ProShares S&P 500® ex-Health Care ETF SPXV Strategy

The investment seeks investment results, before fees and expenses, that track the performance of the S&P 500® Ex-Health Care Index (the "index"). The fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the index. The index is designed to measure the performance of the companies included in the index with the exception of those companies included in the health care sector. Under normal circumstances, it will invest at least 80% of its total assets in components of the index or in instruments with similar economic characteristics. It is non-diversified.