Fund Description: ProShares UltraShort Yen 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 Yen seeks daily investment results, before fees and expenses, that correspond to twice (200%) the inverse (opposite) of the U.S. Dollar price of the Yen. 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 Yen benchmark is the 4 pm ET Japanese Yen in U.S. Dollar terms (JPY/USD cross rate) as published in The Wall Street Journal and will be tracked to 7 decimal places. The JPY/USD cross rate is determined by dividing one by the US dollar to Yen exchange rate, or 1/(YEN/$). The result shows the value of the yen in dollar terms. The Yen benchmark quote is published daily in the Money & Investing section of The Wall Street Journal in the currencies chart. 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 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 each Fund’s investments in accordance with their daily investment objectives. It is currently contemplated that the Fund will invest principally in any one of or combinations of Financial Instruments, including swap agreements, futures contracts, options on futures contracts or forward contracts with respect to the applicable Fund’s benchmark to the extent determined appropriate by the Sponsor. Assets of the Fund not invested in Financial Instruments will be invested in cash equivalents (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. The Sponsor does not invest the assets of the Fund in Financial Instruments or other assets based on its view of the investment merit of a particular investment, nor does it conduct conventional commodity or currency research or analysis, or forecast market movement or trends, in managing the assets of the Fund. FUND MANAGEMENT: The Sponsor, ProShare Capital Management LLC, has exclusive management and control of all aspects of the business of the Fund.