FXP/Fast seller

The launch of ProShares double down Japan and China ETFs went better than well. Japan(symbol EWC) had volume of 36,400 shares-a reasonable start. China (symbol FXP) had exceptional volume of 528,400 shares for one of, if not the best launch in recent memory. At least 3 additional units were created jumping the initial AUM from $10.5 million to an end of day $26 million. We believe that ProShares timing was opportune in that recent volatility and the possibility that China might be a bubble, will help it sell well. Given that the product has been a long time in the planning, it is unlikely that ProShares was attempting to cherry pick.

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