Fund Description: ProShares Ultra High Yield ETF is an exchange-traded index fund or Index ETF that is a separate investment portfolio of the ProShares Trust, an open-end investment management company. INVESTMENT OBJECTIVE: The ProShares Ultra High Yield ETF seeks daily investment results, for a single day only, not for longer periods, that correspond to twice (200%) the daily performance of the Markit iBoxx $ Liquid High Yield Index. Due to the compounding of daily returns, ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. INDEX DESCRIPTION: The Markit iBoxx $ Liquid High Yield Index is a modified market-value weighted index designed to provide a balanced representation of U.S. dollar-denominated high yield corporate bonds for sale within the United States by means of including the most liquid high yield corporate bonds available as determined by the index provider. Currently, the bonds eligible for inclusion in the Index include U.S. dollar-denominated, corporate bonds for sale in the United States that are issued by companies domiciled in the U.S., Bermuda, Canada, Cayman Islands, Western Europe or Japan; are rated sub-investment grade by Moody’s Investors Service, Inc., Fitch, Inc. or Standard and Poor's Financial Services, LLC; are from issuers with at least $1 billion par outstanding; have at least $400 million of outstanding face value; and are between three and fifteen years to maturity. There is no limit to the number of issues in the Index. Index rebalances occur monthly. The Fund is different from most exchange-traded funds in that it seeks leveraged returns and only on a daily basis. The Fund also is riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, the Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results. Shareholders should actively monitor their investments as frequently as daily. FUND STRATEGY: The Fund invests in derivatives that ProShare Advisors believes, in combination, should generally have similar daily return characteristics as twice (200%) the daily return of the Index. Assets of the Fund not invested in derivatives will typically be held in money market instruments. A mathmatical approach is used in which ProShare Advisors determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its Index. The Fund may gain exposure directly or indirectly to only a representative sample of the securities in the Index, which is intended to have aggregate characteristics similar to those of the Index. ProShare Advisors does not invest the assets of the Fund in securities or derivatives based on their view of the investment merit of a particular security, instrument, or company, nor does it conduct conventional research or analysis (other than in determining counterparty creditworthiness), or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times in derivatives that provide exposure to its Index without regard to market conditions, trends or direction. At the close of the markets each trading day, the Fund will seek to position its portfolio so that its exposure to its Index is consistent with the Fund’s investment objective. The impact of the Index’s movements during the day will affect whether the Fund’s portfolio needs to be re-positioned. The Fund will concentrate its investment in a particular industry or group of industries to approximately the same extent as the Index is so concentrated. FUND MANAGEMENT: ProShare Advisor serves as the investment adviser to the Funds and provides investment advice and management services to the Funds. The Board is responsible for the general supervision of the Fund and the officers of the Trust are responsible for the day-to-day operations of the Fund.