CNBC | June 10, 2018
CNBC's Squawk Box segment features an interview with ProShares' Simeon Hyman about the current markets approaching the FOMC meeting. Hyman states that it is a "confusing time" in the U.S. market, noting that the overall consensus estimates for interest rates at the close of 2019 are at 3%, while the 10-year consensus is at 3.5%. CNBC's Becky Quick asks what his investment strategy is in light of the current market, "trade talks" and the historic meeting between the U.S. and North Korea. Hyman suggests a small-cap investment for U.S. investors. He cautions that "historically, small-caps have seen a headwind, particularly when short term rates rise" and suggests investors to seek out less leveraged funds as "on average, small-caps have a lot more debt."
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Geared (leveraged or short) ProShares ETFs seek returns that are a multiple of (e.g., 2x or -2x) the return of a benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return and 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 as frequently as daily. Investors should consult the prospectus for further details on the calculation of the returns and the risks associated with investing in this product.
The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Shares are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 p.m. ET (when NAV is normally determined for most funds) and do not represent the returns you would receive if you traded shares at other times. Your brokerage commissions will reduce returns. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance (Strategic / Leveraged and Inverse).
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