Free Writing Prospectus

Filed Pursuant to Rule 433

Registration No. 333-163511

January 5 2011

ProShare The Alternative ETF Company.SM Product Guide As of 1/2011 Short proShares ETFs seeking the inverse, or multiple of the inverse, of a single-day return of a benchmark. Bloomberg Daily Trading Index ProShares ETFs / Index or Benchmark Objective* Symbol** Symbol t t t t Short MarketCap Short QQQ® NASDAQ-100® -1x PSQ NDX Short Dow30SM Dow Jones Industrial AverageSM -1x DOG INDU Short S&P500® S&P 500® -1x SH SPX Short MidCap400 S&P MidCap 400TM -1x MYY MID Short SmallCap600 S&P SmallCap 600TM -1x SBB SML Short Russell2000 Russell 2000® -1x RWM RTY UltraShort QQQ® NASDAQ-100® -2x QID NDX UltraShort Dow30SM Dow Jones Industrial AverageSM -2x DXD INDU UltraShort S&P500® S&P 500® -2x SDS SPX UltraShort Russell3000 Russell 3000® -2x TWQ RAY UltraShort MidCap400 S&P MidCap 400TM -2x MZZ MID UltraShort SmallCap600 S&P SmallCap 600TM -2x SDD SML UltraShort Russell2000 Russell 2000® -2x TWM RTY UltraPro Short QQQ® NASDAQ-100® -3x SQQQ NDX UltraPro Short Dow30SM Dow Jones Industrial AverageSM -3x SDOW INDU UltraPro Short S&P500® S&P 500® -3x SPXU SPX UltraPro Short MidCap400 S&P MidCap 400TM -3x SMDD MID UltraPro Short Russell2000 Russell 2000® -3x SRTY RTY Short Style UltraShort Russell1000 Value Russell 1000® Value -2x SJF RLV UltraShort Russell1000 Growth Russell 1000® Growth -2x SFK RLG UltraShort Russell MidCap Value Russell Midcap® Value -2x SJL RMV UltraShort Russell MidCap Growth Russell Midcap® Growth -2x SDK RDG UltraShort Russell2000 Value Russell 2000® Value -2x SJH RUJ UltraShort Russell2000 Growth Russell 2000® Growth -2x SKK RUO Short SeCtor Short Basic Materials Dow Jones U.S. Basic MaterialsSM -1x SBM DJUSBM Short Financials Dow Jones U.S. FinancialsSM -1x SEF DJUSFN Short Oil & Gas Dow Jones U.S. Oil & GasSM -1x DDG DJUSEN Short Real Estate Dow Jones U.S. Real EstateSM -1x REK DJUSRE Short KBW Regional Banking KBW Regional BankingSM -1x KRS KRX UltraShort Basic Materials Dow Jones U.S. Basic MaterialsSM -2x SMN DJUSBM UltraShort Nasdaq Biotechnology NASDAQ Biotechnology® -2x BIS NBI UltraShort Consumer Goods Dow Jones U.S. Consumer GoodsSM -2x SZK DJUSNC UltraShort Consumer Services Dow Jones U.S. Consumer ServicesSM -2x SCC DJUSCY UltraShort Financials Dow Jones U.S. FinancialsSM -2x SKF DJUSFN UltraShort Health Care Dow Jones U.S. Health CareSM -2x RXD DJUSHC UltraShort Industrials Dow Jones U.S. IndustrialsSM -2x SIJ DJUSIN UltraShort Oil & Gas Dow Jones U.S. Oil & GasSM -2x DUG DJUSEN UltraShort Real Estate Dow Jones U.S. Real EstateSM -2x SRS DJUSRE UltraShort Semiconductors Dow Jones U.S. SemiconductorsSM -2x SSG DJUSSC UltraShort Technology Dow Jones U.S. TechnologySM -2x REW DJUSTC UltraShort Telecommunications Dow Jones U.S. Select TelecommunicationsSM -2x TLL DJSTEL UltraShort Utilities Dow Jones U.S. UtilitiesSM -2x SDP DJUSUT Bloomberg Daily Trading Index ProShares ETFs / Index or Benchmark Objective* Symbol** Symbol t t t t