Form of Administrative Agency Agreement



 Exhibit 10.2 
 FORM OF ADMINISTRATIVE AGENCY AGREEMENT 
 THIS ADMINISTRATIVE AGENCY AGREEMENT (the
“Agreement”) is made as of                      by and among BROWN BROTHERS HARRIMAN & CO., a limited partnership
organized under the laws of the State of New York (the “Administrator”), PROSHARES TRUST II, a statutory trust organized under the laws of the State of Delaware (the “ Trust” for itself and on behalf of each
of its series listed on Appendix A to this Agreement, each a “Fund” and collectively, the “Funds”), and PROSHARE CAPITAL MANAGEMENT LLC, the Sponsor of the Funds (the “Sponsor”). 

WITNESSETH: 
 WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act; 
 WHEREAS, the
Sponsor has exclusive responsibility for the management and control of the business and affairs of the Trust and each Fund; and 
 WHEREAS, the Trust and the Sponsor desire to retain the Administrator to render certain services to the Trust and the Funds, and the Administrator is willing to render such services. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows: 
 1. Appointment of Administrator. The Trust and the Sponsor hereby employ and appoint the Administrator to act as administrative agent on the terms set
forth in this Agreement, and the Administrator accepts such appointment. 
 2. Delivery of Documents. The Trust and the Sponsor will on a
continuing basis provide, or make available to, the Administrator: 
 2.1 copies of the Trust’s most recent registration statement under
the Securities Act of 1933; 
 2.2 copies of all agreements between the Trust and its service providers, including without limitation, sponsor
and distribution agreements; 
 2.3 copies of each Fund’s valuation procedures, to the extent they are developed; 
  

 1 








 2.4 a copy of the Trust’s charter documents; 
 2.5 any other documents or resolutions which relate to or affect the Administrator’s performance of its duties hereunder; and 
 2.6 copies of any and all amendments or supplements to the foregoing. 
 3. Duties as Administrator. The Administrator will perform the administrative services described in Appendix B hereto. Additional services may be provided by the Administrator upon the request of the
Trust as mutually agreed from time to time. In performing its duties and obligations hereunder, the Administrator will act in accordance with the Sponsor’s instructions as defined in Section 5 (“Instructions”). It is agreed and
understood that the Administrator shall not be responsible for the Trust’s or any Fund’s compliance with any applicable documents (including any Fund Records (as defined below) not created by the Administrator that the Administrator has
agreed to maintain pursuant to Section 3.1 below), laws or regulations, or for losses, costs or expenses arising out of the Trust’s or any Fund’s failure to comply with said documents, laws or regulations or the Trust’s or any
Fund’s failure or inability to correct any non-compliance therewith. The Administrator shall in no event be required to take any action, which is in contravention of any applicable law, rule or regulation or any order or judgment of any court
of competent jurisdiction. 
 3.1 Records. The Administrator will maintain and retain such records as required by the Securities
Exchange Act of 1934, as amended, the rules of the stock exchange on which the Funds’ shares are listed, 17 C.F.R. 4.23 (specifically, the records specified in 17 C.F.R. 4.23(a)(1) through (8), (10) through (12) and (b)(1)), and other
applicable federal securities laws and created pursuant to the performance of the Administrator’s obligations under this Agreement. The Administrator will also maintain those records of the Trust and the Funds including any changes,
modifications or amendments thereto (the “Fund Records”) and will act as document repository for such Fund Records. Upon receipt of such Fund Records, the Administrator will issue a receipt for such Fund Records. The Administrator shall
maintain a complete and orderly inventory of all Fund Records for which it has issued a receipt. The Administrator shall be under no duty or obligation to audit or reconcile the content, nor shall the Administrator be responsible for the accuracy or
completeness of those Fund Records not created by the Administrator. Upon written request in a form to be determined by Administrator and the Trust, the Administrator will return or release the requested Fund Records to such persons or entities
pursuant to the Instructions provided by the Trust. Once one or more Fund Records have been returned or released by the Administrator, the Administrator shall have no further duty or obligation to act as repository for said previously released Fund
Records. The Sponsor represents and warrants that: (a) promptly after the date of this Agreement, it will, at its own 

  

