{
 "ticker": "SDP",
 "name": "ProShares UltraShort Utilities",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/sdp",
 "html": "https://etfiq.com/funds/sdp",
 "markdown": "https://etfiq.com/funds/sdp.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SDP returned +27.6% where its own daily promise gave +24.9%, 2.6 points over.",
 "key_facts": [
  {
   "key": "what_xlu_did",
   "label": "What XLU did",
   "value": "\u221211.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDP, what XLU did: \u221211.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+24.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDP, what \u22122 times a day gives: +24.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+27.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDP, what the fund returned: +27.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.6 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDP, the fund itself added: +2.6 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SDP, net assets: $1m (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": "SDP, 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 XLU, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.45 times, against -2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLU",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$1m",
   "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": "14% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+12.8%",
   "XLU": "\u22125.9%",
   "-2x the move": "+11.8%",
   "Difference": "+1.0 pts",
   "XLU moved about": "14%"
  },
  {
   "window": "3 months",
   "Fund": "+27.6%",
   "XLU": "\u221211.3%",
   "-2x the move": "+22.5%",
   "Difference": "+5.1 pts",
   "XLU moved about": "14%"
  },
  {
   "window": "6 months",
   "Fund": "+34.0%",
   "XLU": "\u221213.3%",
   "-2x the move": "+26.6%",
   "Difference": "+7.4 pts",
   "XLU moved about": "16%"
  },
  {
   "window": "1 year",
   "Fund": "+18.8%",
   "XLU": "\u22127.0%",
   "-2x the move": "+14.0%",
   "Difference": "+4.8 pts",
   "XLU moved about": "15%"
  },
  {
   "window": "3 years",
   "Fund": "\u221247.8%",
   "XLU": "+46.3%",
   "-2x the move": "\u221292.6%",
   "Difference": "+44.9 pts",
   "XLU moved about": "16%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221298.4%",
   "XLU": "+349.5%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLU moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did SDP return -2 times XLU?",
   "a": "Over the window to Sep 30, 2026, XLU moved \u221211.3% and SDP returned +27.6%. \u22122 times that move is +22.5%, so the fund came out 5.1 points ahead of it."
  },
  {
   "q": "Why does SDP not return -2 times over a year?",
   "a": "Because it resets daily. SDP 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)."
}