{
 "ticker": "SDD",
 "name": "ProShares UltraShort SmallCap600",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/sdd",
 "html": "https://etfiq.com/funds/sdd",
 "markdown": "https://etfiq.com/funds/sdd.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SDD returned +18.6% where its own daily promise gave +15.6%, 3.0 points over.",
 "key_facts": [
  {
   "key": "what_ijr_did",
   "label": "What IJR did",
   "value": "\u22127.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDD, what IJR did: \u22127.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+15.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDD, what \u22122 times a day gives: +15.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+18.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDD, what the fund returned: +18.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.0 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDD, the fund itself added: +3.0 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SDD, net assets: $2m (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": "SDD, 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 IJR, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.5 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IJR",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, US small cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$2m",
   "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": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "12% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+12.4%",
   "IJR": "\u22125.5%",
   "-2x the move": "+11.1%",
   "Difference": "+1.4 pts",
   "IJR moved about": "9%"
  },
  {
   "window": "3 months",
   "Fund": "+18.6%",
   "IJR": "\u22127.5%",
   "-2x the move": "+14.9%",
   "Difference": "+3.7 pts",
   "IJR moved about": "12%"
  },
  {
   "window": "6 months",
   "Fund": "\u221215.1%",
   "IJR": "+9.6%",
   "-2x the move": "\u221219.3%",
   "Difference": "+4.2 pts",
   "IJR moved about": "14%"
  },
  {
   "window": "1 year",
   "Fund": "\u221224.6%",
   "IJR": "+16.0%",
   "-2x the move": "\u221231.9%",
   "Difference": "+7.4 pts",
   "IJR moved about": "16%"
  },
  {
   "window": "3 years",
   "Fund": "\u221257.1%",
   "IJR": "+51.1%",
   "-2x the move": "\u2212102.2%",
   "Difference": "+45.0 pts",
   "IJR moved about": "20%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.7%",
   "IJR": "+514.6%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "IJR moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did SDD return -2 times IJR?",
   "a": "Over the window to Sep 30, 2026, IJR moved \u22127.5% and SDD returned +18.6%. \u22122 times that move is +14.9%, so the fund came out 3.7 points ahead of it."
  },
  {
   "q": "Why does SDD not return -2 times over a year?",
   "a": "Because it resets daily. SDD 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": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}