{
 "ticker": "SBIT",
 "name": "ProShares UltraShort Bitcoin ETF",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/sbit",
 "html": "https://etfiq.com/funds/sbit",
 "markdown": "https://etfiq.com/funds/sbit.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SBIT returned \u221253.4% where its own daily promise gave \u221254.2%, 0.8 points over.",
 "key_facts": [
  {
   "key": "what_ibit_did",
   "label": "What IBIT did",
   "value": "+39.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SBIT, what IBIT did: +39.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221254.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SBIT, what \u22122 times a day gives: \u221254.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221253.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SBIT, what the fund returned: \u221253.4%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+0.8 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SBIT, the fund itself added: +0.8 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$128m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SBIT, net assets: $128m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "SBIT, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of IBIT, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-1.36 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IBIT",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, crypto",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$128m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "485BPOS XBRL, Sep 25, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Apr 2, 2024",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "38% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221214.6%",
   "IBIT": "+6.0%",
   "-2x the move": "\u221212.0%",
   "Difference": "\u22122.7 pts",
   "IBIT moved about": "43%"
  },
  {
   "window": "3 months",
   "Fund": "\u221253.4%",
   "IBIT": "+39.2%",
   "-2x the move": "\u221278.5%",
   "Difference": "+25.1 pts",
   "IBIT moved about": "38%"
  },
  {
   "window": "6 months",
   "Fund": "\u221244.6%",
   "IBIT": "+22.5%",
   "-2x the move": "\u221245.0%",
   "Difference": "+0.4 pts",
   "IBIT moved about": "38%"
  },
  {
   "window": "1 year",
   "Fund": "+10.6%",
   "IBIT": "\u221227.2%",
   "-2x the move": "+54.3%",
   "Difference": "\u221243.7 pts",
   "IBIT moved about": "46%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221285.3%",
   "IBIT": "+25.9%",
   "-2x the move": "\u221251.8%",
   "Difference": "\u221233.5 pts",
   "IBIT moved about": "48%"
  }
 ],
 "questions": [
  {
   "q": "Did SBIT return -2 times IBIT?",
   "a": "Over the window to Sep 30, 2026, IBIT moved +39.2% and SBIT returned \u221253.4%. \u22122 times that move is \u221278.5%, so the fund came out 25.1 points ahead of it."
  },
  {
   "q": "Why does SBIT not return -2 times over a year?",
   "a": "Because it resets daily. SBIT 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."
  },
  {
   "q": "Which -2x IBIT ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from \u22122 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}