{
 "ticker": "SPXU",
 "name": "ProShares UltraPro Short S&P500",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/spxu",
 "html": "https://etfiq.com/funds/spxu",
 "markdown": "https://etfiq.com/funds/spxu.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: SPXU returned \u22125.4% where its own daily promise gave \u22128.9%, 3.4 points over.",
 "key_facts": [
  {
   "key": "what_spy_did",
   "label": "What SPY did",
   "value": "+2.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPXU, what SPY did: +2.5%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u22128.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPXU, what \u22123 times a day gives: \u22128.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22125.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPXU, what the fund returned: \u22125.4%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "SPXU, the fund itself added: +3.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$430m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "SPXU, net assets: $430m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.90%",
   "source": "485BPOS XBRL, Sep 25, 2026",
   "as_of": "2026-09-30",
   "sentence": "SPXU, expense ratio: 0.90% (485BPOS XBRL, Sep 25, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 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": "$430m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.90%",
   "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": "+1.6%",
   "SPY": "\u22120.3%",
   "-3x the move": "+1.0%",
   "Difference": "+0.6 pts",
   "SPY moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "\u22125.4%",
   "SPY": "+2.5%",
   "-3x the move": "\u22127.6%",
   "Difference": "+2.1 pts",
   "SPY moved about": "11%"
  },
  {
   "window": "6 months",
   "Fund": "\u221235.9%",
   "SPY": "+17.0%",
   "-3x the move": "\u221250.9%",
   "Difference": "+15.1 pts",
   "SPY moved about": "12%"
  },
  {
   "window": "1 year",
   "Fund": "\u221232.4%",
   "SPY": "+15.7%",
   "-3x the move": "\u221247.1%",
   "Difference": "+14.8 pts",
   "SPY moved about": "13%"
  },
  {
   "window": "3 years",
   "Fund": "\u221282.5%",
   "SPY": "+85.0%",
   "-3x the move": "\u2212254.9%",
   "Difference": "+172.4 pts",
   "SPY moved about": "15%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "SPY": "+804.6%",
   "-3x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SPY moved about": "17%"
  }
 ],
 "questions": [
  {
   "q": "Did SPXU return -3 times SPY?",
   "a": "Over the window to Sep 30, 2026, SPY moved +2.5% and SPXU returned \u22125.4%. \u22123 times that move is \u22127.6%, so the fund came out 2.1 points ahead of it."
  },
  {
   "q": "Why does SPXU not return -3 times over a year?",
   "a": "Because it resets daily. SPXU aims at -3 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 -3 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."
  },
  {
   "q": "Which -3x SPY ETF tracked its stated multiple most closely?",
   "a": "2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from \u22123 times the underlying's move. ETFIQ does not rate funds; the order is the figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}