Morningstar - Summer 2019 - 74

THE S&P 500'S BEST
DIVIDEND GROWERS
BROUGHT TOGETHER IN ONE ETF
The ProShares S&P 500 Dividend Aristocrats ETF (NOBL) invests in the 57 companies
in the S&P 500 with at least 25 consecutive years of dividend growth. Since its
inception in 2005, NOBL's index has outperformed the S&P 500 (10.11% vs 8.06%
annual return) with lower volatility.

PROSHARES DIVIDEND GROWERS ETFS

NOBL

S&P 500
Dividend Aristocrats

REGL

S&P MidCap 400
Dividend Aristocrats

SMDV
Russell 2000
Dividend Growers

EFAD

MSCI EAFE
Dividend Growers

EUDV
MSCI Europe
Dividend Growers

EMDV

MSCI Emerging Markets
Dividend Growers

Visit ProShares.com to learn more

NOBL performance as of 12/31/18: NAV -3.18% one year; 8.68% five year; 10.40% since inception
(10/9/2013); Market Price -3.28% one year; 8.69% five year; 10.41% since inception. Source: ProShares,
Bloomberg. Performance quoted represents past performance and does not guarantee future results. Investment
return and principal value will fluctuate so that an investor's shares, when sold or redeemed, may be worth
more or less than the original cost. Current performance may be lower or higher than the performance quoted.
Performance data current to the most recent month-end may be obtained at ProShares.com.
NOBL's total operating expenses are 0.35%. The inception date of the S&P 500 Dividend Aristocrats Index is 5/2/2005; annualized returns and volatility
are 5/2/2005 through 12/31/18. Each index and its ETF targets consecutive years of dividend growth as follows: 25 years for NOBL, 15 years for REGL, 10
years each for SMDV, EFAD and EUDV, and 7 years for EMDV. There is no guarantee dividends will be paid. Companies may reduce or eliminate dividends at
any time, and those that do will be dropped from the indexes at reconstitution. Indexes are unmanaged and one cannot invest directly in an index. Investing
involves risk, including the possible loss of principal. There is no guarantee any ProShares ETF will achieve its investment objective. These ProShares ETFs are
diversified and entail certain risks, including imperfect benchmark correlation and market price variance, that may decrease performance. Investments in smaller
companies typically exhibit higher volatility. International investments may involve risks from: geographic concentration, differences in valuation and valuation
times, unfavorable fluctuations in currency, differences in generally accepted accounting principles, and from economic or political instability. In emerging
markets, many risks are heightened, and lower trading volumes may occur. Please see summary and full prospectuses for a more complete description of risks.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before
investing. This and other information can be found in summary and full prospectuses. Read them
carefully before investing. Obtain them from your financial advisor or broker-dealer representative
or visit ProShares.com.
The "S&P 500® Dividend Aristocrats®" Index is a product of S&P Dow Jones Indices LLC and its affiliates and has been licensed for use by ProShares. "S&P®" is a registered trademark
of Standard & Poor's Financial Services LLC ("S&P") and "Dow Jones®" is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones") and have been licensed for
use by S&P Dow Jones Indices LLC and its affiliates. ProShares have not been passed on by S&P Dow Jones Indices LLC and its affiliates as to their legality or suitability. ProShares
based on the S&P 500 Dividend Aristocrats Index are not sponsored, endorsed, sold or promoted by S&P Dow Jones Indices LLC, Dow Jones, S&P or their respective affiliates, and
they make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY
WITH RESPECT TO PROSHARES. ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the funds' advisor.
© 2019 PSA AD-2019-2479

http://www.ProShares.com http://www.ProShares.com http://www.ProShares.com

Morningstar - Summer 2019

Table of Contents for the Digital Edition of Morningstar - Summer 2019