# SMN (ProShares UltraShort Materials)

ProShares · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: SMN returned +8.6% where its own daily promise gave +6.4%, 2.2 points over.

## Key facts

- SMN, what XLB did: −4.1%, as of Sep 30, 2026.
- SMN, what −2 times a day gives: +6.4%, as of Sep 30, 2026.
- SMN, what the fund returned: +8.6%, as of Sep 30, 2026.
- SMN, the fund itself added: +2.2 pts, as of Sep 30, 2026.
- SMN, net assets: $4m (issuer page, as of Sep 30, 2026).
- SMN, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SMN over each window to Sep 30, 2026

| Window | Fund | XLB | -2x the move | Difference | XLB moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +15.9% | −7.2% | +14.3% | +1.6 pts | 14% |
| 3 months | +8.6% | −4.1% | +8.2% | +0.4 pts | 17% |
| 6 months | +5.0% | −2.7% | +5.4% | −0.4 pts | 18% |
| 1 year | −18.2% | +10.6% | −21.3% | +3.1 pts | 18% |
| 3 years | −37.5% | +31.3% | −62.6% | +25.1 pts | 17% |
| Since launch | −99.0% | +308.8% | not meaningful over this window | not meaningful over this window | 21% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of XLB, reset daily | ETFIQ |
| Multiple a holder actually got over the window | XLB moved −4.1% over this window, too little to read a multiple from | ETFIQ |
| Underlying | XLB | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $4m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 25, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 17% annualized | ETFIQ |

## Questions

### Did SMN return -2 times XLB?

Over the window to Sep 30, 2026, XLB moved −4.1% and SMN returned +8.6%. −2 times that move is +8.2%, so the fund came out 0.4 points ahead of it.

### Why does SMN not return -2 times over a year?

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.


## Cite this page

ETFIQ, SMN, data as of Sep 30, 2026. https://etfiq.com/funds/smn
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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