Free Writing Prospectus

Filed pursuant to Rule 433

Registration No. 333-163511

May 5, 2010

Product Guide

Short ProShares seek, on a daily basis, to go up when indexes go down or down when indexes go up.

Short ProShares Index/Benchmark Daily

Objective* Trading

Symbol Intraday

Symbol Bloomberg Index Symbol

Short Sector – continued

UltraShort Semiconductors Dow Jones U.S. SemiconductorsSM 200% of the inverse SSG SSG.IV DJUSSC

UltraShort Technology Dow Jones U.S. TechnologySM 200% of the inverse REW REW.IV DJUSTC

UltraShort Telecommunications Dow Jones U.S. Select TelecommunicationsSM 200% of the inverse TLL TLL.IV DJSTEL

UltraShort Utilities Dow Jones U.S. UtilitiesSM 200% of the inverse SDP SDP.IV DJUSUT

Short InternationaL

Short MSCI EAFE MSCI EAFE 100% of the inverse EFZ EFZ.IV MXEA

Short MSCI Emerging Markets MSCI Emerging Markets 100% of the inverse EUM EUM.IV MXEF

Short FTSE/Xinhua China 25 FTSE/Xinhua China 25 100% of the inverse YXI YXI.IV XINOI

UltraShort MSCI EAFE MSCI EAFE 200% of the inverse EFU EFU.IV MXEA

UltraShort MSCI Emerging Markets MSCI Emerging Markets 200% of the inverse EEV EEV.IV MXEF

UltraShort MSCI Europe MSCI Europe 200% of the inverse EPV EPV.IV MXEU

UltraShort MSCI Pacific ex-Japan MSCI Pacific ex-Japan 200% of the inverse JPX JPX.IV MXPFJ

UltraShort MSCI Brazil MSCI Brazil 200% of the inverse BZQ BZQ.IV MXBR

UltraShort FTSE/Xinhua China 25 FTSE/Xinhua China 25 200% of the inverse FXP FXP.IV XINOI

UltraShort MSCI Japan MSCI Japan 200% of the inverse EWV EWV.IV MXJP

UltraShort MSCI Mexico Investable Market MSCI Mexico Investable Market 200% of the inverse SMK SMK.IV MZMXI

Short fixed-income

Short 20+ Year Treasury Barclays Capital 20+ Year U.S. Treasury 100% of the inverse TBF TBF.IV LT11TRUU

UltraShort 7-10 Year Treasury Barclays Capital 7-10 Year U.S. Treasury 200% of the inverse PST PST.IV LT09TRUU

UltraShort 20+ Year Treasury Barclays Capital 20+ Year U.S. Treasury 200% of the inverse TBT TBT.IV LT11TRUU

Short CoMModIty**

UltraShort DJ-UBS Commodity Dow Jones-UBS CommoditySM 200% of the inverse CMD CMD.IV DJUBS

UltraShort DJ-UBS Crude Oil Dow Jones-UBS Crude Oil Sub-IndexSM 200% of the inverse SCO SCO.IV DJUBSCL

UltraShort Gold London PM Gold Fixing 200% of the inverse GLL GLL.IV GOLDLNPM

UltraShort Silver London Silver Fixing 200% of the inverse ZSL ZSL.IV SLVRLN

Short Currency**

UltraShort Euro EUR/USD 4:00 pm ET exchange rate 200% of the inverse EUO EUO.IV —

UltraShort Yen JPY/USD 4:00 pm ET exchange rate 200% of the inverse YCS YCS.IV —

*Before fees and expenses. **Generates a K-1 tax form.

Short ProShares seek, on a daily basis, to go up when indexes go down or down when indexes go up.

Short ProShares Index/Benchmark Daily

Objective* Trading

Symbol Intraday

Symbol Bloomberg Index Symbol

Short MarketCap

Short QQQ® NASDAQ-100® 100% of the inverse PSQ PSQ.IV NDX

Short Dow30SM Dow Jones Industrial AverageSM 100% of the inverse DOG DOG.IV INDU

Short S&P500® S&P 500® 100% of the inverse SH SH.IV SPX

Short MidCap400 S&P MidCap 400TM 100% of the inverse MYY MYY.IV MID

Short SmallCap600 S&P SmallCap 600TM 100% of the inverse SBB SBB.IV SML

Short Russell2000 Russell 2000® 100% of the inverse RWM RWM.IV RTY

UltraShort QQQ® NASDAQ-100® 200% of the inverse QID QID.IV NDX

UltraShort Dow30SM Dow Jones Industrial AverageSM 200% of the inverse DXD DXD.IV INDU

