This fund, issued by ProShares, is a leveraged exchange-traded fund. It utilizes derivative positions on the S&P 500 VIX Short-Term Futures Index to provide daily investment results that correspond to one and one-half times (1.5x) the daily performance of its benchmark index. The index is tied to futures on the CBOE Volatility Index (VIX), often called the market's "fear gauge." This product serves primarily as a tactical tool for short-term traders to hedge against major U.S. equity market downturns or to bet on surges in market panic, but it faces severe rollover decay if held over the long term.