ProShares UltraShort Russell2000 Growth (the Fund) seeks daily investment results, before fees and expenses, that correspond to twice the inverse daily performance of the Russell 2000 Growth Index (the Index). The Russell 2000 Growth Index is a subset of the Russell 2000 Index, and measures the performance of the small-capitalization growth sector of the United States equity market. The Index is a capitalization-weighted index and consists of those companies with higher price-to-book ratios and higher forecasted growth within the Russell 2000 Index. The Index represents approximately 50% of the total market capitalization of the Russell 2000 Index. The Fund intends to invest at least 80% of its net assets, including any borrowings for investment purposes, to investments that, in combination, have economic characteristics that are inverse to those of the Index. ProShare Advisors LLC serves as the investment advisor to the Fund.