Filed pursuant to Rule 424(b)(3)
Registration No. 333-238175
ProShares VIX Short-Term Futures ETF
ProShares Ultra VIX Short-Term Futures ETF
ProShares Short VIX Short-Term Futures ETF
(each, a “Fund”, and together, the “Funds”)
Supplement dated October 19, 2020
to each Fund’s Prospectus and Disclosure
Dated September 10, 2020
The Prospectus and Disclosure Document for each Fund are hereby
revised to reflect that:
Change to VIX Futures Contracts Settlement Time Index
Methodology. Effective Monday, October 26, 2020, the
Chicago Futures Exchange (a subsidiary of the Chicago Board Options
Exchange) is changing the settlement time for the VIX futures
contracts in which the Funds invest from 4:15 p.m. (Eastern Time)
to 4:00 p.m. (Eastern Time). As a result, S&P Dow Jones Indices
will be revising the index methodology for the S&P
Short-Term Futures Index (the “Index”), each Fund’s benchmark, to
reflect the new settlement time effective Monday, October 26,
Change to the Funds’ Net Asset Value (“NAV”) Calculation
Time. As a result of these changes to the settlement time for
VIX futures contracts and the Index methodology, effective Monday,
October 26, 2020 each Fund will change its NAV calculation
time from 4:15 p.m. (Eastern Time) to 4:00 p.m. (Eastern Time).
Additional information about the calculation of NAV is included in
each Fund’s Prospectus.
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