Ultra Utilities - UPW Ultra Utilities

ProShares Ultra Utilities seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Dow Jones U.S. UtilitiesSM Index.

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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Index/Benchmark Summary

The Dow Jones U.S. Utilities Index measures the performance of the utilities economic sector of the U.S. equity market. Component companies include electric utilities, gas utilities and water utilities.

Fundamentals as of 12/31/18

Total Number of Companies 51
Price/Earnings Ratio 17.18
Price/Book Ratio 1.88
Dividend Yield *(%) 3.36
Average Index Market Capitalization $16.1 billion

* Derivative contracts are priced to reflect the underlying index yield and will not generate dividend income. Because ProShares invest in derivatives, they will not have dividend distributions that reflect those of their applicable indexes.

Index Holdings Information as of 12/31/18

Top 10 Index Companies Weight
NextEra Energy Inc. 10.33%
Duke Energy Corp. 7.65%
Dominion Energy Inc. 5.83%
The Southern Co. 5.62%
Exelon Corp. 5.42%
American Electric Power Co. Inc. 4.58%
Sempra Energy 3.68%
Public Service Enterprise Group Inc. 3.27%
Xcel Energy Inc. 3.15%
Consolidated Edison Inc. 2.96%

ProShares may invest in financial instruments (including derivatives) that, in combination, should have similar daily price return characteristics to the fund's benchmark.

Index Holdings as of 12/31/18

Index Sector Weightings § Weight
Electric Utilities 57.24%
Multi-Utilities 30.90%
Gas Utilities 5.33%
Independent Power & Renewable Electricity Producers 3.74%
Water Utilities 2.79%

§ Sum of weightings may not equal 100% due to rounding.