Fund Description: ProShares UltraPro QQQ 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 QQQ ETF seeks daily investment results, before fees and expenses, that correspond to three times (300%) the daily performance of the NASDAQ-100 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 return of the Index for that period. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. INDEX DESCRIPTION: The NASDAQ-100 Index includes 100 of the largest non-financial domestic and international issues listed on the NASDAQ Stock Market. The Index is published under the Bloomberg ticker symbol NDX. FUND STRATEGY: The Fund invests in equity securities and derivatives in combination, should have similar daily performance characteristics as three times the daily return of the Index. Assets of the Fund not invested in equity securities or 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 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: The ProShares Trust Board is responsible for the general supervision of all of the Funds. The officers of the Trust are responsible for the day-to-day operations of the Funds.