ProShares UltraShort Russell2000 Value (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Russell 2000 Value Index. The Russell 2000 Value Index is a subset of the Russell 2000 Index (the Index), and measures the performance of the small-capitalization value sector of the United States equity market. The Index is a capitalization-weighted index and consists of those companies with lower price-to-book ratios 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.