Short InternatIonal Short MSCI EAFE MSCI EAFE -1x EFZ MXEA Short MSCI Emerging Markets MSCI Emerging Markets -1x EUM MXEF Short FTSE China 25 FTSE China 25 -1x YXI XINOI UltraShort MSCI EAFE MSCI EAFE -2x EFU MXEA UltraShort MSCI Emerging Markets MSCI Emerging Markets -2x EEV MXEF UltraShort MSCI Europe MSCI Europe -2x EPV MXEU UltraShort MSCI Pacific ex-Japan MSCI Pacific ex-Japan -2x JPX MXPFJ UltraShort MSCI Brazil MSCI Brazil -2x BZQ MXBR UltraShort FTSE China 25 FTSE China 25 -2x FXP XINOI UltraShort MSCI Japan MSCI Japan -2x EWV MXJP UltraShort MSCI Mexico Investable Market MSCI Mexico Investable Market -2x SMK MZMXI Short fIxed InCoMe Short 20+ Year Treasury Barclays Capital 20+ Year U.S. Treasury -1x TBF LT11TRUU UltraShort 7-10 Year Treasury Barclays Capital 7-10 Year U.S. Treasury -2x PST LT09TRUU UltraShort 20+ Year Treasury Barclays Capital 20+ Year U.S. Treasury -2x TBT LT11TRUU Short CoMModIty†† UltraShort DJ-UBS Commodity Dow Jones-UBS CommoditySM -2x CMD DJUBS UltraShort DJ-UBS Crude Oil Dow Jones-UBS Crude Oil Sub-IndexSM -2x SCO DJUBSCL UltraShort Gold London PM Gold Fixing -2x GLL GOLDLNPM UltraShort Silver London Silver Fixing -2x ZSL SLVRLN Short CurrenCy†† UltraShort Euro EUR/USD 4:00 pm ET exchange rate -2x EUO — UltraShort Yen JPY/USD 4:00 pm ET exchange rate -2x YCS — *Before fees and expenses. **Add .IV after ticker symbol for IOPV/IIV symbol. ††Not regulated by the Investment Company Act of 1940. These funds may have different tax implications and generate a K-1 tax form. Investing involves substantial risk, including loss of principal. “QQQ®” and “NASDAQ-100®” are trademarks of the NASDAQ OMX Group, Inc. “Standard & Poor’s®,” “S&P®,” “S&P 500®,” “Standard & Poor’s 500™,” “S&P 500 VIX Short-Term Futures™” and “S&P 500 VIX Medium-Term FuturesTM” are trademarks of Standard & Poor’s Financial Services LLC (“S&P”). “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 service marks of Dow Jones Trademark Holdings, LLC, 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” and “Russell Midcap® Value Index” are trademarks of Russell Investments. “MSCI,” “MSCI Inc.,” “MSCI Index” and “EAFE” are service marks 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” are service marks of Keefe, Bruyette and Woods, Inc. “Research Affiliates Fundamental Index®,” and “RAFI®” are trademarks of Research Affiliates, LLC. All have been licensed for use by ProShares. “VIX” is a trademark of the Chicago Board Options Exchange, Incorporated, and has been licensed for use by S&P. The Dow Jones Indexes are licensed trademarks of CME Group Index Services LLC (“CME”). Dow Jones service marks have been licensed for use by CME. “FTSE®” is a trademark of the London Stock Exchange Plc and The Financial Times Limited and is used by FTSE International Limited (“FTSE”) under license. ProShares have not been passed on by these entities or their subsidiaries or affiliates as to their legality of 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

