ProShares VIX Short-Term Futures ETF

Organizational and management · Leadership and management changes

Investors cannot be assured of the Sponsor's continued services, the discontinuance of which may be detrimental to the Funds. If the Sponsor discontinues its activities on behalf of the Funds, the Funds may be adversely affected.

Stakeholder relations · Investor relations and market confidence

The lack of active trading markets for any of the Shares of the Funds may result in losses on investors' investments at the time of disposition of such Shares. Although the Shares of the Funds are publicly listed and traded on the applicable Exchange, there can be no guarantee that an active trading market for the Shares of any Fund will develop or be maintained.

Core operations · Operational disruption and business continuity

There may be circumstances that could prevent a Fund from being operated in a manner consistent with its investment objective and principal investment strategies. Examples of such circumstances include: market disruptions; significant market volatility, particularly late in the trading day; natural disasters; public service disruptions or utility problems.

Supply chain and procurement · Raw material availability and cost volatility

A number of factors may have a negative impact on the price of commodities, such as oil, gold, silver and gas, and the price of Financial Instruments based on such commodities. Significant increases or decreases in the available supply of a physical commodity due to natural, technological, or other factors.

Supply chain and procurement · Supplier operation and dependance

The Natural Gas Funds are linked to an index comprised of natural gas futures contracts, and are not directly linked to the 'spot' price of natural gas. Natural Gas futures contracts may perform very differently from the spot price of natural gas.

Capital structure and performance · Financial performance volatility

Each Fund seeks to achieve its investment objective even during periods when the performance of the Fund's benchmark is flat or when the benchmark is moving in a manner that may cause the value of the Fund to decline.

Market and investment · Market volatility and economic cycles

The assets that the Funds invest in can be highly volatile and the Funds may experience large losses when buying, selling or holding such instruments; you can lose all of your investment within a given day.

Market and investment · Interest rate and yield curve risk

Interest rates, and investors' expectations concerning interest rates; Inflation rates and investors' expectations concerning inflation rates; Economic, financial, political, regulatory, geographical, judicial and other events that affect the level of the Mid-Term VIX Futures Index or the market price or forward volatility of the U.S. stock markets.

Credit and liquidity · Access to capital and financing

Margin requirements and position limits applicable to futures contracts and swaps may limit a Fund's ability to achieve sufficient exposure and prevent a Fund from achieving its investment objective.

International and currency · International operations and emerging markets

Trading on exchanges outside the United States is generally not subject to U.S. regulation and may result in different or diminished investor protections.

Credit and liquidity · Credit risk and customer defaults

The Funds may be subject to counterparty risks. Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to herein as 'derivatives') in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.

Market and investment · Asset valuation and impairment

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 that Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in such Fund's Shares.

Tax and financial reporting · Financial reporting and accounting standards

The Funds are responsible for establishing and maintaining internal controls over financial reporting. Under this requirement, the Funds must adopt, implement and maintain an internal control system designed to provide reasonable assurance to its management regarding the preparation and fair presentation of published financial statements.

Tax and financial reporting · Tax compliance and changes in tax law

Changes in U.S. federal income tax law could affect an investment in the Shares. Recently enacted legislation commonly known as the 'Tax Cuts and Jobs Act' has made significant changes to U.S. federal income tax rules.

Geopolitical and trade · International conflicts and tensions

In response to Russia's invasion of Ukraine in February 2022 and the ongoing conflict between those two countries, the U.S. and other countries, as well as the European Union, have issued broad-ranging economic sanctions designed to impose severe pressure on Russia's economy. Such sanctions, and the conflict generally, may have adverse effects on regional and global economic markets.

Natural and catastrophic events · Pandemic and public health crises

Natural disasters and public health disruptions, such as the COVID-19 virus (including any variants), may have a significant negative impact on the performance of each Fund.

Economic and market conditions · Economic recession and downturns

European financial markets and the value of the euro have experienced significant volatility, in part related to unemployment, budget deficits and economic downturns. The demand for natural gas correlates closely with general economic growth rates. The occurrence of recessions or other periods of low or negative economic growth will typically have a direct adverse impact on natural gas demand and natural gas prices.

Technology infrastructure · Technology systems and infrastructure failure

Due to the increased use of technologies, intentional and unintentional cyber-attacks pose operational and information security risks. Cyber-attacks include, but are not limited to gaining unauthorized access to digital systems for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption.

Cybersecurity and data protection · Data breaches and cyber attacks

Cyber security failures or breaches of a third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, the inability of Fund shareholders to transact business, violations of applicable privacy and other laws.

Cybersecurity and data protection · Third party data security and vendors

The Funds and their service providers are susceptible to operational and information security risks. Cyber security failures or breaches of a third party service provider (including, but not limited to, index providers, the administrator and transfer agent) or the issuers of securities in which the Funds invest, have the ability to cause disruptions and impact business operations.