UVXY ProShares Ultra VIX Short Term Futures ETF

On March 10, 2022, ProShare Capital Management LLC (the “Sponsor”) notified the NYSE Arca of its decision to voluntarily close, de-list and liquidate ProShares UltraShort Australian Dollar (CROC) and ProShares Short Euro (EUFX) (collectively, the “Funds”) and to withdraw the shares thereof from registration under the Securities Exchange Act of 1934, as amended. Prior to market open on May 3, 2022 shares of the Funds will not be traded on NYSE Arca and there will be no secondary market for the Funds’ shares.

The last day the funds will accept creation orders is May 2, 2022. Secondary market trading in each Fund’s shares will be halted prior to the market open on May 3, 2022. Fund holdings will be liquidated by May 3, 2022 or shortly thereafter. Once each Fund is in the process of liquidating its portfolio, it will not be managed in accordance with its investment objective. Proceeds of the liquidation are scheduled to be distributed to shareholders on or about May 17, 2022 (the “Distribution Date”).

Any shareholders remaining in a Fund on the Distribution Date will automatically have their shares redeemed for cash at the net asset value as of the liquidation date. The cash distribution will be deposited into the cash portion of shareholders’ brokerage accounts. These cash distributions are taxable events, and shareholders should consult their tax advisors about potential tax consequences.

The liquidation of the Funds means that the Funds will no longer participate in the NYSE Arca ETP Incentive Program. The Sponsor announced the foregoing via a press release dated March 10, 2022. A copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is hereby incorporated by reference.