The above chart displays the difference between the daily closing market price and net asset value for ProShares. The vertical axis of the chart shows the premium / discount expressed as a % of NAV. The horizontal axis represents the number of trading days in the period.

During market hours, investors may choose to compare an ETF’s current market price to its intraday value (IOPV,IIV) to assess any premium/discount.  Learn how to obtain intraday values. 

Definitions of Terms

Net Asset Value (NAV): The price per share at which ProShares issues and redeems shares. It is calculated in a manner consistent with other mutual funds (normally 4:00 p.m. ET) every day Amex® is open.

Current Market Price:  Price at which an investor can buy or sell and ETF during the trading day.

Intraday Value:  An ETF’s intraday value (also abbreviated as IOPV or IIV) is an estimated fair value of its holdings  based on the most recent prices of its underlying securities. It should closely approximate the net asset value (NAV) of an ETF throughout the trading day.   

closing price (last trade): The final price of a security at which a trade was made on the stock exchange.

discount: The amount the ProShares is trading below the reported NAV, expressed as a % of NAV.

premium: The amount the ProShares is trading above the reported NAV, expressed as a % of NAV.

Quote data provided by ComStock, a division of Interactive Data Corp, and subject to terms of use.

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Each Short or Ultra ProShares ETF seeks a return that is either 300%, 200%, -100%, -200% or -300% of the return of an index or other benchmark (target) for a single day. 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. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

There is no guarantee that any ProShares ETF will achieve its investment objective.

Investing involves risk, including the possible loss of principal. ProShares entail certain risks, in some or all cases, aggressive investment techniques (futures contracts, options, forward contracts, swap agreements and similar instruments), correlation or inverse correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares should lose money when their benchmarks or indexes rise?a result that is opposite from traditional ETFs. ProShares are non-diversified investments. These risks can increase volatility and decrease performance. Please see the prospectus for a more complete description of these risks.

Carefully consider the investment objectives, risks, and charges and expenses of ProShares before investing. This and other information can be found in their prospectuses. Read the prospectus carefully before investing. Obtain a ProShares prospectus for commodity or currency ETFs and for all other ETFs, and seek advice from your financial adviser or broker/dealer representative. Commodity and currency ETF information must be accompanied by a prospectus. Financial professionals can call ProShares at 866.PRO.5125.