UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 20, 2016

ProShares Trust II

(Exact name of registrant as specified in its charter)

Michael L. Sapir

c/o ProShare Capital Management LLC

7501 Wisconsin Avenue

East Tower, 10th Floor

Bethesda, Maryland 20814

(240) 497-6400

(Name, address, including zip code, and telephone number, including area code, of agent for service)

Copies to:

Michael J. Schmidtberger, Esq.

James C. Munsell, Esq.

c/o Sidley Austin LLP

787 Seventh Avenue

New York, New York 10019

and

Richard F. Morris

c/o ProShare Capital Management LLC

7501 Wisconsin Avenue

East Tower, 10th Floor

Bethesda, Maryland 20814

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

On July 1, 2016, ProShare Capital Management LLC on behalf of ProShares Trust II (the “Trust”) issued a press release announcing share splits (the “Split”) on two of the Trust’s series, ProShares UltraShort Bloomberg Commodity (NYSE Arca symbol “CMD”) and ProShares UltraShort Bloomberg Natural Gas (NYSE Arca symbol “KOLD”), and reverse share splits (the “Reverse Split”) on two of the Trust’s series, ProShares VIX Short-Term Futures ETF (NYSE Arca symbol “VIXY”) and ProShares Ultra VIX Short-Term Futures ETF (NYSE Arca symbol “UVXY”). The Splits and the Reverse Splits will not change the value of a shareholder’s investment.

The Split will split shares 3-for-1 and apply to shareholders of record as of the close of the markets on July 20, 2016, payable after the close of the markets on July 22, 2016. ProShares UltraShort Bloomberg Commodity and ProShares UltraShort Bloomberg Natural Gas will trade at their respective post-Split prices on July 25, 2016. The ticker symbols and CUSIP numbers for ProShares UltraShort Bloomberg Commodity and ProShares UltraShort Bloomberg Natural Gas will not change.ProShares VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF will each execute a 1-for-5 Reverse Split of shares. The Reverse Splits will be effective at the market open on July 25, 2016, when the Funds will begin trading at their respective post-Reverse Split prices. The ticker symbols for the Funds will not change, but the Fund will be issued new CUSIP numbers: ProShares VIX Short-Term Futures ETF (new CUSIP number “74347W262”) and ProShares Ultra VIX Short-Term Futures ETF (new CUSIP number “74347W254”).

The Reverse Splits will increase the price per share of ProShares VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF with a proportionate decrease in the number of shares outstanding. Specifically, every five pre-Reverse Split shares held by a shareholder will result in the receipt of one post-Reverse Split share, which will be priced five times higher than the net asset value of a pre-Reverse Split share.

For shareholders who hold quantities of shares that are not an exact multiple of the Reverse Split ratio (i.e., not a multiple of 5), the Reverse Split will result in the creation of a fractional share. Post-Reverse Split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

The press release includes information relating to additional funds, none of which are series of the Trust.

(d) Exhibits

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 20, 2016