 2 








 
expense, deliver, cause to be delivered or make available to the Administrator all of the Fund Records in effect as of the date of this Agreement;
(b) it will, on a continuing basis and at its own expense, promptly deliver, cause to be delivered or make available to the Administrator any Fund Records created after the date of this Agreement; (c) it has adequate record-keeping
policies and procedures in effect to ensure that all Fund Records are promptly provided to the Administrator pursuant to the terms of this Agreement; (d) it shall be responsible for the accuracy and completeness of any Fund Records not created
by the Administrator; and (e) it shall be responsible for ensuring the Trust’s or the Funds’ compliance with, fulfillment of its obligations under or enforcement of, any Fund Records not created by the Administrator. The Administrator
acknowledges that the records maintained and preserved by the Administrator pursuant to this Agreement are the property of the Trust and will be, at the Trust’s expense, surrendered promptly upon reasonable request. In performing its
obligations under this Section, the Administrator may utilize micrographic and electronic storage media as well as independent third party storage facilities. 
 4. Duties of the Sponsor. The Sponsor shall notify the Administrator promptly of any matter affecting the performance by the Administrator of its services under this Agreement and where the Administrator is providing fund
accounting services pursuant to this Agreement shall promptly notify the Administrator as to the accrual of liabilities of the Funds and liabilities of the Funds not appearing on the books of account kept by the Administrator as to the existence,
status and proper treatment of reserves, if any. The Sponsor agrees to provide such information to the Administrator as may be requested under the banking and securities laws of the United States or other jurisdictions relating to “Know Your
Customer” and money laundering prevention rules and regulations (collectively, the “KYC Requirements”). For purposes of this subsection, and in connection with all applicable KYC Requirements, the Trust and each Fund is the
“client” or “customer” of the Administrator. The Sponsor further represents that it (or its duly appointed agent) will perform all obligations required under applicable KYC Requirements with respect to Fund shareholders
(“Customers”) and that, because these customers do not constitute “customers” or “clients” of the Administrator under such applicable rules and regulations, the Administrator is under no such similar obligations.

  

 3 








 5. Instructions.  
 5.1 The Administrator shall not be liable for, and shall be indemnified by the Trust from the assets of the Funds against any and all losses, costs, damages or expenses arising from or as a result of, any action taken
or omitted in reliance upon Instructions or upon any other written notice, request, direction, instruction, certificate or other instrument believed by it to be genuine and signed or authorized by the proper party or parties. A list of persons so
authorized by the Sponsor (“Authorized Persons”) is attached hereto as Appendix C and upon which the Administrator may rely until its receipt of notification to the contrary by the Sponsor or the Trust. 
 5.2 Instructions shall include a written request, direction, instruction or certification signed or initialed on behalf of the Sponsor by one or more
persons as the Trust of the Funds shall have from time to time authorized in writing. Those persons authorized to give Instructions may be identified by the Sponsor by name, title or position and will include at least one officer empowered by the
Board to name other individuals who are authorized to give Instructions on behalf of the Fund. 
 5.3 Telephonic or other oral instructions or
instructions given by telefax transmission may be given by any one of the above persons and will also be considered Instructions if the Administrator believes them to have been given by a person authorized to give such Instructions with respect to
the transaction involved. 
 5.4 With respect to telefax transmissions, the Sponsor hereby acknowledges that (i) receipt of legible
instructions cannot be assured, (ii) the Administrator cannot verify that authorized signatures on telefax instructions are original, and (iii) the Administrator shall not be responsible for losses or expenses incurred through actions
taken in reliance on such telefax instructions. The Sponsor agrees that such telefax instructions shall be conclusive evidence of the Sponsor’s Instruction to the Administrator to act or to omit to act. 
 5.5 Instructions given orally will not be confirmed in writing and the lack of such confirmation shall in no way affect any action taken by the
Administrator in reliance upon such oral Instructions. The Trust authorizes the Administrator to tape record any and all telephonic or other oral Instructions given to the Administrator by or on behalf of the Funds (including the officers, employees
or agents of the Sponsor or any person or entity with similar responsibilities which is authorized to give Instructions on behalf of the Funds to the Administrator.) 
 6. Expenses and Compensation. For the services to be rendered and the facilities to be furnished by the Administrator as provided for in this Agreement, the Trust shall pay the Administrator for its
services rendered pursuant to this Agreement a fee based on such fee schedule as may from time to time be agreed upon in writing by the Trust and the Administrator. Additional services performed by the Administrator as requested by the Trust shall
be subject to additional fees as mutually agreed from time to time. In addition to such fee, the Administrator shall bill the Trust separately for any out-of-pocket disbursements of the Administrator based on an out-of-pocket schedule as may from
time to time be agreed upon in writing by the Trust and the Administrator. The foregoing fees and disbursements shall be billed to the Trust by the Administrator and shall be paid promptly by wire transfer or other appropriate means to the
Administrator. 
  

