PROSHARES ULTRASHORT YEN

The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the performance of the U.S. Dollar price of the Japanese Yen for a single day. The fund seeks to meet its investment objective by investing under normal market conditions in any one of, or combinations of, Financial Instruments based on the fund?s benchmark. It will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities for direct investment or as collateral for Financial Instruments.