ZSL
ZSLProShares UltraShort Short Silver (ZSL) is an exchange-traded fund (ETF) positioned within the commodity-focused financial sector.
It operates as a leveraged inverse fund, aiming to deliver returns that correspond to twice the inverse of the daily performance of silver bullion.
Updated: January 14, 2026, 16:00 EST
Investment Opinion: Should I buy ZSL Today?
Based on the comprehensive analysis, ZSL is an extremely high-risk instrument that is unsuitable for the vast majority of investors and is not recommended for purchase.
ZSL is a leveraged inverse ETF, not a traditional company stock. Its catastrophic performance—down over 77% in three months and 91% from its high—is a direct result of its structure, which is designed for short-term hedging or speculation, not long-term investment. The product suffers from volatility decay, meaning it is almost certain to lose value over time if the underlying asset does not move consistently in its favor.
Given its speculative nature, extreme volatility, and documented history of massive capital erosion, ZSL should be avoided by anyone seeking capital preservation or growth. It is purely a tactical tool for experienced traders who understand and can actively manage the profound risks involved. For the general investor, this represents an exceptionally dangerous holding.
ZSL 12-Month Price Forecast
RockFlow Model Forecast: Three Scenarios for 2026
Of course. Here is a 12-month outlook for ZSL based on the analysis provided.
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12-Month Outlook for ZSL:
The 12-month outlook for ZSL is fundamentally bearish due to its structural drawbacks. While a potential surge in silver prices could provide a short-term catalyst, the primary driver for any positive performance would be a significant, sustained decline in the silver market. The major risk remains the fund's inherent design; its leveraged, inverse structure subjects it to severe volatility decay, which systematically erodes value over time, making long-term holding highly speculative. Given these structural headwinds and the lack of a traditional analyst target price, the instrument is expected to continue its trajectory of capital erosion, rendering it unsuitable as a strategic investment for the coming year.
Wall Street Consensus
Most Wall Street analysts are optimistic about ZSL's 12-month outlook, with consensus target around $2.82, indicating expected upside potential.
Bulls vs Bears: ZSL Investment Factors
Overall, ZSL has investment potential but also faces challenges. Here are key factors to weigh before investing.
Bullish
- Silver price volatility: High silver volatility creates opportunities for leveraged short positions through ZSL
- Supply constraints: Silver supply limitations support higher prices and short-selling opportunities
- Speculative trading activity: Increased speculative interest in silver drives volatility beneficial for ZSL
- Futures alternative: ZSL provides leveraged exposure without futures margin requirements
- Market uncertainty: Economic uncertainty typically boosts precious metal volatility, favoring short strategies
Bearish
- Silver price surge: Recent silver price increases create pressure on short positions
- Leveraged risk: 2x leverage amplifies losses during sustained silver rallies
- Timing sensitivity: Short-term silver volatility requires precise entry/exit timing
- Market sentiment shift: Positive silver outlook could trigger sustained upward momentum
- Volatility compression: Periods of low volatility reduce ZSL's profit potential
ZSL Technical Analysis
ZSL has exhibited catastrophic performance with extreme losses across all measured timeframes. The leveraged inverse nature of this ETF, evidenced by its strongly negative beta, has resulted in devastating returns during what appears to be a strong market environment for its underlying assets.
The short-term performance is disastrous, with ZSL falling 55.15% over one month and 77.27% over three months, severely underperforming the market by over 80 percentage points. These staggering losses reflect the extreme risks inherent in this leveraged inverse product during unfavorable market conditions.
Currently trading at $3.31, ZSL sits just 6.8% above its 52-week low of $3.10 and 91.7% below its 52-week high of $40.13, indicating the security is deeply oversold. Given the maximum drawdown of -91.43% over the past year, the ETF remains in severely distressed territory with limited downside cushion from current levels.
| Period | ZSL Return | S&P 500 |
|---|---|---|
| 1m | -63.9% | +1.3% |
| 3m | -80.7% | +5.7% |
| 6m | -88.9% | +10.6% |
| 1y | -92.2% | +16.5% |
| ytd | -44.6% | +1.1% |
ZSL Fundamental Analysis
Based on the information provided, a fundamental analysis cannot be conducted due to a complete lack of financial data. Neither the recent quarterly report nor any financial ratios are available for review.
Without access to financial statements, it is impossible to evaluate the company's financial health, including its debt levels or cash flow situation. An assessment of operational efficiency metrics such as ROE or asset turnover is similarly unfeasible.
