 |
| QID | ProShares UltraShort QQQ | 0.95% | $508 |
| RWM | ProShares Short Russell2000 | 0.95% | $363 |
| DOG | ProShares Short Dow30 | 0.95% | $216 |
| FNGD | MicroSectors FANG+ Index -3X Inverse Leveraged ETN | 0.95% | $188 |
| NRGD | MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETNs | 0.95% | $166 |
| SRTY | ProShares UltraPro Short Russell2000 | 0.95% | $158 |
| SCO | ProShares UltraShort Bloomberg Crude Oil | 0.95% | $112 |
| TWM | ProShares UltraShort Russell2000 | 0.95% | $104 |
| DXD | ProShares UltraShort Dow30 | 0.95% | $83 |
| EPV | ProShares UltraShort FTSE Europe | 0.95% | $60 |
| GDXD | MicroSectors Gold Miners -3X Inverse Leveraged ETNs | 0.95% | $60 |
| SRS | ProShares UltraShort Real Estate | 0.95% | $57 |
| EFZ | ProShares Short MSCI EAFE | 0.95% | $55 |
| REK | ProShares Short Real Estate | 0.95% | $49 |
| SEF | ProShares Short Financials | 0.95% | $39 |
| EUM | ProShares Short MSCI Emerging Markets | 0.95% | $32 |
| OILD | MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs | 0.95% | $26 |
| SBB | ProShares Short SmallCap600 | 0.95% | $25 |
| FXP | ProShares UltraShort FTSE China 50 | 0.95% | $21 |
| SKF | ProShares UltraShort Financials | 0.95% | $21 |
| BERZ | MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETNs | 0.95% | $18 |
| DUG | ProShares UltraShort Energy | 0.95% | $18 |
| BNKD | MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs | 0.95% | $12 |
| MYY | ProShares Short MidCap400 | 0.95% | $12 |
| BZQ | ProShares UltraShort MSCI Brazil Capped | 0.95% | $10 |
| EEV | ProShares UltraShort MSCI Emerging Markets | 0.95% | $8 |
| SSG | ProShares UltraShort Semiconductors | 0.95% | $7 |
| YXI | ProShares Short FTSE China 50 | 0.95% | $7 |
| SMDD | ProShares UltraPro Short MidCap400 | 0.95% | $6 |
| BIS | ProShares UltraShort Nasdaq Biotechnology | 0.95% | $5 |
| EWV | ProShares UltraShort MSCI Japan | 0.95% | $5 |
| WTID | MicroSectors Energy -3X Inverse Leveraged ETN | 0.95% | $5 |
| REW | ProShares UltraShort Technology | 0.95% | $4 |
| DULL | MicroSectors Gold -3X Inverse Leveraged ETN | 0.95% | $3 |
| EFU | ProShares UltraShort MSCI EAFE | 0.95% | $3 |
| JETD | MAX Airlines -3X Inverse Leveraged ETN | 0.95% | $3 |
| SDD | ProShares UltraShort SmallCap600 | 0.95% | $3 |
| SIJ | ProShares UltraShort Industrials | 0.95% | $3 |
| MZZ | ProShares UltraShort MidCap400 | 0.95% | $2 |
| SCC | ProShares UltraShort Consumer Discretionary | 0.95% | $2 |
| SKYU | ProShares Ultra Cloud Computing | 0.95% | $2 |
| SMN | ProShares UltraShort Materials | 0.95% | $2 |
| SDOW | ProShares UltraPro Short Dow30 | 0.96% | $479 |
| SOXS | Direxion Daily Semiconductor Bear 3X Shares | 1.02% | $1,111 |
| JDST | Direxion Daily Junior Gold Miners Index Bear 2X Shares | 1.02% | $132 |
| TZA | Direxion Daily Small Cap Bear 3X Shares | 1.03% | $409 |
| GGLS | Direxion Daily GOOGL Bear 1X Shares | 1.06% | $4 |
| DUST | Direxion Daily Gold Miners Index Bear 2X Shares | 1.07% | $152 |
| HIBS | Direxion Daily S&P 500 High Beta Bear 3X Shares | 1.07% | $47 |
| TSLS | Direxion Daily TSLA Bear 1X Shares | 1.07% | $46 |
| AAPD | Direxion Daily AAPL Bear 1X Shares | 1.07% | $27 |
| EDZ | Direxion Daily MSCI Emerging Markets Bear 3X Shares | 1.07% | $24 |
| MSFD | Direxion Daily MSFT Bear 1X Shares | 1.07% | $9 |
| AMZD | Direxion Daily AMZN Bear 1X Shares | 1.07% | $5 |
| SPXS | Direxion Daily S&P 500 Bear 3X Shares | 1.08% | $933 |
| DRV | Direxion Daily Real Estate Bear 3X Shares | 1.08% | $138 |
| YANG | Direxion Daily FTSE China Bear 3X Shares | 1.08% | $132 |
| TECS | Direxion Daily Technology Bear 3X Shares | 1.08% | $120 |
| WEBS | Direxion Daily Dow Jones Internet Bear 3X Shares | 1.08% | $34 |
| ERY | Direxion Daily Energy Bear 2X Shares | 1.08% | $27 |
| FAZ | Direxion Daily Financial Bear 3X Shares | 1.09% | $149 |
| LABD | Direxion Daily S&P Biotech Bear 3X Shares | 1.09% | $105 |
| DRIP | Direxion Daily S&P Oil & Gas Exp. & Prod. Bear 2X Shares | 1.09% | $61 |
| TSLQ | AXS TSLA Bear Daily ETF | 1.15% | $112 |
| NVDS | AXS 1.25X NVDA Bear Daily ETF | 1.15% | $98 |
| GLL | ProShares UltraShort Gold | 1.28% | $17 |
| ZSL | ProShares UltraShort Silver | 1.35% | $21 |
| DGLDF | VelocityShares 3x Inverse Gold ETN Linked to the S&P GSCI Gold Index ER | 1.35% | $4 |
| KOLD | ProShares UltraShort Bloomberg Natural Gas | 1.37% | $141 |
| SVIX | -1x Short VIX Futures ETF | 1.47% | $71 |
| DWSH | AdvisorShares Dorsey Wright Short ETF | 2.77% | $24 |
| HDGE | AdvisorShares Ranger Equity Bear ETF | 4.29% | $123 |
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