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 communication services 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 communication services companies in the following industries according to the Global Industry Classification Standard (GICS): diversified telecommunications services. wireless telecommunications services. media. entertainment. and interactive media and services. 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.