1 Merrill Lynch’s widely followed U.S. High Yield Master II Index and the Markit iBoxx $ Liquid High Yield IndexAbout ProShares ProShares is a premier provider of alternative ETFs, with 116 funds and more than $26 billion in assets. ProShares offers the largest family of geared (leveraged and inverse) ETFs 2. ProShares is part of ProFunds Group, which was founded in 1997 and includes more than $32 billion in mutual fund and ETF assets 3. 2 Source: Lipper, based on a worldwide analysis of all the known providers of funds in these categories. The analysis covered ETFs, ETNs and mutual funds by the number of funds and assets as of 6/30/2010. 3 Assets as of 3/11/2011. Leveraged and inverse ProShares and ProFunds seek returns that are multiples or inverse multiples (e.g., 2x, -2x) of the return of an index or other benchmark (target) for a single day . Due to the compounding of daily returns, leveraged and inverse ProShares’ and ProFunds’ returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor their holdings consistent with their strategies, as frequently as daily, and rebalance if necessary. A rebalancing strategy involves transaction costs and may have tax consequences. For more on correlation, leverage and other risks, please read the ProShares or ProFunds prospectus. Disclosure: Investing involves risk, including the possible loss of principal. ProShares and ProFunds are non-diversified and entail certain risks, including risk associated with the use of derivatives (futures contracts, swap agreements and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Bond values will fall when interest rates rise. High yield bonds may involve greater levels of interest rate, credit, liquidity and valuation risk than for higher-rated instruments. Short ProShares and ProFunds should lose money when their benchmarks or indexes rise. See the prospectus for a more complete description of risks. There is no guarantee any ProShares ETF or ProFund will achieve its investment objective.