PROSHARES ULTRA BLOOMBERG NATURAL GAS ETF

The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the performance of the Bloomberg Natural Gas SubindexSM for a single day. The fund seeks to meet their investment objectives by investing normally in Natural Gas futures contracts. It may also invest in swaps if the market for a specific futures contract experiences emergencies (e.g., natural disaster, terrorist attack, or an act of God) or disruptions (e.g., a trading halt or a flash crash) or in situations where the Sponsor deems it impractical or inadvisable to buy or sell futures contracts (such as during periods of market volatility or illiquidity).