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Hedge Replication ETF

ProShares Hedge Replication ETF seeks investment results, before fees and expenses, that track the performance of the Merrill Lynch Factor Model — Exchange Series.

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Learn more about ProShares HDG: Morningstar interviews ProShares' head of investment strategy to learn about hedge fund replication, and how ProShares HDG aims to capture many of the risk/return characteristics of the hedge fund universe. Watch the video.

» Learn how HDG helps break down the barriers to hedge strategy investing.

Fund Snapshot

Ticker	HDG
Intraday Ticker	HDG.IV
CUSIP	74347X294
Inception Date	7/12/11
Expense Ratio*	0.95%
NAV Calculation Time	4:00 p.m. ET
Distributions	Quarterly

* With Contractual Waiver for 10/1/12 to 9/30/13.

Price Information as of 5/24/13

NAV	$40.84
NAV Change	-$0.08
Market Price Closing	$40.84
Market Price Closing Change	-$0.09
Daily Trading Volume	1,063
NAV History	Premium/Discount Analysis Tool

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 refers to a strategy that seeks to provide positive returns in absolute terms, not relative to a benchmark or any other measure. This strategy employs investment techniques that go beyond conventional long-only investing, including 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 in identical or similar financial instruments, on different markets or in different forms. For example, convertible arbitrage looks for prices 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 commodities 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.

Equity market neutral is a strategy that involves attempting to remove all directional market risk by being equally long and short.

Future 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 equity involves using a combination of long and short positions in stocks to reduce market risk.

Managed futures involves taking long and short positions in futures and options in the global commodity, interest rate, equity, and currency markets.

Precious metals refer to gold, silver, platinum and palladium.

Private equity consists of equity securities in operating companies that are not publicly traded on a stock exchange.

Real estate refers to land plus anything permanently fixed to it, including buildings, sheds and other items attached to the structure.

Short selling or "shorting" involves selling an asset before it’s bought. Typically, an investor borrows shares, immediately sells then, and later buys them back to return to the lender.

Volatility is the relative rate at which the price of a security (or benchmark) moves up and down. Volatility is also an asset class that can be traded in the futures markets. Tradable volatility is based on implied volatility, which is a measure of what the market expects the volatility of a security's price to be in the future.

Geared investing refers to leveraged or inverse investing. Leveraged investments provide magnified exposure to an asset or benchmark. Inverse investments provide inverse exposure to an asset or benchmark.

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Hedge Replication ETF

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Price Information as of 5/24/13

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