497 with XBRL

0001193125-11-104818.txt : 20110421 0001193125-11-104818.hdr.sgml : 20110421 20110421121837 ACCESSION NUMBER: 0001193125-11-104818 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20110421 DATE AS OF CHANGE: 20110421 EFFECTIVENESS DATE: 20110421 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PROSHARES TRUST CENTRAL INDEX KEY: 0001174610 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-89822 FILM NUMBER: 11772757 BUSINESS ADDRESS: STREET 1: 7501 WISCONSIN AVENUE STREET 2: SUITE 1000 CITY: BETHESDA STATE: MD ZIP: 20814 BUSINESS PHONE: 240-497-6400 MAIL ADDRESS: STREET 1: 7501 WISCONSIN AVENUE STREET 2: SUITE1000 CITY: BETHESDA STATE: MD ZIP: 20814 FORMER COMPANY: FORMER CONFORMED NAME: XTRASHARES TRUST DATE OF NAME CHANGE: 20030409 FORMER COMPANY: FORMER CONFORMED NAME: PROFUNDS ETF TRUST DATE OF NAME CHANGE: 20020531

0001174610 S000029768 ProShares Ultra TIPs

C000091478 ProShares Ultra TIPs

0001174610 S000029778 ProShares UltraShort TIPs

C000091488 ProShares UltraShort TIPs

497 1 d497.htm 497 WITH XBRL 497 with XBRL

ProShares^®

ProShare Advisors LLC

7501 Wisconsin Avenue

Suite 1000

Bethesda, MD 20814-6527

Phone: 240.497.6400

Fax: 240.497.6530

April 21, 2011

VIA EDGAR

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, DC 20549

Re:	ProShares Trust (the “Trust”)

(File Nos. 333-89822 and 811-21114)

Ladies and Gentlemen:

Transmitted herewith for filing on behalf of the Trust pursuant to Rule 497 under the Securities Act of 1933, as amended, are exhibits in interactive data format on XBRL, which contain the risk return summary information of the prospectus dated January 28, 2011, as supplemented April 1, 2011, for Ultra TIPS and UltraShort TIPS, as filed under Rule 497 on April 1, 2011 (SEC Accession No. 0001193125-11-086766).

Should you have any comments or questions, please do not hesitate to contact me at (240) 497-6539.

Sincerely

/s/ Amy R. Doberman

Amy R. Doberman

Chief Legal Officer and Secretary

EXHIBIT INDEX


Index No.		Description of Exhibit

EX-101.INS		XBRL Instance Document

EX-101.SCH		XBRL Taxonomy Extension Schema Document

EX-101.CAL		XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF		XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB		XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE		XBRL Taxonomy Extension Presentation Linkbase

