ProShares registers shares of three Managed Futures Strategy series

By Toni Weeks

San Diego, Feb. 14 - ProShares Trust II registered in an S-1 filing with the Securities and Exchange Commission to sell shares of three new series of the trust.

The three series are the ProShares Managed Futures Strategy, the ProShares Commodity Managed Futures Strategy and the ProShares Financial Managed Futures Strategy. Shares will be listed on the New York Stock Exchange. Ticker symbols have not yet been announced.

Each fund will seek to provide investment results, before fees and expenses, that correspond to the performance of the S&P Dynamic Futures Index or one of its subindexes by tracking the daily performance of its corresponding benchmark, even during periods in which that benchmark is flat or moving in a manner that causes the value of the fund to decline. The Managed Futures Strategy's benchmark is the S&P Dynamic Futures Index. The Commodity Managed Futures Strategy's benchmark is the S&P Dynamic Commodities Futures Index. The Financial Managed Futures Strategy's benchmark is the S&P Dynamic Financial Futures Index. The latter two are subindexes of the first.

The index and subindexes are long/short rules-based investable indexes designed to capture the economic benefit derived from both rising and declining trends in future prices. They are composed of unleveraged positions in U.S. exchange-traded futures contracts on different tangible commodities or financials.

A token $1 million of shares of each series were registered with the SEC. Each fund will continuously offer and redeem its shares in blocks of 50,000 shares.

The management fee will be 0.77% for the Managed Futures Strategy and 0.83% for the other two funds. Total fees and expenses, which include the management fee, offering costs, commissions and other expenses, will be 0.97% for each fund.

Bethesda, Md.-based ProShares Capital Management LLC will serve as the trust's sponsor, commodity poll operator and commodity trading adviser.

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