{
 "ticker": "UST",
 "name": "ProShares Ultra 7-10 Year Treasury",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/ust",
 "html": "https://etfiq.com/funds/ust",
 "markdown": "https://etfiq.com/funds/ust.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: UST returned \u22129.5% where its own daily promise gave \u22128.6%, 0.9 points short.",
 "key_facts": [
  {
   "key": "what_ief_did",
   "label": "What IEF did",
   "value": "\u22124.3%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UST, what IEF did: \u22124.3%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "\u22128.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UST, what 2 times a day gives: \u22128.6%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22129.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UST, what the fund returned: \u22129.5%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22120.9 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "UST, the fund itself cost: \u22120.9 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$15m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "UST, net assets: $15m (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": "UST, 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 IEF, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "IEF moved \u22124.3% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "IEF",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, bond",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$15m",
   "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": "Feb 2, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "5% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "\u22126.9%",
   "IEF": "\u22123.4%",
   "+2x the move": "\u22126.7%",
   "Difference": "\u22120.2 pts",
   "IEF moved about": "6%"
  },
  {
   "window": "3 months",
   "Fund": "\u22129.5%",
   "IEF": "\u22124.3%",
   "+2x the move": "\u22128.7%",
   "Difference": "\u22120.8 pts",
   "IEF moved about": "5%"
  },
  {
   "window": "6 months",
   "Fund": "\u221210.5%",
   "IEF": "\u22124.4%",
   "+2x the move": "\u22128.8%",
   "Difference": "\u22121.7 pts",
   "IEF moved about": "5%"
  },
  {
   "window": "1 year",
   "Fund": "\u221211.2%",
   "IEF": "\u22123.7%",
   "+2x the move": "\u22127.5%",
   "Difference": "\u22123.7 pts",
   "IEF moved about": "5%"
  },
  {
   "window": "3 years",
   "Fund": "+1.7%",
   "IEF": "+8.9%",
   "+2x the move": "+17.9%",
   "Difference": "\u221216.2 pts",
   "IEF moved about": "6%"
  },
  {
   "window": "Since launch",
   "Fund": "+36.3%",
   "IEF": "+44.3%",
   "+2x the move": "+88.6%",
   "Difference": "\u221252.4 pts",
   "IEF moved about": "7%"
  }
 ],
 "questions": [
  {
   "q": "Did UST return +2 times IEF?",
   "a": "Over the window to Sep 30, 2026, IEF moved \u22124.3% and UST returned \u22129.5%. 2 times that move is \u22128.7%, so the fund came out 0.8 points short of it."
  },
  {
   "q": "Why does UST not return +2 times over a year?",
   "a": "Because it resets daily. UST 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)."
}