The Fund invests in financial instruments that ProShare Advisors believes, in combination, should track the performance of the Index. The Index selects companies which may benefit from transformational changes in how people work, take care of their health, and consume and connect. The Index includes U.S., non-U.S. developed, and emerging market companies providing products or services associated with one or more of four Transformational Changes, as determined by MSCI Inc. As of June 30, 2022, MSCI has identified four Transformational Changes: Future of Work, Digital Consumer, Food Revolution, and Genomics and Telehealth.