ZSL

UltraShort Silver

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 SubindexSM.

Performance

Daily Return during Q4 2022

Chart is updated nightly to reflect the more recent of the previous day's market closing price or the closing price on the day the fund was last traded.

Total Return

Fund + Index 1m 3m 6m YTD 1Y 3Y 5Y 10Y Since Inception Inception Date
ZSL Market Price 28.07% 39.05% 69.76% 48.06% 46.32% -27.75% -19.56% -8.60% -33.11% 12/01/2008
ZSL NAV 27.10% 40.95% 66.97% 48.10% 46.58% -28.05% -20.11% -9.41% -33.13% 12/01/2008

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 above.

About the Fund

Snapshot
  • Ticker ZSL
  • Intraday Ticker ZSL.IV
  • CUSIP 74347Y847
  • Inception Date 12/1/08
  • Expense Ratio 0.95%
  • NAV Calculation Time 1:25 p.m. ET
  • Distributions Quarterly
Price
as of 10/03/2022
  • NAV $28.52
  • NAV Change $-5.54 down caret
  • Market Price $28.01
  • Market Price Change $-6.14 down caret
  • Trading Volume (M) 145,436
  • 30-Day Median Bid Ask Spread 0.11%
  • View Premium / Discount
Snapshot
  • Ticker ZSL
  • Intraday Ticker ZSL.IV
  • CUSIP 74347Y847
  • Inception Date 12/1/08
  • Expense Ratio 0.95%
  • NAV Calculation Time 1:25 p.m. ET
  • Distributions Quarterly
Price
as of 10/03/2022
  • NAV $28.52
  • NAV Change $-5.54 down caret
  • Market Price $28.01
  • Market Price Change $-6.14 down caret
  • Trading Volume (M) 145,436
  • 30-Day Median Bid Ask Spread 0.11%
  • View Premium / Discount

Holdings

as of 10/03/2022

Weight Ticker Description Exposure Value
(Notional + GL)
Market Value Shares/Contracts SEDOL Number
100.00% -- NET OTHER ASSETS / CASH -- $28,272,075.06 28,272,075 --
-8.06% -- BLOOMBERG SILVER SUBINDEX SWAP - UBS AG -2,279,896 -- -12,420 --
-8.76% -- BLOOMBERG SILVER SUBINDEX SWAP - CITIBANK NA -2,475,322 -- -13,485 --
-25.22% -- BLOOMBERG SILVER SUBINDEX SWAP - MORGAN STANLEY -7,129,844 -- -38,841 --
-31.89% -- BLOOMBERG SILVER SUBINDEX SWAP - GOLDMAN SACHS -9,017,262 -- -49,123 --
-125.99% -- SILVER FUTURE DEC22 -35,618,970 -- -346 --

Index

About the Index

The Bloomberg Silver SubindexSM, a subindex of the Bloomberg Commodity Index, is intended to reflect the performance of silver as measured by the price of COMEX silver futures contracts.

It is a "rolling index," which means that it does not take physical possession of any commodities. The roll occurs over a period of five business days in certain months according to a pre-determined schedule, generally beginning on the sixth business day of the month and ending on the tenth business day. Each day, approximately 20% of each rolling futures position that is included in the month's roll is rolled, increasing from 0% to 20%, 40%, 60%, 80% and finally 100%.

The Silver Subindex will reflect the performance of its underlying COMEX silver futures contracts, including the impact of rolling, without regard to income earned on cash positions.

Distributions

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For the total return table above, since inception returns are cumulative for funds less than one year old; otherwise, returns are annualized. Market returns are based on the composite closing price and do not represent the returns you would receive if you traded shares at other times. The listing date is typically one or more days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the listing date.

The expense ratio for certain funds includes a contractual fee waiver that results in a lower net expense ratio for some or all periods shown. For information about this ETF’s fees, please see above.

Expense ratio does not include brokerage commissions and related fees paid by the fund.

Holdings are subject to change. ProShares may invest in financial instruments (including derivatives) that, in combination, should have daily price return characteristics similar to the fund's benchmark.

This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. Please read the prospectus carefully before investing.

This short ProShares ETF seeks a return that is -2x the return of its underlying 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 above.

There is no guarantee that distributions will not be made in the future. There is no guarantee that dividends or interest income will be paid.

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

Shares of any ETF are generally bought and sold at market price (not NAV) and are not individually redeemed from the fund. Your brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. Short ProShares ETFs are non-diversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares ETFs should lose money when their benchmarks rise. Please see their summary and full prospectuses for a more complete description of risks.

This fund generates a K-1 tax form.

Certain derivative instruments will subject the fund to counterparty risk and credit risk, which could result in significant losses for the fund.

The price of silver is volatile and may be affected by large institutional purchases or sales, indirect investment in gold and silver, industrial usage, and political and economic concerns.

ProShares Trust II is a commodity pool as defined in the Commodity Exchange Act and the applicable regulations of the CFTC. ProShare Capital Management LLC is the Trust Sponsor and commodity pool operator (CPO). The Sponsor is registered as a CPO with the CFTC, and is a member of the NFA. Neither this ETF nor ProShares Trust II is an investment company regulated under the Investment Company Act of 1940 and neither is afforded its protections.

Investing in ETFs involves a substantial risk of loss.

"Bloomberg®" and "Bloomberg Silver SubindexSM"are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg") and have been licensed for use for certain purposes by ProShares. Neither Bloomberg nor UBS Securities LLC and its affiliates (collectively, "UBS") are affiliated with ProShares. ProShares have not been passed on by Bloomberg or UBS as to their legality or suitability. ProShares based on the Bloomberg Silver Subindex are not sponsored, endorsed, sold or promoted by Bloomberg or UBS, and they make no representation regarding the advisability of investing in ProShares. BLOOMBERG AND UBS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES. Neither Bloomberg nor UBS guarantees the timeliness, accurateness, or completeness of any data or information relating to Bloomberg Silver Subindex.

This information must be accompanied or preceded by a current ProShares Trust II prospectus.

Quote data provided by Interactive Data - Real Time Services, Inc. and subject to terms of use.

ProShares ETFs (ProShares Trust and ProShares Trust II) are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor or sponsor.

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