This report is intended for general information and should not be used to solicit prospective investors. For more complete information please review the prospectus.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance.

Shares of these funds are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. ProShares ETFs are generally non-diversified and each entails certain risks, which may include risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares should lose money when their benchmarks or indexes rise. Please see their summary and full prospectuses for a more complete description of risks.

There is no guarantee any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. Separate ProShares Trust II prospectuses are available for Volatility, Currency and Commodity funds.

"QQQ,®" "NASDAQ-100®" and "NASDAQ "Biotechnology Index®" are trademarks of The NASDAQ OMX Group, Inc. "Standard & Poor's,®" "S&P,®" "S&P 500,®" "S&P MidCap 400,®" "S&P SmallCap 600,®" "Standard & Poor's 500,®" "S&P 500® VIX® Short-Term Futures IndexTM", "S&P 500® VIX® Mid-Term Futures IndexTM", "S&P Merger Arbitrage" and "S&P 500® Dividend Aristocrats®," "S&P Strategic Futures Index," "Dow Jones Index," "DJ," "Dow Jones Industrial Average,SM" "The Dow 30,SM" "Dow Jones U.S. Sector Indexes," "Dow Jones Select Sector Indexes," and "Dow Jones Brookfield Global Infrastructure Composite Index" are products of S&P Dow Jones Indices LLC and its affiliates. The "Russell 3000® Index," "Russell 2000® Index," "Russell 2000® Growth Index," "Russell 2000® Value Index," "Russell 1000® Growth Index," "Russell 1000® Value Index," "Russell Midcap® Growth Index," "Russell Midcap® Value Index" and "Russell®" are trademarks of Russell Investment Group. "KBW Regional Banking IndexSM" is a service mark of Keefe, Bruyette and Woods, Inc. "MSCI," "MSCI Inc.," "MSCI Index" and "EAFE" are service marks of MSCI. "Barclays" and "Barclays Inc." are trademarks of Barclays Inc. "iBoxx®" is a registered trademark of Markit Indices Limited. "Credit Suisse," "Credit Suisse 130/30 Large Cap Index,TM" "Credit Suisse 30-Year Inflation Breakeven Index" and "Credit Suisse 10-Year Inflation Breakeven Index" are trademarks of Credit Suisse Securities (USA) LLC or one of its affiliates. "Research Affiliates Fundamental Index®" and "RAFI®" are trademarks of Research Affiliates, LLC. "Merrill Lynch Factor Model®" Exchange Series," "Merrill Lynch Factor Model,®" and "Merrill Lynch InternationalTM" are intellectual property of Merrill Lynch, Pierce, Fenner & Smith IncorporatedTM or its affiliates ("BofAML"). "Solactive®" is a trademark of Solactive AG. "CITI" is a trademark and service mark of Citigroup Inc. or its affiliates, and is used and registered throughout the world. "LPX® Direct Listed Private Equity Index" and "LPX®" are registered trademarks of LPX GmbH. "Deutsche Bank" and "DBIQ Short Duration Emerging Market Bond IndexSM" are service marks of Deutsche Bank AG. "Bloomberg®," "Bloomberg Commodity IndexSM" and the names identifying each of the individual Bloomberg Commodity Subindexes are trademarks or service marks of Bloomberg Finance L.P. and its affiliates (collectively, "Bloomberg"). "Morningstar® Diversified Alternatives IndexSM" is a product of Morningstar, Inc. All have been licensed for use by ProShares. "VIX®" is a trademark of the Chicago Board Options Exchange, Incorporated ("CBOE") and CBOE has agreed that S&P Dow Jones Indices LLC may use the "VIX®" trademark in the names of the Indexes as licensed to ProShares. "S&P®" is a registered trademark of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for use by S&P Dow Jones Indices LLC and its affiliates. "FTSE®" is a trademark of the London Stock Exchange plc and The Financial Times Limited and is used by FTSE International Limited ("FTSE") under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance.

Shares of these funds are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. ProShares ETFs are generally non-diversified and each entails certain risks, which may include risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares should lose money when their benchmarks or indexes rise. Please see their summary and full prospectuses for a more complete description of risks.

There is no guarantee any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. Separate ProShares Trust II prospectuses are available for Volatility, Currency and Commodity funds.

Registered Investment Companies are required by the IRS to distribute substantially all of their income and capital gains to shareholders at least annually. For specific tax advice, we recommend you speak with a qualified tax professional.

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance.

There is no guarantee that distributions will not be made in the future. There is no guarantee that dividends or interest income will be paid.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses. Read them carefully before investing. Separate ProShares Trust II prospectuses are available for Volatility, Currency and Commodity funds.


* Before fees and expenses.

** This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. This fund generates a K-1 tax form. Investing in this ETF involves substantial risk, including loss of principal. This ETF may not be suitable for all investors.

‡ The fund is actively managed. The index shown is a reference benchmark. See the individual fund pages for more information.


* Before fees and expenses.

** This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. This fund generates a K-1 tax form. Investing in this ETF involves substantial risk, including loss of principal. This ETF may not be suitable for all investors.

† Since inception returns are cumulative for funds less than one year old; otherwise, returns are annualized. Market returns are based on the composite closing price and do not represent the returns you would receive if you traded shares at other times. The listing date is typically one or more days after the fund inception date. Therefore, NAV is used to calculate market returns prior to the listing date.

‡ The fund is actively managed. The index shown is a reference benchmark. See the individual fund pages for more information.

1 Expenses with Contractual Waiver for 10/1/14 to 9/30/15. The Contractual Waiver for ALTS is from inception to 9/30/16.

2 Expense ratio does not include brokerage commissions and related fees paid by the fund.

3 Futures brokerage commissions are currently paid by the sponsor.

4 May include significant acquired fund fees and expenses incurred indirectly through the fund's ownership of shares in other investment companies, such as business development companies. These fees are not direct costs paid by shareholders or used to calculate net asset value. See the prospectus for more information.


** This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. This fund generates a K-1 tax form. Investing in this ETF involves substantial risk, including loss of principal. This ETF may not be suitable for all investors.

‡ The fund is actively managed. The index shown is a reference benchmark. See the individual fund pages for more information.


** This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. This fund generates a K-1 tax form. Investing in this ETF involves substantial risk, including loss of principal. This ETF may not be suitable for all investors.

For XBRL filings, see the XBRL Files and Fund Reports.

‡ The fund is actively managed. The index shown is a reference benchmark. See the individual fund pages for more information.

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Geared (Short or Ultra) ProShares ETFs seek returns that are either 3x, 2x, -1x, -2x or -3x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, Geared ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their Geared ProShares holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.