# EDGAR Filing Document

**Accession Number:** 0001174610
**File Stem:** 0001174610-25-000036
**Filing Date:** 2025-8
**Character Count:** 28354
**Document Hash:** 6c1dc4ae8a3ff7bcb563fa2cdd5c49c4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001174610-25-000036.hdr.sgml**: 20250820

**ACCESSION NUMBER**: 0001174610-25-000036

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250820

**DATE AS OF CHANGE**: 20250820

**EFFECTIVENESS DATE**: 20250820

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PROSHARES TRUST
- **CENTRAL INDEX KEY:** 0001174610

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-89822
- **FILM NUMBER:** 251235308

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** 240-497-6400

**MAIL ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVENUE
- **STREET 2:** 21ST FLOOR
- **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

## Series and Classes Contracts Data

### ProShares Ultra S&P 500 Equal Weight (Series ID: S000094769)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000263307 | ProShares Ultra S&P 500 Equal Weight |  |

![](covproshare.jpg)

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**SUMMARY PROSPECTUS**

**August 20, 2025** 

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| | |
|:---|:---|
| ![](ursp.jpg)<br>| **Ultra S&P 500 Equal Weight**  |

---

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This Summary Prospectus is designed to provide investors with key fund information in a clear and concise format. Before you invest, you may want to review the Fund's Full Prospectus, which contains more information about the Fund and its risks. The Fund's Full Prospectus, dated August 20, 2025, and Statement of Additional Information, dated August 20, 2025, and as each hereafter may be supplemented, are incorporated by reference into this Summary Prospectus. All of this information may be obtained at no cost either: online at ProShares.com/resources/prospectus_reports.html; by calling 866-PRO-5125 (866-776-5125); or by sending an email request to info@ProShares.com. The Securities and Exchange Commission has not approved or disapproved these securities or passed upon the adequacy of this Summary Prospectus. Any representation to the contrary is a criminal offense.

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**URSP LISTED ON NYSE ARCA, INC.** 

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**Receive investor materials electronically:**

Shareholders may sign up for electronic delivery of investor materials. By doing so, you will receive the information faster and help us reduce the impact on the environment of providing these materials. To enroll in electronic delivery,

1. Go to www.icsdelivery.com

2. Select the first letter of your brokerage firm's name.

3. From the list that follows, select your brokerage firm. If your brokerage firm is not listed, electronic delivery may not be available. Please contact your brokerage firm.

4. Complete the information requested, including the e-mail address where you would like to receive notifications for electronic documents.

Your information will be kept confidential and will not be used for any purpose other than electronic delivery. If you change your mind, you can cancel electronic delivery at any time and revert to physical delivery of your materials. Just go to www.icsdelivery.com, perform the first three steps above, and follow the instructions for cancelling electronic delivery. If you have any questions, please contact your brokerage firm.

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![](ursp.jpg)**Ultra S&P 500 Equal Weight :: 3**

**PROSHARES.COM**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Investment Objective**

ProShares Ultra S&P 500 Equal Weight (the "Fund") seeks daily investment results, before fees and expenses, that correspond to two times (2x) of the daily performance of the S&P 500 Equal Weight Index (the "Index").

**Important Information About the Fund** 

If the Fund is successful in meeting its investment objective, it should gain approximately two times as much as the Index when the Index rises on a given day. Conversely, it should lose approximately two times as much as the Index when the Index falls on a given day. **The Fund does not seek to achieve two times (2x) the daily performance of the Index (the "Daily Target") for any period other than a day.**

While the Fund has a daily investment objective, you may hold Fund shares for longer than one day if you believe doing so is consistent with your goals and risk tolerance. **If you hold fund shares for any period other than a day, it is important for you to understand that over your holding period:**

&nbsp;&nbsp;&nbsp;&nbsp;●Your return may be higher or lower than the Daily Target, and this difference may be significant.

