{
 "ticker": "BIS",
 "name": "ProShares UltraShort Nasdaq Biotechnology",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/BIS",
 "html": "https://etfiq.com/funds/BIS",
 "markdown": "https://etfiq.com/funds/BIS.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: BIS returned \u221228.1% where its own daily promise gave \u221232.4%, 4.3 points over.",
 "key_facts": [
  {
   "key": "what_ibb_did",
   "label": "What IBB did",
   "value": "+18.9%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BIS, what IBB did: +18.9%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221232.4%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BIS, what \u22122 times a day gives: \u221232.4%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221228.1%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BIS, what the fund returned: \u221228.1%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+4.3 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "BIS, the fund itself added: +4.3 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "BIS, net assets: $2m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025",
   "as_of": "2026-09-11",
   "sentence": "BIS, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of IBB, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.49 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IBB",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 23, 2025"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Apr 8, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "24% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22123.1%",
   "IBB": "+1.1%",
   "-2x the move": "\u22122.2%",
   "Difference": "\u22120.9 pts",
   "IBB moved about": "31%"
  },
  {
   "window": "3 months",
   "Fund": "\u221228.1%",
   "IBB": "+18.9%",
   "-2x the move": "\u221237.9%",
   "Difference": "+9.7 pts",
   "IBB moved about": "24%"
  },
  {
   "window": "6 months",
   "Fund": "\u221234.8%",
   "IBB": "+22.7%",
   "-2x the move": "\u221245.4%",
   "Difference": "+10.6 pts",
   "IBB moved about": "24%"
  },
  {
   "window": "1 year",
   "Fund": "\u221253.5%",
   "IBB": "+41.5%",
   "-2x the move": "\u221283.0%",
   "Difference": "+29.4 pts",
   "IBB moved about": "22%"
  },
  {
   "window": "3 years",
   "Fund": "\u221268.1%",
   "IBB": "+60.5%",
   "-2x the move": "\u2212121.1%",
   "Difference": "+52.9 pts",
   "IBB moved about": "21%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.9%",
   "IBB": "+588.6%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IBB moved about": "24%"
  }
 ],
 "questions": [
  {
   "q": "Did BIS return -2 times IBB?",
   "a": "Over the window to Sep 11, 2026, IBB moved +18.9% and BIS returned \u221228.1%. 2 times that move is \u221237.9%, so the fund came out 9.7 points ahead of it."
  },
  {
   "q": "Why does BIS not return -2 times over a year?",
   "a": "Because it resets daily. BIS aims at -2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-09-13",
 "license": "Free to use with attribution. ETFIQ (etfiq.com)."
}