EX-101.INS 2 cik0001174610-20110401.xml XBRL INSTANCE DOCUMENT 0001174610 cik000117461:S000029778Member cik000117461:C000091488Member 2011-01-27 2011-01-27 0001174610 cik000117461:S000029768Member cik000117461:C000091478Member 2011-01-27 2011-01-27 0001174610 2011-01-27 2011-01-27 0001174610 cik000117461:S000029778Member 2011-01-27 2011-01-27 0001174610 cik000117461:S000029768Member 2011-01-27 2011-01-27 xbrli:pure iso4217:USD <div> <div class="MetaData"> Important Information About the Fund ProShares Ultra TIPS (the "Fund") seeks investment results for a single day only, not for longer periods. This means that the return of the Fund for a period longer than a single trading day will be the result of each day's returns compounded over the period, which will very likely differ from twice (200%) the return of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series L) (the "Index") for that period. In periods of higher market volatility, the volatility of the Index may be at least as important to the Fund's return for the period as the return of the Index. The Index includes all publicly issued, U.S. Treasury inflation protected securities ("TIPS") that have at least one year remaining maturity, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million or more par value outstanding. The Index is weighted by the relative market value of all securities meeting the Index criteria and the securities of the Index are updated on the last calendar day of each month. TIPS are the inflation indexed bonds issued by the U.S. Treasury. The principal is adjusted by a designated inflation index, such as the consumer price index, the commonly used measure of inflation. The coupon rate is constant, but generates a different amount of interest when multiplied by the inflation-adjusted principal, thus protecting the holder against inflation. The Index is published under the Bloomberg ticker symbol "LBUTTRUU." The Fund is different from most exchange-traded funds in that it seeks leveraged returns and only on a daily basis. The Fund also is riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, the Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged investment results. Shareholders should actively monitor their investments. </div> </div> <div> <div class="MetaData"> Important Information About the Fund ProShares UltraShort TIPS (the "Fund") seeks investment results for a single day only, not for longer periods. This means that the return of the Fund for a period longer than a single trading day will be the result of each day's returns compounded over the period, which will very likely differ from twice (200%) the inverse of the return of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the "Index") for that period. In periods of higher market volatility, the volatility of the Index may be at least as important to the Fund's return for the period as the return of the Index. The Index includes all publicly issued, U.S. Treasury inflation protected securities ("TIPS") that have at least one year remaining maturity, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million or more par value outstanding. The Index is weighted by the relative market value of all securities meeting the Index criteria and the securities of the Index are updated on the last calendar day of each month. TIPS are the inflation indexed bonds issued by the U.S. Treasury. The principal is adjusted by a designated inflation index, such as the consumer index, the commonly used measure of inflation. The coupon rate is constant, but generates a different amount of interest when multiplied by the inflation-adjusted principal, thus protecting the holder against inflation. The Index is published under the Bloomberg ticker symbol "LBUTTRUU." The Fund is different from most exchange-traded funds in that it seeks inverse leveraged returns and only on a daily basis. The Fund also is riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, the Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged investment results. Shareholders should actively monitor their investments. </div> </div> false 2011-04-01 2011-04-01 2010-04-01 Other 0001174610 PROSHARES TRUST <div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleAnnualFundOperatingExpensesProsharesUltraTipsNew column period compact * column dei_LegalEntityAxis compact cik000117461_S000029768Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div> <div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleAnnualFundOperatingExpensesProsharesUltrashortTips3 column period compact * column dei_LegalEntityAxis compact cik000117461_S000029778Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div> <div class="MetaData"> Investment Results </div> <div class="MetaData"> Investment Results </div> <div> <div class="MetaData"> Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the example or the table above. </div> </div> <div> <div class="MetaData"> Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the example or the table above. </div> </div> <div class="MetaData"> Example: </div> <div class="MetaData"> Example: </div> <div> <div class="MetaData"> This example is intended to help you compare the cost of investing in Shares with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, which exclude brokerage commissions, remain the same. Although your actual cost may be higher or lower, based on these assumptions your approximate costs would be:</div> </div> <div> <div class="MetaData"> This example is intended to help you compare the cost of investing in Shares with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, which exclude brokerage commissions, remain the same. Although your actual cost may be higher or lower, based on these assumptions your approximate costs would be: </div> </div> <div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleExpenseExampleTransposedProsharesUltraTips row period compact * row primary compact * column dei_LegalEntityAxis compact cik000117461_S000029768Member column rr_ProspectusShareClassAxis compact * ~</div> </div> <div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleExpenseExampleTransposedProsharesUltrashortTips row period compact * row primary compact * column dei_LegalEntityAxis compact cik000117461_S000029778Member column rr_ProspectusShareClassAxis compact * ~</div> </div> 97 97 363 353 <div class="MetaData"> Fees and Expenses of the Fund </div> <div class="MetaData"> Fees and Expenses of the Fund </div> <div> <div class="MetaData"> The table below describes the fees and expenses that you may pay if you buy or hold shares of the Fund ("Shares"). </div> </div> <div> <div class="MetaData"> The table below describes the fees and expenses that you may pay if you buy or hold shares of the Fund ("Shares"). </div> </div> 0.0123 0.0118 -0.0028 -0.0023 January 28, 2012 January 28, 2012 0.0075 0.0075 0.0095 0.0095 <div class="MetaData"> Investment Objective </div> <div class="MetaData"> Investment Objective </div> <div> <div class="MetaData"> The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the daily performance of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. </div> </div> <div> <div class="MetaData"> The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. </div> </div> <div class="MetaData"> <div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</div></div> <div class="MetaData"> <div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</div></div> "Other Expenses" are based on estimated amounts for the current fiscal year "Other Expenses" are based on estimated amounts for the current fiscal year 0.0048 0.0043 <div> <div class="MetaData"> Performance history will be available for the Fund after it has been in operation for a full calendar year.</div> </div> <div> <div class="MetaData"> Performance history will be available for the Fund after it has been in operation for a full calendar year.</div> </div> Performance history will be available for the Fund after it has been in operation for a full calendar year Performance history will be available for the Fund after it has been in operation for a full calendar year <div class="MetaData"> Portfolio Turnover </div> <div class="MetaData"> Portfolio Turnover </div> <div> <div class="MetaData"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. The Fund's portfolio turnover rate is calculated without regard to cash instruments or derivatives. If such instruments were included, the Fund's portfolio turnover rate would be significantly higher. </div> </div> <div> <div class="MetaData"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. The Fund's portfolio turnover rate is calculated without regard to cash instruments or derivatives. If such instruments were included, the Fund's portfolio turnover rate would be significantly higher. </div> </div> 2011-04-01 <div class="MetaData"> Principal Risks </div> <div class="MetaData"> Principal Risks </div> <div class="MetaData"> You could lose money by investing in the Fund. </div> <div class="MetaData"> You could lose money by investing in the Fund. </div> <div> <div class="MetaData"> <div class="MetaData"> You could lose money by investing in the Fund. </div>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Risk Associated with the Use of Leverage — The Fund uses investment techniques and derivatives that may be considered aggressive. Because the Fund's investment in derivatives may involve a small investment relative to the amount of investment exposure assumed, losses may exceed the amounts invested in those instruments. Particularly when used to create leverage, the use of derivatives may expose the Fund to potentially dramatic changes (losses or gains) in the value of the instruments. Using derivatives also may result in imperfect correlation between the value of the instruments and the referenced index, which may prevent the Fund from achieving its investment objective. The cost to use derivatives increases as interest rates increase, which will lower the Fund's return. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Compounding Risk — As a result of compounding, because the Fund has a single day investment objective, the Fund's performance for periods greater than one day is likely to be either greater than or less than the Index performance times the stated multiple in the Fund objective, before accounting for fees and fund expenses. Compounding affects all investments, but has a more significant impact on a leveraged fund. Particularly during periods of higher Index volatility, compounding will cause longer term results to vary from twice the return of the Index. This effect becomes more pronounced as volatility increases. Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: a) Index performance; b) Index volatility; c) period of time; d) financing rates associated with leverage; e) other Fund expenses; and f) dividends or interest paid with respect to securities in the Index. The chart below illustrates the impact of two principal factors—volatility and performance—on Fund performance. The chart shows estimated Fund returns for a number of combinations of Index performance and Index volatility over a one-year period. Performance shown in the chart assumes: (a) no interest paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leverage) of zero percent. If Fund expenses were included, the Fund's performance would be lower than shown. </td></tr></table> Areas shaded lighter represent those scenarios where the Fund can be expected to return more than twice the performance of the Index; conversely, areas shaded darker represent those scenarios where the Fund can be expected to return less than twice the performance of the Index. Estimated Fund Returns   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="21%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">Index Performance</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="18" align="center">One Year Volatility Rate</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">One Year Index</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">200% One Year Index</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">10%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">25%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">50%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">75%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">100%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-60%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-120%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-84.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-85.0%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-87.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-90.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-94.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-50%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-100%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-75.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-76.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-80.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-85.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-90.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-40%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-80%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-64.4%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-66.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-72.0%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-79.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-86.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-30%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-60%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-51.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-54.0%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-61.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-72.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-82.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-20%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-40%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-36.