DXD Fund Description

The ProShares UltraShort Dow30 provides 2x inverse exposure to the price-weighted Dow Jones Industrial Average, which includes 30 of the largest US companies.

DXD ETF.com Insight

DXD takes the exposure of its sister fund DOG one step further, adding a leverage factor of 2 to a bet against the Dow Jones Industrial Average with an intended duration of 1 day. The fundThis geared inverse exposure is daily is designed to deliver 2x the inverse performance of the 30 firms in the DJIA, weighted by price. This geared inverse exposure is daily, and anyone holding for longer than a day will be exposed to the path dependency and positional decay, both of which could take the returns in a different direction than what investors may expect. This dynamic is especially acute in funds that overlay leverage on inverse exposure. This can be avoided through shrewd portfolio management, but investors without the means to manage their exposure on a daily basis should either avoid DXD or use it as it was intended to be used: as a trading tool. In this, the fund excels—well over $20M worth of DXD trades on a daily basis, at tiny spreads. DXD charges a significant expense ratio, but few if any investors will realize that full holding cost.

1 Year

Performance [as of 12/31/13] 1 Month 3 Month YTD 1 Year 3 Years 5 Years 10 Years

DXD (Mkt)
-6.51% -18.49% -42.61% -42.61% -30.81% -33.71% --
All returns over 1 year are annualized. All returns are total returns unless otherwise stated.
Average Spread

Premium/Discount

Volume

DXD ETF.com/ Block LiquidityAs of 07/21/2014

5
4
3
2
1

This measurement shows how easy it is to trade 25,000 shares of DXD. DXD is rated a 5 out of 5.

DXD Summary Data

ProShares

A company that produces and manages ETFs.

07/11/06

The first date of a fund's operations, as documented by the issuer.

Open-Ended Fund

The organizational structure of the fund or ETN.

0.95%

The net total annual fee a fund holder pays to the issuer.

$223.83 M

The market value of total assets that a fund has accumulated and now manages on behalf of investors.

DXD Portfolio Data

0.00%

A fund’s actual distributed cash flows over the past 12 months as a percent of its NAV

09/24/14

The upcoming date on which the fund trades without its upcoming dividend

DXD Index Data

Dow Jones Industrial Average

This is the benchmark an ETF is desigend to track or replicate.

Price

A set of rules that the underlying index provider follows to weight its constituent securities.

Committee

A set of rules that the underlying index provider follows to select its constituent securities.

N/A

This is the index that we have chosen as the best-in-class gauge for each segment's broad market.

DXD Fund Structure

Yes

“Yes” means the fund uses over the counter derivatives such as swaps and forwards

No

An indicator of whether or not a fund actively lends its portfolio holdings.

0% / 100%

The division of securities lending revenue between the fund and the issuer.

N/A

The risk of default by the ETN counterparty.

Low

The likelihood that an issuer will shut down a fund for business or regulatory reasons.

-2

The multiple of the underlying index which the fund aims to deliver. For funds that reset, the leverage factor holds true only for the reset period, often just 1 day.

Daily

The time period at which the fund “trues up” its leverage factor. For funds that reset, the reset period–often just 1 day–is the length of time over which the fund delivers its leverage factor.

DXD Tax Exposures

20.00% / 39.60%

The maximum long-term and short-term U.S. tax rates applicable to a realized capital gain.

--

The average capital gains paid out to shareholders in the past 36 months, measured as a percent of net asset value (NAV) at the time.

No

ETFs that are structured as commodities pools and classified as limited partnerships by the IRS will issue K-1 forms to holders.

DXD Tradability

625,494

The average number of shares traded during a 60 day period.

$16.06 M

Average dollar value of shares traded over 60 calendar days.

549,626

Median number of shares traded over the past 45 trading days.

$14.18 M

Median dollar value of shares traded over the past 45 trading days.

0.04%

The difference between the highest price a market participant is willing to pay to buy an ETF and the lowest price at which a market participant is willing to sell an ETF, averaged over the past 60 days, as a percent.

0.00%

The middle value in the ranked set of all premium/discount values over a 12-month period.

0.17% / -0.22%

The greatest amount that the market price exceeded (premium) and fell below (discount) its fair value/net asset value (NAV) over a 12-month period.

None

This flags whether there is currently a systemic issue that has restricted the ability to create or redeem shares of the fund. This may be imposed by the fund's issuer, or by external circumstances.

75,000

The smallest block of ETF shares that an Authorized Participant can either create or redeem at net asset value (NAV) with the issuer in exchange for the underlying shares of the fund.

7.33

The median 45 day share volume divided by the creation unit size of the fund. The higher the number, the more likely that liquidity providers will trade the fund in size, or in odd lots.

0.00%

The standard fee to create or redeem 1 creation unit of an ETF as a percentage of the dollar value of 1 creation unit.

23,719

The total number of net outstanding options contracts for an ETF.

--

The total market value of the assets that an ETF holds less fund expenses.

5

An estimate of liquidity for the underlying baskets of securities, scaled 1 to 5.

Related ETFs to DXD

SDS, SDS, SPXU, SPXU, SH, SH, QID, QID, SQQQ, SQQQ

ETFs from within the same segment or closely related segments with similar investment objectives or market exposures.

DXD Commentary & News

7 June 2014
UIT (SPY, QQQQ)
28 March 2014
Download PDF Sample