 4 








 7. Standard of Care. The Administrator shall be held to the exercise of reasonable care and
diligence in carrying out the provisions of this Agreement, provided that the Administrator shall not thereby be required to take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of
competent jurisdiction. 
 8. General Limitations on Liability. The Administrator shall incur no liability with respect to any
telecommunications, equipment or power failures, or any failures to perform or delays in performance by postal or courier services or third-party information providers (including without limitation those listed on Appendix D). 
 8.1 The Administrator shall also incur no liability under this Agreement if the Administrator or any agent or entity utilized by the Administrator shall
be prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed, by reason of causes or events beyond its control, including but not limited to:

 8.1.1 any Sovereign Event. A “Sovereign Event” shall mean any nationalization; expropriation; devaluation;
revaluation; confiscation; seizure; cancellation; destruction; strike; act of war, terrorism, insurrection or revolution; or any other act or event beyond the Administrator’s control; 
 8.1.2 any provision of any present or future law, regulation or order of the United States or any state thereof, or of any foreign country
or political subdivision thereof, or of any securities depository or clearing agency; and 
 8.1.3 any provision of any order
or judgment of any court of competent jurisdiction. 
 8.2 The Administrator shall not be held accountable or liable for any losses, damages
or expenses the Funds or any unit holder or shareholder or former unit holder shareholder of the Funds or any other person may suffer or incur arising from acts, omissions, errors or delays of the Administrator in the performance of its obligations
and duties as provided in Section 3 hereof, including without limitation any error of judgment or mistake of law, except a damage, loss or expense directly resulting from the Administrator’s willful malfeasance, bad faith or negligence in
the performance of such Administrator’s obligations and duties. 
  

 5 








 8.3 In no event and under no circumstances shall the Administrator be held liable to the other party for
consequential or indirect damages, loss of profits, damage to reputation or business or any other special or punitive damages arising under or by reason of any provision of this Agreement or for any act or omissions hereunder, even if the
Administrator has been advised of the possibility of such damages or losses. 
 9. Specific Limitations on Liability. In addition to,
and without limiting the application of the general limitations on liability contained in Section 8, above, the following specific limitations on the Administrator’s liability shall apply to the particular administrative services set forth
in this Agreement and Appendix B hereto. 
 9.1 Record-Keeping. The Sponsor agrees that the Administrator shall not be
responsible for the accuracy and completeness of any Fund Records not created by the Administrator or for ensuring the Trust’s or the Funds’ compliance with, fulfillment of its obligations under or enforcement of, any Fund Records not
created by the Administrator. 
 9.2 Liability for Fund Accounting Services. Without limiting the provisions in Section 8
hereof, the Administrator’s liability for acts, omissions, errors or delays relating to its fund accounting obligations and duties shall be limited to the amount of any expenses associated with a required recalculation of net asset value per
share (“NAV”) or any direct damages suffered by Fund shareholders in connection with such recalculation. The Administrator’s liability or accountability for such acts, omissions, errors or delays shall be further subject to clauses
9.2.1 through 9.2.4 below. 
 9.2.1. The parties hereto acknowledge that the Administrator’s causing an error or delay in
the determination of NAV may constitute negligence or reckless or willful misconduct. The parties further acknowledge that in accordance with industry practice, the Administrator shall be liable and the recalculation of NAV shall be performed only
with regard to errors in the calculation of the NAV that are greater than or equal to any amount rounded to $.01 per share of a Fund. If a recalculation of NAV occurs, the parties hereto agree to reprocess Fund shareholder transactions or take such
other action(s) so as to eliminate or minimize to the extent possible the liability of the Administrator. 
 9.2.2. In no
event shall the Administrator be liable or responsible for any error or delay that continued or was undetected after the date of an audit performed by the independent registered public accounting firm employed by the Trust or Sponsor if, in the
exercise of reasonable care in accordance with generally accepted accounting standards, such firm should have become aware of such error or delay in the course of performing such audit. 
  

 6 








 9.2.3 The Administrator shall not be held accountable or liable for any delays or losses,
damages or expenses resulting from (i) the Administrator’s failure to receive timely and suitable notification concerning quotations or corporate actions relating to or affecting Fund securities of the Funds; or (ii) any errors in the
computation of NAV based upon or arising out of quotations or information as to corporate actions if received by the Administrator either (a) from a source which the Administrator was authorized to rely upon (including, but not limited to, the
fair value pricing procedures of the Sponsor and those sources listed on Appendix D), or (b) based upon relevant information known to the Sponsor which would impact the calculation of NAV but which is not communicated to the Administrator. To
the extent that Fund assets are not in the custody of the Administrator or its affiliates, the Administrator may conclusively rely on any reporting in connection with such assets provided to the Administrator by a third party on behalf of a Fund.

