PROSHARES TRUST

ProShares Ultra Top QQQ
ProShares UltraShort Top QQQ
(each a “Fund”, together the “Funds”)

Supplement dated March 11, 2025
to each Fund’s Summary Prospectus, Statutory Prospectus, and Statement of Additional Information

(dated March 10, 2025, as supplemented or amended)

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Each Fund is not yet available for sale.

For more information, please contact the Funds at 1-866-776-5125.
Please retain this supplement for future reference.