Fund Description: ProShares S&P 500 Ex-Energy 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 S&P 500 Ex-Energy ETF seeks investment results, before fees and expenses, that track the performance of the S&P 500 Ex-Energy Index. INDEX DESCRIPTION: The S&P 500 Ex-Energy Index seeks to provide exposure to the companies of the S&P 500 Index with the exception of those companies included in the Energy Sector. The S&P 500 is a measure of large-cap U.S. stock market performance. It is a float-adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The Index classifies each company in the S&P 500 as part of a particular sector, using S&P’s Global Industry Classification Standards (GICS) to define companies within a sector. The following sectors are included within S&P GICS: consumer discretionary, consumer staples, energy, financials, health care, industrials, information technology, telecommunication services, materials, and utilities. A sector is comprised of multiple industries. The Index consists of companies from each of the sectors other than the Energy Sector. Each security in the Index is market-cap weighted according to the same rules as the S&P 500. FUND STRATEGY: The Fund invests in securities that the Advisor believes 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). The Fund will principally invest in equity securities, the common stocks issued by public companies. The advisor follows a passive approach to investing that is designed to track the performance of the Index by investing all, or substantially all, of its assets in securities that make up the Index, holding each security in approximately the same proportion as its weighting in the Index. The Fund seeks to remain fully invested at all times in securities that provide exposure to the Index without regard to market conditions, trends or direction. FUND MANAGEMENT: ProShare Advisors serves as the investment adviser to the Fund.