Do you have any links or other information that shows this is not an ETF or is that really just a "gut" feeling? Are you saying this information is incorrect (ETF mentioned at least twice)? http://www.proshares.com/funds/uyg.html
"This ETF is designed to meet daily objectives; results over longer periods may differ. There is no guarantee that any ProShares ETF will achieve its investment objective."
"Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the Fund. Brokerage commissions will reduce returns."