# BIS (ProShares UltraShort Nasdaq Biotechnology)

ProShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: BIS returned −28.1% where its own daily promise gave −32.4%, 4.3 points over.

## Key facts

- BIS, what IBB did: +18.9%, as of Sep 11, 2026.
- BIS, what −2 times a day gives: −32.4%, as of Sep 11, 2026.
- BIS, what the fund returned: −28.1%, as of Sep 11, 2026.
- BIS, the fund itself added: +4.3 pts, as of Sep 11, 2026.
- BIS, net assets: $2m (issuer page, as of Sep 11, 2026).
- BIS, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## BIS over each window to Sep 11, 2026

| Window | Fund | IBB | -2x the move | Difference | IBB moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −3.1% | +1.1% | −2.2% | −0.9 pts | 31% |
| 3 months | −28.1% | +18.9% | −37.9% | +9.7 pts | 24% |
| 6 months | −34.8% | +22.7% | −45.4% | +10.6 pts | 24% |
| 1 year | −53.5% | +41.5% | −83.0% | +29.4 pts | 22% |
| 3 years | −68.1% | +60.5% | −121.1% | +52.9 pts | 21% |
| Since launch | −99.9% | +588.6% | not meaningful over this window | not meaningful over this window | 24% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of IBB, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -1.49 times, against -2 stated | ETFIQ |
| Underlying | IBB | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $2m | issuer page, as of Sep 11, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Launched | Apr 8, 2010 | ETFIQ |
| Underlying volatility over the window | 24% annualized | ETFIQ |

## Questions

### Did BIS return -2 times IBB?

Over the window to Sep 11, 2026, IBB moved +18.9% and BIS returned −28.1%. 2 times that move is −37.9%, so the fund came out 9.7 points ahead of it.

### Why does BIS not return -2 times over a year?

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.


## Cite this page

ETFIQ, BIS, data as of Sep 11, 2026. https://etfiq.com/funds/BIS
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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