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ProShares now offers one of the largest lineups of ETFs, with over $105 billion in assets. The company is a leader in strategies such as crypto, dividend growth, interest rate hedged bond and geared (leveraged and inverse) ETF investing. ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to manage risk and enhance returns.
The line chart above displays the difference between the Market Price at Net Asset Value and the Net Asset Value (NAV) for the time-period and fund selected. The vertical axis of the chart shows the premium / discount expressed as a percent of NAV. The horizontal axis represents the trading dates for the period selected.
The tables above display the number of days a fund has traded at a premium or discount and its basis point range.
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.
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 the NYSE 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.
Market Price at NAV Time : Price that is the midpoint between the national best bid and national best offer at the time the ProShares calculates its NAV.
Discount : The amount the ProShares Market Price at NAV Time is below the reported NAV, expressed as a % of NAV.
Premium : The amount the ProShares Market Price at NAV Time is above the reported NAV, expressed as a % of NAV.
Basis Point : a unit of measure used to describe the percentage change in the value of financial instruments or the rate change in an index or other benchmark. One basis point is equivalent to 0.01% (1/100th of a percent) or 0.0001 in decimal form.
ProShares continues to innovate with products that provide strategic and tactical opportunities for investors to enhance returns and manage risk.
Some ProShares ETFs seek daily investment results that correspond, before fees and expenses, to a multiple of (e.g. 2x or -2x) the daily performance of its underlying benchmark (the “Daily Target”). While the Funds have a daily investment objective, you may hold a Fund’s shares for longer than one day if you believe it is consistent with your goals and risk tolerance. For any holding period other than a day, your return may be higher or lower than the Daily Target. These differences may be significant. Smaller index gains/losses and higher index volatility contribute to returns worse than the Daily Target. Larger index gains/losses and lower index volatility contribute to returns better than the Daily Target. The more extreme these factors are, the more they occur together, and the longer your holding period while these factors apply, the more your return will tend to deviate. Investors should consider periodically monitoring their geared fund investments in light of their goals and risk tolerance.
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.
There is no guarantee any ProShares ETF will achieve its investment objective.
Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. A separate ProShares Trust II prospectuses is available for Volatility, Currency and Commodity funds. You may obtain them from your financial adviser or broker/dealer representative.
ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.
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