UVXY ProShares Ultra VIX Short Term Futures ETF

Item 8.01. Other Events

Change to Exchange Listing

On June 7, 2023, ProShare Capital Management LLC, on behalf of ProShares Trust II (the “Trust”) issued a press release announcing a reverse share split (“Reverse Split”) on ProShares VIX Short-Term Futures ETF (Cboe BZX Exchange, Inc. symbol “VIXY”), ProShares Ultra VIX Short-Term Futures ETF (Cboe BZX Exchange, Inc. symbol “UVXY”), and on ProShares Ultra Bloomberg Natural Gas (NYSE Arca symbol “BOIL”). The Splits will not change the value of a shareholder’s investment.

Reverse Split

ProShares VIX Short-Term Futures ETF will execute a 1:5 Reverse Split of its shares. ProShares Ultra VIX Short-Term Futures ETF will execute a 1:10 Reverse Split of its shares. ProShares Ultra Bloomberg Natural Gas ETF will execute a 1:20 Reverse Split of its shares. The Reverse Split will be effective at the market open on June 23, 2023, when the Funds begin trading at their post-Reverse Split prices. The ticker symbol for the Funds will not change, but the Funds will be issued new CUSIP numbers (74347Y789 for VIXY, 74347Y771 for UVXY, and 74347Y763 for BOIL). The Reverse Split will increase the price per share of the Funds with a proportionate decrease in the number of shares outstanding. Specifically, for ProShares VIX Short-Term Futures ETF, every 5 pre-Reverse Split shares held by a Fund shareholder will result in the receipt of one-post Reverse Split share, which will be priced 5 times higher than the net asset value of a pre-Reverse Split share. For ProShares Ultra VIX Short-Term Futures ETF, every 10 pre-Reverse Split shares held by a Fund shareholder will result in the receipt of one post-Reverse Split share, which will be priced 10 times higher than the net asset value of a pre-Reverse Split share. For ProShares Ultra Bloomberg Natural Gas, every 20 pre-Reverse Split shares held by a Fund shareholder will result in the receipt of one-post Reverse Split share, which will be priced 20 times higher than the net asset value of a pre-Reverse Split share. For Fund shareholders who hold quantities of shares that are not an exact multiple of the applicable Reverse Split ratio (i.e., not a multiple of 5, 10 or 20), the Reverse Split will result in the creation of a fractional share. Post-Reverse Split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

The Sponsor announced the foregoing via a press release dated June 7, 2023. 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.