Fund Description: ProShares Ultra Nasdaq Biotechnology ETF Fund is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ProShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: ProShares Ultra Nasdaq Biotechnology ETF Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. INDEX DESCRIPTION: The Index is a modified capitalization weighted index that includes securities of NASDAQ listed companies that are classified as either biotechnology or pharmaceutical according to the Industry Classification Benchmark which also meet other eligibility criteria determined by NASDAQ, including minimum market capitalization and liquidity requirements. The Index is published under the Bloomberg ticker symbol NBI. FUND STRATEGY: The Fund seeks investment results for a single day only, not for longer periods. This means that the return of the Fund for a period longer than a single trading day will be the result of each day's returns compounded over the period, which will very likely differ from twice (200%) the return of the Nasdaq Biotechnology Index for that period. Shareholders should actively monitor their investments. FUND MANAGEMENT: The ProShares Trust Board is responsible for the general supervision of all of the Funds. The officers of the Trust are responsible for the day-to-day operations of the Funds.