Fund Description: ProShares UltraShort Bloomberg Natural Gas, formerly ProShares UltraShort DJ-UBS Natural Gas, is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ProShares Trust II, an open-end investment management company. INVESTMENT OBJECTIVE: The ProShares UltraShort Bloomberg Natural Gas seeks to provide investment results, before fees and expenses, that correspond to twice (2x) the inverse (opposite) the daily performance of the Bloomberg Natural Gas Subindex, formerly Dow Jones-UBS Natural Gas Subindex. The Fund is different and much riskier than most exchange-traded funds and is designed to be utilized only by knowledgeable investors who understand the potential consequences 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 Bloomberg Natural Gas Subindex is intended to reflect the natural gas segment of the commodities market. The Index consists of futures contracts on natural gas. Unlike equities, which entitle the holder to a continuing stake in a corporation, commodity futures contracts specify a delivery date for an physical commodity. The Index measures the performance of commodity futures contracts, and, as the date for a futures contract comes due, the Index replaces such contract with similar contracts with later expirations. The Index thus is a rolling Index. The Index is valued using the settlement prices for the futures contracts. The Index rolls its contracts over the course of 5 consecutive business days, starting on the 6th business day of the month. Each day, approximately 20% of each futures position that is included in the month's roll is rolled. FUND STRATEGY: The Fund will engage in daily rebalancing to position its portfolio so that its exposure to the Index is consistent with the Fund’s daily investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be repositioned. Generally the Fund will invest in Financial Instruments including futures contracts and options on futures contracts, swap agreements, forward contracts and other commodity-based contracts, as a substitute for investing directly in commodities in order to gain exposure to the applicable commodity index. Financial Instruments also are used to produce economically leveraged investment results FUND MANAGEMENT: ProShare Capital Management LLC, serves as the Trust’s Sponsor and has exclusive management and control of all aspects of the business of the Fund.