UltraShort Nasdaq Biotechnology
ProShares UltraShort Nasdaq Biotechnology seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the NASDAQ Biotechnology Index .
This Short ProShares ETF seeks a return that is -2x the return of an index or other benchmark (target) for a single day . as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares’ returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.
The NASDAQ Biotechnology Index is a modified capitalization weighted index that includes securities of The NASDAQ Stock Market listed companies that are classified as either biotechnology or pharmaceutical. The securities also meet other eligibility criteria determined by The NASDAQ OMX Group, Inc. including minimum market capitalization and liquidity requirements.
Fundamentals as of 6/30/16
Total Number of Companies
Index information does not reflect any management fees, transaction costs or expenses. Indexes are unmanaged and one cannot invest directly in an index.
The “NASDAQ Biotechnology Index ” is a trademark of The NASDAQ OMX Group, Inc. (“NASDAQ OMX”) and has been licensed for use by ProShares. ProShares have not been passed on by NASDAQ OMX or its subsidiaries or affiliates as to their legality or suitability. ProShares based on the NASDAQ Biotechnology Index are not sponsored, endorsed, sold or promoted by NASDAQ OMX or its subsidiaries or affiliates, and they make no representation regarding the advisability of investing in ProShares. THIS ENTITY AND ITS AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.
Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing.
ProShares are distributed by SEI Investments Distribution Co. which is not affiliated with the funds’ advisor or sponsor.
Click to see historical NAVs, NAV change (%, $), and shares outstanding.
SEC 30-Day Yield is a standard yield calculation developed by the Securities and Exchange Commission (SEC) that facilitates fairer comparisons of funds. The figure reflects dividends and interest earned by the securities held by the fund during the most recent 30-day period, net the fund’s expenses.
Unsubsidized SEC 30-Day Yield shows what the SEC 30-Day Yield would have been without the contractual fee waiver.
Duration is a measurement of how long, in years, it takes for the price of a bond to be repaid by its internal cash flows. Modified duration accounts for changing interest rates. It measures the sensitivity of the value of a bond (or bond portfolio) to a change in interest rates. Higher duration means greater sensitivity.
The weighted average maturity (WAM) of a portfolio is the average time, in years, it takes for the bonds in a bond fund or portfolio to mature. WAM is calculated by weighting each bond’s time to maturity by the size of the holding. Portfolios with longer WAMs are generally more sensitive to changes in interest rates.
Yield to maturity (YTM) is the annual rate of return paid on a bond if it is held until the maturity date. Weighted average yield to maturity represents an average of the YTM of each of the bonds held in a bond fund or portfolio, weighted by the relative size of each bond in the portfolio.
A coupon is the interest rate paid out on a bond on an annual basis. The weighted average coupon of a bond fund is arrived at by weighting the coupon of each bond by its relative size in the portfolio.
Weighted average price (WAP) is computed for most bond funds by weighting the price of each bond by its relative size in the portfolio. This statistic is expressed as a percentage of par (face) value. The price shown here is “clean,” meaning it does not reflect accrued interest.
Monthly volatility refers to annualized standard deviation, a statistical measure that captures the variation of returns from their mean and that is often used to quantify the risk of a fund or index over a specific time period. The higher the volatility, the more the returns fluctuate over time.
Absolute return strategies seek to provide positive returns in a wide variety of market conditions. These strategies employ investment techniques that go beyond conventional long-only investing, including leverage, short selling, futures, options, etc.
Arbitrage refers to the simultaneous purchase and sale of an asset in order to profit from a difference in the price of identical or similar financial instruments, on different markets or in different forms. For example, convertible arbitrage looks for price differences among linked securities, like stocks and convertible bonds of the same company. Merger arbitrage involves investing in securities of companies that are the subject of some form of corporate transaction, including acquisition or merger proposals and leveraged buyouts.
Commodity refers to a basic good used in commerce that is interchangeable with other goods of the same type. Examples include oil, grain and livestock.
Correlation is a statistical measure of how two variables relate to each other. Two different investments with a correlation of 1.0 will move in exact lockstep, investments with a correlation of zero will not move at all in relation to each other, while investments with a correlation of -1.0 will move in opposite directions. The higher the correlation, the lower the diversifying effect.
Currency refers to a generally accepted medium of exchange, such as the dollar, the euro, the yen, the Swiss franc, etc.
Market neutral is a strategy that involves attempting to remove all directional market risk by being equally long and short.
Futures refers to a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial instrument, at a predetermined future date and price.
Global macro strategies aim to profit from changes in global economies that are typically brought about by shifts in government policy, which impact interest rates and in turn affect currency, bond and stock markets.
Hedge funds invest in a diverse range of markets and securities, using a wide variety of techniques and strategies, all intended to reduce risk while focusing on absolute rather than relative returns.
Leverage refers to using borrowed funds to make an investment. Investors use leverage when they believe the return of an investment will exceed the cost of borrowed funds. Leverage can increase the potential for higher returns, but can also increase the risk of loss.
Long/short strategies involve using a combination of long and short positions in securities with the objective of reducing market risk and enhancing return.
Managed futures involves taking long and short positions in futures and options in the global commodity, interest rate, equity, and currency markets.
Credit default swap (CDS) spread reflects the annualized amount (espressed in basis points) that a CDS protection buyer will pay to a protection seller. Higher CDS spreads indicate that the CDS market views the entity as having a higher risk of loss. The weighted average CDS spread in a portfolio is the sum of CDS spreads of each contract in the portfolio multiplied by their relative weights.
Spread duration is a measure of a fund’s approximate mark-to-market price sensitivity to small changes in CDS spreads. Higher spread duration reflects greater sensitivity.
Shareholder Supplemental Tax Information
The S P 500 is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability.
Infrastructure refers to companies that actually own and operate the transportation, communications, energy and water assets that provide essential services to our society.