 9.2.4. In the event of any error or delay in the determination of such NAV for which the Administrator may be liable, the
Sponsor and the Administrator will consult and make good faith efforts to reach agreement on what actions should be taken in order to mitigate any loss suffered by a Fund or its present or former shareholders, in order that the Administrator’s
exposure to liability shall be reduced to the extent possible after taking into account all relevant factors and alternatives. It is understood that in attempting to reach agreement on the actions to be taken or the amount of the loss which should
appropriately be borne by the Administrator, the Sponsor and the Administrator will consider such relevant factors as the amount of the loss involved, the Sponsor’s desire to avoid loss of Fund shareholder good will, the fact that other persons
or entities could have been reasonably expected to have detected the error sooner than the time it was actually discovered, the appropriateness of limiting or eliminating the benefit which Fund shareholders or former Fund Shareholders might have
obtained by reason of the error, and the possibility that other parties providing services to the Fund might be induced to absorb a portion of the loss incurred. Provided however, that nothing in this Section 9.2.4 shall obligate the Sponsor to
in fact reach such agreement on what actions should be taken in order to mitigate any loss suffered by Fund shareholders before it pursues remedies against Administrator. 
 10. Indemnification. The Trust, from the assets of the Fund only, hereby agrees to indemnify the Administrator against and hold it harmless from any and all losses, claims, damages, liabilities or
expenses (including reasonable counsel fees and expenses) resulting from any act, omission, error or delay or any claim, demand, action or suit, in connection with or arising out of performance of its obligations and duties under this Agreement, not
resulting from the willful malfeasance, bad faith or negligence of the Administrator in the performance of such obligations and duties. The provisions of this Section 10 shall survive the termination of this Agreement. 
  

 7 








 11. Reliance by the Administrator on Opinions of Counsel and Opinions of Certified Public
Accountants. 
 The Administrator may consult with its counsel in any case where so doing appears to the Administrator to be
necessary or desirable. The Administrator shall not be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon the advice of such counsel. 
 The Administrator may consult with a certified public accountant in any case where so doing appears to the Administrator to be necessary or desirable.
The Administrator shall not be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon the advice of such certified public accountant. 
 12. Termination of Agreement. This Agreement may be terminated by either party in accordance with the provisions of this Section 
 12.1 This Agreement shall have an initial term of three (3) years from the date hereof. Thereafter, this Agreement shall automatically renew for
successive one (1) year periods unless a party terminates this Agreement by written notice effective no sooner than seventy-five (75) days following the date that notice to such effect shall be delivered to the other parties at their
addresses set forth herein. Notwithstanding the foregoing provisions, any party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within sixty (60) days, in which case termination
shall be effective upon written receipt of notice by the non-terminating party, or upon thirty (30) days written notice to the other party in the event that any party is adjudged bankrupt or insolvent, or there shall be commenced against such
party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect. In the event a termination notice is given by a party hereto, all expenses associated with the movement of records and materials and the
conversion thereof shall be paid by the Trust from the assets of the Funds for which services shall cease to be performed hereunder. The Administrator shall be responsible for completing all actions in progress when such termination notice is given
unless otherwise agreed. 
 12.2. Upon termination of the Agreement in accordance with this Section 12, the Sponsor may request the
Administrator to promptly deliver to the Sponsor or to any designated third party all records created and maintained by the Administrator pursuant to Section 3.1 of this Agreement, as 

  

 8 








 
well as any Fund records maintained but not created by the Administrator. If such request is provided in writing by the Sponsor to the Trust within
seventy-five (75) days of the date of termination of the Agreement, the Administrator shall provide to the Sponsor a certification that all records created by the Administrator pursuant to its obligations under Section 3.1 of this
Agreement are accurate and complete. After seventy-five (75) days of the date of termination of this Agreement, no such certification will be provided to the Sponsor by the Administrator and the Administrator is under no further obligation to
ensure that records created by the Administrator pursuant to Section 3.1 of this Agreement are maintained in a form that is accurate or complete. 
 13.
Confidentiality. The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential
information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed
to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this
Agreement, or that is required to be disclosed by or to any Regulatory Authority, any auditor of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law. 
 14. Tape-recording. The Trust authorizes the Administrator to tape record, to the extent permitted by federal and state law, any and all telephonic
or other oral instructions given to the Administrator by or on behalf of the Funds, including from any Authorized Person. This authorization will remain in effect until and unless revoked by the Trust in writing. The Sponsor agrees to solicit valid
written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law. 
 15.
Entire Agreement; Amendment. This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the parties with respect to the
subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought. 
 16. Severability. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder
of this Agreement, which shall continue to be in force. 
  