UltraShort S&P500® S&P 500® 200% of the inverse SDS SDS.IV SPX

UltraShort Russell3000 Russell 3000® 200% of the inverse TWQ TWQ.IV RAY

UltraShort MidCap400 S&P MidCap 400TM 200% of the inverse MZZ MZZ.IV MID

UltraShort SmallCap600 S&P SmallCap 600TM 200% of the inverse SDD SDD.IV SML

UltraShort Russell2000 Russell 2000® 200% of the inverse TWM TWM.IV RTY

UltraPro Short QQQ® NASDAQ-100® 300% of the inverse SQQQ SQQQ.IV NDX

UltraPro Short Dow30SM Dow Jones Industrial AverageSM 300% of the inverse SDOW SDOW.IV INDU

UltraPro Short S&P500® S&P 500® 300% of the inverse SPXU SPXU.IV SPX

UltraPro Short MidCap400 S&P MidCap 400TM 300% of the inverse SMDD SMDD.IV MID

UltraPro Short Russell2000 Russell 2000® 300% of the inverse SRTY SRTY.IV RTY

Short Style

UltraShort Russell1000 Value Russell 1000® Value 200% of the inverse SJF SJF.IV RLV

UltraShort Russell1000 Growth Russell 1000® Growth 200% of the inverse SFK SFK.IV RLG

UltraShort Russell MidCap Value Russell Midcap® Value 200% of the inverse SJL SJL.IV RMV

UltraShort Russell MidCap Growth Russell Midcap® Growth 200% of the inverse SDK SDK.IV RDG

UltraShort Russell2000 Value Russell 2000® Value 200% of the inverse SJH SJH.IV RUJ

UltraShort Russell2000 Growth Russell 2000® Growth 200% of the inverse SKK SKK.IV RUO

Short Sector

Short Basic Materials Dow Jones U.S. Basic MaterialsSM 100% of the inverse SBM SBM.IV DJUSBM

Short Financials Dow Jones U.S. FinancialsSM 100% of the inverse SEF SEF.IV DJUSFN

Short Oil & Gas Dow Jones U.S. Oil & GasSM 100% of the inverse DDG DDG.IV DJUSEN

Short Real Estate Dow Jones U.S. Real EstateSM 100% of the inverse REK REK.IV DJUSRE

Short KBW Regional Banking KBW Regional BankingSM 100% of the inverse KRS KRS.IV KRX

UltraShort Basic Materials Dow Jones U.S. Basic MaterialsSM 200% of the inverse SMN SMN.IV DJUSBM

UltraShort Nasdaq Biotechnology NASDAQ Biotechnology® 200% of the inverse BIS BIS.IV NBI

UltraShort Consumer Goods Dow Jones U.S. Consumer GoodsSM 200% of the inverse SZK SZK.IV DJUSNC

UltraShort Consumer Services Dow Jones U.S. Consumer ServicesSM 200% of the inverse SCC SCC.IV DJUSCY

UltraShort Financials Dow Jones U.S. FinancialsSM 200% of the inverse SKF SKF.IV DJUSFN

UltraShort Health Care Dow Jones U.S. Health CareSM 200% of the inverse RXD RXD.IV DJUSHC

UltraShort Industrials Dow Jones U.S. IndustrialsSM 200% of the inverse SIJ SIJ.IV DJUSIN

UltraShort Oil & Gas Dow Jones U.S. Oil & GasSM 200% of the inverse DUG DUG.IV DJUSEN

UltraShort Real Estate Dow Jones U.S. Real EstateSM 200% of the inverse SRS SRS.IV DJUSRE

