ProShares Ultra Silver (AGQ)

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1:4 Split market open on January 24, 2014....

Why has ProShares decided to split and reverse split the shares of these funds?

ProShares believes it is in our shareholders’ best interests to execute these splits and reverse splits to keep the share prices within efficient trading ranges, and seek to avoid share prices being too high or too low.

Splits help reset share prices to a range that helps maintain liquidity, especially if the price gets too expensive relative to other choices in the marketplace.

Reverse splits, in turn, may help reduce bid-ask spreads. For funds with a lower share price, bid-ask spreads represent a higher percentage of the transaction price than for higher-priced funds, which can increase both costs and volatility—even when the spread is higher. ProShares believes the reverse splits will adjust the share prices to a more cost-effective level for the Funds' shareholders, and therefore it is in our shareholders' best interest to do so.