Fund Description: ProShares UltraPro Short MidCap 400 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 UltraPro Short MidCap 400 ETF seeks daily investment results, before fees and expenses, that correspond to three times (300%) the inverse (opposite) of the daily performance of the S&P MidCap 400 Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. This means that the return of the Fund for a period longer than a single trading day will be the result of each day's returns compounded over the period, which will very likely differ from the amount of the return of the Index for that period. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. INDEX DESCRIPTION: The S&P MidCap 400 Index is a measure of mid-size company U.S. stock market performance. It is a float-adjusted, market capitalization weighted Index of 400 U.S. operating companies and real estate investment trusts selected through a process that factors criteria such as liquidity, price, market capitalization and financial viability. The Index is published under the Bloomberg ticker symbol MID. FUND STRATEGY: A mathematical approach to investing is used and determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its benchmark. The Fund may hold or gain exposure to only a representative sample of the securities in the index. 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 sampling process typically used, involves selecting a representative sample of securities in an index principally to enhance liquidity and reduce transaction costs while seeking to maintain high correlation with and similar aggregate characteristics (e.g., market capitalization and industry weightings) to the Index. FUND MANAGEMENT: ProShare Advisors serves as the investment advisor and provides investment advice and management services to the Fund.