&nbsp;&nbsp;&nbsp;&nbsp;●Factors that contribute to returns that are worse than the Daily Target include smaller Index gains or losses and higher Index volatility, as well as longer holding periods when these factors apply.

&nbsp;&nbsp;&nbsp;&nbsp;●Factors that contribute to returns that are better than the Daily Target include larger Index gains or losses and lower Index volatility, as well as longer holding periods when these factors apply.

&nbsp;&nbsp;&nbsp;&nbsp;●The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target.

**Fees and Expenses of the Fund**

The table below describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.** 

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| | |
|:---|:---|
| **Annual Fund Operating Expenses**<br> (expenses that you pay each year as a percentage <br> of the value of your investment)<br>|  |
| Management Fees | 0.75% |
| Other Expenses<sup>1</sup> <br>| 0.44% |
| **Total Annual Fund Operating Expenses Before Fee** <br> **Waivers and Expense Reimbursements**<br>| **1.19%** |
| Fee Waiver/Reimbursement<sup>2</sup> <br>| 0.24% |
| **Total Annual Fund Operating Expenses After Fee** <br> **Waivers and Expense Reimbursements**<br>| **0.95%** |

---

*1*

*"Other Expenses" are estimated.*

*2*

*ProShare Advisors LLC ("ProShare Advisors") has agreed to waive fees and to reimburse expenses to the extent Total Annual Fund Operating Expenses Before Fee Waivers and Expense Reimburse*

*ments, as a percentage of average daily net assets, exceed 0.95% through September 30, 2026. Amounts waived or reimbursed in a particular contractual period may be recouped by ProShare Advisors within five years subject to certain limitations. This agreement may not be terminated before that date without the approval of the Fund's Board.*

**Example:** This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds.

The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem or hold 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 remain the same, except that the fee waiver/expense reimbursement is assumed only to pertain to the first year. Although your actual costs may be higher or lower, based on these assumptions your approximate costs would be:

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| | |
|:---|:---|
| **1 Year** | **3 Years** |
| 97 | 354 |

---

The Fund pays transaction and financing costs associated with the purchase and sale of securities and derivatives. These costs are not reflected in the table or the example above.

**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 rate may indicate higher transaction costs and may result in higher taxes when the Fund's shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the example above, affect the Fund's performance. Because the Fund is newly organized, portfolio turnover information is not yet available.

**Principal Investment Strategies** 

The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target.The Index is designed to measure the performance of companies listed in the S&P 500 Index on an equal weight basis. The S&P 500 Index is designed to measure the performance of 500 of the largest companies listed and domiciled in the U.S. The Index's composition and assigned weights are reevaluated every September with additional weight adjustments in March, June, and December. The Index is constructed and maintained by S&P Dow Jones Indices LLC. More information about the Index is published under the Bloomberg ticker symbol "SPW".

Under normal circumstances, the Fund will obtain leveraged exposure to at least 80% of its total assets in components of the Index or in instruments with similar economic characteristics.

The Fund will invest principally in the financial instruments listed below.

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**4 :: Ultra S&P 500 Equal Weight**![](ursp.jpg)

**PROSHARES.COM**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●**Equity Securities** — Common stock issued by public companies.

&nbsp;&nbsp;&nbsp;&nbsp;●**Derivatives** — Financial instruments whose value is derived from the value of an underlying asset or rate, such as stocks, bonds, ETFs, interest rates or indexes. The Fund invests in derivatives (e.g. swaps on the index and index futures) in order to gain leveraged exposure to the Index. These derivatives principally include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Swap Agreements** — Contracts entered into primarily with major global financial institutions for a specified period ranging from a day to more than one year. In a standard swap transaction, two parties agree to exchange or "swap" payments based on the change in value of an underlying asset or benchmark. For example, two parties may agree to exchange the return (or differentials in rates of returns) earned or realized on a particular investment or instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Futures Contracts** — Standardized contracts that obligate the parties to buy or sell an asset at a predetermined price and date in the future.

