ProShares, the nation’s fifth largest ETF provider, 1 announced today that it expects that none of its 108 equity and fixed-income ETFs will pay any 2011 capital gain distributions.

“Tax efficiency is a key investor benefit that ETF providers strive to deliver,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC, ProShares’ investment advisor. “We expect 2011 to be the second consecutive year that shareholders of ProShares ETFs will not have received any capital gain distributions.”

Capital gain distribution estimates are subject to change. The planned distribution dates for any fourth quarter income dividends are available at proshares.com. Capital gain distribution and income dividend amounts will vary from year to year. For specific tax advice, ProShares recommends that investors seek advice from a qualified professional.

About ProShares

ProShares is the nation’s fifth largest provider of ETFs, with more than $26 billion in assets. ProShares offers investors opportunities to manage risk and seek returns through a diverse array of ETFs, including the largest lineup of geared (leveraged and inverse) ETFs. 2 ProShares is part of ProFunds Group, which was founded in 1997 and includes nearly $30 billion in mutual fund and ETF assets. 3

Short or Ultra ProShares ETFs seek returns that are 3x, 2x, -1x, -2x or -3x the return of an index or other benchmark (target) for a single day , as measured from one NAV calculation to the next. Due to the compounding of daily returns, ProShares’ 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. For more on correlation and other risks, please read the prospectus.

Investing involves risk, including the possible loss of principal. ProShares are non-diversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Short ProShares should lose money when their benchmarks or indexes rise. See the prospectuses for a more complete description of risks. There is no guarantee any ProShares ETF will achieve its investment objective.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectuses . Read them carefully before investing. A separate ProShares Trust II prospectus is available for Volatility, Commodity and Currency ETFs.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds’ advisor or sponsor.

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