ProShares Trust ProShares UltraShort Ether ETF(AMEX:ETHD)

ETHD is a bearish one-day bet against Ether, seeking to provide double the inverse daily returns of its underlying Ether index. The index, maintained by Bloomberg Index Services Limited, is designed as a proxy for the Ether market. The index price is a composite of US Dollar-Ether trading activities reported by digital asset trading platforms. The fund does not invest directly in Ether, and primarily invests in cash-settled Ether futures contracts, using a mathematical approach, to obtain exposure to the index. It will roll the contracts monthly as they near expiration and replace them with new futures contracts with a later expiration date. The fund also holds money market instruments for necessary collateral. It gains inverse leveraged exposure by utilizing a wholly owned Cayman Islands subsidiary. The returns of the fund can vary significantly from 2x inverse exposure if held for longer than a day. As a geared product with daily resets, the fund is designed as a short-term trading tool and not a long-term investment vehicle.