ProShare The Alternative ETF Company.SM Product Guide As of 1/2011 ultra proShares ETFs seeking a multiple of a single-day return of a benchmark. Bloomberg Daily Trading Index ProShares ETFs / Index or Benchmark Objective* Symbol** Symbol t t t t ultra MarketCap Ultra QQQ® NASDAQ-100® 2x QLD NDX Ultra Dow30SM Dow Jones Industrial AverageSM 2x DDM INDU Ultra S&P500® S&P 500® 2x SSO SPX Ultra Russell3000 Russell 3000® 2x UWC RAY Ultra MidCap400 S&P MidCap 400TM 2x MVV MID Ultra SmallCap600 S&P SmallCap 600TM 2x SAA SML Ultra Russell2000 Russell 2000® 2x UWM RTY UltraPro QQQ® NASDAQ-100® 3x TQQQ NDX UltraPro Dow30SM Dow Jones Industrial AverageSM 3x UDOW INDU UltraPro S&P500® S&P 500® 3x UPRO SPX UltraPro MidCap400 S&P MidCap 400TM 3x UMDD MID UltraPro Russell2000 Russell 2000® 3x URTY RTY ultra Style Ultra Russell1000 Value Russell 1000® Value 2x UVG RLV Ultra Russell1000 Growth Russell 1000® Growth 2x UKF RLG Ultra Russell MidCap Value Russell Midcap® Value 2x UVU RMV Ultra Russell MidCap Growth Russell Midcap® Growth 2x UKW RDG Ultra Russell2000 Value Russell 2000® Value 2x UVT RUJ Ultra Russell2000 Growth Russell 2000® Growth 2x UKK RUO ultra SeCtor Ultra Basic Materials Dow Jones U.S. Basic MaterialsSM 2x UYM DJUSBM Ultra Nasdaq Biotechnology NASDAQ Biotechnology® 2x BIB NBI Ultra Consumer Goods Dow Jones U.S. Consumer GoodsSM 2x UGE DJUSNC Ultra Consumer Services Dow Jones U.S. Consumer ServicesSM 2x UCC DJUSCY Ultra Financials Dow Jones U.S. FinancialsSM 2x UYG DJUSFN Ultra Health Care Dow Jones U.S. Health CareSM 2x RXL DJUSHC Ultra Industrials Dow Jones U.S. IndustrialsSM 2x UXI DJUSIN Ultra Oil & Gas Dow Jones U.S. Oil & GasSM 2x DIG DJUSEN Ultra Real Estate Dow Jones U.S. Real EstateSM 2x URE DJUSRE Ultra KBW Regional Banking KBW Regional BankingSM 2x KRU KRX Ultra Semiconductors Dow Jones U.S. SemiconductorsSM 2x USD DJUSSC Ultra Technology Dow Jones U.S. TechnologySM 2x ROM DJUSTC Ultra Telecommunications Dow Jones U.S. Select TelecommunicationsSM 2x LTL DJSTEL Ultra Utilities Dow Jones U.S. UtilitiesSM 2x UPW DJUSUT ultra InternatIonal Ultra MSCI EAFE MSCI EAFE 2x EFO MXEA Ultra MSCI Emerging Markets MSCI Emerging Markets 2x EET MXEF Ultra MSCI Europe MSCI Europe 2x UPV MXEU Ultra MSCI Pacific ex-Japan MSCI Pacific ex-Japan 2x UXJ MXPFJ Ultra MSCI Brazil MSCI Brazil 2x UBR MXBR Ultra FTSE China 25 FTSE China 25 2x XPP XIN0I Ultra MSCI Japan MSCI Japan 2x EZJ MXJP Ultra MSCI Mexico Investable Market MSCI Mexico Investable Market 2x UMX MZMXI Bloomberg Daily Trading Index ProShares ETFs / Index or Benchmark Objective* Symbol** Symbol t t t t ultra fIxed InCoMe Ultra 7-10 Year Treasury Barclays Capital 7-10 Year U.S. Treasury 2x UST LT09TRUU Ultra 20+ Year Treasury Barclays Capital 20+ Year U.S. Treasury 2x UBT LT11TRUU ultra CoMModIty†† Ultra DJ-UBS Commodity Dow Jones-UBS CommoditySM 2x UCD DJUBS Ultra DJ-UBS Crude Oil Dow Jones-UBS Crude Oil Sub-IndexSM 2x UCO DJUBSCL Ultra Gold London PM Gold Fixing 2x UGL GOLDLNPM Ultra Silver London Silver Fixing 2x AGQ SLVRLN ultra CurrenCy†† Ultra Euro EUR/USD 4:00 pm ET exchange rate 2x ULE — Ultra Yen EUR/USD 4:00 pm ET exchange rate 2x YCL — alpha proShares ETFs providing advanced investment strategies. Bloomberg Trading Index ProShares ETFs / Index or Benchmark Symbol** Symbol t t t Credit Suisse 130/30 Credit Suisse 130/30 Large Cap CSM CS13030 RAFI Long/Short® RAFI US Equity Long/Short Index RALS RAFILS Volatility proShares ETFs seeking to match the performance of the benchmark index. Bloomberg Trading Index ProShares ETFs / Index or Benchmark Symbol** Symbol t t t VIX Short-Term Futures ETF S&P 500 Short-Term Futures IndexTM†† NEW† VIXY VIXY.IV VIX Mid-Term Futures ETF S&P 500 Mid-Term FuturesTM†† NEW† VIXM VIXM.IV *Before fees and expenses. **Add .IV after ticker symbol for IOPV/IIV symbol. †Fund launched in 2011. ††Not regulated by the Investment Company Act of 1940. These funds may have different tax implications and generate a K-1 tax form. Each Short or Ultra ProShares ETF seeks a return that is either 3x, 2x, -1x, -2x, or -3x 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 risk associated with the use of derivatives (futures 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 and are not afforded its protections. 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. These ETFs do not invest directly in commodities or currencies. These funds may have different tax implications and 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 prospectuses. Read them carefully before investing. Obtain them from your financial adviser or broker/dealer representative or by visiting proshares.com. ProShares are distributed by SEI Investments Distribution Co. which is not affiliated with the advisor or sponsor. © 2010 PSA/PCM 2010-5401