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-39.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-50.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-63.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-76.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-10%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-20%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-19.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-23.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-36.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-53.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-70.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">0%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-1.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-6.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-22.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-43.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-63.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">10%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">19.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">13.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-5.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-31.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-55.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">20%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">42.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">35.3%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">12.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-18.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-47.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">30%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">60%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">67.3%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">58.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">31.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-3.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-37.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">40%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">80%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">94.0%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">84.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">52.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">11.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-27.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">50%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">122.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">111.4%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">75.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">28.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-17.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">60%</td> <td valign="bottom"> </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">153.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">140.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">99.4%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">45.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-5.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr></table>   The Index's annualized historical volatility rate for the five year period ended December 31, 2010 was 7.17%. The Index's highest volatility rate during the five year period was 10.46% (2008). The Index's annualized performance for the five year period ended December 31, 2010 was 6.31%. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. For additional graphs and charts demonstrating the effects of volatility and Index performance on the long-term performance of the Fund, see "Principal Risks of Leveraged, Inverse and Inverse Leveraged Funds and the Impact of Compounding" in the Fund's full prospectus and "Special Note Regarding the Correlation Risks of Leveraged Funds" in the Fund's Statement of Additional Information.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Correlation Risk — A number of factors may affect the Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. </td></tr></table> In order to achieve a high degree of correlation with its benchmark, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially over- or under-exposed to its benchmark may prevent the Fund from achieving a high degree of correlation with its benchmark. Market disruptions or closure, regulatory restrictions or extreme market volatility will adversely affect the Fund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the Fund will be perfectly exposed (i.e. 200%) at the end of each day and the likelihood of being materially under- or over-exposed is higher on days when the Index level is volatile near the close of the trading day. A number of other factors may also adversely affect the Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs and risks associated with the use of leveraged investment techniques, income items, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such securities or industries may be different from that of the Index. In addition, the Fund may invest in securities or financial instruments not included in the Index underlying its benchmark. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding periodic index reconstitutions and other index rebalancing or reconstitution events may hinder the Fund's ability to meet its daily investment objective on or around that day.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Counterparty Risk — The Fund will be subject to credit risk (that is, where changes in an issuer's financial strength or the credit rating of a financial instrument it issues may affect an instrument's value) with respect to the amount it expects to receive from counterparties to derivatives and repurchase agreements entered into by the Fund, including amounts held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the Fund may decline. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Debt Instrument Risk — The Fund may invest in, or seek exposure to, debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates, credit risk and other factors. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates. In addition, changes in the credit quality of the issuer of a debt instrument can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. Such factors may cause the value of an investment in the Fund to decrease. Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specified rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Also, the securities of certain U.S. government agencies, authorities or instrumentalities in which the Fund may invest are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to credit risk. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Inflation-Indexed Security Risk — The value of an inflation-indexed security (such as TIPS) tends to decrease when real interest rates increase, and tend to increase when real interest rates decrease. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that an investment in TIPS over a particular timeframe may decrease in value even in an inflationary environment. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Early Close/Late Close/Trading Halt Risk — An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities or derivatives may be restricted, which may result in the Fund being unable to buy or sell certain securities or derivatives. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Interest Rate Risk — Interest rate risk is the risk that debt securities or certain financial instruments may fluctuate in value due to changes in interest rates. Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. The value of securities with longer maturities may fluctuate more in response to interest rate changes than securities with shorter maturities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities or derivatives in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of ProShare Advisors. Such a situation may prevent the Fund from limiting losses, realizing gains or achieving a high correlation with its underlying index. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Market Risk — The Fund is subject to market risks that will affect the value of its Shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Market Price Variance Risk — Fund Shares will be listed for trading on the NYSE Arca ("Exchange") and can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in net asset value ("NAV") and supply and demand for Shares. ProShare Advisors cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units, ProShare Advisors believes that large discounts or premiums to the NAV of Shares should not be sustained. The Fund's investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Fund. </td></tr></table>   <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td class="MetaData" valign="top" align="left"> Non-Diversification Risk — The Fund is classified as "non-diversified" under the Investment Company Act of 1940 ("1940 Act"), and has the ability to invest a relatively high percentage of its investments in the securities of a small number of issuers susceptible to a single economic, political or regulatory event. This risk may be particularly acute when the Fund's underlying Index comprises a small number of securities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Portfolio Turnover Risk — Daily rebalancing of Fund holdings, which is required to keep leverage consistent with a one-day investment objective, will cause a higher level of portfolio transactions than compared to most exchange-traded funds. Additionally, active market trading of Shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions. High levels of transactions increase brokerage costs and may result in increased taxable capital gains. </td></tr></table>   Please see Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings in the Fund's full prospectus for additional details.</div> </div> <div> <div class="MetaData"> <div class="MetaData"> You could lose money by investing in the Fund. </div>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Risk Associated with the Use of Leverage — The Fund uses investment techniques and derivatives that may be considered aggressive. Because the Fund's investment in derivatives may involve a small investment relative to the amount of investment exposure assumed, losses may exceed the amounts invested in those instruments. Particularly when used to create leverage, the use of derivatives may expose the Fund to potentially dramatic changes (losses or gains) in the value of the instruments. Using derivatives also may result in imperfect correlation between the value of the instruments and the referenced index, which may prevent the Fund from achieving its investment objective. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Compounding Risk — As a result of compounding, because the Fund has a single day investment objective, the Fund's performance for periods greater than one day is likely to be either greater than or less than the Index performance times the stated multiple in the Fund objective, before accounting for fees and fund expenses. Compounding affects all investments, but has a more significant impact on a leveraged fund. Particularly during periods of higher Index volatility, compounding will cause longer term results to vary from twice (200%) the inverse of the return of the Index. This effect becomes more pronounced as volatility increases. Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: a) Index performance; b) Index volatility; c) period of time; d) financing rates associated with leverage; e) other Fund expenses; and f) dividends or interest paid with respect to securities in the Index. The chart below illustrates the impact of two principal factors—volatility and performance—on Fund performance. The chart shows estimated Fund returns for a number of combinations of Index performance and Index volatility over a one-year period. Performance shown in the chart assumes: (a) no interest paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leverage) of zero percent. If Fund expenses were included, the Fund's performance would be lower than shown. </td></tr></table>   Areas shaded lighter represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the Index; conversely, areas shaded darker represent those scenarios where the Fund can be expected to return less than twice the inverse performance of the Index. Estimated Fund Returns   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="19%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">Index Performance</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="18" align="center">One Year Volatility Rate</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">One Year Index</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">-200% One Year Index</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">10%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">25%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">50%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">75%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">100%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-60%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">506.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">418.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">195.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">15.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-68.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-50%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">288.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">231.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">88.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-26.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-80.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-40%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">80%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">169.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">130.3%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">31.