# SRS (ProShares UltraShort Real Estate)

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

Three months to Sep 30, 2026: SRS returned +16.1% where its own daily promise gave +13.6%, 2.5 points over.

## Key facts

- SRS, what IYR did: −6.8%, as of Sep 30, 2026.
- SRS, what −2 times a day gives: +13.6%, as of Sep 30, 2026.
- SRS, what the fund returned: +16.1%, as of Sep 30, 2026.
- SRS, the fund itself added: +2.5 pts, as of Sep 30, 2026.
- SRS, net assets: $17m (issuer page, as of Sep 30, 2026).
- SRS, expense ratio: 0.95% (485BPOS XBRL, Sep 25, 2026).

## SRS over each window to Sep 30, 2026

| Window | Fund | IYR | -2x the move | Difference | IYR moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +15.0% | −6.7% | +13.4% | +1.6 pts | 10% |
| 3 months | +16.1% | −6.8% | +13.6% | +2.6 pts | 13% |
| 6 months | −1.1% | +1.4% | −2.8% | +1.7 pts | 14% |
| 1 year | +3.5% | +0.3% | −0.6% | +4.2 pts | 14% |
| 3 years | −36.2% | +30.9% | −61.8% | +25.6 pts | 17% |
| Since launch | −98.5% | +259.8% | not meaningful over this window | not meaningful over this window | 20% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of IYR, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.38 times, against -2 stated | ETFIQ |
| Underlying | IYR | ETFIQ |
| Segment | sector or country, sector | ETFIQ |
| Net assets | $17m | 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 | 13% annualized | ETFIQ |

## Questions

### Did SRS return -2 times IYR?

Over the window to Sep 30, 2026, IYR moved −6.8% and SRS returned +16.1%. −2 times that move is +13.6%, so the fund came out 2.6 points ahead of it.

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

Because it resets daily. SRS 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, SRS, data as of Sep 30, 2026. https://etfiq.com/funds/srs
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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