The investment seeks daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the S&P Communication Services Select Sector Index. The fund invests in financial instruments that ProShare Advisors believes, in combination, should produce daily returns consistent with the Daily Target. The index is constructed and maintained by S&P Dow Jones Indices LLC. The index represents the communication services sector of the S&P 500 Index. The fund is non-diversified.