ProShares UltraShort SmallCap600 (ProShares UltraShort SmallCap60) ETF

The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is designed to measure the performance of small-cap companies listed and domiciled in the U.S. Under normal circumstances, the fund will obtain inverse leveraged exposure to at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. The fund is non-diversified.