 9 








 17. Headings. The section headings in this Agreement are for the convenience of reference only and shall
not modify, define, expand or limit any of the terms or provisions thereof. 
 18. Governing Law. This Agreement shall be governed by
and construed according to the laws of the Commonwealth of Massachusetts without giving effect to conflicts of laws principles and each of the parties hereto irrevocably consents to the exclusive jurisdiction of the courts of the Commonwealth of
Massachusetts in the City of Boston and the federal courts located in the City of Boston. The parties hereto irrevocably waives any objection it may now or hereafter have to the laying of venue of any action or proceeding in any of the aforesaid
courts and any claim that any such action or proceeding has been brought in an inconvenient forum. Furthermore, each party hereto irrevocably waives any right that it may have to trial by jury in any action, proceeding or counterclaim arising out of
or related to this Agreement or the services contemplated hereby. 
 19. Notices. Notices and other writings delivered or mailed postage
prepaid to: (i) the Trust and the Sponsor addressed to: ProFunds Group, 7501 Wisconsin Avenue, Suite 1000—East Tower, Bethesda, MD 20814, Attention: Financial Administration or to such other address as the Trust or Sponsor may have
designated to the Administrator in writing, (ii) the Administrator at 40 Water Street, Boston, MA 02109, Attention: Manager, Fund Administration Department, or to such other address as the Administrator may have designated to the parties hereto
in writing, shall be deemed to have been properly delivered or given hereunder to the respective addressee. 
 20. Binding Effect; Assignment.
This Agreement shall be binding upon and inure to the benefit of the Trust, the Sponsor and the Administrator and their respective successors and assigns, provided that no party hereto may assign this Agreement or any of its rights or obligations
hereunder without the written consent of the other party. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no unit holder or
shareholder of a Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties. 
 21.
Counterparts. This Agreement may be executed in any number of counterparts each of which shall be deemed to be an original. This Agreement shall become effective when one or more counterparts have been signed and delivered by
each of the parties. A photocopy or telefax of the Agreement shall be acceptable evidence of the existence of the Agreement and the Administrator shall be protected in relying on the photocopy or telefax until the Administrator has received the
original of the Agreement. 
  

 10 








 22. Authorization. The Trust and Sponsor hereby represent and warrant that they have authorized the
execution and delivery of this Agreement and that an authorized officer of each have signed this Agreement, Appendices A, B, C, D and the fee schedule hereto. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly authorized officers as of the date first written above. 
 The undersigned acknowledges that (I/we) have received a copy of this document . 
  

			
	BROWN BROTHERS HARRIMAN & CO.
		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	

  

									
	PROSHARES TRUST II	 		 	 PROSHARE CAPITAL
 MANAGEMENT
LLC

					
	By:	 	 	 		 	By:	 	 
	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
	Date:	 		 		 	Date:	 	

  

 11 








 APPENDIX A 
 ADMINISTRATIVE AGENCY AGREEMENT 
 Dated as of
                     
 The following is a list of
Funds for which the Administrator shall serve under an Administrative Agency Agreement dated as of                     : 
 ProShares Ultra DJ-AIG Commodity 
 ProShares UltraShort DJ-AIG Commodity

 ProShares Ultra DJ-AIG Agriculture 
 ProShares UltraShort
DJ-AIG Agriculture 
 ProShares Ultra DJ-AIG Crude Oil 
 ProShares
UltraShort DJ-AIG Crude Oil 
 ProShares Ultra Gold 
 ProShares
UltraShort Gold 
 ProShares Ultra Silver 
 ProShares UltraShort
Silver 
 ProShares Ultra Euro 
 ProShares UltraShort Euro

 ProShares Ultra Yen 
 ProShares UltraShort Yen 
  

			
	PROSHARES TRUST II
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	PROSHARE CAPITAL MANAGEMENT LLC
		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	

  

 12 








 APPENDIX B 
 TO ADMINISTRATIVE AGENCY AGREEMENT 
 ADMINISTRATIVE SERVICES OF THE ADMINISTRATIVE AGENT 
 Dated as of                     
 Fund Accounting Services 
 The Administrator will provide the following fund accounting services to the Funds on any Business Day: transaction processing and review, custodial reconciliation, securities pricing and investment accounting.

