{
 "ticker": "ZSL",
 "name": "ProShares UltraShort Silver",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ZSL",
 "html": "https://etfiq.com/funds/ZSL",
 "markdown": "https://etfiq.com/funds/ZSL.md",
 "as_of": "2026-09-11",
 "verdict": "Three months to Sep 11, 2026: ZSL returned +0.8% where its own daily promise gave \u22122.0%, 2.8 points over.",
 "key_facts": [
  {
   "key": "what_slv_did",
   "label": "What SLV did",
   "value": "\u22125.2%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ZSL, what SLV did: \u22125.2%, as of Sep 11, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u22122.0%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ZSL, what \u22122 times a day gives: \u22122.0%, as of Sep 11, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+0.8%",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ZSL, what the fund returned: +0.8%, as of Sep 11, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.8 pts",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ZSL, the fund itself added: +2.8 pts, as of Sep 11, 2026."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ZSL, expense ratio: not read by ETFIQ, as of Sep 11, 2026."
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SLV",
   "source": null,
   "as_of": "2026-09-11",
   "sentence": "ZSL, underlying: SLV, as of Sep 11, 2026."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of SLV, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-0.16 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SLV",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, metal",
   "source": null
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "not read by ETFIQ",
   "source": null
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "42% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+1.1%",
   "SLV": "\u22121.6%",
   "-2x the move": "+3.2%",
   "Difference": "\u22122.1 pts",
   "SLV moved about": "40%"
  },
  {
   "window": "3 months",
   "Fund": "+0.8%",
   "SLV": "\u22125.2%",
   "-2x the move": "+10.3%",
   "Difference": "\u22129.5 pts",
   "SLV moved about": "42%"
  },
  {
   "window": "6 months",
   "Fund": "+16.8%",
   "SLV": "\u221220.0%",
   "-2x the move": "+40.1%",
   "Difference": "\u221223.3 pts",
   "SLV moved about": "48%"
  },
  {
   "window": "1 year",
   "Fund": "\u221287.2%",
   "SLV": "+53.8%",
   "-2x the move": "\u2212107.6%",
   "Difference": "+20.4 pts",
   "SLV moved about": "62%"
  },
  {
   "window": "3 years",
   "Fund": "\u221296.9%",
   "SLV": "+175.1%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SLV moved about": "43%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "SLV": "+237.3%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SLV moved about": "32%"
  }
 ],
 "questions": [
  {
   "q": "Did ZSL return -2 times SLV?",
   "a": "Over the window to Sep 11, 2026, SLV moved \u22125.2% and ZSL returned +0.8%. 2 times that move is +10.3%, so the fund came out 9.5 points short of it."
  },
  {
   "q": "Why does ZSL not return -2 times over a year?",
   "a": "Because it resets daily. ZSL 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)."
}