Fund Description: ProShares Ultra MSCI Brazil Capped 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: ProShares Ultra MSCI Brazil Capped ETF seeks investment results for a single day only, not for longer periods. before fees and expenses, that correspond to twice (200%) the daily performance of the MSCI Brazil Index. The Fund seeks daily leveraged investment results and does not seek to achieve its stated investment objective over a period of time greater than one day. The Fund is different and much riskier than most exchange-traded fund and is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios as frequently as daily. INDEX DESCRIPTION: The MSCI Brazil 25/50 Index formerly MSCI Brazil Index is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance by targeting approximately 85% of the Brazilian market. The Index is divided into large- and mid-cap segments and targets approximately 85% of free float-adjusted market capitalization of the region. The Index is published under the Bloomberg ticker symbol MXBR. FUND STRATEGY: The Fund is different from most exchange-traded funds in that it seeks leveraged returns and only on a daily basis. Because the value of the Index is not computed as of the close of the U.S. securities markets due to differences in trading hours between U.S. and foreign markets, correlation to the Index will be measured by comparing the daily change in the Fund's net asset value per share to the performance of one or more U.S. exchange traded securities or instruments that reflect the values of the securities underlying the Index as of the close of the U.S. securities markets. The Fund invests in equity securities and derivatives that is believed, in combination, should have similar daily performance characteristics as twice (200%) 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. FUND MANAGEMENT: The ProShares Trust Board is responsible for the general supervision of all of the Funds and the day-to-day operations of the Funds. ProShare Advisors, serves as the investment advisor to all of the Funds and provides investment advice and management services to the Funds.