PROSHARES TRUST

The investment seeks daily investment results that correspond to two times the inverse (-2x) of the daily performance of the Nasdaq Biotechnology Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the funds investment objective. The index is a modified capitalization weighted index that includes securities of Nasdaq listed companies that are classified as either biotechnology or pharmaceutical. The fund is non-diversified.