ProShares Hedge Replication ETF V.HDG

Primary Symbol: HDG

The investment seeks investment results, before fees and expenses, that track the performance of the Merrill Lynch Factor Model-Exchange Series (the benchmark). The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the benchmark. The benchmark seeks to provide the risk and return characteristics of the hedge fund asset class by targeting a high correlation to the HFRI Fund Weighted Composite Index (the HFRI). The HFRI is designed to reflect hedge fund industry performance through an equally weighted composite of over 2000 constituent funds. The fund is non-diversified.

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ProShares Hedge Replication ETF

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Comment by FATBIDSon Oct 07, 2008 11:37pm

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Post# 15512428

RE: Hedge fund unwinds juniors

Sprott Inc. (SII)	Target: $5.00
Recommendation: Sector Underperform	Risk: High
We have updated our third quarter AUM estimate for Sprott Inc. based on the September 30, 2008 mutual fund and hedge fund performance statistics. Estimated market losses are greater than initially expected. We estimate third quarter market performance reduced Sprott's AUM by approximately 28%, or $2.2 billion. This was greater than our initial forecast loss of roughly $1.4 billion for the quarter, primarily a result of much worse than expected investment performance in September. We believe the recent volatility in the resources sector may cool near-term demand for resource-oriented funds, despite Sprott's impressive long-term investment track record. We have therefore reduced our sales forecast for Sprott's funds over our forecast period. We are downgrading Sprott Inc. (SII) to 3-Sector Underperform and reducing our twelve month target to $5.00. With a one year expected rate of return of less than 5%, we are downgrading Sprott Inc to 3-Sector Underperform.