Leveraged & Inverse ETFs: Strategies That Work
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1 Leveraged & Inverse ETFs: Strategies That Work Paul Britt, CFA, Moderator ETF Analyst IndexUniverse Joanne Hill, Ph.D., Panelist Head of Investment Strategy ProShares Paul Ingersoll, Panelist Managing Partner Good Harbor Financial Christian Wagner, Panelist CEO Longview Capital Management
2 Leveraged & Inverse ETFs: Strategies That Work Agenda Context and Background How Levered and Inverse Funds Work Real-World Strategies and Applications Rebalancing Audience Q & A
3 History of U.S. Geared Funds Geared (inverse and leveraged) mutual funds have been around since 1993 $35 U.S. Geared ETP Assets, Geared (inverse and leveraged) ETFs were introduced in the U.S. in U.S. ETPs with almost $30 billion in assets at the end of 2012 Average daily volume of U.S. ETPs was $5.8 billion for 2012 Miles de millones $30 $25 $20 $15 $10 $5 $ Inverse Leveraged Source: Morningstar Direct, 12/2012. Past performance does not guarantee future results. For financial professional use only. Not for public distribution.
4 Geared ETFs: AUM by Asset Class AUM $m 25,000 20,000 15,000 10,000 5,000-5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1, ADV $m Total AUM, $m Total AD$V, $m
5 Largest Geared ETFs of 2012 Name Multiplier Ticker Assets $M as of 12/31/2012 Name Multiplier Ticker Avg. Daily Vol. $M for 2012 ProShares UltraShort 20+ Year Treasury -2 TBT $2,902 ProShares Short S&P500-1 SH $1,850 ProShares UltraShort S&P500-2 SDS $1,561 ProShares Ultra S&P500 2 SSO $1,279 Direxion Daily Financial Bull 3X Shares ProShares Short 20+ Year Treasury 3 FAS $1,135-1 TBF $781 ProShares Ultra Financials 2 UYG $750 Direxion Daily Small Cap Bull 3X Shares Direxion Daily Financial Bull 3X Shares 3 TNA $654 3 FAS $594 ProShares Ultra S&P500 2 SSO $411 Direxion Daily Small Cap Bear 3X Shares ProShares UltraShort S&P500 Direxion Daily Financial Bear 3X Shares -3 TZA $384-2 SDS $342-3 FAZ $308 ProShares Ultra QQQ 2 QLD $232 ProShares Ultra Silver 2 AGQ $748 ProShares Ultra 7-10 Year Treasury Direxion Daily Small Cap Bull 3X Shares 2 UST $741 2 TNA $732 ProShares UltraPro S&P500 ProShares UltraPro Short S&P500 ProShares UltraShort 20+ Year Treasury 3 UPRO $179-3 SPXU $167-2 TBT $158 Competitor ADV and AUM source: Morningstar Direct, 12/2012; ProShares ADV and AUM source: JPMorgan Chase and BBH, 12/2012. Past performance does not guarantee future results. For financial professional use only. Not for public distribution.
6 Multiplier Breakdowns Over Time ETF Assets by Daily Multiple In 2012, a relative shift toward 2x (light gray) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Source: Bloomberg. AUM as of each year end. Excludes funds that have since closed. Funds with variable multiples < 1% For financial professional use only. Not for public distribution.
7 Leveraged & Inverse ETFs: How Levered and Inverse Funds Work Strategies That Work
8 Leveraged & Inverse ETFs: Real-World Strategies and Applications Strategies That Work
9 Leveraged & Inverse ETFs: Rebalancing Strategies That Work
10 Disclaimer Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. For a ProShares ETF prospectus, please visit ProShares.com. Short or Ultra ProShares ETFs seek returns that are either 3x, 2x, -1x, -2x or -3x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus. ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds advisor.
11 A Reminder About Risk Investing involves risk, including the possible loss of principal. ProShares are nondiversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares should lose money when their benchmarks or indexes rise. Please see their summary and full prospectuses for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.
12 Audience Q&A Leveraged & Inverse ETFs: Strategies That Work Paul Britt, CFA, Moderator ETF Analyst IndexUniverse Joanne Hill, Ph.D., Panelist Head of Investment Strategy ProShares Paul Ingersoll, Panelist Managing Partner Good Harbor Financial Christian Wagner, Panelist CEO Longview Capital Management
KEY POINTS DISCUSSION
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