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-48.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-86.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-30%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">60%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">98.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">69.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-3.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-62.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-89.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-20%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">51.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">29.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-26.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-71.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-92.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-10%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">19.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">2.3%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-41.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-77.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-93.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">0%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-3.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-17.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-52.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-81.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-95.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">10%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-20%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-19.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-31.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-61.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-84.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-95.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">20%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-40%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-32.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-42.4%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-67.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-87.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-96.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">30%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-60%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-42.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-50.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-72.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-89.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-97.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">40%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-80%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-50.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-57.7%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-75.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-90.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-97.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">50%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-100%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-56.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-63.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-79.0%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-91.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-97.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">60%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-120%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-62.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-67.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-81.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-92.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-98.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td></tr></table> The Index's annualized historical volatility rate for the five year period ended December 31, 2010 was 7.17%. The Index's highest volatility rate during the five year period was 10.46% (2008). The Index's annualized performance for the five year period ended December 31, 2010 was 6.31%. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. For additional graphs and charts demonstrating the effects of volatility and Index performance on the long-term performance of the Fund, see "Principal Risks of Leveraged, Inverse and Inverse Leveraged Funds and the Impact of Compounding" in the Fund's full prospectus and "Special Note Regarding the Correlation Risks of Leveraged Funds" in the Fund's Statement of Additional Information.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Correlation Risk — A number of factors may affect the Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. In order to achieve a high degree of correlation with its benchmark, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially over- or under-exposed to its benchmark may prevent the Fund from achieving a high degree of correlation with its benchmark. Market disruptions or closure, regulatory restrictions or extreme market volatility will adversely affect the Fund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the Fund will be perfectly exposed (i.e. -200%) at the end of each day and the likelihood of being materially under- or over-exposed is higher on days when the Index level is volatile near the close of the trading day. </td></tr></table> A number of other factors may also adversely affect the Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs and risks associated with the use of leveraged investment techniques, income items, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such industries may be different from that of the Index. In addition, the Fund may invest in securities or financial instruments not included in the Index underlying its benchmark. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding periodic index reconstitutions and other index rebalancing or reconstitution events may hinder the Fund's ability to meet its daily investment objective on or around that day.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Counterparty Risk — The Fund will be subject to credit risk (that is, where changes in an issuer's financial strength or the credit rating of a financial instrument it issues may affect an instrument's value) with respect to the amount it expects to receive from counterparties to derivatives and repurchase agreements entered into by the Fund, including amounts held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the Fund may decline. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Debt Instrument Risk — The Fund may invest in, or seek exposure to debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates, credit risk and other factors. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates. In addition, changes in the credit quality of the issuer of a debt instrument can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. Such factors may cause the value of an investment in the Fund to decrease. Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specified rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Also, the securities of certain U.S. government agencies, authorities or instrumentalities in which the Fund may invest are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to credit risk. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Inflation-Indexed Security Risk — The value of an inflation-indexed security (such as TIPS) tends to decrease when real interest rates increase, and tend to increase when real interest rates decrease. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that a short position in TIPS over a particular timeframe may decrease in value even in a deflationary environment. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Early Close/Late Close/Trading Halt Risk — An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities or derivatives may be restricted, which may result in the Fund being unable to buy or sell certain securities or derivatives. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Interest Rate Risk — Interest rate risk is the risk that debt securities or certain financial instruments may fluctuate in value due to changes in interest rates. Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. The value of securities with longer maturities may fluctuate more in response to interest rate changes than securities with shorter maturities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Inverse Correlation Risk — Shareholders should lose money when the Index rises—a result that is the opposite from traditional funds. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities or derivatives in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of ProShare Advisors. Such a situation may prevent the Fund from limiting losses, realizing gains or achieving a high inverse correlation with its underlying index. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Market Risk — The Fund is subject to market risks that will affect the value of its Shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Market Price Variance Risk — Fund Shares will be listed for trading on the NYSE Arca ("Exchange") and can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in net asset value ("NAV") and supply and demand for Shares. ProShare Advisors cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units, ProShare Advisors believes that large discounts or premiums to the NAV of Shares should not be sustained. The Fund's investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Fund. </td></tr></table>   <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td class="MetaData" valign="top" align="left"> Non-Diversification Risk — The Fund is classified as "non-diversified" under the Investment Company Act of 1940 ("1940 Act"), and has the ability to invest a relatively high percentage of its investments in the securities of a small number of issuers susceptible to a single economic, political or regulatory event. This risk may be particularly acute when the Fund's underlying Index comprises a small number of securities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Portfolio Turnover Risk — Daily rebalancing of Fund holdings, which is required to keep leverage consistent with a one-day investment objective, will cause a higher level of portfolio transactions than compared to most exchange-traded funds. Additionally, active market trading of Shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions. High levels of transactions increase brokerage costs and may result in increased taxable capital gains. </td></tr></table> Please see Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings in the Fund's full prospectus for additional details. </div> </div> Non-Diversification Risk - The Fund is classified as "non-diversified" under the Investment Company Act of 1940 ("1940 Act"), and has the ability to invest a relatively high percentage of its investments in the securities of a small number of issuers susceptible to a single economic, political or regulatory event. This risk may be particularly acute when the Fund's underlying Index comprises a small number of securities. Non-Diversification Risk - The Fund is classified as "non-diversified" under the Investment Company Act of 1940 ("1940 Act"), and has the ability to invest a relatively high percentage of its investments in the securities of a small number of issuers susceptible to a single economic, political or regulatory event. This risk may be particularly acute when the Fund's underlying Index comprises a small number of securities. <div class="MetaData"> ProShares Ultra TIPS</div> <div class="MetaData"> ProShares UltraShort TIPS</div> <div class="MetaData"> Principal Investment Strategies </div> <div class="MetaData"> Principal Investment Strategies </div> <div> <div class="MetaData"> The Fund invests in U.S. Treasury securities and derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as twice (200%) the daily return of the Index. Assets of the Fund not invested in U.S. Treasury securities or derivatives will typically be held in money market instruments.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Debt Securities — The Fund may invest directly in U.S. Treasury securities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Derivatives — The Fund invests in financial instruments whose value is derived from the value of an underlying asset, interest rate or index. The Fund invests in derivatives as a substitute for investing directly in debt in order to gain leveraged exposure to the Index. Derivatives principally include: </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="13"> </td> <td valign="top" width="13" align="left">¡ </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Swap Agreements — Contracts entered into primarily with institutional investors for a specified period ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities representing a particular index. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="13"> </td> <td valign="top" width="13" align="left">¡ </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Futures Contracts — Contracts that pay a fixed price for an agreed-upon amount of securities or the cash value of the securities, on an agreed-upon date. