Ultra VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF seeks, on a daily basis, to provide investment results (before fees and expenses) that correspond to twice (2x) the performance of the S&P 500^® VIX^® Short-Term Futures Index.^TM

View Prospectus (PDF) | Download Fact Sheet (PDF)

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 Ultra ProShares ETF seeks a return that is 2x the return of an index or other benchmark (target) for a single day, as measured from one NAV calculation to the next. Due to the compounding of daily returns, 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 consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus.

» More about Volatility ProShares and VIX Index Futures

Fund Snapshot

Ticker	UVXY
Intraday Ticker	UVXY.IV
CUSIP	74347W544
Inception Date	10/3/11
Expense Ratio*	0.95%
NAV Calculation Time	4:15 p.m. ET

* Does not include brokerage commissions and related fees paid by the fund.

Price Information as of 5/18/12

NAV	$25.17
NAV Change	$3.26
Market Price Closing	$24.08
Market Price Closing Change	$2.76
Daily Trading Volume	17,846,878
Premium/Discount Analysis Tool \| NAV History

Monthly Account Statements

2012: Jan | Feb

2011: Aug | Sep | Oct | Nov | Dec

The performance quoted represents past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. For standardized returns and performance data current to the most recent month end, see Performance.

There is no guarantee any ProShares ETF will achieve its investment objective.

Shares of any ETF are bought and sold at market price (not NAV) and are not individually redeemed from the fund. Brokerage commissions will reduce returns.

Investing involves risk, including the possible loss of principal. Ultra ProShares are non-diversified and entail certain risks, including risk associated with the use of derivatives (swap agreements, futures contracts and similar instruments), imperfect benchmark correlation, leverage and market price variance, all of which can increase volatility and decrease performance. Please see their summary and full prospectuses for a more complete description of risks.

The value of the shares of the fund relates directly to the value of futures contracts and other assets held by the fund. Fluctuations in the price of these assets could adversely affect fund performance. Several factors may affect the price and/or liquidity of VIX futures contracts and other assets owned by the fund, including, but not limited to: prevailing market prices and forward volatility levels of U.S. stock markets, equity securities included in the S&P 500 and prevailing market prices of options on the S&P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&P 500 and the VIX or VIX futures; interest rates; economic, financial, political, regulatory and other events that affect the level of an index or the market price or forward volatility of U.S. stock markets, equity securities included in the S&P 500, the VIX or the relevant futures or option contracts on the VIX; supply and demand as well as hedging activities in listed and over-the-counter equity derivative markets; and disruptions in trading of the S&P 500, futures contracts on the S&P 500 or options on the S&P 500.

This fund may have different tax implications and generate a K-1 tax form.

These ETFs invest in futures. VIX futures are among the most volatile futures contracts. A fund's exposure to its index may subject that fund to greater volatility than investments in traditional securities, which may adversely affect an investor's investment in that fund. VIX futures indexes are mean reverting; funds benchmarked to them should not be expected to appreciate over extended periods. Due to defined time periods and other features, VIX futures indexes and funds benchmarked to them can be expected to perform differently than the VIX. These ETFs are not suitable for all investors.

ProShares Trust II is a commodity pool as defined in the Commodity Exchange Act and the applicable regulations of the CFTC. ProShare Capital Management LLC is the Trust Sponsor, commodity pool operator (CPO) and commodity trading advisor. The Sponsor is registered as a CPO and commodity trading advisor with the CFTC, and is a member of the NFA. Neither this ETF nor ProShares Trust II is an investment company regulated under the Investment Company Act of 1940 and neither is afforded its protections.

"Standard & Poor's,^®" "S&P,^®" "S&P 500,^®" "Standard & Poor's 500,^®" "S&P 500^® VIX^® Short-Term Futures Index^TM" and "S&P 500^® VIX^® Mid-Term Futures Index^TM" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have been licensed for use by ProShares. "VIX^®" is a trademark of the Chicago Board Options Exchange, Incorporated ("CBOE") and CBOE has agreed that S&P may use the "VIX^®" trademark in the names of the Indexes as licensed to ProShares. ProShares have not been passed on by S&P or CBOE or their respective affiliates as to their legality or suitability. ProShares are not sponsored, endorsed, sold or promoted by S&P or CBOE or their respective affiliates, and S&P and CBOE and their respective affiliates make no representation regarding the advisability of investing in ProShares. THESE ENTITIES AND THEIR AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Investing in ETFs involves a substantial risk of loss.

This information must be accompanied or preceded by a current ProShares Trust II prospectus.

Quote data provided by Interactive Data - Real Time Services, Inc. and subject to terms of use.

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