Fund Description: ProShares Ultra 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 Ultra Euro seeks daily investment results, before fees and expenses, that correspond to twice (200%) the U.S. Dollar price of the Euro. 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 ProShares Ultra Euro is designed to track a multiple or inverse multiple of the daily performance of the Euro spot price versus the U.S. Dollar. These Funds will use the 4:00 p.m. (Eastern Time) Euro exchange rate as provided by Reuters, expressed in terms of U.S. Dollars per unit of foreign currency, as the basis for the underlying benchmark. FUND STRATEGY: In seeking to achieve the Fund’s investment objective, the Sponsor, ProShare Capital Management LLC, uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions that is believed will, in combination, should produce daily returns consistent with a Fund’s objective. The Sponsor relies upon a pre-determined model to generate orders that will result in repositioning each 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. 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.