Q: What risks do you control and what risks are you exposed to through these products?

A: Overall, we believe that none of these products by themselves represents a complete investment strategy. They are tools to be used to complement a broader portfolio. Individually, these products can be risky, but as part of a portfolio, many of these products can be used to mitigate risk. On the short side, they can help limit risk when used as a hedging vehicle. On the long side, Ultra ProShares create a given exposure with less cash than a traditional mutual fund or ETF. Since less money is at risk, there is a greater opportunity to diversify and to manage the risk. Whether you use ProShares to seek profit or manage risk, they are like any other investment— you should understand what you own and the role it plays in your portfolio.