PROSHARES ULTRA MSCI EMERGING MARKETS ETF

The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the MSCI Emerging Markets 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 85% of the free float-adjusted market capitalization in emerging market countries. The fund is non-diversified.