PROSHARES S&P 500 EX-FINANCIALS ETF

The investment seeks investment results, before fees and expenses, that track the performance of the S&P 500® Ex-Financials and Real Estate Index (the index). Under normal circumstances, the fund will invest at least 80% of its total assets in component securities. The index and fund seek to provide exposure to the companies of the S&P 500® Index (the S&P 500®) with the exception of those companies included in the Financials and Real Estate Sectors.