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Money Market Instruments — The Fund invests in short-term cash instruments that have terms to maturity of less than 397 days and exhibit high quality credit profiles. </td></tr></table> ProShare Advisors uses a mathematical approach to investing. Using this approach, ProShare Advisors determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its benchmark. The Fund may gain exposure to only a representative sample of the securities in the underlying Index, which is intended to have aggregate characteristics similar to those of the underlying Index. ProShare Advisors does not invest the assets of the Fund in securities or derivatives based on ProShare Advisors' view of the investment merit of a particular security, instrument, or company, nor does it conduct conventional research or analysis (other than in determining counterparty creditworthiness), or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times in securities and/or derivatives that provide exposure to its underlying Index without regard to market conditions, trends or direction. At the close of the markets each trading day, the Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with the Fund's investment objective. The impact of the Index's movements during the day will affect whether the Fund's portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should rise, meaning that the Fund's exposure will need to be increased. Conversely, if the Index has fallen on a given day, net assets of the Fund should fall, meaning the Fund's exposure will need to be decreased. Please see Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings in the Fund's full prospectus for additional details. </div> </div> <div> <div class="MetaData"> The Fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as twice (200%) the inverse of the daily return of the Index. Assets of the Fund not invested in derivatives will typically be held in money market instruments.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Derivatives —  The Fund invests in financial instruments whose value is derived from the value of an underlying asset, interest rate or index. The Fund invests in derivatives as a substitute for directly shorting debt in order to gain inverse leveraged exposure to the Index. Derivatives principally include: </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="13"> </td> <td valign="top" width="13" align="left">¡ </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Swap Agreements — Contracts entered into primarily with institutional investors for a specified period ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities representing a particular index. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Money Market Instruments — The Fund invests in short-term cash instruments that have terms to maturity of less than 397 days and exhibit high quality credit profiles. </td></tr></table> ProShare Advisors uses a mathematical approach to investing. Using this approach, ProShare Advisors determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its benchmark. The Fund may gain exposure to only a representative sample of the securities in the underlying Index, which is intended to have aggregate characteristics similar to those of the underlying Index. ProShare Advisors does not invest the assets of the Fund in securities or derivatives based on ProShare Advisors' view of the investment merit of a particular security, instrument, or company, nor does it conduct conventional research or analysis (other than in determining counterparty creditworthiness), or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times in derivatives that provide exposure to its underlying Index without regard to market conditions, trends or direction. At the close of the markets each trading day, the Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with the Fund's investment objective. The impact of the Index's movements during the day will affect whether the Fund's portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should fall, meaning that the Fund's short exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise, meaning the Fund's short exposure will need to be increased. Please see Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings in the Fund's full prospectus for additional details.</div> </div> ProShare Advisors LLC ("ProShare Advisors") has contractually agreed to waive Investment Advisory and Management Services Fees and to reimburse Other Expenses to the extent Total Annual Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 0.95% through January 28, 2012. After such date, the expense limitation may be terminated or revised. Amounts waived or reimbursed in a particular contractual period may be recouped by ProShare Advisors within five years of the end of that contractual period to the extent that recoupment will not cause the Fund's expenses to exceed any expense limitation in place at that time. A waiver or reimbursement lowers the expense ratio and increases overall returns to investors. ProShare Advisors LLC ("ProShare Advisors") has contractually agreed to waive Investment Advisory and Management Services Fees and to reimburse Other Expenses to the extent Total Annual Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 0.95% through January 28, 2012. After such date, the expense limitation may be terminated or revised. Amounts waived or reimbursed in a particular contractual period may be recouped by ProShare Advisors within five years of the end of that contractual period to the extent that recoupment will not cause the Fund's expenses to exceed any expense limitation in place at that time. A waiver or reimbursement lowers the expense ratio and increases overall returns to investors. "Other Expenses" are based on estimated amounts for the current fiscal year. "Other Expenses" are based on estimated amounts for the current fiscal year. EX-101.SCH 3 cik0001174610-20110401.xsd XBRL TAXONOMY EXTENSION SCHEMA 000013 - Schedule - Annual Fund Operating Expenses {ProShares Ultra TIPs} link:presentationLink link:calculationLink link:definitionLink 000023 - Schedule - Annual Fund Operating Expenses {ProShares UltraShort TIPs} link:presentationLink link:calculationLink link:definitionLink 000011 - Document - Risk/Return Summary {Unlabeled} - ProShares Ultra TIPS link:presentationLink link:calculationLink link:definitionLink 000012 - Schedule - Shareholder Fees {ProShares Ultra TIPs} link:presentationLink link:calculationLink link:definitionLink 000014 - Schedule - Expense Example {Transposed} {ProShares Ultra TIPs} link:presentationLink link:calculationLink link:definitionLink 000015 - Schedule - Expense Example, No Redemption {Transposed} {ProShares Ultra TIPs} link:presentationLink link:calculationLink link:definitionLink 000016 - Schedule - Annual Total Returns {ProShares Ultra TIPs} link:presentationLink link:calculationLink link:definitionLink 000017 - Schedule - Average Annual Total Returns {Transposed} {ProShares Ultra TIPs} link:presentationLink link:calculationLink link:definitionLink 000021 - Document - Risk/Return Summary {Unlabeled} - ProShares UltraShort TIPS link:presentationLink link:calculationLink link:definitionLink 000022 - Schedule - Shareholder Fees {ProShares UltraShort TIPs} link:presentationLink link:calculationLink link:definitionLink 000024 - Schedule - Expense Example {Transposed} {ProShares UltraShort TIPs} link:presentationLink link:calculationLink link:definitionLink 000025 - Schedule - Expense Example, No Redemption {Transposed} {ProShares UltraShort TIPs} link:presentationLink link:calculationLink link:definitionLink 000026 - Schedule - Annual Total Returns {ProShares UltraShort TIPs} link:presentationLink link:calculationLink link:definitionLink 000027 - Schedule - Average Annual Total Returns {Transposed} {ProShares UltraShort TIPs} link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 4 cik0001174610-20110401_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 5 cik0001174610-20110401_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 6 cik0001174610-20110401_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Proshares trust [Abstract] Prospectus: Risk/Return: Risk/Return [Heading] Important Information About the Fund Important Information About the Fund Objective [Heading] Objective, Primary [Text Block] Expense [Heading] Expense Narrative [Text Block] Operating Expenses Caption [Text] Annual Fund Operating Expenses [Table] Expense Example [Heading] Expense Example Narrative [Text Block] Expense Example, With Redemption [Table] Expense Example Closing [Text Block] Portfolio Turnover [Heading] Portfolio Turnover [Text Block] Strategy [Heading] Strategy Narrative [Text Block] Risk [Heading] Risk Narrative [Text Block] Bar Chart and Performance Table [Heading] Performance Narrative [Text Block] Operating Expenses: Investment Advisory Fees Other Expenses Other Expenses Total Annual Operating Expenses Before Fee Waivers and Expense Reimbursements Total Annual Operating Expenses Before Fee Waivers and Expense Reimbursements Total Annual Operating Expenses Before Fee Waivers and Expense Reimbursements Fee Waiver/Reimbursement Fee Waiver or Reimbursement Total Annual Operating Expenses After Fee Waivers and Expense Reimbursements Total Annual Operating Expenses After Fee Waiver and Expense Reimbursement Total Annual Operating Expenses After Fee Waiver and Expense Reimbursement Expense Example: ExpenseExampleYear01 1 Year ExpenseExampleYear03 3 Years Document Type Document Period End Date Registrant Name Central Index Key Amendment Flag Document Creation Date Document Effective Date Prospectus Date Other Expenses, New Fund, Based on Estimates [Text] Fee Waiver or Reimbursement over Assets, Date of Termination Risk Lose Money [Text] Risk Nondiversified Status [Text] Performance One Year or Less [Text] Series [Axis] Series S000029768 Member ProShares Ultra TIPs Share Class [Axis] Share Classes ProShares Ultra TIPs Class Parent C000091478 Member ProShares Ultra TIPS S000029778 Member ProShares UltraShort TIPs ProShares UltraShort TIPs Class Parent C000091488 Member ProShares UltraShort TIPs EX-101.PRE 7 cik0001174610-20110401_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 8 R4.xml IDEA: Risk/Return Summary - ProShares UltraShort TIPS 2.2.0.25truefalse000021 - Document - Risk/Return Summary {Unlabeled} - ProShares UltraShort TIPSfalsefalsetrue1falsefalsetruefalse{dei_LegalEntityAxis} : S000029778 Member 1/27/2011 - 1/27/2011 Duration_1_27_2011_To_1_27_20112http://www.sec.gov/CIK0001174610duration2011-01-27T00:00:002011-01-27T00:00:00falsefalsecik000117461_S000029778Memberdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik000117461_S000029778Memberdei_LegalEntityAxisexplicitMember3false0rr_RiskReturnHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> ProShares UltraShort TIPS</div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRisk/Return Summary Investment Objectives/Goals Include the following information, in plain English under rule 421(d) under the Securities Act, in the order and subject matter indicatedReference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 falsefalseRisk/Return [Heading]4false0cik000117461_ImportantInformationAboutFundcik000117461falsenadurationImportant Information About the Fundfalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> Important Information About the Fund ProShares UltraShort TIPS (the "Fund") seeks investment results for a single day only, not for longer periods. This means that the return of the Fund for a period longer than a single trading day will be the result of each day's returns compounded over the period, which will very likely differ from twice (200%) the inverse of the return of the Barclays Capital U.S. Treasury Inflation Protected Securities (TIPS) Index (Series-L) (the "Index") for that period. In periods of higher market volatility, the volatility of the Index may be at least as important to the Fund's return for the period as the return of the Index. The Index includes all publicly issued, U.S. Treasury inflation protected securities ("TIPS") that have at least one year remaining maturity, are non-convertible, are denominated in U.S. dollars, are rated investment grade (at least Baa3 by Moody's Investors Service or BBB- by S&P), are fixed rate, and have more than $250 million or more par value outstanding. The Index is weighted by the relative market value of all securities meeting the Index criteria and the securities of the Index are updated on the last calendar day of each month. TIPS are the inflation indexed bonds issued by the U.S. Treasury. The principal is adjusted by a designated inflation index, such as the consumer index, the commonly used measure of inflation. The coupon rate is constant, but generates a different amount of interest when multiplied by the inflation-adjusted principal, thus protecting the holder against inflation. The Index is published under the Bloomberg ticker symbol "LBUTTRUU." The Fund is different from most exchange-traded funds in that it seeks inverse leveraged returns and only on a daily basis. The Fund also is riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, the Fund may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily inverse leveraged investment results. Shareholders should actively monitor their investments. </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringImportant Information About the FundNo authoritative reference available.falsefalseImportant Information About the Fund5false0rr_ObjectiveHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Investment Objective </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a falsefalseObjective [Heading]6false0rr_ObjectivePrimaryTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> The Fund seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the Index. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day. </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInvestment Objectives/Goals. Disclose the Fund's investment objectives or goals. A Fund also may identify its type or category (e.g., that it is a Money Market Fund or a balanced fund).Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 2 -Subsection a falsefalseObjective, Primary [Text Block]7false0rr_ExpenseHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Fees and Expenses of the Fund </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRisk/Return Summary Fee Table Includes the following information, in plain English under rule 421(d) under the Securities Act, after Item 2 Fees and expenses of the Fund This table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Shareholder Fees (fees paid directly from your investment) Example This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be You would pay the following expenses if you did not redeem your shares The Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher. Portfolio Turnover The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was __% of the average value of its whole portfolio. Instructions. A.3.instructions.6 New Funds. For purposes of this Item, a "New Fund" is a Fund that does not include in Form N-1A financial statements reporting operating results or that includes financial statements for the Fund's initial fiscal year reporting operating results for a period of 6 months or less. The following Instructions apply to New Funds.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph d -Subsection instructions falsefalseExpense [Heading]8false0rr_ExpenseNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> The table below describes the fees and expenses that you may pay if you buy or hold shares of the Fund ("Shares"). </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis table describes the fees and expenses that you may pay if you buy and hold shared of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $[_____] in [name of fund family] funds. Include the narrative explanations in the order indicated. A Fund may modify the narrative explanations if the explanation contains comparable information to that shown.The narrative explanation regarding sales charge discounts is only required by a Fund that offers such discounts and should specify the minimum level of investment required to qualify for a discount. Modify the narrative explanation to state that Fund shares are sold on a national securities exchange at the end of the time periods indicated, and that brokerage commissions for buying and selling Fund shares through a broker are not reflected.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph b -Subsection instructions falsefalseExpense Narrative [Text Block]9false0rr_OperatingExpensesCaptionrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> <div> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</div></div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringAnnual Fund Operating Expenses (ongoing expenses that you pay each year as a percentage of the value of your investment)Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 7 -Subsection table falsefalseOperating Expenses Caption [Text]10false0rr_AnnualFundOperatingExpensesTableTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleAnnualFundOperatingExpensesProsharesUltrashortTips3 column period compact * column dei_LegalEntityAxis compact cik000117461_S000029778Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>falsefalse<div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleAnnualFundOperatingExpensesProsharesUltrashortTips3 column period compact * column dei_LegalEntityAxis compact cik000117461_S000029778Member column rr_ProspectusShareClassAxis compact * row primary compact * ~</div> </div>falsehttp://www.proshares.com/role/ScheduleAnnualFundOperatingExpensesProsharesUltrashortTips3falsefalse000023 - Schedule - Annual Fund Operating Expenses {ProShares UltraShort TIPs}truefalsefalse1falseColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik000117461_S000029778MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*duration2011-01-27T00:00:002011-01-27T00:00:00falsefalseProShares UltraShort TIPsdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik000117461_S000029778Memberdei_LegalEntityAxisexplicitMemberfalsefalseProShares UltraShort TIPsrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik000117461_C000091488Memberrr_ProspectusShareClassAxisexplicitMemberProShares UltraShort TIPsProShares UltraShort TIPsUnit1Standardhttp://www.xbrl.org/2003/iso4217USDiso42170falseUSDfalsefalse$1falseRowprimaryElement*5false0rr_ManagementFeesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00750.0075falsefalsefalsetruefalseOtherrr:NonNegativePure4TypepureManagement Fees include investment advisory fees (including any fees based on the Fund's performance), any other management fees payable to the investment adviser or its affiliates, and administrative fees payable to the investment adviser or its affiliates that are not included as "Other Expenses."Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 3 -Subparagraph a -Subsection instructions falsefalseInvestment Advisory Fees0rr_ManagementFeesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00750.0075falsefalsefalsetruefalseOthernanafalsefalseInvestment Advisory Fees2falseRowprimaryElement*6false0rr_OtherExpensesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00430.0043[1]falsefalsefalsetruefalseOtherrr:NonNegativePure4Typepure"Other Expenses" include all expenses not otherwise disclosed in the table that are deducted from the Fund's assets or charged to all shareholder accounts. The amount of expenses deducted from the Fund's assets are the amounts shown as expenses in the Fund's statement of operations (including increases resulting from complying with paragraph 2(g) of rule 6-07 of Regulation S-X [17 CFR 210.6-07]). "Other Expenses" do not include extraordinary expenses as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30). If extraordinary expenses were incurred that materially affected the Fund's "Other Expenses," disclose in a footnote to the table what "Other Expenses" would have been had the extraordinary expenses been included.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 3 -Subparagraph c -Clause i -Subsection instructions falsefalseOther Expenses0rr_OtherExpensesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse[1]1truetruetrue0.00430.0043falsefalsefalsetruefalseOthernanafalsefalseOther Expenses3falseRowprimaryElement*7false0rr_ExpensesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truetruetrue0.01180.0118falsefalsefalsetruefalseOtherrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses. If the Fund is a Feeder Fund, reflect the aggregate expenses of the Feeder Fund and the Master Fund in a single fee table using the captions provided. In a footnote to the fee table, state that the table and Example reflect the expenses of both the Feeder and Master Funds. If the prospectus offers more than one Class of a Multiple Class Fund or more than one Feeder Fund that invests in the same Master Fund, provide a separate response for each Class or Feeder Fund. Base the percentages of "Annual Fund Operating Expenses" on amounts incurred during the Fund's most recent fiscal year, but include in expenses amounts that would have been incurred absent expense reimbursement or fee waiver arrangements. If the Fund has changed its fiscal year and, as a result, the most recent fiscal year is less than three months, use the fiscal year prior to the most recent fiscal year as the basis for determining "Annual Fund Operating Expenses."Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 3 -Subparagraph d -Subsection instructions truefalseTotal Annual Operating Expenses Before Fee Waivers and Expense Reimbursements0rr_ExpensesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.01180.0118falsefalsefalsetruefalseOthernanafalsefalseTotal Annual Operating Expenses Before Fee Waivers and Expense Reimbursements4falseRowprimaryElement*8false0rr_FeeWaiverOrReimbursementOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue-0.0023-0.0023[2]falsefalsefalsetruefalseOtherrr:NonPositivePure4TypepureTotal Annual Fund Operating Expenses. If there were expense reimbursement or fee waiver arrangements that reduced any Fund operating expenses and will continue to reduce them for no less than one year from the effective date of the Fund's registration statement, a Fund may add two captions to the table one caption showing the amount of the expense reimbursement or fee waiver, and a second caption showing the Fund's net expenses after subtracting the fee reimbursement or expense waiver from the total fund operating expenses. The Fund should place these additional captions directly below the "Total Annual Fund Operating Expenses" caption of the table and should use appropriate descriptive captions, such as "Fee Waiver [and/or Expense Reimbursement]" and "Total Annual Fund Operating Expenses After Fee Waiver [and/or Expense Reimbursement]," respectively. If the Fund provides this disclosure, also disclose the period for which the expense reimbursement or fee waiver arrangement is expected to continue, and briefly describe who can terminate the arrangement and under what circumstances.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 11 -Subsection table falsefalseFee Waiver/Reimbursement0rr_FeeWaiverOrReimbursementOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse[2]1truetruetrue-0.0023-0.0023falsefalsefalsetruefalseOthernanafalsefalseFee Waiver/Reimbursement5falseRowprimaryElement*9false0rr_NetExpensesOverAssetsrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truetruetrue0.00950.0095falsefalsefalsetruefalseOtherrr:NonNegativePure4TypepureTotal Annual Fund Operating Expenses.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 11 -Subsection table truefalseTotal Annual Operating Expenses After Fee Waiver and Expense Reimbursement0rr_NetExpensesOverAssetstruefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truetruetrue0.00950.0095falsefalsefalsetruefalseOthernanafalsefalseTotal Annual Operating Expenses After Fee Waiver and Expense Reimbursement1 "Other Expenses" are based on estimated amounts for the current fiscal year. 2 ProShare Advisors LLC ("ProShare Advisors") has contractually agreed to waive Investment Advisory and Management Services Fees and to reimburse Other Expenses to the extent Total Annual Operating Expenses Before Fee Waivers and Expense Reimbursements, as a percentage of average daily net assets, exceed 0.95% through January 28, 2012. After such date, the expense limitation may be terminated or revised. Amounts waived or reimbursed in a particular contractual period may be recouped by ProShare Advisors within five years of the end of that contractual period to the extent that recoupment will not cause the Fund's expenses to exceed any expense limitation in place at that time. A waiver or reimbursement lowers the expense ratio and increases overall returns to investors. 15Annual Fund Operating Expenses UnKnownUnKnownUnKnownUnKnownfalsetrueColumnperiodPeriod*Columndei_LegalEntityAxisAxiscik000117461_S000029778MemberColumnrr_ProspectusShareClassAxisAxis*ColumnunitUnit*RowprimaryElement*falsefalsefalseOtherus-types:textBlockItemTypestringContains a command for the SEC Viewer for the role corresponding to OperatingExpensesData.No authoritative reference available.falsefalseAnnual Fund Operating Expenses [Table]11false0rr_ExpenseExampleHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Example: </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringHeading for Expense Example.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 4 -Subsection instructions falsefalseExpense Example [Heading]12false0rr_ExpenseExampleNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> This example is intended to help you compare the cost of investing in Shares with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of each period. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses, which exclude brokerage commissions, remain the same. Although your actual cost may be higher or lower, based on these assumptions your approximate costs would be: </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThe Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 1 -Subsection example falsefalseExpense Example Narrative [Text Block]13false0rr_ExpenseExampleWithRedemptionTableTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleExpenseExampleTransposedProsharesUltrashortTips row period compact * row primary compact * column dei_LegalEntityAxis compact cik000117461_S000029778Member column rr_ProspectusShareClassAxis compact * ~</div> </div>falsefalse<div> <div style="display:none;" >~ http://www.proshares.com/role/ScheduleExpenseExampleTransposedProsharesUltrashortTips row period compact * row primary compact * column dei_LegalEntityAxis compact cik000117461_S000029778Member column rr_ProspectusShareClassAxis compact * ~</div> </div>truehttp://www.proshares.com/role/ScheduleExpenseExampleTransposedProsharesUltrashortTipsfalsefalse000024 - Schedule - Expense Example {Transposed} {ProShares UltraShort TIPs}truefalsefalse1falseColumnperiodPeriod*ColumnprimaryElement*5false0rr_ExpenseExampleYear01rrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsetrue9797falsefalsefalsetruefalseMonetaryrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 4 -Subsection instructions falsefalse1 Yearduration2011-01-27T00:00:002011-01-27T00:00:00falseUSDfalsefalse$2falseColumnperiodPeriod*ColumnprimaryElement*6false0rr_ExpenseExampleYear03rrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseterselabel1truefalsetrue353353falsefalsefalsetruefalseMonetaryrr:NonNegativeMonetaryTypemonetaryThe Example assumes that you invest $10,000 in the Fund for the time periods indicated and then you redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return per year and that the Fund's operating expenses remained the same. Although your actual costs may be higher or lower.