ProShares UltraShort Bloomberg Crude Oil

The fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Index, by investing in companies outside the United States.

The Index is composed of crude oil futures contracts and aims to track the performance of 3 separate contract schedules for WTI Crude Oil futures.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in Financial Instruments that include futures contracts, swap agreements, forward contracts, option contracts, and other instruments.

The team utilizes a mathematical approach to determine the type, quantity and mix of Financial Instruments the fund should hold to produce daily returns.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

Additionally, the fund seeks to remain fully invested at all times in Financial Instruments and money market instruments that, in combination, provide exposure to its underlying benchmark.