Fund Description: ProShares UltraShort Euro ETF is an exchange-traded index fund or Index ETF which is a separate investment portfolio of the ProShares Trust II, an investment management company. INVESTMENT OBJECTIVE: ProShares UltraShort Euro ETF seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the daily performance of the U.S. Dollar price of the Euro. 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 euro benchmark is the 4 pm ET euro in U.S. Dollar terms (EUR/USD cross rate) as published in The Wall Street Journal and will be tracked to 4 decimal places. The EUR/USD cross rate is expressed as a rate that reflects the number of U.S. dollars that can be exchanged for one euro. The EUR/USD cross rate is published daily in the Money & Investing section of The Wall Street Journal currencies chart. At its inception on January 1, 1999, the Euro was launched as an electronic currency used by banks, foreign exchange dealers and stock markets. In 2002, the Euro became cash currency for approximately 300 million citizens of 12 European countries plus four more countries in 2004. FUND STRATEGY: In seeking to achieve the Fund's investment objective, a mathematical approach is used to investing. Using this approach, the Sponsor, ProShare Capital Management LLC, determines the type, quantity and mix of investment positions that is believed in combination should produce daily returns consistent with the Fund’s objective. The Sponsor relies upon a pre-determined model to generate orders that will result in repositioning the Fund’s investments in accordance with its daily investment objectives. It is currently contemplated that the Fund will invest principally in any one of or combinations of the Financial Instruments with respect to the applicable Fund’s benchmark to the extent determined appropriate. Assets of the Fund not invested in Financial Instruments will be invested in cash and/or U.S. Treasury Securities or other high credit quality short-term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. or the applicable foreign currency with respect to a Currency Fund) that will serve as collateral for the Financial Instruments. FUND MANAGEMENT: The Sponsor, ProShare Capital Management LLC, has exclusive management and control of all aspects of the business of the Fund.