Short Financials - SEF Short Financials

ProShares Short Financials seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the Dow Jones U.S. FinancialsSM Index.

Index/Benchmark Summary

The Dow Jones U.S. Financials Index measures the performance of the financial services industry, among others, of the U.S. equity market. Component companies include regional banks; major U.S. domiciled international banks; full line, life, and property and casualty insurance companies; companies that invest, directly or indirectly in real estate; diversified financial companies such as Fannie Mae, credit card issuers, check cashing companies, mortgage lenders and investment advisors; securities brokers and dealers including investment banks, merchant banks and online brokers; and publicly traded stock exchanges.

Fundamentals as of 6/30/14

Total Number of Companies 270
Price/Earnings Ratio 16.24
Price/Book Ratio 1.45
Dividend Yield *(%) 2.02
Average Index Market Capitalization $13.58 billion

* Derivative contracts are priced to reflect the underlying index yield and will not generate dividend income. Because ProShares invest in derivatives, they will not have dividend distributions that reflect those of their applicable indexes.

Index Holdings Information as of 6/30/14

Top 10 Index Companies Weight
Wells Fargo & Co. 6.87%
Berkshire Hathaway Inc.-Class B 6.21%
JPMorgan Chase & Co. 5.95%
Bank of America Corp. 4.41%
Citigroup Inc. 3.90%
Visa Inc. 2.89%
American Express Co. 2.35%
American International Group Inc. 2.15%
U.S. Bancorp 2.14%
MasterCard Inc.-Class A 2.01%

ProShares may invest in financial instruments (including derivatives) that, in combination, should have similar daily price return characteristics to the fund's benchmark.

Index Sector Weightings § Weight
Banks 31.83%
General Financial 25.08%
Real Estate Investment Trusts 18.38%
Non-Life Insurance 18.29%
Life Insurance 5.55%
Real Estate Investment & Services 0.88%

§ Sum of weightings may not equal 100% due to rounding.