# ZSL (ProShares UltraShort Silver)

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

Three months to Sep 30, 2026: ZSL returned −9.6% where its own daily promise gave −13.8%, 4.1 points over.

## Key facts

- ZSL, what SLV did: +1.7%, as of Sep 30, 2026.
- ZSL, what −2 times a day gives: −13.8%, as of Sep 30, 2026.
- ZSL, what the fund returned: −9.6%, as of Sep 30, 2026.
- ZSL, the fund itself added: +4.1 pts, as of Sep 30, 2026.
- ZSL, net assets: $91m (issuer page, as of Sep 30, 2026).
- ZSL, expense ratio: 0.95% (issuer page).

## ZSL over each window to Sep 30, 2026

| Window | Fund | SLV | -2x the move | Difference | SLV moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +19.4% | −9.3% | +18.7% | +0.7 pts | 40% |
| 3 months | −9.6% | +1.7% | −3.5% | −6.2 pts | 39% |
| 6 months | +22.5% | −20.0% | +40.0% | −17.5 pts | 45% |
| 1 year | −82.0% | +28.6% | −57.3% | −24.7 pts | 63% |
| 3 years | −96.8% | +168.0% | not meaningful over this window | not meaningful over this window | 43% |
| Since launch | −100.0% | +216.4% | not meaningful over this window | not meaningful over this window | 32% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -2 times the daily move of SLV, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SLV moved +1.7% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SLV | ETFIQ |
| Segment | asset class, metal | ETFIQ |
| Net assets | $91m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.95% | issuer page |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 39% annualized | ETFIQ |

## Questions

### Did ZSL return -2 times SLV?

Over the window to Sep 30, 2026, SLV moved +1.7% and ZSL returned −9.6%. −2 times that move is −3.5%, so the fund came out 6.2 points short of it.

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

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.


## Cite this page

ETFIQ, ZSL, data as of Sep 30, 2026. https://etfiq.com/funds/zsl
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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