BISProShares UltraShort Nasdaq Biotechnology
BIS Fund Description
The ProShares UltraShort NASDAQ Biotech provides -2x exposure to a market-cap weighted index of biotechnology and pharmaceutical companies listed on the NASDAQ.
BIS Factset Analytics Insight
BIS provides daily geared inverse (-2x) exposure to the NASDAQ Biotechnology Index. It charges 95 bps for holding swaps on the index and the iShares Biotech ETF (IBB), which reaches beyond pure biotechnology into pharmaceuticals, and tilts smaller than our benchmark, in addition to excluding NYSE-listed firms. BIS has increased assets to a reasonable level, which has helped liquidity for investors, though spreads are still sizeable. Unfortunately, BIS is the only fund in the inverse biotech space. Note: BIS is a tactical tool. Due to daily compounding, it's unlikely to achieve its stated exposure and returns for longer than a one-day period, but with its high expense ratio, most investors probably won't want to hang onto it for long anyway.
BIS CHARTS AND PERFORMANCE
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BIS Tax Exposures
BIS Factset Analytics Block Liquidity
This measurement shows how easy it is to trade a $1 million USD block of BIS. BIS is rated a 5 out of 5.