# ZSL (ProShares UltraShort Silver)

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

Three months to Sep 11, 2026: ZSL returned +0.8% where its own daily promise gave −2.0%, 2.8 points over.

## Key facts

- ZSL, what SLV did: −5.2%, as of Sep 11, 2026.
- ZSL, what −2 times a day gives: −2.0%, as of Sep 11, 2026.
- ZSL, what the fund returned: +0.8%, as of Sep 11, 2026.
- ZSL, the fund itself added: +2.8 pts, as of Sep 11, 2026.
- ZSL, expense ratio: not read by ETFIQ, as of Sep 11, 2026.
- ZSL, underlying: SLV, as of Sep 11, 2026.

## ZSL over each window to Sep 11, 2026

| Window | Fund | SLV | -2x the move | Difference | SLV moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.1% | −1.6% | +3.2% | −2.1 pts | 40% |
| 3 months | +0.8% | −5.2% | +10.3% | −9.5 pts | 42% |
| 6 months | +16.8% | −20.0% | +40.1% | −23.3 pts | 48% |
| 1 year | −87.2% | +53.8% | −107.6% | +20.4 pts | 62% |
| 3 years | −96.9% | +175.1% | not meaningful over this window | not meaningful over this window | 43% |
| Since launch | −100.0% | +237.3% | not meaningful over this window | not meaningful over this window | 32% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of SLV, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.16 times, against -2 stated | ETFIQ |
| Underlying | SLV | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Expense ratio | not read by ETFIQ | ETFIQ |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 42% annualized | ETFIQ |

## Questions

### Did ZSL return -2 times SLV?

Over the window to Sep 11, 2026, SLV moved −5.2% and ZSL returned +0.8%. 2 times that move is +10.3%, so the fund came out 9.5 points short of it.

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

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.


## Cite this page

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

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