Fund Description: ProShares VIX Short-Term Futures 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 VIX Short-Term Futures ETF seeks to provide investment results, before fees and expenses that match the performance of the S&P 500 VIX Short-Term Futures Index. INDEX DESCRIPTION: The S&P 500 VIX Short-Term Futures Index measures the movements of a combination of VIX futures and is designed to track changes in the expectation for one month in the future. The Index maintains an average weighted settlement date of one month by rolling a portion of the position in the first month VIX futures contract into the second month VIX futures contract on a daily basis. The VIX is a commonly followed measure of the expected volatility of the S&P 500 over the next 30 days. However, since VIX is not directly investable, exposure to equity volatility is often obtained though VIX futures. The price of a VIX futures contract reflects the market expectation for the level of VIX on the settlement date of the contract. FUND STRATEGY: The VIX Fund intends to obtain exposure to its Index by investing in VIX futures contracts. 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 (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and collateralized repurchase agreements, whether denominated in U.S. or the applicable foreign currency with respect to a Currency Fund) that may be used as margin or serve as collateral for the Financial Instruments. The VIX is a benchmark index designed to measure the implied volatility of an index of large-cap U.S. stocks over 30 days in the future, and is calculated based on the prices of certain put and call options on the S&P 500. The VIX is reflective of the premium paid by investors for certain options linked to the level of the S&P 500. During periods of rising investor uncertainty, including periods of market instability, the implied level of volatility of the S&P 500 typically increases and consequently, the prices of options linked to the S&P 500 typically increase (assuming all other relevant factors remain constant or have negligible changes). This, in turn, causes the level of the VIX to increase. The VIX has historically had a negative correlation to the S&P 500. The VIX was developed by the CBOE and is calculated, maintained and published by the CBOE (Chicago Board Options Exchange). The CBOE has no obligation to continue to publish, and may discontinue the publication of, the VIX. The VIX is reported by Bloomberg L.P. under the ticker symbol VIX. The calculation of the VIX involves a formula that uses the prices of a weighted series of out-of-the money put and call options on the level of the S&P 500 Index (SPX Options) with two adjacent expiry terms to derive a constant 30-day forward measure of market volatility. The VIX Futures Indexes are comprised of VIX futures contracts, which at any given time represent one or more VIX futures contracts. A futures contract provides for a specified settlement month in which the cash settlement is made or in which the underlying asset or financial instrument is to be delivered by the seller (whose position is therefore described as short) and acquired by the purchaser (whose position is therefore described as long). VIX futures contracts may be traded on any one or a combination of regulated futures exchanges, FUND MANAGEMENT: ProShare Capital Management LLC, serves as the Trust’s Sponsor, commodity pool operator and commodity trading advisor.