UltraShort MSCI Japan - EWV UltraShort MSCI Japan

ProShares UltraShort MSCI Japan seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the MSCI Japan Index®.

Because the value of the index is not computed as of the close of the U.S. securities markets due to differences in trading hours between U.S. and foreign markets, correlation to the index will be measured by comparing the daily change in the fund's net asset value per share to the performance of one or more U.S. exchange traded securities or instruments that reflect the values of the securities underlying the index as of the close of the U.S. securities markets.

This short ProShares ETF seeks a return that is -2x the return of its underlying benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return and 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 holdings as frequently as daily. Investors should consult the prospectus for further details on the calculation of the returns and the risks associated with investing in this product.

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Index/Benchmark Summary

The MSCI Japan Index adjusts the market capitalization of index constituents for free float and targets for index inclusion 85% of free float-adjusted market capitalization in each industry group in Japan.

Fundamentals as of 12/31/20

Total Number of Companies 301
Price/Earnings Ratio 24.66
Price/Book Ratio 1.47
Dividend Yield *(%) 1.98
Average Index Market Capitalization $17.77 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 12/31/20

Top 10 Index Companies Weight
Toyota Motor Corp. 4.08%
Sony Corp. 3.13%
Softbank Group Corp. 3.05%
KEYENCE Corp. 2.56%
Nintendo Co. Ltd. 1.78%
Shin-Etsu Chemical Co. 1.54%
Daiichi Sankyo Co. 1.45%
Takeda Pharmaceutical Co. Ltd. 1.43%
Recruit Holdings Co. Ltd. 1.42%
Nidec Corp. 1.40%

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

Index Holdings as of 12/31/20

Index Sector Weightings § Weight
Industrials 20.57%
Consumer Discretionary 18.36%
Information Technology 13.96%
Health Care 11.28%
Communication Services 9.63%
Financials 8.27%
Consumer Staples 7.63%
Materials 5.19%
Real Estate 3.35%
Utilities 1.24%
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§ Sum of weightings may not equal 100% due to rounding.