{
 "ticker": "ZSL",
 "name": "ProShares UltraShort Silver",
 "issuer": "ProShares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/zsl",
 "html": "https://etfiq.com/funds/zsl",
 "markdown": "https://etfiq.com/funds/zsl.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: ZSL returned \u22129.6% where its own daily promise gave \u221213.8%, 4.1 points over.",
 "key_facts": [
  {
   "key": "what_slv_did",
   "label": "What SLV did",
   "value": "+1.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ZSL, what SLV did: +1.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What \u22122 times a day gives",
   "value": "\u221213.8%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ZSL, what \u22122 times a day gives: \u221213.8%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u22129.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ZSL, what the fund returned: \u22129.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+4.1 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "ZSL, the fund itself added: +4.1 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$91m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "ZSL, net assets: $91m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "issuer page",
   "as_of": "2026-09-30",
   "sentence": "ZSL, expense ratio: 0.95% (issuer page)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-2 times the daily move of SLV, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "SLV moved +1.7% over this window, too little to read a multiple from",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "SLV",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "asset class, metal",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$91m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.95%",
   "source": "issuer page"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "39% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+19.4%",
   "SLV": "\u22129.3%",
   "-2x the move": "+18.7%",
   "Difference": "+0.7 pts",
   "SLV moved about": "40%"
  },
  {
   "window": "3 months",
   "Fund": "\u22129.6%",
   "SLV": "+1.7%",
   "-2x the move": "\u22123.5%",
   "Difference": "\u22126.2 pts",
   "SLV moved about": "39%"
  },
  {
   "window": "6 months",
   "Fund": "+22.5%",
   "SLV": "\u221220.0%",
   "-2x the move": "+40.0%",
   "Difference": "\u221217.5 pts",
   "SLV moved about": "45%"
  },
  {
   "window": "1 year",
   "Fund": "\u221282.0%",
   "SLV": "+28.6%",
   "-2x the move": "\u221257.3%",
   "Difference": "\u221224.7 pts",
   "SLV moved about": "63%"
  },
  {
   "window": "3 years",
   "Fund": "\u221296.8%",
   "SLV": "+168.0%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SLV moved about": "43%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "SLV": "+216.4%",
   "-2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "SLV moved about": "32%"
  }
 ],
 "questions": [
  {
   "q": "Did ZSL return -2 times SLV?",
   "a": "Over the window to Sep 30, 2026, SLV moved +1.7% and ZSL returned \u22129.6%. \u22122 times that move is \u22123.5%, so the fund came out 6.2 points short of it."
  },
  {
   "q": "Why does ZSL not return -2 times over a year?",
   "a": "Because it resets daily. ZSL 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)."
}