ProShares Ultra High Yield ETF (UJB)

The ProShares Ultra High Yield fund is an actively managed exchange-traded fund that seeks to deliver performance results consistent with its investment objectives on a daily basis. The fund primarily invests in a range of financial instruments, including high-yield corporate bonds and related derivatives, as selected by ProShare Advisors. The strategy is designed to provide leveraged exposure to the performance of high-yield corporate bonds, aiming to amplify daily returns relative to the underlying index.

The underlying index tracked by the fund is a market-value weighted benchmark composed of U.S. dollar-denominated high-yield corporate bonds. This index is specifically designed to offer a comprehensive representation of the high-yield bond market, including only the most liquid and actively traded securities. By focusing on high-yield bonds, which are often referred to as junk bonds, the fund targets higher income opportunities, albeit with a higher risk profile compared to investment-grade bonds.

The ProShares Ultra High Yield fund employs leverage to seek to double the daily return of the index. This means that the fund aims to achieve 200% of the daily performance of the underlying index.

Given its focus on high-yield bonds and the use of leverage, the ProShares Ultra High Yield fund is classified as non-diversified. This implies that the fund's investments may be concentrated in a specific segment of the bond market, potentially leading to higher volatility and risk.