Ultra Silver - AGQ Ultra Silver

ProShares Ultra Silver seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM.

This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. Please read the prospectus carefully before investing.

This leveraged ProShares ETF seeks a return that is 2x the return of its underlying 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. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings as frequently as daily. For more on risks, please read the prospectus.

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Important Notice Regarding Benchmark Change
— For more information please read the Press Release.

Index/Benchmark Summary

The Bloomberg Silver SubindexSM, a subindex of the Bloomberg Commodity Index, is intended to reflect the performance of silver as measured by the price of COMEX silver futures contracts.

It is a "rolling index," which means that it does not take physical possession of any commodities. The roll occurs over a period of five business days in certain months according to a pre-determined schedule, generally beginning on the sixth business day of the month and ending on the tenth business day. Each day, approximately 20% of each rolling futures position that is included in the month's roll is rolled, increasing from 0% to 20%, 40%, 60%, 80% and finally 100%.

The Silver Subindex will reflect the performance of its underlying COMEX silver futures contracts, including the impact of rolling, without regard to income earned on cash positions.


*On January 7, 2019 the ProShares Ultra Silver and the ProShares UltraShort Silver struck their NAVs for the first time using the Bloomberg Silver Subindex, please see the prospectus for more information.