Fund Description: ProShares Short Oil & Gas ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ProShares Trust, an investment management company. INVESTMENT OBJECTIVE: ProShares Short Oil & Gas ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the Dow Jones U.S. Oil & Gas Index. This ETF seeks a return of -100% of the return of the Index for a single day. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. INDEX DESCRIPTION: The Dow Jones U.S. Oil & Gas Index measures the performance of the oil and gas industry of the U.S. equity market. Component companies include oil drilling equipment and services, oil companies-major, oil companies-secondary, pipelines, liquid, solid or gaseous fossil fuel producers and service companies. FUND STRATEGY: The Fund invests in derivatives that is believed should have similar daily return characteristics as the inverse of the daily return of the Index. A mathematical approach to investing is used to determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its Index. The Fund may gain exposure to only a representative sample of the securities in the Index, which is intended to have aggregate characteristics similar to those of the Index. Assets of the Fund not invested in derivatives will typically be held in money market instruments. The Fund seeks to remain fully invested at all times in securities and/or derivatives that provide exposure to its Index without regard to market conditions, trends or direction. At the close of the markets each trading day, the Fund will seek to position its portfolio so that its exposure to the Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. FUND MANAGEMENT: The Fund is advised by ProShare Advisors.