{
 "ticker": "SMN",
 "name": "ProShares UltraShort Materials",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/smn",
 "html": "https://etfiq.com/funds/smn",
 "markdown": "https://etfiq.com/funds/smn.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SMN returned +8.6% where its own daily promise gave +6.4%, 2.2 points over.",
 "key_facts": [
  {
   "key": "what_xlb_did",
   "label": "What XLB did",
   "value": "\u22124.1%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMN, what XLB did: \u22124.1%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "+6.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMN, what \u22122 times a day gives: +6.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+8.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMN, what the fund returned: +8.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+2.2 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SMN, the fund itself added: +2.2 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SMN, net assets: $4m (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": "SMN, 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 XLB, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "XLB moved \u22124.1% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "XLB",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, sector",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$4m",
   "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": "17% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+15.9%",
   "XLB": "\u22127.2%",
   "-2x the move": "+14.3%",
   "Difference": "+1.6 pts",
   "XLB moved about": "14%"
  },
  {
   "window": "3 months",
   "Fund": "+8.6%",
   "XLB": "\u22124.1%",
   "-2x the move": "+8.2%",
   "Difference": "+0.4 pts",
   "XLB moved about": "17%"
  },
  {
   "window": "6 months",
   "Fund": "+5.0%",
   "XLB": "\u22122.7%",
   "-2x the move": "+5.4%",
   "Difference": "\u22120.4 pts",
   "XLB moved about": "18%"
  },
  {
   "window": "1 year",
   "Fund": "\u221218.2%",
   "XLB": "+10.6%",
   "-2x the move": "\u221221.3%",
   "Difference": "+3.1 pts",
   "XLB moved about": "18%"
  },
  {
   "window": "3 years",
   "Fund": "\u221237.5%",
   "XLB": "+31.3%",
   "-2x the move": "\u221262.6%",
   "Difference": "+25.1 pts",
   "XLB moved about": "17%"
  },
  {
   "window": "Since launch",
   "Fund": "\u221299.0%",
   "XLB": "+308.8%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "XLB moved about": "21%"
  }
 ],
 "questions": [
  {
   "q": "Did SMN return -2 times XLB?",
   "a": "Over the window to Sep 30, 2026, XLB moved \u22124.1% and SMN returned +8.6%. \u22122 times that move is +8.2%, so the fund came out 0.4 points ahead of it."
  },
  {
   "q": "Why does SMN not return -2 times over a year?",
   "a": "Because it resets daily. SMN 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)."
}