Ultra Yen - YCL Ultra Yen

ProShares Ultra Yen seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the price of the Japanese yen versus the U.S. dollar.

ProShares Ultra Yen is designed for knowledgeable investors who seek to profit from the yen growing stronger relative to the U.S. dollar.

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 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.

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Important Notice Regarding Schedule K-1 Tax Packages
— 2017 Schedule K-1 Tax Packages are expected to be available in mid-March. For more information, please visit our Schedule K-1 Tax Information page.

Index/Benchmark Summary

The yen benchmark is the 4:00 p.m. ET yen in U.S. dollar terms (JPY/USD cross rate) as published by Bloomberg.