Investing involves substantial risk, including loss of principal. “QQQ®”, “NASDAQ-100®” and “NASDAQ Biotechnology Index®” are trademarks of The NASDAQ OMX Group, Inc. “S&P 500®” Index, S&P MidCap 400TM Index and S&P SmallCap 600TM Index are trademarks of The McGraw-Hill Companies, Inc. “Dow Jones,” “DJ,” “Dow Jones Industrial AverageSM,” “The Dow 30SM,” “Dow Jones U.S. Sector Indexes,” “Dow Jones Select Sector Indexes,” “Dow Jones-UBS Commodity IndexSM,” and the names identifying each of the individual “Dow Jones-UBS Sub-IndexesSM” are servicemarks of Dow Jones & Company and UBS Securities, LLC, as the case may be. The Russell 3000® Index, Russell 2000® Index, Russell 2000® Growth Index, Russell 2000® Value Index, Russell 1000® Growth Index, Russell 1000® Value Index, Russell Midcap® Growth Index, Russell Midcap® Value Index, are trademarks of the Russell Investment Group. MSCI, MSCI Inc., MSCI Index, and EAFE are servicemarks of MSCI. Barclays Capital and Barclays Capital Inc. are trademarks of Barclays Capital Inc. “Credit Suisse” and “Credit Suisse 130/30 Large-Cap IndexTM”, are trademarks of Credit Suisse Securities (USA) LLC or one of its affiliates. “KBW Regional Banking IndexSM” is a servicemark of Keefe Bruyette & Woods, Inc. “FTSE/Xinhua China 25” is a trademark of FTSE/Xinhua Index Limited (“FXI”). All have been licensed for use by ProShares. “FTSE®” is a trademark of the London Stock Exchange plc and The Financial Times Limited and is used by FXI under license. “Xinhua®” is a trademark of Xinhua Finance Limited and is used by FXI under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality or suitability. ProShares are not sponsored, endorsed or promoted by these entities or their subsidiaries or affiliates, and they make no representation regarding the advisability of investing in these products. THESE ENTITIES AND THEIR SUBSIDIARIES AND AFFILIATES MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO PROSHARES.

Product Guide

Ultra ProShares seek to double or triple the daily performance of their applicable indexes.

Ultra ProShares Index/Benchmark Daily

Objective* Trading

Symbol Intraday

Symbol Bloomberg Index Symbol

ultra InternatIonal – continued

Ultra MSCI Brazil MSCI Brazil 200% UBR UBR.IV MXBR

Ultra FTSE/Xinhua China 25 FTSE/Xinhua China 25 200% XPP XPP.IVXIN0I

Ultra MSCI Japan MSCI Japan 200% EZJ EZJ.IV MXJP

Ultra MSCI Mexico Investable Market MSCI Mexico Investable Market 200% UMX UMX MZMXI

ULTRAfixed-income

Ultra 7-10 Year Treasury Barclays Capital 7-10 Year U.S. Treasury 200% UST UST.IV LT09TRUU

Ultra 20+ Year Treasury Barclays Capital 20+ Year U.S. Treasury 200% UBT UBT.IV LT11TRUU

ultra CoMModIty**

Ultra DJ-UBS Commodity Dow Jones-UBS CommoditySM 200% UCD UCD.IV DJUBS

Ultra DJ-UBS Crude Oil Dow Jones-UBS Crude Oil Sub-IndexSM 200% UCO UCO.IV DJUBSCL

Ultra Gold London PM Gold Fixing 200% UGL UGL.IV GOLDLNPM

Ultra Silver London Silver Fixing 200% AGQ AGQ.IV SLVRLN

ULTRACurrency**

Ultra Euro EUR/USD 4:00 pm ET exchange rate 200% ULE ULE.IV —

Ultra Yen JPY/USD 4:00 pm ET exchange rate 200% YCL YCL.IV —

*Before fees and expenses. **Generates a K-1 tax form.

Ultra ProShares seek to double or triple the daily performance of their applicable indexes.

