Fund Description: ProShares UltraShort Australian Dollar ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ProShares Trust II, an open-end investment management company. INVESTMENT OBJECTIVE: ProShares UltraShort Australian Dollar ETF seeks daily investment results, before fees and expenses, that correspond to twice the inverse (-2x) of the daily performance of the U.S. dollar price of the Australian dollar. The Fund does not seek to achieve its stated investment objective over a period of time greater than one day because mathematical compounding prevents the Fund from achieving such results. Due to the compounding of daily returns, 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 frequent as daily. INDEX/BENCHMARK DESCRIPTION: The Australian dollar benchmark is the 4:00 p.m. ET Australian dollar in U.S. dollar terms (AUD/USD cross rate) as published by Bloomberg. The Australian dollar is the national currency of Australia and the currency of the accounts of the Reserve Bank of Australia, the Australian central bank. The official currency code for the Australian dollar is AUD. As with U.S. currency, 100 Australian cents are equal to one Australian dollar. In Australia, unlike most other countries, cash transactions are rounded to the nearest five cents. The most commonly used symbol used to represent the Australian dollar is A$. FUND STRATEGY: The Fund intends to meet its investment objective by obtaining long or short exposures to its benchmark through futures contracts on its underlying currency. In the event position accountability rules or position limits are reached with respect to futures contracts, the Sponsor may, in its commercially reasonable judgment, cause such Fund to obtain exposure to its benchmark through forward contracts referencing the benchmark, or invest in other forward contracts if such instruments tend to exhibit trading prices or returns that correlate with the benchmark or a component of the benchmark and will further the investment objective of the Fund. The Fund will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality short-term fixed-income or similar securities. The Funds invest in or have exposure to futures contracts and will typically roll such contracts. FUND MANAGEMENT: The Sponsor, ProShare Capital Management LLC, has exclusive management and control of all aspects of the business of the Fund.