PROSHARES ULTRA 20+ YEAR TREASURY

The investment seeks daily investment results that correspond to two times (2x) the daily performance of the ICE U.S. Treasury 20+ Year Bond 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 includes publicly- issued U.S. Treasury securities that have a remaining maturity greater than or equal to twenty years and have $300 million or more of outstanding face value, excluding amounts held by the Federal Reserve. The fund is non-diversified.