 Transaction Processing and Review. The Administrator shall input and reconcile the Funds’ investment activity including with
respect to: 
  

	 	•	 	 Investment taxlots 


  

	 	•	 	 Income 


  

	 	•	 	 Dividends 


  

	 	•	 	 Principal paydowns 


  

	 	•	 	 Capital activity 


  

	 	•	 	 Expense accruals 


  

	 	•	 	 Cash activity 


  

	 	•	 	 Corporate Reorganizations 


 Custodial Reconciliation. The Administrator shall reconcile the following positions of the Funds against the records of the Custodian: 
  

	 	•	 	 Securities, Futures and Over-the-Counter Contract (“OTC”) holdings 


  

	 	•	 	 Cash including cash transfers, fees assessed and other investment related cash transactions 


  

	 	•	 	 Trade settlements 


 Securities,
Futures and OTC Valuation. Using the Valuation Procedures set forth in Appendix D, the Administrator shall update each security, Futures and OTC position of the Funds as to the following: 
  

	 	•	 	 Market prices obtained from approved sources including those listed on Appendix C or Fair Valuations obtained from an Authorized Person of the Funds or the Managing
Owner 


  

	 	•	 	 Mark to market of non-base receivables/payables utilizing approved foreign exchange quotations as quoted in Appendix C 


  

	 	•	 	 Mark to market of non-base currency positions utilizing the approved sources quoted in Appendix C or Fair Valuations obtained from an Authorized Person of the Funds
or the Managing Owner 


 Investment Accounting. The Administrator shall provide the following investment accounting
services to each Portfolio: 
  

	 	•	 	 Amortization/accretion at the individual tax lot level 


  

	 	•	 	 General ledger entries 


  

	 	•	 	 Book value calculations 


  

	 	•	 	 Trade Date + 1 accounting 


  

 13 









	 	•	 	 Calculation of Net Asset Value Per Unit (“NAV”) as of the earlier of 4:00 p.m. New York time, the close of trading on the New York Stock Exchange
(“NYSE”) or a mutually agreed upon time and published shortly after the close of trading on the NYSE 


 The below
matrix reflects mutually agreed upon NAV valuation deadlines: 
  

			
	 Fund Name
	  	Valuation Time
	Ultra Short Silver ProShares	  	7:00am
	Ultra Silver ProShares	  	7:00am
	Ultra Gold ProShares	  	10:00am
	UltraShort Gold ProShares	  	10:00am
	Ultra DJ-AIG Agriculture ProShares	  	2:15pm
	UltraShort DJ-AIG Agriculture ProShares	  	2:15pm
	Ultra DJ-AIG Commodity ProShares	  	2:30pm
	UltraShort DJ-AIG Commodity ProShares	  	2:30pm
	Ultra DJ-AIG Crude Oil ProShares	  	2:30pm
	UltraShort DJ-AIG Crude Oil ProShares	  	2:30pm
	Ultra Euro ProShares	  	4:00pm
	UltraShort Euro ProShares	  	4:00pm
	Ultra Yen ProShares	  	4:00pm
	UltraShort Yen ProShares	  	4 :00pm

 NAV/Portfolio Holding Dissemination: The Administrator will provide daily NAV and holdings
data to Lipper and Morningstar. 
 Financial Reporting Services 
  

	 	•	 	 The Administrator shall accumulate information for and prepare 


  

	 	•	 	 Within a 30 day period following the end of the Funds’ required monthly reporting period, an Account Statement in compliance with the requirements of the U.S.
Commodity Futures Trading Commission (“CFTC”) Rule §4.22(a), including a Statement of Income (Loss) and a Statement of Changes in Net Asset Value; such preparation includes the coordination and review of all printer and author edits.
The Funds or the Managing Owner shall make arrangements for the printing and mailing of the Account Statements. 


  

	 	•	 	 Upon review and approval of each above-mentioned report by the Managing Owner’s Treasurer and/or Chief Financial Officer (or such person performing such
functions), the Administrator shall file such reports with the CFTC and/or National Futures Association (“NFA”), as required, including any applicable executive officer certifications or other exhibits to such reports.



  

	 	•	 	 In connection with the preparation of each Annual Report on Form 10-K, the Administrator shall coordinate the audit of the Funds by their independent public
accountant (e.g., manage open items lists, host weekly audit meeting, etc.). 