&nbsp;&nbsp;&nbsp;&nbsp;●**Money Market Instruments** — The Fund expects that any cash balances maintained in connection with its use of derivatives will typically be held in high quality, short-term money market instruments, for example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**U.S. Treasury Bills** — U.S. government securities that have initial maturities of one year or less, and are supported by the full faith and credit of the U.S. government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Repurchase Agreements** — Contracts in which a seller of securities, usually U.S. government securities or other money market instruments, agrees to buy the securities back at a specified time and price.

ProShare Advisors uses a mathematical approach to investing in which it determines the type, quantity and mix of investment positions that it believes, in combination, the Fund should hold to produce daily returns consistent with the Daily Target. For these purposes a day is measured from the time of one net asset value ("NAV") calculation to the next.

The Fund seeks to remain fully invested at all times in financial instruments that, in combination, provide leveraged consistent with the investment objective, without regard to market conditions, trends or direction. However, the Fund may invest in or gain exposure to only a representative sample of the securities in the Index or to securities not contained in the Index or in financial instruments, with the intent of obtaining leveraged consistent with the investment objective.

The Fund seeks to rebalance its portfolio each day so that its exposure to the Index is consistent with the Daily Target. The Index's movements during the day will affect whether the Fund's portfolio needs to be rebalanced. For example, if the Index has risen on a given day, net assets of the Fund should rise (assuming there were no Creation Unit redemptions). As a result, 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 (assuming there were no Creation Units issued). As a result, the Fund's exposure will need to be decreased.

Please see "Investment Objectives, Principal Investment Strategies and Related Risks" in the Fund's Prospectus for additional details.

**Principal Risks**

**You could lose money by investing in the Fund.**

&nbsp;&nbsp;&nbsp;&nbsp;●**Leverage Risk** — The Fund uses leverage and will lose more money when the value of the Index falls than a similar fund that does not use leverage. The use of leverage increases the risk of a total loss of your investment. If the Index approaches a 50% loss at any point in the day, you could lose your entire investment. As a result, an investment in the Fund may not be suitable for all investors. The use of leverage increases the volatility of your returns. The cost of obtaining this leverage will lower your returns.

&nbsp;&nbsp;&nbsp;&nbsp;●**Holding Period Risk** — The performance of the Fund for periods longer than a single day will likely differ from the Daily Target. This difference may be significant. **If you are considering holding fund shares for longer than a day, it's important that you understand the impact of Index returns and Index volatility (how much the value of the Index moves up and down from day-to-day) on your holding period return.** Index volatility has a negative impact on Fund returns. During periods of higher Index volatility, the Index volatility may affect the Fund's returns as much as or more than the return of the Index.

The following table illustrates the impact of Index volatility and Index return on Fund returns for a hypothetical one-year period. However, these effects will impact your return for any holding period other than a day. **The longer you hold shares of the Fund, the more magnified these effects will be. As a result, you should consider monitoring your investments in the Fund in light of your individual investment goals and risk tolerance.**

In the table areas shaded darker represent those scenarios where the Fund can be expected to return less than the Daily Target. As the table shows, your return will tend to be worse than the Daily Target when there are smaller Index gains or losses and higher Index volatility. Your return will tend to be better than the Daily Target when there are larger Index gains or losses and lower Index volatility. You may lose money when the Index return is flat (i.e., close to zero) and you may lose money when the Index rises.

