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DUG: ProShares UltraShort Oil & Gas

The investment seeks daily investment results, before fees and expenses, which correspond to twice (200%) the inverse (opposite) of the daily performance of the Dow Jones U.S. Oil & Gas IndexSM. The fund invests in derivatives that Proshare Advisors believe should have similar daily return characteristics as twice (200%) the inverse of the daily performance of the index. It invests typically the rest of the assets in money market instruments. The fund is non-diversified.

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