ProShares UltraShort DJ-UBS Crude Oil

The investment seeks to provide daily investment results (before fees and expenses) that correspond to twice (200%) the inverse of the daily performance of the Dow Jones—UBS Crude Oil Sub-IndexSM. The fund invests in any one of or combinations of the financial instruments (swap agreement, futures contracts, forward contracts, option contracts) with respect to the applicable fund’s benchmark to the extent determined appropriate by the Sponsor. It invests other assets in cash or in cash equivalents and/or U.S. Treasury securities or other high credit quality short-term fixed-income or similar securities that serve as collateral for the financial instruments.