The table uses hypothetical annualized Index volatility and Index returns to illustrate the impact of these two factors on Fund performance over a one-year period. It does not represent actual returns. Each row corresponds to the level of a hypothetical Index return for a one-year period. Each column corresponds to a level of hypothetical annualized Index volatility. For example, the Fund may mistakenly be expected to achieve a -40% return on a yearly basis if the

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![](ursp.jpg)**Ultra S&P 500 Equal Weight :: 5**

**PROSHARES.COM**

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annual Index return were -20%. However, as the table shows, with a one-year Index return of -20% and an annualized Index volatility of 50%, the Fund could be expected to return -50.2%.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** | **Estimated Fund Returns** |
| **Index Performance** | **Index Performance** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** | **One Year Volatility Rate** |
| **One**<br> **Year**<br> **Index**<br>| **Two times**<br> **(2x) the**<br> **One Year**<br> **Index**<br>| **10%** | **25%** | **50%** | **75%** | **100%** |
| -60% | &nbsp;&nbsp; -120% | &nbsp;&nbsp; -84.2% | &nbsp;&nbsp; -85.0% | &nbsp;&nbsp; -87.5% | &nbsp;&nbsp; -90.9% | &nbsp;&nbsp; -94.1% |
| -50% | &nbsp;&nbsp; -100% | &nbsp;&nbsp; -75.2% | &nbsp;&nbsp; -76.5% | &nbsp;&nbsp; -80.5% | &nbsp;&nbsp; -85.8% | &nbsp;&nbsp; -90.8% |
| -40% | &nbsp;&nbsp; -80% | &nbsp;&nbsp; -64.4% | &nbsp;&nbsp; -66.2% | &nbsp;&nbsp; -72.0% | &nbsp;&nbsp; -79.5% | &nbsp;&nbsp; -86.8% |
| -30% | &nbsp;&nbsp; -60% | &nbsp;&nbsp; -51.5% | &nbsp;&nbsp; -54.0% | &nbsp;&nbsp; -61.8% | &nbsp;&nbsp; -72.1% | &nbsp;&nbsp; -82.0% |
| -20% | &nbsp;&nbsp; -40% | &nbsp;&nbsp; -36.6% | &nbsp;&nbsp; -39.9% | &nbsp;&nbsp; -50.2% | &nbsp;&nbsp; -63.5% | &nbsp;&nbsp; -76.5% |
| -10% | &nbsp;&nbsp; -20% | &nbsp;&nbsp; -19.8% | &nbsp;&nbsp; -23.9% | &nbsp;&nbsp; -36.9% | &nbsp;&nbsp; -53.8% | &nbsp;&nbsp; -70.2% |
| 0% | &nbsp;&nbsp; 0% | &nbsp;&nbsp; -1.0% | &nbsp;&nbsp; -6.1% | &nbsp;&nbsp; -22.1% | &nbsp;&nbsp; -43.0% | &nbsp;&nbsp; -63.2% |
| 10% | &nbsp;&nbsp; 20% | &nbsp;&nbsp; 19.8% | &nbsp;&nbsp; 13.7% | &nbsp;&nbsp; -5.8% | &nbsp;&nbsp; -31.1% | &nbsp;&nbsp; -55.5% |
| 20% | &nbsp;&nbsp; 40% | &nbsp;&nbsp; 42.6% | &nbsp;&nbsp; 35.3% | &nbsp;&nbsp; 12.1% | &nbsp;&nbsp; -18.0% | &nbsp;&nbsp; -47.0% |
| 30% | &nbsp;&nbsp; 60% | &nbsp;&nbsp; 67.3% | &nbsp;&nbsp; 58.8% | &nbsp;&nbsp; 31.6% | &nbsp;&nbsp; -3.7% | &nbsp;&nbsp; -37.8% |
| 40% | &nbsp;&nbsp; 80% | &nbsp;&nbsp; 94.0% | &nbsp;&nbsp; 84.1% | &nbsp;&nbsp; 52.6% | &nbsp;&nbsp; 11.7% | &nbsp;&nbsp; -27.9% |
| 50% | &nbsp;&nbsp; 100% | &nbsp;&nbsp; 122.8% | &nbsp;&nbsp; 111.4% | &nbsp;&nbsp; 75.2% | &nbsp;&nbsp; 28.2% | &nbsp;&nbsp; -17.2% |
| 60% | &nbsp;&nbsp; 120% | &nbsp;&nbsp; 153.5% | &nbsp;&nbsp; 140.5% | &nbsp;&nbsp; 99.4% | &nbsp;&nbsp; 45.9% | &nbsp;&nbsp; -5.8% |

