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SH tax-loss harvesting alternatives

ProShares Short S&P500 (ProShares) tracks S&P 500. If you hold SH at a loss, these ETFs track a different index, which generally makes them less likely to be considered “substantially identical” — while still moving closely with SH during the 31-day wait.

Held fund	Index tracked	Issuer	Expense ratio	AUM	Holdings	Category
SH-1x inverse ProShares Short S&P500	S&P 500	ProShares	0.88%	$963.51M	17	Leveraged / inverse

Sources: issuer fund page · public fund profile. Fund data as of 2026-10-16.

Leveraged / inverse fund. These funds reset daily and can behave very differently from the index over weeks. Two leveraged funds on the same index (e.g. a 2x and a 3x, or two 3x funds from different issuers) may still be viewed by some as substantially identical — there is no IRS ruling either way. The alternatives below are limited to funds on a different index with similar leverage in the same direction.

SH wash sale alternatives (different index)

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
PSQ-1x inverse ProShares Short QQQ	NASDAQ 100 Index	ProShares	0.95%	$596.82M	0.924	n/a	different index

Sorted by 1-year correlation of daily total returns with SH (through 2026-10-16). Holdings overlap = sum of the smaller weight of each common stock, from issuer holdings files; “n/a” where the issuer does not offer a free download or for bond/international/commodity funds. Hover a value for its as-of dates.

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Avoid as a replacement: same index as SH

These track the same index (S&P 500). Buying one of them within the window is the classic “substantially identical” risk.

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
SPXU-3x inverse ProShares UltraPro Short S&P500	S&P 500	ProShares	0.90%	$411.25M	0.999	n/a	same index — avoid
SDS-2x inverse ProShares UltraShort S&P 500	S&P 500	ProShares	0.91%	$350.29M	0.999	n/a	same index — avoid
SPXS-3x inverse Direxion Daily S&P 500 Bear 3X ETF	S&P 500	Direxion	1.04%	$338.04M	0.999	n/a	same index — avoid

Unleveraged funds on the same index

These track S&P 500 without leverage. Not suggested as swaps: a fund on the same index with different leverage is a gray area that some practitioners treat as potentially substantially identical.

ETF	Index tracked	Issuer	Expense ratio	AUM	1-yr correlation	Holdings overlap	Notes
IVV iShares Core S&P 500 ETF	S&P 500	BlackRock	0.03%	$896.46B	-0.998	n/a	same index, different leverage — gray area
SPY State Street SPDR S&P 500 ETF	S&P 500	State Street	0.09%	$821.83B	-0.999	n/a	same index, different leverage — gray area
SPYM State Street SPDR Portfolio S&P 500 ETF	S&P 500	State Street	0.02%	$185.28B	-0.999	n/a	same index, different leverage — gray area
VOO Vanguard S&P 500 ETF	S&P 500	Vanguard	0.03%	$1.06T	-0.999	n/a	same index, different leverage — gray area

30-day wash-sale calendar for SH

Sell (trade) date:

The window is 30 calendar days before and after the sale (61 days total, IRC §1091(a)). Buying the replacement fund right away is the point of a swap; the dates above are about buying back the fund you sold, or anything substantially identical to it.

Before you swap

Turn off dividend reinvestment for SH in every account (including IRAs) for the window — a reinvested dividend is a purchase.
Check automatic investments, a spouse’s accounts, and any SH bought in the 30 days before the sale.
Your broker generally only flags wash sales for the identical security in the same account. You are responsible for the rest.
Read how wash sales work and the FAQ, then confirm your plan with a tax professional.