ProShares UltraShort Russell1000 Growth (the Fund) seeks daily investment results that correspond to twice the inverse daily performance of the Russell 1000 Growth Index. The Russell 1000 Growth Index is a subset of the Russell 1000 Index. The Index is capitalization weighted, and consists of those companies with higher price-to-book ratios and higher forecasted growth within the Russell 1000 Index. The Index represents approximately 49% of the total market capitalization of the Russell 1000 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. The Fund intends to concentrate its investments in a particular industry or group of industries to approximately the same extent as the Index is so concentrated. ProShare Advisors LLC serves as the investment advisor to the Fund.