Market Overview

ProShares Announces ETF Share Splits

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ProShares, a premier provider of ETFs, announced today forward and
reverse share splits on 20 of its ETFs. The splits will not change the
total value of a shareholder's investment.

Forward Splits

Eight ETFs will forward split shares 3-for-1:

Ticker   ProShares ETF   Split Ratio
MVV   ProShares Ultra S&P MidCap400   3:1
UYG   ProShares Ultra Financials   3:1
DDM   ProShares Ultra Dow30   3:1
EFO   ProShares Ultra MSCI EAFE   3:1
UPRO   ProShares UltraPro S&P500   3:1
EZJ   ProShares Ultra MSCI Japan   3:1
USD   ProShares Ultra Semiconductors   3:1
TQQQ   ProShares UltraPro QQQ   3:1
   

All forward splits will apply to shareholders of record as of the close
of the markets on May 21, 2018, payable after the close of the markets
on May 23, 2018. The funds will trade at their post-split prices on May
24, 2018. The ticker symbols and CUSIP numbers for the funds will not
change.

The forward splits will decrease the price per share of each fund with a
proportionate increase in the number of shares outstanding. For example,
for the 3-for-1 splits, every pre-split share will result in the receipt
of three post-split shares, which will be priced at one-third the net
asset value ("NAV") of a pre-split share.

Illustration of a Forward Split

The following table shows the effect of a hypothetical 3-for-1 split:

Period   # of Shares Owned   Hypothetical NAV   Value of Shares
Pre-Split   100   $120.00   $12,000.00
Post-Split   300   $40.00   $12,000.00
     

Reverse Splits

A total of 12 ETFs will reverse split shares at the following split
ratios:

Ticker   ProShares ETF   Split
Ratio
  Old
CUSIP
  New
CUSIP
BZQ   ProShares UltraShort MSCI Brazil Capped   1:5   74348A673   74347B292
EEV   ProShares UltraShort MSCI
Emerging Markets
  1:5   74347X575   74347B284
DXD   ProShares UltraShort Dow30   1:4   74348A590   74347B276
SPXU   ProShares UltraPro Short S&P500   1:4   74348A442   74347B268
MYY   ProShares Short S&P Mid Cap400   1:4   74347R800   74347B250
QID   ProShares UltraShort QQQ   1:4   74348A426   74347B243
DOG   ProShares Short Dow30   1:4   74347R701   74347B235
FXP   ProShares UltraShort FTSE China 50   1:4   74348A350   74347B227
SSG   ProShares UltraShort Semiconductors   1:2   74347B797   74347B219
ZBIO   ProShares UltraPro Short
Nasdaq Biotechnology
  1:2   74347B623   74347B193
SEF   ProShares Short Financials   1:2   74347R230   74347B185
SMN   ProShares UltraShort Basic Materials   1:2   74347X138   74347B177
       

All reverse splits will be effective prior to market open on May 24,
2018, when the funds will begin trading at their post-split price. The
ticker symbol for the funds will not change. All funds undergoing a
reverse split will be issued a new CUSIP number, listed above.

The reverse splits will increase the price per share of each fund with a
proportionate decrease in the number of shares outstanding. For example,
for a 1-for-4 reverse split, every four pre-split shares will result in
the receipt of one post-split share, which will be priced four times
higher than the NAV of a pre-split share.

Illustration of Reverse Splits

The following table shows the effects of hypothetical 1-for-5, 1-for-4
and 1-for-2 reverse splits:

Period   # of Shares Owned   Hypothetical NAV
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