Fund Description: ProShares Short Euro 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: The ProShares Short Euro ETF seeks daily investment results, before fees and expenses, that correspond to the inverse (-1x) of the daily performance of the U.S. dollar price of the euro. Due to the compounding of daily returns, 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 holdings consistent with their strategies, as frequently as daily. BENCHMARK DESCRIPTION: The ProShares Short Euro ETF uses the 4:00 p.m. (Eastern Time) euro/U.S. dollar exchange rate as provided by Bloomberg, expressed in terms of U.S. dollars per unit of foreign currency, as the basis for the benchmark. FUND STRATEGY: The Fund does not seek to achieve its stated objectives over a period greater than one day. If the Fund is successful in meeting its objective, its value on a given day (before fees and expenses) should gain approximately as much on a percentage basis as the level of its corresponding benchmark when the benchmark declines. Conversely, its value on a given day (before fees and expenses) should lose approximately as much on a percentage basis as the level of its corresponding benchmark when the benchmark rises. The Fund acquires exposure through futures contracts, and under certain circumstances, forward contracts, such that the Fund has exposure intended to approximate the inverse (-1x) of its corresponding benchmark at the time of its NAV calculation. In seeking to achieve the Funds’ investment objectives, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions that the Sponsor believes, in combination, should produce daily returns consistent with the Funds’ objectives. The impact of a benchmark’s movements during the day will affect whether the Fund’s portfolio needs to be rebalanced. FUND MANAGEMENT: ProShare Capital Management LLC serves as the Sponsor to the Fund.