{
 "ticker": "UBT",
 "name": "ProShares Ultra 20+ Year Treasury",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ubt",
 "html": "https://etfiq.com/funds/ubt",
 "markdown": "https://etfiq.com/funds/ubt.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: UBT returned \u221216.6% where its own daily promise gave \u221216.2%, 0.4 points short.",
 "key_facts": [
  {
   "key": "what_tlt_did",
   "label": "What TLT did",
   "value": "\u22128.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UBT, what TLT did: \u22128.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u221216.2%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UBT, what 2 times a day gives: \u221216.2%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221216.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UBT, what the fund returned: \u221216.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22120.4 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UBT, the fund itself cost: \u22120.4 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$57m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "UBT, net assets: $57m (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": "UBT, 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 TLT, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.99 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "TLT",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, bond",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$57m",
   "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 21, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "10% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u221210.3%",
   "TLT": "\u22125.4%",
   "+2x the move": "\u221210.8%",
   "Difference": "+0.4 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "3 months",
   "Fund": "\u221216.6%",
   "TLT": "\u22128.3%",
   "+2x the move": "\u221216.7%",
   "Difference": "+0.1 pts",
   "TLT moved about": "10%"
  },
  {
   "window": "6 months",
   "Fund": "\u221217.5%",
   "TLT": "\u22128.1%",
   "+2x the move": "\u221216.2%",
   "Difference": "\u22121.3 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "1 year",
   "Fund": "\u221220.8%",
   "TLT": "\u22129.0%",
   "+2x the move": "\u221217.9%",
   "Difference": "\u22122.9 pts",
   "TLT moved about": "9%"
  },
  {
   "window": "3 years",
   "Fund": "\u221218.9%",
   "TLT": "\u22120.4%",
   "+2x the move": "\u22120.9%",
   "Difference": "\u221218.1 pts",
   "TLT moved about": "13%"
  },
  {
   "window": "Since launch",
   "Fund": "\u22127.3%",
   "TLT": "+37.9%",
   "+2x the move": "+75.9%",
   "Difference": "\u221283.2 pts",
   "TLT moved about": "15%"
  }
 ],
 "questions": [
  {
   "q": "Did UBT return +2 times TLT?",
   "a": "Over the window to Sep 30, 2026, TLT moved \u22128.3% and UBT returned \u221216.6%. 2 times that move is \u221216.7%, so the fund came out 0.1 points ahead of it."
  },
  {
   "q": "Why does UBT not return +2 times over a year?",
   "a": "Because it resets daily. UBT 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)."
}