PROSHARES TRUST

The investment seeks investment results, before fees and expenses, that track the performance of the Nasdaq U.S. Large Cap Equities for Rising Rates Index (the Index). The fund invests in securities that ProShare Advisors believes, in combination, should track the performance of the index. Under normal circumstances, the fund will invest at least 80% of its total assets in component securities. The index consists of 50 companies whose stock prices historically have tended to outperform the Universe during periods of rising interest rates.