UltraShort 20+ Year Treasury/  US74347B2016  /

ProShares UltraShort 20+ Year Treasury seeks a return that is -2x the return of its index (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, 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 holdings as frequently as daily. For more on risks, please read the prospectus.