A fundamental analysis requires concrete financial data to draw any meaningful conclusions about ZSL's performance and stability. The absence of this information precludes any substantive evaluation of the company's fundamentals.
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Of course. Here is the analysis of ZSL's valuation based on the information provided.
Valuation Level A valuation analysis cannot be conducted due to the complete absence of fundamental valuation metrics. The lack of available data for PE, PB, PS, PEG, and EV/EBITDA ratios indicates that standard valuation models are not applicable. This situation is atypical for an operating company and may suggest the entity is in a pre-revenue stage, is a holding company with atypical financials, or that the ticker symbol pertains to a non-traditional security like an ETF or leveraged instrument, which would not be valued using these metrics.
Peer Comparison A peer comparison is also not feasible as there is no industry average data provided against which to benchmark. Without both the company's specific metrics and relevant industry averages, it is impossible to determine how the company's valuation compares to its sector peers. A meaningful assessment would require the procurement of both the company's financial ratios and corresponding industry data.
Investment Risk Disclosure
ZSL exhibits extreme volatility and downside risk, as evidenced by its highly negative beta of -2.97 and a staggering maximum drawdown of -91.43% over the past year. This indicates that the fund is designed to move inversely and with leveraged magnitude to its underlying index, leading to potentially severe capital erosion during adverse market moves. The negative beta suggests it acts as a strong hedge against market downturns, but the corresponding volatility makes it unsuitable for typical investors.
The fund's lack of short interest suggests limited direct bearish speculation, but this does not mitigate its inherent structural risks. Being an inverse leveraged ETF, ZSL faces compounding risk and decay, particularly in volatile markets, which can cause significant deviations from its intended daily performance over longer periods. While liquidity is typically managed by authorized participants, extreme market stress could potentially impact the creation/redemption mechanism, though this is a secondary concern compared to the primary volatility and decay risks.
FAQs
Bearish. ZSL is a highly specialized and risky instrument that has demonstrated catastrophic losses, making it unsuitable for most investors. Its 2x leveraged inverse structure subjects it to severe decay and extreme volatility, requiring near-perfect market timing that is practically impossible to achieve consistently. This ETF is only appropriate for highly experienced, speculative traders with a very strong conviction for a short-term decline in silver prices and the risk tolerance to withstand potentially total losses.
Based on the information provided, it is impossible to determine if ZSL stock is overvalued or undervalued.
The provided valuation data shows "N/A" for all key metrics (PE, PB, PS, PEG), meaning standard valuation models cannot be applied. This lack of data prevents any comparison to industry averages or historical levels, which are essential for such an assessment. The absence of fundamental data strongly suggests ZSL may not be a typical operating company; it could be a pre-revenue startup, a holding company, or possibly a leveraged ETF (which is not valued on traditional metrics).
Therefore, a valuation judgment cannot be made. A credible analysis requires access to the company's financial statements and corresponding industry benchmark data.
Based on the characteristics of this leveraged inverse ETF, here are the key risks of holding ZSL:
1. Structural Decay and Compounding Risk: As a leveraged inverse ETF, ZSL is designed to deliver its stated multiple of the *daily* inverse return of its underlying index, and the effects of daily rebalancing and volatility can cause significant long-term performance decay, leading to severe capital erosion even if the underlying trend is favorable. 2. Extreme Price Volatility: The fund exhibits extreme volatility, as evidenced by its highly negative beta of -2.97 and a maximum drawdown of -91.43%, making it highly susceptible to rapid and massive losses during adverse (in this case, rising) market moves for its underlying assets. 3. Market Direction Risk: The product's success is entirely dependent on a sustained decline in the price of silver; a rising or even sideways-trending silver market will cause the fund's value to deteriorate significantly over time.
Based on its structural characteristics, forecasting ZSL (ProShares UltraShort Silver) to 2026 is exceptionally speculative and bears significant risks. The primary growth driver for an inverse, leveraged ETF like ZSL would be a prolonged, deep bear market in silver; conversely, its performance is severely undermined by volatility decay, which systematically erodes value over time. Key assumptions include the absence of fund closure and continued high volatility in silver prices; the forecast carries extreme uncertainty as it is entirely dependent on the unpredictable direction of silver. For a 2026 target, a base case would anticipate significant erosion from the current price (e.g., a range of $0.50 - $1.50), while a bull case (requiring a silver crash) might see a spike to $6-$8, though this is not a sustainable investment thesis.