Ultra ProShares Index/Benchmark Daily

Objective* Trading

Symbol Intraday

Symbol Bloomberg Index Symbol

Ultra MarketCap

Ultra QQQ® NASDAQ-100® 200% QLD QLD.IV NDX

Ultra Dow30SM Dow Jones Industrial AverageSM 200% DDM DDM.IV INDU

Ultra S&P500® S&P 500® 200% SSO SSO.IV SPX

Ultra Russell3000 Russell 3000® 200% UWC UWC.IV RAY

Ultra MidCap400 S&P MidCap 400TM 200% MVV MVV.IV MID

Ultra SmallCap600 S&P SmallCap 600TM 200% SAA SAA.IV SML

Ultra Russell2000 Russell 2000® 200% UWM UWM.IV RTY

UltraPro QQQ® NASDAQ-100® 300% TQQQ TQQQ.IV NDX

UltraPro Dow30SM Dow Jones Industrial AverageSM 300% UDOW UDOW.IV INDU

UltraPro S&P500® S&P 500® 300% UPRO UPRO.IV SPX

UltraPro MidCap400 S&P MidCap 400TM 300% UMDD UMDD.IV MID

UltraPro Russell2000 Russell 2000® 300% URTY URTY.IV RTY

ULTRAStyle

Ultra Russell1000 Value Russell 1000® Value 200% UVG UVG.IV RLV

Ultra Russell1000 Growth Russell 1000® Growth 200% UKF UKF.IV RLG

Ultra Russell MidCap Value Russell Midcap® Value 200% UVU UVU.IV RMV

Ultra Russell MidCap Growth Russell Midcap® Growth 200% UKW UKW.IV RDG

Ultra Russell2000 Value Russell 2000® Value 200% UVT UVT.IV RUJ

Ultra Russell2000 Growth Russell 2000® Growth 200% UKK UKK.IV RUO

ULTRASector

Ultra Basic Materials Dow Jones U.S. Basic MaterialsSM 200% UYM UYM.IV DJUSBM

Ultra Nasdaq Biotechnology NASDAQ Biotechnology® 200% BIB BIB.IV NBI

Ultra Consumer Goods Dow Jones U.S. Consumer GoodsSM 200% UGE UGE.IV DJUSNC

Ultra Consumer Services Dow Jones U.S. Consumer ServicesSM 200% UCC UCC.IV DJUSCY

Ultra Financials Dow Jones U.S. FinancialsSM 200% UYG UYG.IV DJUSFN

Ultra Health Care Dow Jones U.S. Health CareSM 200% RXL RXL.IV DJUSHC

Ultra Industrials Dow Jones U.S. IndustrialsSM 200% UXI UXI.IV DJUSIN

Ultra Oil & Gas Dow Jones U.S. Oil & GasSM 200% DIG DIG.IV DJUSEN

Ultra Real Estate Dow Jones U.S. Real EstateSM 200% URE URE.IV DJUSRE

Ultra KBW Regional Banking KBW Regional BankingSM 200% KRU KRU.IV KRX

Ultra Semiconductors Dow Jones U.S. SemiconductorsSM 200% USD USD.IV DJUSSC

Ultra Technology Dow Jones U.S. TechnologySM 200% ROM ROM.IV DJUSTC

Ultra Telecommunications Dow Jones U.S. Select TelecommunicationsSM 200% LTL LTL.IV DJSTEL

Ultra Utilities Dow Jones U.S. UtilitiesSM 200% UPW UPW.IV DJUSUT

ultra InternatIonal

Ultra MSCI EAFE MSCI EAFE 200% EFO EFO.IV MXEA

Ultra MSCI Emerging Markets MSCI Emerging Markets 200% EET EET.IV MXEF

Ultra MSCI Europe MSCI Europe 200% UPV UPV.IV MXEU

Ultra MSCI Pacific ex-Japan MSCI Pacific ex-Japan 200% UXJ UXJ.IV MXPFJ

Alpha ProShares seek to provide access to advanced investment strategies.

Alpha ProShares

Index

Trading

Symbol

Intraday

Symbol

Bloomberg Index Symbol

Credit Suisse 130/30

Credit Suisse 130/30 Large Cap

CSM

CSM.IV

CS13030

Each Short or Ultra ProShares ETF seeks a return that is either 300%, 200%, -100%, -200%, or -300% of the return of an index or other benchmark (target) for a single day. Due to the compounding of daily returns, Short or Ultra ProShares’ returns over periods other than one day will likely differ in amount and possibly direction from the target return for the same period. Investors should monitor their ProShares holdings consistent with their strategies, as frequently as daily. For more on correlation, leverage and other risks, please read the prospectus. Investing involves substantial risk, including loss of principal. ProShares are non-diversified and entail certain risks, including aggressive investment techniques (futures contracts, options, forward contracts, swap agreements and similar instruments), imperfect benchmark correlation, leverage and market price variance. These risks may pose risks different from, or greater than, those associated with a direct investment in the securities underlying the funds’ benchmarks, can increase volatility, and may dramatically decrease performance. There is no guarantee that any ProShares ETF will achieve its investment objective. ProShares are not suitable for all investors.

ProShares Commodity and Currency ETFs are not regulated under the Investment Company Act of 1940. Investing in these ETFs involves significant risks. Investors could lose all or substantially all of their investment. ProShares Trust II (the issuer) has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete 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 toll-free 866-PRO-5125, or visit proshares.com, or you may request a copy from any underwriter or other dealer participating in the offering. These funds generate a K-1 tax form.

Carefully consider the investment objectives, risks, charges and expenses of ProShares before investing. This and other information can be found in their summary and full prospectus(es). Read them carefully before investing. Obtain them from your financial adviser or broker/dealer representative or by visiting proshares.com. ProShares registered under the Investment Company Act of 1940 are distributed by SEI Investments Distribution Co. which is not affiliated with ProFunds Group or its affiliates. 2010-1741