| Investment Objective: |
ProShares Hedge Replication ETF (the Fund ) seeks investment results, before fees and expenses, that track the performance of the Merrill Lynch Factor Model Exchange Series (the Benchmark ). The Factors that comprise the Benchmark are the (1) S&P 500 Total Return Index, (2) the MSCI EAFE US Dollar Net Total Return Index, (3) the MSCI Emerging Markets US Dollar Net Total Return Index ( MSCI Emerging Markets ), (4) the Russell 2000 Total Return Index ( Russell 2000 ), (5) three-month U.S. Treasury Bills, and (6) the ProShares UltraShort Euro ETF. The Benchmark is not comprised of, and the Fund does not invest in, any hedge fund or group of hedge funds. |
