Filed pursuant to Rule 424(b)(3)
Registration No. 333-236926
ProShares Ultra Bloomberg Crude Oil (UCO)
ProShares UltraShort Bloomberg Crude Oil
ProShares Ultra Gold (UGL)
ProShares Ultra Silver (AGQ)
ProShares UltraShort Euro (EUO)
(each, a “Fund”, and together, the “Funds”)
Supplement dated August 14, 2020
to each Fund’s Prospectus and Disclosure
Dated March 30, 2020, each as
Effective August 14, 2020, the subsection entitled
“DESCRIPTION OF THE SHARES; THE FUNDS; CERTAIN MATERIAL TERMS OF
THE TRUST AGREEMENT — Executive Officers of the Trust and
Principals and Significant Employees of the Sponsor” is hereby
revised to remove all references to Ryan Dofflemeyer as a Senior
Portfolio Manager and Associated Person of the Sponsor. Alexander
Ilyasov’s responsibilities now include oversight of the investment
management activities of the Funds and certain other series of the
Trust as well as day-to-day portfolio management
of the Funds.
These securities have not been approved or disapproved by the
United States Securities and Exchange Commission (the “SEC”) or any
state securities commission nor has the SEC or any state securities
commission passed upon the accuracy or adequacy of this Prospectus.
Any representation to the contrary is a criminal offense.
NEITHER THE TRUST NOR ANY FUND IS A MUTUAL FUND OR ANY OTHER
TYPE OF INVESTMENT COMPANY AS DEFINED IN THE INVESTMENT COMPANY ACT
OF 1940, AS AMENDED, AND NEITHER IS SUBJECT TO REGULATION
THE COMMODITY FUTURES TRADING COMMISSION HAS NOT PASSED UPON THE
MERITS OF PARTICIPATING IN THIS POOL NOR HAS THE COMMISSION PASSED
ON THE ADEQUACY OR ACCURACY OF THIS DISCLOSURE DOCUMENT.
Please retain this supplement for future