The Fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the Index. The Index and Fund seek to provide exposure to the companies of the S&P 500 Index with the exception of those companies included in the Energy Sector. The S&P 500 is a measure of large-cap U.S. stock market performance. It is a float adjusted, market capitalization-weighted index of 500 U.S. operating companies and real estate investment trusts selected through a process that factors in criteria such as liquidity, price, market capitalization and financial viability. The Index is constructed and maintained by S&P Dow Jones LLC. The Index classifies each company in the S&P 500 as part of a particular sector using the Global Industry Classification Standards, which are jointly produced by S&P Dow Jones Indices and MSCI, to define companies within a sector. As of June 30, 2023, the following sectors are included within GICS: Communication Services, Consumer Discretionary, Consumer Staples, Energy, Financials, Health Care, Industrials, Information Technology, Materials, Real Estate, and Utilities. A Sector is comprised of multiple industries. For example, the Energy Sector is comprised of companies in, among others, the oil, gas, and consumable fuel industry. The Index consists of companies from each of the Sectors other than the Energy Sector. Each security in the Index is weighted by float-adjusted market capitalization according to the same rules as the S&P 500. The Index is published under the Bloomberg ticker symbol SPXXEGT. Under normal circumstances, the Fund will invest at least 80% of its total assets in component securities of the Index or in instruments with similar economic characteristics. The Fund may operate as non-diversified as defined under the Investment Company Act of 1940, as amended, solely as a result of a change in relative market capitalization or index weighting of one or more constituents of the Index.