PROSHARES ULTRA SEMICONDUCTORS

The investment seeks daily investment results that correspond to two times (2x) the daily performance of the Dow Jones U.S. SemiconductorsSM Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the fund's investment objective. The index measures the performance of certain companies in the semiconductor sub-sector of the U.S. equity market. Component companies are engaged in the production and distribution of semiconductors and other integrated chips, as well as other related products such as semiconductor capital equipment and mother-boards. The fund is non-diversified.