 The Administrator shall assist the Funds
and/or the Managing Owner in preparing the Funds’ press releases with respect to interim statements and quarterly results and transmitting such press releases to the American Stock Exchange (“AMEX”) and such other entities as
requested by the Funds and/or the Managing Owner. 
  

 14 








 Assistant Treasurer Services 
 The Administrator shall perform the following services as requested by the Managing Owner’s Treasurer (or person performing such function):

  

	 	•	 	 Prepare and obtain authorization of the Funds’ expense invoices on a bi-monthly basis 


  

	 	•	 	 Prepare the Funds’ quarterly budget and make recommendations for adjustments as appropriate 


  

	 	•	 	 Prepare a monthly expense pro forma for the Funds 


  

	 	•	 	 Provide consultative services with respect to financial matters of the Funds as may be requested and agreed to among the Funds, the Managing Owner and the
Administrator from time to time 


 Corporate Secretarial Services 
 The Administrator shall prepare the annual officers questionnaires and distribute the questionnaires to the officers of the Managing Owner. 

Regulatory Support Services 
 The Administrator shall perform the following regulatory services for the Funds: 
  

	 	•	 	 Maintain a calendar for all U.S. Securities and Exchange Commission (“SEC”), CFTC, NFA and AMEX regulatory matters in the form of Exhibit A; provided that
the Funds and/or the Managing Owner shall notify the Administrator of additional regulatory matters to be added to such calendar as soon as practicable 


  

	 	•	 	 Within a 45 day production cycle, or shorter time period as required by the SEC and communicated to the Administrator by the Funds or the Managing Owner, one
Quarterly Report on Form 10-Q for the Funds for each of the first three fiscal quarters of the Funds. The preparation of each Form 10-Q includes the coordination of all printer and author edits and the review of printer drafts.



  

	 	•	 	 Within a 90 day production cycle, or shorter time period as required by the SEC and communicated to the Administrator by the Funds or the Managing Owner, one Annual
Report on Form 10-K for the Funds per fiscal year. The preparation of the Form 10-K includes the coordination of all printer and author edits and the review of printer drafts. The Funds or the Managing Owner shall make arrangements for the printing
and mailing of the Form 10-K. 


  

	 	•	 	 Within 90 days after the end of the Funds’ fiscal year, one Annual Report of the Funds in compliance with the requirements of CFTC Rule §4.22(c); such
preparation includes the coordination of all printer and author edits and the review of printer drafts. The Funds or the Managing Owner shall make arrangements for the printing and mailing of the Annual Report. 


 Upon review and approval of each above-mentioned report by the Managing Owner’s Treasurer and/or Chief Financial Officer (or such person performing
such functions), the Administrator shall Edgarize and file, or caused to be Edgarized and filed, such reports with the SEC, CFTC and/or NFA, as required, including any applicable executive officer certifications or other exhibits to such reports.

 The Administrator also shall prepare and file, or cause to be filed, the following regulatory notices/forms/reports: 
  

	 	•	 	 With the SEC, Forms 3, 4 and 5 and Schedules 13D and 13G for the officers of the Managing Owner and such other persons as requested by the Funds



  

	 	•	 	 With the SEC, Current Reports on Form 8-K as circumstances warrant 


  


 15 









	 	•	 	 With the AMEX, such notices/forms as agreed to among the Funds, the Managing Owner and the Administrator 


 Transfer Agency Services 
  

	 	The	Administrator shall perform the following transfer agency services: 

 I.
Issuance and Redemption of Unit Baskets. It is agreed and understood that the Funds, and the Administrator on the Funds’ behalf, shall issue and redeem Share Baskets of the Funds in blocks of __________ Units (“Creation Baskets” and
“Redemption Baskets,” respectively) to and from such persons as are identified by the Funds as “Authorized Purchasers” or “Authorized Participants.” 
  

	 	A.	Pursuant to such purchase orders that the Administrator as the Index Receipt Agent shall receive from ALPS Distributors, Inc. (“Marketing Agent”) and pursuant to the
procedures set forth in the Authorized Participant Agreement entered into by the Funds, the Administrator shall transfer appropriate trade instructions to the Funds’ custodian, Brown Brothers Harriman & Co. (“Custodian”) and
pursuant to such orders register the appropriate number of book entry only the Funds’ Units in the name of The Depository Trust Company (“DTC”) or its nominee as a unitholder (each a “Authorized Participant”) of the Funds
and deliver the Basket of Units of the Funds. 