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 1 -Subparagraph 2 -Subsection example falsefalse3 Yearsduration2011-01-27T00:00:002011-01-27T00:00:00falseUSDfalsefalse$1falseRowdei_LegalEntityAxisAxiscik000117461_S000029778MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsefalseProShares UltraShort TIPsdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldicik000117461_S000029778Memberdei_LegalEntityAxisexplicitMemberfalsefalseProShares UltraShort TIPsrr_ProspectusShareClassAxisxbrldihttp://xbrl.org/2006/xbrldicik000117461_C000091488Memberrr_ProspectusShareClassAxisexplicitMemberProShares UltraShort TIPsProShares UltraShort TIPsUnit1Standardhttp://www.xbrl.org/2003/iso4217USDiso421700truefalsefalsefalsefalsefalsefalsefalsefalsefalsefalse1truefalsetrue9797falsefalsefalsetruefalse2truefalsetrue353353falsefalsefalsetruefalseOthernanafalsefalseProShares UltraShort TIPs21Expense Example (USD $)UnKnownUnKnownUnKnownUnKnownfalsetrueColumnperiodPeriod*ColumnprimaryElement*Rowdei_LegalEntityAxisAxiscik000117461_S000029778MemberRowrr_ProspectusShareClassAxisAxis*RowunitUnit*falsefalsefalseOtherus-types:textBlockItemTypestringContains a command for the SEC Viewer for the role corresponding to ExpenseExample.No authoritative reference available.falsefalseExpense Example, With Redemption [Table]14false0rr_ExpenseExampleClosingTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> Investors may pay brokerage commissions on their purchases and sales of Shares, which are not reflected in the example or the table above. </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThe Example does not reflect sales charges (loads) on reinvested dividends [and other distributions]. If these sales charges (loads) were included, your costs would be higher.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 4 -Subsection instructions falsefalseExpense Example Closing [Text Block]15false0rr_PortfolioTurnoverHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Portfolio Turnover </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 5 -Subsection instructions falsefalsePortfolio Turnover [Heading]16false0rr_PortfolioTurnoverTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example, affect the Fund's performance. The Fund's portfolio turnover rate is calculated without regard to cash instruments or derivatives. If such instruments were included, the Fund's portfolio turnover rate would be significantly higher. </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclose the portfolio turnover rate provided in response to Item 14(a) for the most recent fiscal year (or for such shorter period as the Fund has been in operation). Disclose the period for which the information is provided if less than a full fiscal year. A Fund that is a Money Market Fund may omit the portfolio turnover information required by this Item.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 3 -Paragraph 3 -Subsection example falsefalsePortfolio Turnover [Text Block]17false0rr_StrategyHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Principal Investment Strategies </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a falsefalseStrategy [Heading]18false0rr_StrategyNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> The Fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as twice (200%) the inverse of the daily return of the Index. Assets of the Fund not invested in derivatives will typically be held in money market instruments.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Derivatives —  The Fund invests in financial instruments whose value is derived from the value of an underlying asset, interest rate or index. The Fund invests in derivatives as a substitute for directly shorting debt in order to gain inverse leveraged exposure to the Index. Derivatives principally include: </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td width="13"> </td> <td valign="top" width="13" align="left">¡ </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Swap Agreements — Contracts entered into primarily with institutional investors for a specified period ranging from a day to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," e.g., the return on or change in value of a particular dollar amount invested in a "basket" of securities representing a particular index. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Money Market Instruments — The Fund invests in short-term cash instruments that have terms to maturity of less than 397 days and exhibit high quality credit profiles. </td></tr></table> ProShare Advisors uses a mathematical approach to investing. Using this approach, ProShare Advisors determines the type, quantity and mix of investment positions that the Fund should hold to approximate the performance of its benchmark. The Fund may gain exposure to only a representative sample of the securities in the underlying Index, which is intended to have aggregate characteristics similar to those of the underlying Index. ProShare Advisors does not invest the assets of the Fund in securities or derivatives based on ProShare Advisors' view of the investment merit of a particular security, instrument, or company, nor does it conduct conventional research or analysis (other than in determining counterparty creditworthiness), or forecast market movement or trends, in managing the assets of the Fund. The Fund seeks to remain fully invested at all times in derivatives that provide exposure to its underlying Index without regard to market conditions, trends or direction. At the close of the markets each trading day, the Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with the Fund's investment objective. The impact of the Index's movements during the day will affect whether the Fund's portfolio needs to be re-positioned. For example, if the Index has risen on a given day, net assets of the Fund should fall, meaning that the Fund's short exposure will need to be decreased. Conversely, if the Index has fallen on a given day, net assets of the Fund should rise, meaning the Fund's short exposure will need to be increased. Please see Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings in the Fund's full prospectus for additional details.</div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringPrincipal investment strategies of the Fund. Summarize how the Fund intends to achieve its investment objectives by identifying the Fund's principal investment strategies (including the type or types of securities in which the Fund invests or will invest principally) and any policy to concentrate in securities of issuers in a particular industry or group of industries.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Subsection a falsefalseStrategy Narrative [Text Block]19false0rr_RiskHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Principal Risks </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNarrative Risk Disclosure.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 1 -Subsection b falsefalseRisk [Heading]20false0rr_RiskNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> <div class="MetaData"> You could lose money by investing in the Fund. </div>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Risk Associated with the Use of Leverage — The Fund uses investment techniques and derivatives that may be considered aggressive. Because the Fund's investment in derivatives may involve a small investment relative to the amount of investment exposure assumed, losses may exceed the amounts invested in those instruments. Particularly when used to create leverage, the use of derivatives may expose the Fund to potentially dramatic changes (losses or gains) in the value of the instruments. Using derivatives also may result in imperfect correlation between the value of the instruments and the referenced index, which may prevent the Fund from achieving its investment objective. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Compounding Risk — As a result of compounding, because the Fund has a single day investment objective, the Fund's performance for periods greater than one day is likely to be either greater than or less than the Index performance times the stated multiple in the Fund objective, before accounting for fees and fund expenses. Compounding affects all investments, but has a more significant impact on a leveraged fund. Particularly during periods of higher Index volatility, compounding will cause longer term results to vary from twice (200%) the inverse of the return of the Index. This effect becomes more pronounced as volatility increases. Fund performance for periods greater than one day can be estimated given any set of assumptions for the following factors: a) Index performance; b) Index volatility; c) period of time; d) financing rates associated with leverage; e) other Fund expenses; and f) dividends or interest paid with respect to securities in the Index. The chart below illustrates the impact of two principal factors—volatility and performance—on Fund performance. The chart shows estimated Fund returns for a number of combinations of Index performance and Index volatility over a one-year period. Performance shown in the chart assumes: (a) no interest paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leverage) of zero percent. If Fund expenses were included, the Fund's performance would be lower than shown. </td></tr></table>   Areas shaded lighter represent those scenarios where the Fund can be expected to return more than twice the inverse performance of the Index; conversely, areas shaded darker represent those scenarios where the Fund can be expected to return less than twice the inverse performance of the Index. Estimated Fund Returns   <table border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr><td width="19%"> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="4%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td> <td valign="bottom" width="3%"> </td> <td> </td> <td> </td> <td> </td></tr> <tr><td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="4" align="center">Index Performance</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="18" align="center">One Year Volatility Rate</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td style="border-bottom: #000000 1px solid;" valign="bottom" align="center">One Year Index</td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">-200% One Year Index</td> <td style="border-bottom: #000000 1px solid; border-right: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">10%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">25%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">50%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">75%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td> <td style="border-bottom: #000000 1px solid;" valign="bottom">  </td> <td style="border-bottom: #000000 1px solid;" valign="bottom" colspan="2" align="center">100%</td> <td style="border-bottom: #000000 1px solid;" valign="bottom"> </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-60%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">120%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">506.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">418.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">195.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">15.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-68.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-50%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">100%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">288.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">231.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">88.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-26.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-80.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-40%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">80%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">169.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">130.3%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">31.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-48.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-86.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-30%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">60%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">98.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">69.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-3.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-62.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-89.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-20%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">40%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">51.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">29.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-26.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-71.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-92.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">-10%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">20%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">19.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">2.3%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-41.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-77.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-93.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">0%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">0%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-3.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-17.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-52.8%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-81.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-95.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">10%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-20%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-19.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-31.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-61.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-84.7%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-95.9%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">20%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-40%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-32.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-42.4%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-67.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-87.2%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-96.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">30%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-60%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-42.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-50.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-72.0%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-89.