ProShares Short VIX Short-Term Futures ETF seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.†

ProShares Short VIX Short-Term Futures ETF provides short exposure to the S&P 500 VIX Short-Term Futures Index, which measures the returns of a portfolio of monthly VIX futures contracts with a weighted average of one month to expiration.

Designed for knowledgeable investors who seek to profit from decreases in the expected volatility of the S&P 500 as measured by the prices of VIX futures contracts.

Intended for short-term use; investors should actively manage and monitor their investments, as frequently as daily.

Does not track the performance of the Cboe Volatility Index (VIX) and can be expected to perform very differently from the VIX.

This fund is not an investment company regulated under the Investment Company Act of 1940 and is not afforded its protections. Please read the prospectus carefully before investing.

This short ProShares ETF seeks a return that is -.5x the return of its underlying benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, holding periods of greater than one day can result in returns that are significantly different than the target return and ProShares' returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. These effects may be more pronounced in funds with larger or inverse multiples and in funds with volatile benchmarks. Investors should monitor their holdings as frequently as daily. Investors should consult the prospectus for further details on the calculation of the returns and the risks associated with investing in this product.

Learn more about considerations for geared investing.

Read important information about investing in ProShares Volatility ETFs.

Notice Regarding Schedule K-1 Tax Packages

— 2019 Schedule K-1 Tax Packages are expected to be available in mid-March. For more information, please visit our Schedule K-1 Tax Information page