  

	 	B.	Pursuant to such redemption orders that Index Receipt Agent shall receive from the Marketing Agent, pursuant to the procedures set forth in the Authorized Participant Agreement
entered into by the Funds, the Administrator shall transfer appropriate trade instructions to the Custodian and, pursuant to such orders, redeem the appropriate number of the Funds’ Units that are delivered to the designated DTC Participant
Account of the Custodian for redemption and debit such Units from the account of the Authorized Participant on the register of the Funds. 

  

	 	C.	On behalf of the Funds, the Administrator shall issue the Funds’ Units in Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to receive.
Beneficial ownership of the Funds’ Units shall be shown on the records of DTC and DTC Participants and not on any records maintained by the Administrator. In issuing the Funds’ Units through DTC to an Authorized Participant, the
Administrator shall be entitled to rely upon the latest Instructions that are received from the Marketing Agent by the Administrator as Index Receipt Agent concerning the issuance and delivery of such Units for settlement. 


 

	 	D.	The Administrator shall not issue on behalf of the Funds any of the Funds’ Units where it has received an Instruction from the Funds or the Marketing Agent or written
notification from any federal or state authority that the sale of the Funds’ Units has been suspended or discontinued, and the Administrator shall be entitled to rely upon such Instructions or written notification. 

  

	 	E.	Upon the issuance of the Funds’ Units as provided herein, the Administrator shall not be responsible for the payment of any original issue or other taxes, if any, required to
be paid by the Funds’ or the Marketing Agent in connection with such issuance. 

  

 16 









	 	F.	The Funds’ Units may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant Agreement and the Administrator shall duly process all
redemption requests. 

  

	 	G.	The Administrator will act only upon Instruction from the Funds and/or the Managing Owner in addressing any failure in the delivery of cash, treasuries and/or Units in connection
with the issuance and redemption of the Funds’ Units. 

 II. Recordkeeping. 
  

	 	A.	The Administrator shall record the issuance of the Funds’ Creation Baskets and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of 1934, as amended, a
record of the total number of the Funds’ Creation Baskets that are authorized, issued and outstanding based upon data provided to the Administrator by the Funds or the Managing Owner. The Administrator shall also provide the Funds on a regular
basis with the total number of the Funds’ Units authorized, issued and outstanding; provided however that the Administrator shall not be responsible for monitoring the issuance of such Units or compliance with any laws relating to the validity
of the issuance or the legality of the sale of such Units. 

  

			
	PROSHARES TRUST II
		
	 By:
	 	  

	Name:	 	
	Title:
	
	PROSHARE CAPITAL MANAGEMENT LLC
		
	 By:
	 	  

	Name:	 	
	Title:	 	

  

 17 








 APPENDIX C 
 ADMINISTRATIVE AGENCY AGREEMENT 
 List of Authorized Persons 
 Goldman Sachs Execution & Clearing L.P. 
 Merrill Lynch Professional
Clearing Corp. 
  

			
	PROSHARES TRUST II
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	PROSHARE CAPITAL MANAGEMENT LLC
		
	By:	 	 
	Name:	 	
	Title:	 	
	Date:	 	

  

 18 








 APPENDIX D 
 ADMINISTRATIVE AGENCY AGREEMENT 
 AUTHORISED SOURCES 
 The Sponsor and Trust hereby acknowledge that the Administrator is authorized to use the following authorized sources and their successors and assigns for financial
reporting and pricing (including corporate actions, dividends and rights offering), and foreign exchange quotations, to assist it in fulfilling its obligations under the aforementioned Agreement. 
 MARKIT 
 JP MORGAN 
 BLOOMBERG 
 RUSSELL/MELLON 
 EXTEL (LONDON) 
 FUND MANAGERS 
 INTERACTIVE DATA CORPORATION 
 REPUTABLE BROKERS 
 REUTERS 
 SUBCUSTODIAN BANKS 
 TELEKURS 
 VALORINFORM (GENEVA) 
 REPUTABLE FINANCIAL PUBLICATIONS 
 STOCK EXCHANGES 
 FINANCIAL INFORMATION INC. CARD 
 JJ KENNY 
 FRI CORPORATION 
 MORGAN STANLEY CAPITAL INTERNATIONAL 
 Other data source: 
  

			
	PROSHARES TRUST II
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	PROSHARE CAPITAL MANAGEMENT LLC
		
	By:	 	 
	Name:	 	
	Title:	 	

  

 19