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*Assumes: (a) no dividends paid with respect to securities included in the Index; (b) no Fund expenses; and (c) borrowing/lending rates (to obtain leveraged exposure) of zero percent. If these were included the Fund's performance would be different from that shown.*

The Index's annualized historical volatility rate for the five-year period ended May 31, 2025 was 17.73%. The Index's highest May to May volatility rate during the five-year period was 20.89% (May 31, 2023). The Index's annualized total return performance for the five-year period ended May 31, 2025 was 11.87%. Historical Index volatility and performance do not predict future Index volatility and performance.

For more information, including additional graphs and charts demonstrating the effects of Index volatility and Index return on the long-term performance of the Fund, see "Understanding the Risks and Long-Term Performance of a Daily Objective Fund" in the Fund's Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;●**Correlation Risk** — A number of factors may affect the Fund's ability to achieve a high degree of leveraged correlation with the Index. Fees, expenses, transaction costs, financing costs associated with the use of derivatives, among other factors, will adversely impact the Fund's ability to meet its Daily Target. In addition, the Fund may not have leveraged exposure to all of the instruments in the Index, its weighting of those instruments may be different from that of the Index, and it may invest in instruments not included in the Index. Moreover, if for any reason the Fund is unable to rebalance all or a portion of its investments, the Fund may have exposure to the Index that is significantly greater or less than the Daily Target. Any of these factors may prevent the Fund from achieving exposure consistent with the Daily Target.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;●**Derivatives Risk** — Investing in derivatives to obtain leveraged exposure may be considered aggressive and may expose the Fund to greater risks including counterparty risk and correlation risk. The Fund may lose money if its derivatives do not perform as expected and may even lose money if they do perform as expected. To the extent the Fund invests in swaps that use an ETF as the reference asset, the Fund will be subject to the risks of that ETF including the risk that the ETF may not meet its investment objective. In addition, the Fund may be subject to greater correlation risk since the performance of the ETF may not correlate to the performance of the Index. Any costs associated with using derivatives will reduce the Fund's return.

&nbsp;&nbsp;&nbsp;&nbsp;●**Counterparty Risk** — The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, the terms of the agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund, including intraday (for example, if the Index has a dramatic intraday move that causes a material decline in the Fund's net assets). If an agreement is terminated, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.

&nbsp;&nbsp;&nbsp;&nbsp;●**Equity and Market Risk** — Equity markets are volatile, and the value of equity securities and other instruments correlated with equity markets may fluctuate dramatically from day to day. Equity markets are subject to corporate, political, regulatory, market and economic developments, as well as developments that impact specific economic sectors, industries or segments of the market.

&nbsp;&nbsp;&nbsp;&nbsp;●**Money Market Instruments Risk** — Adverse economic, political or market events affecting issuers of money market instruments, defaults by counterparties or changes in government regulations may have a negative impact on the performance of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;●**Industry Concentration Risk** — The Index may have a significant portion of its value in issuers in an industry or group of industries. The Fund will allocate its investments to approximately the same extent as the Index. As a result, the Fund may be subject to greater market fluctuations than a fund that is more broadly invested across industries. As of May 31, 2025, the Index had a significant portion of its value in issuers in the industrials industry group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;○**Industrials Industry Risk** — Companies in this industry may experience: adverse effects on stock prices by supply and demand both for their specific product or service and for industrials industry products in general; declining demand; and changing government regulation.

