SH offers a 1-day bet against the S&P 500 and provides the liquidity required to allow investors to use it as such. The fund, like most leveraged and inverse products, is designed to deliver its inverse exposure to its underlying indexa cap-weighted basket of 500 large-cap US firms selected by the S&P Index Committeefor 1 trading day. Holding it for a period longer than that will introduce the effects of compounding, even if this is less pronounced in a non-leveraged product. Still, the tool is designed to be held for no more than 1 day, or with frequent rebalancing of exposure to approximate the target -1x multiple. SH is not a buy-and-hold investment and should not be expected to provide index leverage return greater than one day period.
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