ProShares Short S&P 500 ETF

ProShares Short S&P 500 ETF is an exchange‑traded fund designed to deliver the inverse, or -1x, of the S&P 500’s daily performance before fees and expenses. It achieves its objective primarily through derivatives such as swaps and futures, providing daily short exposure to a market-cap‑weighted benchmark of large U.S. companies across sectors including technology, health care, financials, and consumer industries. This fund is commonly used for short‑term tactical positioning, portfolio hedging, and risk management when investors seek to offset broad U.S. equity market declines on a daily basis. Because returns are reset each day, its performance over longer holding periods can diverge from the inverse of the index due to compounding and volatility effects, a notable feature of geared and inverse strategies. ProShares Short S&P 500 ETF is non‑diversified and entails risks tied to derivatives use, tracking error, and market volatility, reflecting its role as a specialized tool for managing exposure to U.S. large‑cap equities.