ProShares launches two 'Ultra' funds seeking 3x, two 'Short' funds seeking -3x return of indexes

By Toni Weeks

San Diego, March 22 - ProShares Trust announced the launch of four new funds in an N-1A filing with the Securities and Exchange Commission.

The UltraPro MSCI Emerging Markets is part of ProShares' Ultra International series and will trade under the symbol "EMU."

The fund seeks investment results for a single day that, before fees and expenses, correspond to three times the daily performance of the MSCI Emerging Markets Index. It invests in derivatives and depositary receipts that, in combination, should have similar daily return characteristics as three times the daily return of the index.

Alexander Ilyasov is the portfolio manager.

The UltraPro 20+ Year Treasury is part of ProShares' Ultra Fixed-Income series and will trade under the symbol "UUT."

The fund seeks investment results for a day that, before fees and expenses, correspond to three times the daily performance of the Barclays Capital U.S. 20+ Year Treasury Bond Index. It invests in U.S. government securities and derivatives that, in combination, should have similar daily return characteristics as three times the daily return of the index.

Michelle Liu is the portfolio manager.

The UltraPro Short MSCI Emerging Markets is part of ProShares' Short International series and will trade under the symbol "EMA."

The fund seeks investment results for a day that, before fees and expenses, correspond to three times the inverse of the return of the MSCI Emerging Markets Index. It invests in derivatives as a substitute for directly shorting stocks in order to gain inverse leveraged exposure to the index. The derivatives include swap agreements and money market instruments.

The UltraPro Short 20+ Year Treasury is part of ProShares' Short Fixed-Income series and will trade under the symbol "TTT."

The fund seeks daily investment results, before fees and expenses, that correspond to three times the inverse of the daily performance of the Barclays Capital U.S. 20+ Year Treasury Bond Index. The fund invests in derivatives that, in combination, should have similar daily return characteristics as three times the inverse of the daily return of the index.

Michelle Liu is the portfolio manager.

Shareholder fees for all four funds consist of investment adviser fees of 0.75%. Along with other fees, and taking into account a fee waiver with the adviser, the total net annual fund operating expenses are expected to be 0.95% for each of the funds.

Bethesda, Md.-based ProShare Advisors LLC serves as the funds' investment adviser.

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