ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[Porgie Tirebiter]

These are derivatives, not equities.

The number of "shares" could theoretically be a billion one day, zero the next, and a billion again the next day. And closed any time ProShares may choose to do so.

From page 4 of the prospectus:

Creation and Redemption Transactions
Only an Authorized Participant may purchase (i.e., create) or redeem Creation Units in the Funds. Creation
Units in a Fund are expected to be created when there is sufficient demand for Shares in such Fund that the
market price per Share is at a premium to the NAV per Share. Authorized Participants will likely sell such Shares
to the public at prices that are expected to reflect, among other factors, the trading price of the Shares of such
Fund and the supply of and demand for the Shares at the time of sale and are expected to fall between the NAV
and the trading price of the Shares at the time of sale. Similarly, it is expected that Creation Units in a Fund will
be redeemed when the market price per Share of such Fund is at a discount to the NAV per Share. The Sponsor
expects that the exploitation of such arbitrage opportunities by Authorized Participants and their clients and
customers will tend to cause the public trading price of the Shares to track the NAV per Share of a Fund closely
over time. Retail investors seeking to purchase or sell Shares on any day are expected to effect such transactions
in the secondary market at the market price per Share, rather than in connection with the creation or redemption
of Creation Units.
A creation transaction, which is subject to acceptance by SEI, generally takes place when an Authorized
Participant deposits a specified amount of cash (unless as provided otherwise in this Prospectus) in exchange for
a specified number of Creation Units. Similarly, Shares can be redeemed only in Creation Units, generally for
cash (unless as provided otherwise in this Prospectus). Except when aggregated in Creation Units, Shares are not
redeemable. The prices at which creations and redemptions occur are based on the next calculation of the NAV
after an order is received in a form described in the Authorized Participant Agreement and the related Authorized
Participant Handbook. The manner by which Creation Units are purchased and redeemed is dictated by the terms
of the Authorized Participant Agreement and Authorized Participant Handbook. By placing a purchase order, an
Authorized Participant agrees to deposit cash (unless as provided otherwise in this Prospectus) with BBH&Co.,
the custodian of the Funds

http://www.proshares.com/funds/trust_ii_prospectuses.html