GKM

ProShares Ultra and UltraShort Sector ETFs: Does 2 = 2?

SHB, I think there is an arb play in there. If you pick a very volatile day, then short the ultrashort and short the ultra you should be able to make a spread over time. However, entry points would be critical. I almost did this once with a double long natural gas ETF because someone had a stupid bid out on it and I could have hedged the other side with the double short. I couldn't get it done though as the broker couldn't find the shares to short.