Fund Description: ProShares Equities for Rising Rates ETF 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: The ProShares Equities for Rising Rates ETF seeks investment results, before fees and expenses, that track the performance of the Nasdaq U.S. Large Cap Equities for Rising Rates Index. INDEX DESCRIPTION: The Nasdaq U.S. Large Cap Equities for Rising Rates Index component securities are selected from a universe of the 500 largest companies (based on market capitalization) listed on U.S. stock exchanges. The Index consists of 50 companies whose stock prices historically have tended to outperform the Universe during periods of rising interest rates. For these purposes, interest rates are 10-year U.S. Treasury yields. While the Index is designed to provide relative outperformance as compared to the Universe during periods of rising interest rates, it may be more susceptible to underperformance in a falling interest rate environment. On a quarterly basis, the Index selects the five most interest rate sensitive industry sectors in the Universe. Within each of these five sectors, 10 stocks are selected for inclusion in the Index. The Index is rebalanced quarterly. The stocks included in the Index must meet certain capitalization and liquidity requirements. The Index was concentrated in the Financials and Energy industry groups, which may change at any time. FUND STRATEGY: The Fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the Index. Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities (i.e., securities of the Index and comparable securities that have economic characteristics that are substantially identical to the economic characteristics of the securities of the Index). ProShare Advisors follows a passive approach to investing that is designed to track the performance of the Index. The Fund attempts to track the performance of the Index by investing all, or substantially all, of its assets in the components of the Index, holding each security in approximately the same proportion as its weighting in the Index. At times, the Fund may gain exposure to only a representative sample of the securities in the Index, which exposure is intended to have aggregate characteristics similar to those of the Index, and may invest in securities not contained in the Index. FUND MANAGEMENT: ProShare Advisors serves serves as the investment adviser to the Fund.