UltraShort Gold Miners - GDXS UltraShort Gold Miners

ProShares UltraShort Gold Miners seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the NYSE Arca Gold Miners Index.

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, 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. For more on risks, please read the prospectus.

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Index/Benchmark Summary

The NYSE Arca Gold Miners Index is a modified market-capitalization weighted index primarily composed of publicly traded companies involved in the mining for gold and silver. The weight of companies whose revenues are more significantly exposed to silver mining will not exceed 20% of the index at the time of the index's rebalance.

Fundamentals as of 12/31/18

Total Number of Companies 48
Price/Earnings Ratio 31.37
Price/Book Ratio 1.22
Dividend Yield *(%) 0.95
Average Index Market Capitalization $3.77 billion

* Derivative contracts are priced to reflect the underlying index yield and will not generate dividend income. Because ProShares invest in derivatives, they will not have dividend distributions that reflect those of their applicable indexes.

Index Holdings Information as of 12/31/18

Top 10 Index Companies Weight
Newmont Mining Corp. 8.93%
Barrick Gold Corp. 7.65%
Franco-Nevada Corp. 6.33%
Newcrest Mining Ltd. 5.71%
Agnico Eagle Mines Ltd. 4.92%
Wheaton Precious Metals Corp. 4.87%
Randgold Resources Ltd.-Sponsored ADR 4.71%
Goldcorp Inc. 4.56%
Royal Gold Inc. 3.76%
Kirkland Lake Gold Ltd. 3.67%

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

Index Holdings as of 12/31/18

Index Country Weightings § Weight
Canada 54.46%
Australia 16.84%
United States 15.23%
South Africa 6.05%
Peru 2.99%
China 2.17%
Ivory Coast 1.18%
Egypt 1.08%

§ Sum of weightings may not equal 100% due to rounding.