BIS ETF Report: Ratings, Analysis, Quotes, Holdings

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*Unless otherwise stated, data provided by FactSet.

BIS Fund Description

BIS 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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PERFORMANCE [as of 07/09/20] 1 MONTH 3 MONTHS YTD 1 YEAR 3 YEARS 5 YEARS 10 YEARS

BIS -12.33% -38.48% -43.12% -55.04% -31.15% -23.10% -41.09%

ticker (NAV) -12.36% -38.51% -43.16% -55.04% -31.15% -23.12% -40.99%

NASDAQ Biotechnology Index 5.91% 23.53% 16.93% 29.89% 11.10% 3.33% -40.99%

N/A -- -- -- -- -- -- --

All returns over 1 year are annualized. All returns are total returns unless otherwise stated.

BIS Summary Data

ProShares

04/08/10

Open-Ended Fund

0.95%

$11.25M

0.12%

LABD, ZBIO

Fund Home Page

BIS Portfolio Data

1.96%

09/23/20

BIS Index Data

NASDAQ Biotechnology Index

Market Cap

NASDAQ - Listed

N/A

BIS Fund Structure

Yes

No Policy

N/A

High

-2

Leverage Reset Frequency Daily

BIS Tax Exposures

20.00% / 39.60%

Cboe Book Viewer

Top Of Book

Last 10 Trades

Bats BZX Real-time Quote -

BIS Factset Analytics Block Liquidity

As of 07/10/20

This measurement shows how easy it is to trade a $1 million USD block of BIS. BIS is rated a N/A out of 5.

BIS Tradability

238,763

$2.04M

206,623

$1.84M

0.12%

$0.01

0.01%

1.67% / -0.58%

None

0.00%

50,000

4.13

0.02%

1,393

$7.61

N/A

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