Fund Description: ProShares Ultra 20+ Year Treasury 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 20+ Year Treasury ETF seeks daily investment results, before fees and expenses and interest income earned on cash and financial instruments, that correspond to twice (200%) the daily performance of the Barclays Capital 20+ Year U.S. Treasury Bond 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 twice the return of the Index for that period. The Fund is different from most exchange-traded funds in that it seeks leveraged returns and only on a daily basis. The Fund should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results and should actively monitor their investments as frequently as daily. INDEX DESCRIPTION: Barclays Capital 20+ Year U.S. Treasury Bond Index includes all publicly issued, U.S. Treasury securities that have a remaining maturity greater than 20 years, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million par outstanding. The Index is weighted by the relative market value of all securities meeting the Index criteria. Excluded from the Index are certain special issues, such as flower bonds, targeted investor notes (TINs), U.S. Treasury inflation protected securities (TIPs), state and local government series bonds (SLGs), and coupon issues that have been stripped from assets already included. The Index is published under the Bloomberg ticker symbol LT11TRUU. FUND STRATEGY: The Fund invests in U.S. Treasury securities and derivatives that should have similar daily performance characteristics as twice the daily return of the Index. In seeking to achieve the Fund's investment objective, a mathematical approach to investing is used which determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of the Index. A sampling process involves selecting a representative sample of securities in the index principally to enhance liquidity and reduce transaction costs while seeking to maintain high correlation with, and similar aggregate characteristics to the Index. At the close of the markets each trading day, the Fund will seek to position its portfolio so that the Fund's exposure to the Index is consistent with the Fund's investment objective. The impact of the Index's movements during the day will determine whether the Fund's portfolio needs to be re-positioned. FUND MANAGEMENT: ProShare Advisors serves as the investment advisor and provides investment advice and management services to the Fund.