| Investment Objective: |
ProShares UltraShort Silver seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance the Bloomberg Silver Subindex. The Bloomberg Silver Subindex (the "Silver Subindex"), a subindex of the Bloomberg Commodity Index. The Silver Subindex is intended to reflect the performance of silver, as measured by the price of COMEX silver futures contracts, including the impact or rolling, without regard to income earned on cash positions. The Silver Subindex is not directly linked to the "spot price" of silver. Futures contracts may perform very differently from the spot price of silver. The Silver Subindex is based on the silver component of the Bloomberg Commodity Index and tracks what is known as a rolling futures position. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for the underlying physical commodity or its cash equivalent. The Silver Subindex is a "rolling index," which means that the Silver Subindex does not take physical possession of any commodities. |
