UltraShort DJ-UBS Natural Gas

ProShares UltraShort DJ-UBS Natural Gas seeks daily investment results, before fees and expenses, that correspond to twice (2x) the inverse (opposite) of the daily performance of the Dow Jones-UBS Natural Gas Subindex.^SM

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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 Short ProShares ETF seeks a return that is -2x 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. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

Fund Snapshot

Ticker	KOLD
Intraday Ticker	KOLD.IV
CUSIP	74347W767
Inception Date	10/4/11
Expense Ratio*	0.95%
NAV Calculation Time	2:30 p.m. ET

* Does not include brokerage commissions and related fees paid by the fund.

Price Information as of 2/22/12

NAV	$83.89
NAV Change	-$0.12
Market Price Closing	$82.75
Market Price Closing Change	-$1.13
Daily Trading Volume	17,646
Premium/Discount Analysis Tool \| NAV History

Monthly Account Statements

2011: Oct | Nov | Dec

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance.

There is no guarantee any ProShares ETF will achieve its investment objective.

Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Read information about NAV and intraday value (IOPV/IIV) calculations.

Investing involves risk, including the possible loss of principal. Short ProShares are non-diversified and should lose value when their market indexes rise—a result that is opposite from traditional ETFs—and they 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. Please see their summary and full prospectuses for a more complete description of risks.

There are additional risks due to large institutional purchases or sales, and natural and technological factors such as severe weather, unusual climate change, and development and depletions of alternative resources.

Certain derivative instruments will subject the fund to counterparty risk and credit risk, which could result in significant losses for the fund.

This fund may have different tax implications and generate a K-1 tax form.

ProShares Trust II is a commodity pool as defined in the Commodity Exchange Act and the applicable regulations of the CFTC. ProShare Capital Management LLC is the Trust Sponsor, commodity pool operator (CPO) and commodity trading advisor. The Sponsor is registered as a CPO and commodity trading advisor with the CFTC, and is a member of the NFA. Neither this ETF nor ProShares Trust II is an investment company regulated under the Investment Company Act of 1940 and neither is afforded its protections.

The "Dow Jones-UBS Commodity Indexes^SM" are a joint product of Dow Jones Indexes, the marketing name and a licensed trademark of CME Group Index Services LLC ("CME Indexes"), and UBS Securities LLC ("UBS Securities"). "Dow Jones,^®" "DJ," "Dow Jones Indexes," "UBS" and "Dow Jones-UBS Natural Gas Subindex" are service marks of Dow Jones Trademark Holdings, LLC ("Dow Jones") and UBS AG ("UBS AG"), as the case may be, have been licensed to CME Indexes and sublicensed to ProShares. ProShares have not been passed on by these entities as to their legality or suitability. ProShares based on the Dow Jones-UBS Natural Gas Subindex are not sponsored, endorsed, sold or promoted by Dow Jones, UBS AG, UBS Securities, CME Indexes or any of their affiliates. Dow Jones, UBS AG, UBS Securities, CME Indexes and their affiliates make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Investing in ETFs involves a substantial risk of loss.

This information must be accompanied or preceded by a current ProShares Trust II prospectus.

Quote data provided by Interactive Data - Real Time Services, Inc. and subject to terms of use.

ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor or sponsor. Your use of this site signifies that you accept our Terms and Conditions of Use.

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