Fund Description: ProShares Short FTSE China 50, formerly ProShares Short FTSE China 25 ETF, formerly the ProShares Short FTSE/Xinhua China 25 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 Short FTSE China 50 ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (opposite) of the daily performance of the FTSE China 50 Index, formerly FTSE China 25 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 inverse of the return of the Index for that period. Investors should actively monitor their ProShare holdings consistent with their strategies, as frequently as daily. INDEX DESCRIPTION: The Index is comprised of 50 of the largest and most liquid Chinese stocks listed on the Hong Kong Stock Exchange. The Index, as of the date of the current prospectus, was concentrated in the financial services and communications industry groups, which may change over time. The Index is published under the Bloomberg ticker symbol XINOI. FUND STRATEGY: The Fund invests in derivatives that is believed, should have similar daily return characteristics as the inverse of the daily return of the Index. 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 its benchmark. The Fund may gain exposure to only a representative samples of the securities in the Index, which is intended to have aggregate characteristics similar to those of 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 impact of the Index's movements during the day will affect whether the Fund's portfolio needs to be re-positioned. FUND MANAGEMENT: ProShare Advisors serves as the investment advisor to the Fund and provides investment advice and management services to the Fund.