{
 "ticker": "UPAL",
 "name": "ProShares Ultra Palladium K-1 Free ETF",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/UPAL",
 "html": "https://etfiq.com/funds/UPAL",
 "markdown": "https://etfiq.com/funds/UPAL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: UPAL returned \u22126.8% where its own daily promise gave \u22121.5%, 5.3 points short.",
 "key_facts": [
  {
   "key": "what_pall_did",
   "label": "What PALL did",
   "value": "+1.7%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPAL, what PALL did: +1.7%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What +2 times a day gives",
   "value": "\u22121.5%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPAL, what +2 times a day gives: \u22121.5%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22126.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPAL, what the fund returned: \u22126.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22125.3 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "UPAL, the fund itself cost: \u22125.3 pts, as of Sep 11, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 11, 2026",
   "as_of": "2026-09-11",
   "sentence": "UPAL, net assets: $3m (issuer page, as of Sep 11, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Apr 17, 2026",
   "as_of": "2026-09-11",
   "sentence": "UPAL, expense ratio: 0.95% (485BPOS XBRL, Apr 17, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of PALL, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "PALL moved +1.7% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "PALL",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, metal",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$3m",
   "source": "issuer page, as of Sep 11, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Apr 17, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Apr 21, 2026",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "45% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221212.8%",
   "PALL": "\u22125.0%",
   "+2x the move": "\u22129.9%",
   "Difference": "\u22122.9 pts",
   "PALL moved about": "49%"
  },
  {
   "window": "3 months",
   "Fund": "\u22126.8%",
   "PALL": "+1.7%",
   "+2x the move": "+3.4%",
   "Difference": "\u221210.2 pts",
   "PALL moved about": "45%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221241.0%",
   "PALL": "\u221214.5%",
   "+2x the move": "\u221229.0%",
   "Difference": "\u221212.0 pts",
   "PALL moved about": "44%"
  }
 ],
 "questions": [
  {
   "q": "Did UPAL return +2 times PALL?",
   "a": "Over the window to Sep 11, 2026, PALL moved +1.7% and UPAL returned \u22126.8%. 2 times that move is +3.4%, so the fund came out 10.2 points short of it."
  },
  {
   "q": "Why does UPAL not return +2 times over a year?",
   "a": "Because it resets daily. UPAL 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)."
}