{
 "ticker": "SDS",
 "name": "ProShares UltraShort S&P500",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/sds",
 "html": "https://etfiq.com/funds/sds",
 "markdown": "https://etfiq.com/funds/sds.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SDS returned \u22123.2% where its own daily promise gave \u22125.7%, 2.5 points over.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+2.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDS, what SPY did: +2.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u22125.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDS, what \u22122 times a day gives: \u22125.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22123.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDS, what the fund returned: \u22123.2%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.5 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SDS, the fund itself added: +2.5 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$350m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SDS, net assets: $350m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.91%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "SDS, expense ratio: 0.91% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of SPY, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SPY moved +2.5% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SPY",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "broad index, US large cap",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$350m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.91%",
   "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": "11% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+1.2%",
   "SPY": "\u22120.3%",
   "-2x the move": "+0.7%",
   "Difference": "+0.6 pts",
   "SPY moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "\u22123.2%",
   "SPY": "+2.5%",
   "-2x the move": "\u22125.0%",
   "Difference": "+1.8 pts",
   "SPY moved about": "11%"
  },
  {
   "window": "6 months",
   "Fund": "\u221224.8%",
   "SPY": "+17.0%",
   "-2x the move": "\u221234.0%",
   "Difference": "+9.2 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "1 year",
   "Fund": "\u221221.1%",
   "SPY": "+15.7%",
   "-2x the move": "\u221231.4%",
   "Difference": "+10.4 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "3 years",
   "Fund": "\u221265.3%",
   "SPY": "+85.0%",
   "-2x the move": "\u2212170.0%",
   "Difference": "+104.7 pts",
   "SPY moved about": "15%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.5%",
   "SPY": "+804.6%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SPY moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did SDS return -2 times SPY?",
   "a": "Over the window to Sep 30, 2026, SPY moved +2.5% and SDS returned \u22123.2%. \u22122 times that move is \u22125.0%, so the fund came out 1.8 points ahead of it."
  },
  {
   "q": "Why does SDS not return -2 times over a year?",
   "a": "Because it resets daily. SDS 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)."
}