Fund Description: ProShares UltraShort Nasdaq Biotechnology ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio for the ProShares Trust an open-ended investment management company. INVESTMENT OBJECTIVE: ProShares UltraShort Nasdaq Biotechnology ETF Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the NASDAQ Biotechnology Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. INDEX DESCRIPTION: The NASDAQ Biotechnology 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. 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 inverse of the return of the Nasdaq Biotechnology Index for that period. Using a mathematical approach to investing it determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its benchmark. The Fund may gain exposure to only a representative sample of the securities in the, which is intended to have aggregate characteristics similar to those of the Index. FUND MANAGEMENT: 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.