Fund Description: ProShares Ultra Telecommunications 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 Ultra Telecommunications ETF seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Dow Jones U.S. Select Telecommunications Index. This ETF seeks a return of 200% 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. Select Telecommunications Index is a measure of U.S. stock market performance of fixed-line (regional and long-distance carriers) and mobile telephone services (cellular, satellite and paging services). FUND STRATEGY: The Fund invests in derivatives that is believed should have similar daily performance characteristics as twice (200%) 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.