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-97.1%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td> <td bgcolor="#a5a5a5" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">40%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-80%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-50.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-57.7%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-75.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-90.6%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom">  </td> <td bgcolor="#a5a5a5" valign="bottom"> </td> <td bgcolor="#a5a5a5" valign="bottom" align="right">-97.5%</td> <td bgcolor="#a5a5a5" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">50%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-100%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-56.9%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-63.2%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-79.0%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-91.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-97.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td></tr> <tr><td height="5"> </td> <td style="border-right: #000000 1px solid;" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td> <td bgcolor="#d8d8d8" height="5" colspan="4"> </td></tr> <tr><td valign="top" align="right">60%</td> <td valign="bottom">  </td> <td valign="bottom"> </td> <td valign="bottom" align="right">-120%</td> <td style="border-right: #000000 1px solid;" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-62.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-67.6%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-81.5%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-92.8%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom">  </td> <td bgcolor="#d8d8d8" valign="bottom"> </td> <td bgcolor="#d8d8d8" valign="bottom" align="right">-98.1%</td> <td bgcolor="#d8d8d8" valign="bottom">  </td></tr></table> The Index's annualized historical volatility rate for the five year period ended December 31, 2010 was 7.17%. The Index's highest volatility rate during the five year period was 10.46% (2008). The Index's annualized performance for the five year period ended December 31, 2010 was 6.31%. Historical Index volatility and performance are not indications of what the Index volatility and performance will be in the future. For additional graphs and charts demonstrating the effects of volatility and Index performance on the long-term performance of the Fund, see "Principal Risks of Leveraged, Inverse and Inverse Leveraged Funds and the Impact of Compounding" in the Fund's full prospectus and "Special Note Regarding the Correlation Risks of Leveraged Funds" in the Fund's Statement of Additional Information.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Correlation Risk — A number of factors may affect the Fund's ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective. In order to achieve a high degree of correlation with its benchmark, the Fund seeks to rebalance its portfolio daily to keep exposure consistent with its investment objective. Being materially over- or under-exposed to its benchmark may prevent the Fund from achieving a high degree of correlation with its benchmark. Market disruptions or closure, regulatory restrictions or extreme market volatility will adversely affect the Fund's ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the Index's movements. Because of this, it is unlikely that the Fund will be perfectly exposed (i.e. -200%) at the end of each day and the likelihood of being materially under- or over-exposed is higher on days when the Index level is volatile near the close of the trading day. </td></tr></table> A number of other factors may also adversely affect the Fund's correlation with its benchmark, including fees, expenses, transaction costs, costs and risks associated with the use of leveraged investment techniques, income items, accounting standards and disruptions or illiquidity in the markets for the securities or financial instruments in which the Fund invests. The Fund may not have investment exposure to all securities in its underlying benchmark index, or its weighting of investment exposure to such industries may be different from that of the Index. In addition, the Fund may invest in securities or financial instruments not included in the Index underlying its benchmark. The Fund may be subject to large movements of assets into and out of the Fund, potentially resulting in the Fund being over- or under-exposed to its benchmark. Activities surrounding periodic index reconstitutions and other index rebalancing or reconstitution events may hinder the Fund's ability to meet its daily investment objective on or around that day.   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Counterparty Risk — The Fund will be subject to credit risk (that is, where changes in an issuer's financial strength or the credit rating of a financial instrument it issues may affect an instrument's value) with respect to the amount it expects to receive from counterparties to derivatives and repurchase agreements entered into by the Fund, including amounts held by special purpose or structured vehicles. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the value of your investment in the Fund may decline. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Debt Instrument Risk — The Fund may invest in, or seek exposure to debt instruments. Debt instruments may have varying levels of sensitivity to changes in interest rates, credit risk and other factors. Many types of debt instruments are subject to prepayment risk, which is the risk that the issuer of the security will repay principal prior to the maturity date. Debt instruments allowing prepayment may offer less potential for gains during a period of declining interest rates. In addition, changes in the credit quality of the issuer of a debt instrument can also affect the price of a debt instrument, as can an issuer's default on its payment obligations. Such factors may cause the value of an investment in the Fund to decrease. Unlike conventional bonds, the principal or interest of inflation-linked securities such as TIPS is adjusted periodically to a specified rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation. These securities may lose value in the event that the actual rate of inflation is different than the rate of the inflation index. Also, the securities of certain U.S. government agencies, authorities or instrumentalities in which the Fund may invest are neither issued by nor guaranteed as to principal and interest by the U.S. government, and may be exposed to credit risk. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Inflation-Indexed Security Risk — The value of an inflation-indexed security (such as TIPS) tends to decrease when real interest rates increase, and tend to increase when real interest rates decrease. Real interest rates are generally measured as a nominal interest less an inflation rate. As such, investors should be aware that a short position in TIPS over a particular timeframe may decrease in value even in a deflationary environment. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Early Close/Late Close/Trading Halt Risk — An exchange or market may close early, close late or issue trading halts on specific securities, or the ability to buy or sell certain securities or derivatives may be restricted, which may result in the Fund being unable to buy or sell certain securities or derivatives. In such circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and/or may incur substantial trading losses. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Interest Rate Risk — Interest rate risk is the risk that debt securities or certain financial instruments may fluctuate in value due to changes in interest rates. Commonly, investments subject to interest rate risk will decrease in value when interest rates rise and increase in value when interest rates decline. The value of securities with longer maturities may fluctuate more in response to interest rate changes than securities with shorter maturities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Inverse Correlation Risk — Shareholders should lose money when the Index rises—a result that is the opposite from traditional funds. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Liquidity Risk — In certain circumstances, such as the disruption of the orderly markets for the securities or derivatives in which the Fund invests, the Fund might not be able to dispose of certain holdings quickly or at prices that represent true market value in the judgment of ProShare Advisors. Such a situation may prevent the Fund from limiting losses, realizing gains or achieving a high inverse correlation with its underlying index. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Market Risk — The Fund is subject to market risks that will affect the value of its Shares, including adverse issuer, political, regulatory, market or economic developments, as well as developments that impact specific economic sectors, industries or segments of the market. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Market Price Variance Risk — Fund Shares will be listed for trading on the NYSE Arca ("Exchange") and can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in net asset value ("NAV") and supply and demand for Shares. ProShare Advisors cannot predict whether Shares will trade above, below or at their NAV. Given the fact that Shares can be created and redeemed in Creation Units, ProShare Advisors believes that large discounts or premiums to the NAV of Shares should not be sustained. The Fund's investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Fund. </td></tr></table>   <table style="border-collapse: collapse;" class="MetaData" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td class="MetaData" valign="top" align="left"> Non-Diversification Risk — The Fund is classified as "non-diversified" under the Investment Company Act of 1940 ("1940 Act"), and has the ability to invest a relatively high percentage of its investments in the securities of a small number of issuers susceptible to a single economic, political or regulatory event. This risk may be particularly acute when the Fund's underlying Index comprises a small number of securities. </td></tr></table>   <table style="border-collapse: collapse;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="top" width="12" align="left">• </td> <td valign="top" width="1"> </td> <td valign="top" align="left"> Portfolio Turnover Risk — Daily rebalancing of Fund holdings, which is required to keep leverage consistent with a one-day investment objective, will cause a higher level of portfolio transactions than compared to most exchange-traded funds. Additionally, active market trading of Shares may cause more frequent creation or redemption activities that could, in certain circumstances, increase the number of portfolio transactions. High levels of transactions increase brokerage costs and may result in increased taxable capital gains. </td></tr></table> Please see Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings in the Fund's full prospectus for additional details. </div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringNarrative Risk Disclosure. A Fund may, in responding to this Item, describe the types of investors for whom the Fund is intended or the types of investment goals that may be consistent with an investment in the Fund.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 1 -Subparagraph i -Clause instruction -Subsection b falsefalseRisk Narrative [Text Block]21false0rr_BarChartAndPerformanceTableHeadingrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div class="MetaData"> Investment Results </div>falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRisk/Return Bar Chart and Table.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 2 -Subsection b falsefalseBar Chart and Performance Table [Heading]22false0rr_PerformanceNarrativeTextBlockrrfalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00<div> <div class="MetaData"> Performance history will be available for the Fund after it has been in operation for a full calendar year.</div> </div>falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringRisk/Return Bar Chart and Table.Reference 1: 1 -Publisher SEC -Name Form -Number N-1A -Chapter A -Section 4 -Paragraph 2 -Subsection b falsefalsePerformance Narrative [Text Block]120Risk/Return Summary - ProShares UltraShort TIPS (ProShares UltraShort TIPs)UnKnownUnKnownUnKnownUnKnownfalsetrue ZIP 9 0001193125-11-104818-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001193125-11-104818-xbrl.zip M4$L#!!0````(`%IBE3ZFSBVVID<``(M:`P`:`!P`8VEK,#`P,3$W-#8Q,"TR M,#$Q,#0P,2YX;6Q55`D``^M8L$WK6+!-=7@+``$$)0X```0Y`0``[%U;<]LX MLGZ?JOD/.)K-3'S*DG7Q58ZSY60RM=E-)BG;V3WSE()(2,*:(KD`:5OSL+_] M=`,@1>IFRA9U,R8U518)`HWN#XWN1@-X\]>'@4?NF)`\\"\JC5J]0ICO!"[W M>Q>56%:I=#BO_/7MCS^\^9]J]?_>77TB;N#$`^9'Q!&,1LPE]SSJD_?=CPF2&=(KO@=B\AUT(WN*;PVC9%6[;AV6#\]KK4:]4:S6C5-O*,2 MJH3WJIIFK9&^>6^:"_PV.3PX/FC6&PURUFXTVXU3E' M4=@^.+B_OZ_AXUH@>O!1O77`?1E1WV$57;+MB/YT&5C#<3R`)YA&V=0K-I*2PJ1+RB94^L%=P="8+7U:KU9;9XFA;D, M#IN-DWELU"6R?>5%N`YR(N0-LJDMG3X;T"O6)8IM[6@8LHN*Y(/00W:K9WW! MNA>5+'OJ5>1"_;#>J#U(MT(.=(V(D<"/V`.@C3D1@$QA`MXXYC%W+RJ_QH+B MN^^-[\V3[UC1]YM@].-(DP[PZ#,;=*`AET,Y/39!I.U/K$>]#XJN MRP#H"W7U9% M5=V&R@J,FV\^G[!L8GR&\L.7F2$U8%3&@KU51ED[A#_?'"3/=.WXY;0Z)JHP M9E[[V_6OL^L`\FYB,-K&Z8/G'SRFW(5QFRPKI(^#,!!@'48?_6X@!@J)EYT@ MCGZ+?9<81ERA'?@H3G_VHG.7W_WKAPSDQ#SI!%`4#_4Q]B5]U@:3D0_R[VJ4#[@W; MY/+JX^6G\TK2Y/=!5"&2_PG%FNKCM*LU>8W$5I#:RAZ1C-U*POT[)B,E:R@<>Y&<[,A, M(FY@3$OR.[LG5\&`^G/(P6HZ^`>PCU!XY?<`=RX=@F?H#56+G91OA=I^C`'[ MQ`\B@LUY@=\#!:2'J:R1FSZ7!,:$+T%X5$M0L"@6/@FZ(WEJ2O5721U0WA^1 M#WQ%GUMUXYY['NDP4QDR$BMCU.GCZU^D:4'"N``P0?WH%-^I*IEI9)_<]SF4 M5U7!JR'Q^"WSAJ`ZNUTHV17!@$3WW&'D-3AGK_9^IH/PW._(\'RR"^^H`,X, M)7E/0QY1CWRK74/7A5(%0\2QIU$,0(E@D`,Y,-9CP2,.(GV-<-F#4BY[(*^O M@3QX^&G/`$@]!@0AAQ0'-?TU*)]P&5\1./J= MD*Q;&P`S@8]0JP>T1H0"1M/A%P6I?%*6&C(2+N('D^Q0==>>-$8/2QNC-VFG MN>]XL0L\IB#Z,.[`'`=RYU+&#&"1%QU/11>FHI,9T550=B`=)9D^O'U0]*&X`7\0['M,/8=8/!MQ7<1SN:VK