ProShares, the largest issuer of inverse and leveraged exchange traded funds, said it is changing indexes for its inverse and leveraged gold and silver ETFs.
Currently, ZSL seeks results for a single day that match two times the inverse (-2x) of the daily performance of silver bullion as measured by the London Silver Price. The fund seeks to meet its investment objective by investing under normal market conditions in any one of, or combinations of, Financial Instruments based on the fund’s benchmark. In addition, ZSL may invest up to 100% of its assets in any of these types of cash or cash equivalent securities.
The four ETFs will move to their new benchmarks on or about January 7, 2019.
“In order to facilitate the implementation of the benchmark changes, beginning on January 4, 2019 the Silver and Gold Funds will strike their net asset values (“NAVs”) as of 1:25 p.m. ET and 1:30 p.m. ET, respectively, and their creation and redemption order cutoff times will be 1:00 p.m. ET,” according to a statement from Maryland-based ProShares.
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