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The investment seeks daily investment results that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq Biotechnology IndexÂ®. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund's investment objective. The index is a modified capitalization weighted index that includes securities of Nasdaq listed companies that are classified as either biotechnology or pharmaceutical. The fund is non-diversified.