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ProShares Capital Management to reduce target exposure on two ETFs

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ProShares Capital Management is to change the investment objective of two of its ETFs as of close of business on 27 February, 2018.

The ProShares Ultra VIX Short-Term Futures ETF (UVXY) will now seek results (before fees and expenses) that correspond to one and one-half times (1.5x) the performance of the S&P 500 VIX Short-Term Futures Index (Index) for a single day. The Fund’s investment objective currently is to seek results (before fees and expenses) that correspond to two times (2x) the performance of the Index for a single day. If the fund were successful in meeting its new objective, on a day the Index rose 1 per cent, the fund should rise approximately 1.5 per cent, before fees and expenses. Similarly, on a day the Index fell 1 per cent, the Fund should fall approximately 1.5 per cent, before fees and expenses.
 
ProShares Short VIX Short-Term Futures ETF (NYSE Arca: SVXY) will now seek results (before fees and expenses) that correspond to one-half the inverse (-0.5x) of the Index for a single day. The Fund’s investment objective currently is to seek results (before fees and expenses) that correspond to the inverse (-1x) of the Index for a single day. If the Fund were successful in meeting its new objective, on a day the Index fell 1 per cent, the Fund should rise approximately 0.5 per cent, before fees and expenses. Similarly, on a day the Index rose 1 per cent, the Fund should fall approximately 0.5 per cent, before fees and expenses.
 
Certain regulatory approvals will be required for the Funds to permanently pursue these new investment objectives. In the event that such approvals are not obtained, the Funds will consider other courses of action.
 

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