SVXYFACT SHEET As of 12/31/17

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

Fund objective

ProShares Short VIX Short-Term Futures ETFseeks daily investment results, before feesand expenses, that correspond to the inverse(-1x) of the performance of the S&P 500®VIX® Short-Term Futures Index TM.

PerformanceThis Short ProShares ETF seeks a return thatis -1x the return of an index or otherbenchmark (target) for a single day,as measured from one NAV calculation tothe next. Due to the compounding of dailyreturns, returns over periods other than oneday will likely differ in amount and possiblydirection from the target return for the sameperiod. These effects may be morepronounced in funds with larger or inversemultiples and in funds with volatilebenchmarks. Investors should monitorholdings consistent with their strategies, asfrequently as daily. For more on correlation,leverage and other risks, please read theprospectus.

Fund details

Inception Date 10/3/11

Trading Symbol SVXY

Intraday Symbol SVXY.IV

Bloomberg Index Symbol SPVXSPID

CUSIP 74347W627

Exchange NYSE Arca

Net Assets $770.29 million

Expense Ratio1 0.95%

Additional InformationDaily holdings are fully transparent andavailable at ProShares.com

SVXY is treated as a partnership for taxpurposes and generates a K-1 tax form

About the fundSVXY provides inverse 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 futurescontracts.

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

• Does not track the performance of the CBOE Volatility Index (VIX) and can beexpected to perform very differently from the VIX.

Year to Fund4Q 2017 Date 1-Year 3-Year 5-Year Inception

35.90% 179.12% 179.12% 60.66% 50.41% 67.95%

36.76% 181.84% 181.84% 61.25% 50.94% 68.13%

-28.08% -72.11% -72.11% -61.39% -57.00% -63.01%

Fund performance and index history2

ProShares Short VIX Short-Term FuturesETF-NAV Total Return

ProShares Short VIX Short-Term FuturesETF-Market Price Total Return

S&P 500 VIX Short-Term Futures Index

Periods greater than one year are annualized.

Daily performance of SVXY vs. index during 4Q 2017

Daily

chan

ge in

SVXY

NAV

-6% -3% 3% 6%

1 1 1 1 1

6%

3%

-3%

-6%

1 1 1 1 1

Daily change in index return

The scatter graph chartsthe daily NAV-to-NAVresults of the fund againstits underlying index returnon a daily basis.

Daily return during 4Q 2017ProShares Short VIX Short - Term Futures ETF (SVXY) S&P 500 VIX Short - Term Futures Index

-6%

-3%

0%

3%

6%

October 17 November 17 December 17

This material must be accompanied or preceded by a ProShares Trust II prospectus. The performance quoted represents past performance and does not guaranteefuture 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 lessthan the original cost. Current performance may be lower or higher than the performance quoted. Performance data current to the most recent month-end may beobtained by calling 866.776.5125 or visiting ProShares.com. Index performance does not reflect any management fees, transaction costs or expenses. Indexes areunmanaged and one cannot invest directly in any index. All index data presented is based on daily price returns for S&P 500 and VIX, and daily total returns for S&P 500VIX Short-Term Futures Index.Short ProShares should lose value when their market indexes rise-a result that is opposite from traditional ETFs.©2018 PCM 2016-8029

Index description

The S&P 500 VIX Short-Term FuturesIndex measures the returns of a portfolioof monthly VIX futures contracts that rollspositions from first-month contracts intosecond-month contracts on a daily basis.The index maintains a weighted averageof one month to expiration.VIX futures indexes have historicallyreflected significant costs associated withthe VIX futures rolling process. Thesecosts can consistently reduce returnsover time.About VIX Futures Contracts and the VIXVIX futures contracts price the market’sview of the value of the CBOE VolatilityIndex (VIX) on the expiration dates ofsuch futures contracts.The VIX measures expected volatility ofthe S&P 500 over the next 30 days andis calculated based on the price of aconstantly changing portfolio of optionson the S&P 500. Unlike other assetclasses that have tended to increase inprice over long periods of time, the levelof the VIX has tended to revert to along-term average over time. As such,any gains from investments in VIXfutures contracts may be constrainedand subject to unexpected reversals asthe VIX reverts to its long-term average.The VIX is not directly investable.

