Filed pursuant to rule 424(b)(3)
Registration No. 333-262729
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 February 25, 2022
to each Fund’s Prospectus and Disclosure
dated February 23, 2022
The Prospectus and Disclosure Document for each Fund are hereby
revised to reflect that:
Addition to Risks Applicable to Investing in VIX Futures
Contracts. On February 24, 2022, Russia commenced a
military attack on Ukraine. The outbreak of hostilities between the
two countries could result in more widespread conflict and could
have a severe adverse effect on the region, the markets for gold,
silver, oil, natural gas and currencies and the price of Financial
Instruments based on such commodities, and other markets. In
addition, sanctions imposed on Russia by the United States and
other countries, and any sanctions imposed in the future could have
a significant adverse impact on the Russian economy and related
markets. The price and liquidity of the futures contracts in which
each Fund invests may fluctuate widely as a result of the conflict
and related events. How long such conflict and related events will
last and whether it will escalate further cannot be predicted.
Impacts from the conflict and related events could have significant
impact on a Fund’s performance, and the value of an investment in
the Fund may decline significantly.
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