Fund Description: ProShares UltraShort FTSE China 50 ETF, formerly ProShares UltraShort FTSE China 25, formerly ProShares UltraShort FTSE/Xinhua China 25 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: The ProShares UltraShort FTSE China 50 ETF seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the FTSE China 50 Index, formerly FTSE China 25 Index. The Fund is different from most exchange-traded funds in that it seeks leveraged returns and only on a daily basis. The Fund also is riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, the Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results. Shareholders should actively monitor their ProShare portfolios as frequently as daily. INDEX DESCRIPTION: The FTSE China 50 Index is comprised of 50 of the largest and most liquid Chinese stocks listed on the Hong Kong Stock Exchange. The Index, as of the date of the current prospectus, was concentrated in the financial services and communications industry groups, which may change over time. The Index is published under the Bloomberg ticker symbol XINOI. FUND STRATEGY: The Fund invests in derivatives that ProShare Advisors believes should have similar daily return characteristics as twice (200%) the inverse of the daily return of the Index. Assets of the Fund not invested in derivatives will typically be held in money market instruments. 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. The Fund seeks to remain fully invested at all times in 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 its benchmark 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: ProShare Advisors LLC serves as the investment advisor to the Fund.