A division of ProFunds Group that manages short and leveraged investment funds that trade on various stock exchanges. These funds are designed to allow investors to take hedging and speculative positions without having to purchase derivatives. ProShares trade like any other ETF and can be purchased and sold like stocks. ProShares offers dozens of different ETF products, all designed to perform specific speculative investment strategies. They are divided into three categories: short, ultra and alpha. Short ProShares behave inversely to the market, while Ultra ProShares amplify market performance by a factor of two. The Alpha fund tracks the performance of the Credit-Suisse Index.