ProShares UltraShort Nasdaq Biotechnology (BIS)

BIS (ProShares UltraShort Nasdaq Biotechnology) is an exchange-traded fund (ETF) managed by ProShares Advisors LLC. The ETF seeks to provide investors with twice (2x) the inverse (opposite) daily return of the Nasdaq Biotechnology Index, which is a benchmark that tracks the performance of biotechnology and pharmaceutical companies listed on the Nasdaq Stock Market.

As a leveraged inverse ETF, BIS uses financial derivatives and other investment strategies to amplify the daily inverse returns of the underlying index. This means that if the Nasdaq Biotechnology Index falls by 1% on a given day, BIS should deliver a return of 2% (before fees and expenses) in the opposite direction. However, if the index rises by 1%, BIS would be expected to deliver a loss of 2%.

The fund's top holdings included inverse securities from companies such as ProShares, Direxion, and Rafferty Asset Management.

In terms of performance, BIS has been relatively volatile over the long term, with significant swings in both directions.