The investment seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the FTSE Developed Europe Index®. The fund invests in derivatives that ProShare Advisors believes, in combination, should have similar daily return characteristics as two times the inverse (-2x) of the daily return of the index. The index is a free float-adjusted market cap weighted index comprised of large- and mid-cap European stocks, screened for liquidity. The fund is non-diversified.