{
 "ticker": "SEF",
 "name": "ProShares Short Financials",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/sef",
 "html": "https://etfiq.com/funds/sef",
 "markdown": "https://etfiq.com/funds/sef.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SEF returned +3.5% where its own daily promise gave +1.8%, 1.7 points over.",
 "key_facts": [
  {
   "key": "what_xlf_did",
   "label": "What XLF did",
   "value": "\u22122.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SEF, what XLF did: \u22122.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_1_times_a_day_gives",
   "label": "What \u22121 times a day gives",
   "value": "+1.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SEF, what \u22121 times a day gives: +1.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+3.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SEF, what the fund returned: +3.5%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+1.7 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SEF, the fund itself added: +1.7 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$18m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SEF, net assets: $18m (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": "SEF, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-1 times the daily move of XLF, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "XLF moved \u22122.2% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLF",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$18m",
   "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": "13% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+8.1%",
   "XLF": "\u22127.1%",
   "-1x the move": "+7.1%",
   "Difference": "+1.0 pts",
   "XLF moved about": "13%"
  },
  {
   "window": "3 months",
   "Fund": "+3.5%",
   "XLF": "\u22122.2%",
   "-1x the move": "+2.2%",
   "Difference": "+1.3 pts",
   "XLF moved about": "13%"
  },
  {
   "window": "6 months",
   "Fund": "\u22125.9%",
   "XLF": "+8.8%",
   "-1x the move": "\u22128.8%",
   "Difference": "+2.8 pts",
   "XLF moved about": "13%"
  },
  {
   "window": "1 year",
   "Fund": "+3.8%",
   "XLF": "+0.7%",
   "-1x the move": "\u22120.7%",
   "Difference": "+4.5 pts",
   "XLF moved about": "15%"
  },
  {
   "window": "3 years",
   "Fund": "\u221230.9%",
   "XLF": "+68.6%",
   "-1x the move": "\u221268.6%",
   "Difference": "+37.7 pts",
   "XLF moved about": "16%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221289.3%",
   "XLF": "+501.9%",
   "-1x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLF moved about": "22%"
  }
 ],
 "questions": [
  {
   "q": "Did SEF return -1 times XLF?",
   "a": "Over the window to Sep 30, 2026, XLF moved \u22122.2% and SEF returned +3.5%. \u22121 times that move is +2.2%, so the fund came out 1.3 points ahead of it."
  },
  {
   "q": "Why does SEF not return -1 times over a year?",
   "a": "Because it resets daily. SEF aims at -1 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 -1 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)."
}