ProShares Hedge Replication ETF

This fund strategically invests in a combination of financial instruments, chosen by ProShare Advisors, with the goal of emulating its underlying benchmark's performance. That benchmark endeavors to replicate the risk and return profile typical of the hedge fund asset class, which it achieves by seeking a high correlation to the HFRI Fund Weighted Composite Index (HFRI). The HFRI itself serves as a gauge of the hedge fund industry's overall performance, comprising an equally weighted composite of over 2,000 member funds. This particular fund is categorized as non-diversified.