ProShares Trust II

ProShares Trust II is a Delaware statutory trust that operates multiple exchange-traded funds (ETFs) organized into separate investment series, including funds that provide leveraged, inverse, and matched exposure to equity volatility through VIX futures, as well as commodity futures and foreign exchange markets. The Funds target knowledgeable investors through Authorized Participants who create and distribute shares on major exchanges, using mathematical investment approaches with derivative instruments such as futures contracts and swaps to achieve stated daily or ongoing performance targets without direct asset ownership. The Sponsor generates revenue from management fees on assets under management, while the Funds operate as unregistered commodity pools regulated by the CFTC, using leverage and derivatives to deliver their specified return multiples relative to their respective benchmarks.