The Fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The Index is designed to measure the performance of utilities companies included in the S&P 500 Index. The S&P 500 Index is designed to measure the performance of the largest 500 companies listed and domiciled in the U.S. The Index includes utilities companies in the following industries according to the Global Industry Classification Standard (GICS) as electric utilities. gas utilities. multi-utilities. water utilities. and independent power and renewable electricity producers. These companies are then weighted based on market capitalization. The Indexs composition and the assigned weights are reevaluated every September with additional weight adjustments in March, June, and December. The Index is constructed and maintained by S&P Dow Jones Indices LLC.