Index holdings Weights3

JANUARY CBOE VIX Futures 64.71%

FEBRUARY CBOE VIX Futures 35.29%

Index correlation4 and beta5 to the S&P 500Historically, the S&P 500 VIX Short-Term Futures Index has been negatively correlated to the S&P

500 with a negative beta, or sensitivity to S&P 500 returns, creating a potential to reduce U.S.

equity risk in a portfolio.

Correlation Beta

Year to Date -0.74 -5.66

Since Inception 6 -0.77 -3.66

Index correlation4 and beta5 to the VIXWhile the S&P 500 VIX Short-Term Futures Index has historically been highly correlated to the

VIX, it has tended to have relatively low beta to the VIX, indicating less sensitivity to price

movement.

Correlation Beta

Year to Date 0.89 0.39

Since Inception 6 0.89 0.58

Index Volatility7

The S&P 500 VIX Short-Term Futures Index has historically been less volatile than the VIX but

significantly more volatile than the S&P 500.

S&P 500 VIX Short-TermFutures Index S&P 500 VIX

Year to Date 48.80% 7.02% 123.52% A

Since Inception 6 84.97% 18.14% 132.04% A

For more information, visit ProShares.com or ask your financial advisor or broker.

1Futures brokerage commissions are currently paid by the sponsor. ²Market returns are based on the primary market closing price and do not represent thereturns you would receive if you traded shares at other times. The first trading date is typically several days after the fund inception date. Therefore, NAV is used tocalculate market returns prior to the first trade date. It is not expected that the indexes or funds will generally rise over time. ³Sum of weightings may not equal 100%due to rounding. 4"Correlation" is a measure of the strength and direction of a linear relationship between two variables. 5"Beta" measures an index's pricevolatility relative to a benchmark or investment. The higher the beta, the greater the price fluctuations. 6The inception date of the S&P 500 VIX Short-Term FuturesIndex is May 10, 2010. 7"Volatility" refers to annualized standard deviation, a statistical measure that captures the variations from the mean of an index's returnsand that is often used to quantify the risk of the index over a specific time period. The higher the volatility, the more an index's returns fluctuate over time.Investing involves risk, including the possible loss of principal. Investing in ETFs involves a substantial risk of loss. There is no guarantee any ProSharesETF will achieve its investment objective. The funds generally are intended for short-term investment horizons, and investors holding shares over longer-termperiods may be subject to increased risk of loss. The assets the ETFs invest in can be highly volatile, and the funds may experience large losses. There have beenpotential negative impacts from rolling futures positions and extended periods where the strategies utilized by the ETFs have caused significant and sustained losses.The value of the shares of the funds relates directly to the value of, and realized profit or loss from, the financial instruments and other assets held by the funds.Fluctuations in the price of those assets could adversely affect an investment in the shares. The level of the VIX has historically reverted to a long-term mean (i.e.,average), and any change in the VIX will likely continue to be constrained. As such, the potential upside of exposure to VIX futures may be limited and any gains subjectto significant and unexpected reversals.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 theTrust Sponsor and commodity pool operator (CPO). The Sponsor is registered as a CPO with the CFTC, and is a member of the NFA. Neither this ETF nor ProShares TrustII is an investment company regulated under the Investment Company Act of 1940 and neither is afforded its protections.ProShares Trust II (the issuer) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communicationrelates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for morecomplete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC website at sec.gov.Alternatively, the issuer will arrange to send you the prospectus if you request it by calling 866.776.5125, or visit ProShares.com. This fund generates aK-1 tax form."Standard & Poor's ®," "S&P ®," "S&P 500 ®," "Standard & Poor's 500 ®," and "S&P 500 ® VIX ® Short-Term Futures Index TM" are trademarks of Standard & Poor's Financial Services LLC ("S&P") and have beenlicensed for use by ProShares. "VIX ®" is a trademark of the Chicago Board Options Exchange Inc. ("CBOE") and CBOE has agreed that S&P may use the "VIX ®" trademark in the names of the indexes as licensedto 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 theirrespective 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 NOWARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES. ProShares are distributed by SEI Investments Distribution Co., which is not affiliated with the fund's sponsor.

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