&nbsp;&nbsp;&nbsp;&nbsp;●**Non-Diversification Risk** — The Fund has the ability to invest a relatively high percentage of its assets in the securities of a small number of issuers or in financial instruments with a single counterparty or a few counterparties. This may increase the Fund's volatility and increase the risk that the

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**6 :: Ultra S&P 500 Equal Weight**![](ursp.jpg)

**PROSHARES.COM**

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Fund's performance will decline based on the performance of a single issuer or the credit of a single counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;●**Index Performance Risk** — The Index used by the Fund may underperform other asset classes and may underperform other similar indices. The Index is maintained by a third party provider unaffiliated with the Fund or ProShare Advisors. There can be no guarantee that the methodology underlying the Index or the daily calculation of the Index will be free from error.

&nbsp;&nbsp;&nbsp;&nbsp;●**Intraday Price Performance Risk** — The intraday performance of Fund shares traded in the secondary market generally will be different from the performance of the Fund when measured from one NAV calculation-time to the next. When shares are bought intraday, the performance of the Fund's shares relative to the Index until the Fund's next NAV calculation time will generally be higher or lower than the Daily Target.

&nbsp;&nbsp;&nbsp;&nbsp;●**Market Price Variance Risk** — Investors buy and sell Fund shares in the secondary market at market prices. Market prices may be different from the NAV per share of the Fund (i.e., the secondary market price may trade at a price greater than NAV (a premium) or less than NAV (a discount)). The market price of the Fund's shares will fluctuate in response to changes in the value of the Fund's holdings, supply and demand for shares and other market factors.

&nbsp;&nbsp;&nbsp;&nbsp;●**Early Close/Late Close/Trading Halt Risk** — An exchange or market may close early, close late or issue trading halts on specific securities or financial instruments. In these 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.

&nbsp;&nbsp;&nbsp;&nbsp;●**New Fund Risk** — The Fund recently commenced operations, has a limited operating history, and started operations with a small asset base. There can be no assurance that the Fund will be successful or grow to or maintain a viable size, that an active trading market for the Fund's shares will develop or be maintained, or that the Fund's shares' listing will continue unchanged.

Please see "Investment Objectives, Principal Investment Strategies and Related Risks" in the Fund's Prospectus for additional details.

**Investment Results**

Performance history will be available for the Fund after it has been in operation for a full calendar year. After the Fund has a full calendar year of performance information, performance information will be shown on an annual basis.

**Management**

The Fund is advised by ProShare Advisors. Michael Neches, Senior Portfolio Manager, and Devin Sullivan, Portfolio Manager, have jointly and primarily managed the Fund since inception.

**Purchase and Sale of Fund Shares**

The Fund will issue and redeem shares only to Authorized Participants (typically broker-dealers) in exchange for the deposit or delivery of a basket of assets (securities and/or cash) in large blocks, known as Creation Units. Shares of the Fund may only be purchased and sold by retail investors in secondary market transactions through broker-dealers or other financial intermediaries. Shares of the Fund are listed for trading on a national securities exchange and because shares trade at market prices rather than NAV, shares of the Fund may trade at a price greater than NAV (premium) or less than NAV (discount). In addition to brokerage commissions, investors incur the costs of the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). The bid-ask spread varies over time for Fund shares based on trading volume and market liquidity. Recent information, including information about the Fund's NAV, market price, premiums and discounts, and bid-ask spreads, is included on the Fund's website (www.proshares.com).

**Tax Information**

Income and capital gains distributions you receive from the Fund generally are subject to federal income taxes and may also be subject to state and local taxes. The Fund intends to distribute income, if any, quarterly, and capital gains, if any, at least annually. Distributions for this Fund may be higher than those of most ETFs.

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![](covproshare.jpg)

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Investment Company Act file number 811-21114

ProShares Trust

7272 Wisconsin Avenue, 21<sup>st</sup> Floor, Bethesda, MD 20814

866. PRO.5125 866.776.5125

ProShares.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------© 2025 ProShare Advisors LLC. All rights reserved.URSP-AUG 25

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