ProShares - UltraShort Silver (ZSL) Expected Move
Expected move estimates the probable price range for a given period based on at-the-money options pricing. It reflects the market consensus for volatility over the selected timeframe.
ProShares - UltraShort Silver (ZSL) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $2.8M, listed on AMEX, carrying a beta of -1.19 to the broader market. ProShares UltraShort Silver seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance the Bloomberg Silver SubindexSM. public since 2008-12-03.
Snapshot as of May 15, 2026.
- Spot Price
- $19.72
- Expected Move
- 30.0%
- Implied High
- $25.63
- Implied Low
- $13.81
- Front DTE
- 28 days
As of May 15, 2026, ProShares - UltraShort Silver (ZSL) has an expected move of 29.99%, a one-standard-deviation implied price range of roughly $13.81 to $25.63 from the current $19.72. Expected move is derived from at-the-money straddle pricing and represents the market's pricing of a ±1σ move. Roughly 68% of outcomes should fall within this range under lognormal assumptions, though empirical markets have fatter tails.
ZSL Strategy Sizing to the Expected Move
With ProShares - UltraShort Silver pricing an expected move of 29.99% from $19.72, risk-defined strategies sized to the implied range structurally target the modal outcome distribution. Iron condors with wings at the ±1σ expected move boundaries collect premium against the ~68% probability that spot stays inside the range under lognormal assumptions; strangles set wider at ±1.5σ or ±2σ target the tails but pay smaller per-trade premium. Long-vol structures (long straddles, ratio backspreads) profit when realized move exceeds the implied move, the inverse trade: they bet against the lognormal assumption itself, capitalizing on the empirically fatter equity-return tails.
Learn how expected move is reported and how to read the data →
Per-expiration expected move for ZSL derived from ATM implied volatility at each listed expiration. Implied high/low bounds are computed as $19.72 × (1 ± expected move %). One standard-deviation range under lognormal assumptions, roughly 68% of outcomes fall inside.
| Expiration | DTE | ATM IV | Expected Move | Implied High | Implied Low |
|---|---|---|---|---|---|
| May 22, 2026 | 7 | 115.9% | 16.1% | $22.89 | $16.55 |
| May 29, 2026 | 14 | 109.1% | 21.4% | $23.93 | $15.51 |
| Jun 5, 2026 | 21 | 112.3% | 26.9% | $25.03 | $14.41 |
| Jun 12, 2026 | 28 | 102.5% | 28.4% | $25.32 | $14.12 |
| Jun 18, 2026 | 34 | 108.0% | 33.0% | $26.22 | $13.22 |
| Jun 26, 2026 | 42 | 108.7% | 36.9% | $26.99 | $12.45 |
| Jul 17, 2026 | 63 | 101.6% | 42.2% | $28.04 | $11.40 |
| Aug 21, 2026 | 98 | 105.0% | 54.4% | $30.45 | $8.99 |
| Nov 20, 2026 | 189 | 102.8% | 74.0% | $34.31 | $5.13 |
| Jan 15, 2027 | 245 | 100.5% | 82.3% | $35.96 | $3.48 |
| Jan 21, 2028 | 616 | 96.9% | 125.9% | $44.54 | $-5.10 |
Frequently asked ZSL expected move questions
- What is the current ZSL expected move?
- As of May 15, 2026, ProShares - UltraShort Silver (ZSL) has an expected move of 29.99% over the next 28 days, implying a one-standard-deviation price range of $13.81 to $25.63 from the current $19.72. The expected move is derived from at-the-money straddle pricing and represents the market consensus for a ±1σ price move.
- What does the ZSL expected move mean for traders?
- Roughly 68% of outcomes should fall within ±1 expected move and 95% within ±2 under lognormal assumptions, though equity returns have empirically fatter tails than log-normal predicts. Strategies sized to the expected move (iron condors at ±1σ, strangles at ±1.5σ) target the typical outcome distribution; strategies that profit from tail moves (long-vol structures, ratio backspreads) target the tails the lognormal model under-prices.
- How is ZSL expected move calculated?
- The expected move displayed here is derived from at-the-money implied volatility scaled to the chosen tenor: expected move % is approximately ATM IV times sqrt(T / 365), where T is days to expiration. An equivalent straddle-based form: the ATM straddle (call + put at the same strike) is roughly sqrt(2/pi) times spot times IV times sqrt(T/365), so the implied one-standard-deviation move is approximately 1.25 times ATM straddle divided by spot. The two formulations agree once the sqrt(2/pi) constant is reconciled.