Document:

Form of Authorized Participant Agreement

 Exhibit 4.3 
 FORM OF 
 PROSHARES TRUST II 
 AUTHORIZED PARTICIPANT AGREEMENT 
 This Authorized Participant Agreement (the
“Agreement”), dated as of                     , is entered into by and among
                                        
(the “Authorized Participant”), ProShares Trust II, a Delaware statutory trust (the “Trust”), and ProShare Capital Management LLC, a Maryland limited liability company, as sponsor of the Trust (the “Sponsor”).

 SUMMARY 
 As provided in the Trust Agreement
of the Trust, as amended (the “Trust Agreement”) as currently in effect and described in the Prospectus (defined below), units of fractional undivided beneficial interest in and ownership of the Trust (the “Shares”) may be
created or redeemed by the Sponsor for an Authorized Participant in aggregations of fifty thousand (50,000) Shares (each aggregation, a “Creation Unit”). Creation Units are offered only pursuant to a registration statement of the
Trust on Form S-1, as amended (Registration No.: 333-146801), as declared effective by the Securities and Exchange Commission (“SEC”) and as the same may be amended from time to time thereafter or any successor registration statement in
respect of Shares of the Trust (collectively, the “Registration Statement”) together with the prospectus of the Trust (the “Prospectus”) included therein. Under the Trust Agreement, the Sponsor is authorized to issue Creation
Units to, and redeem Creation Units from, authorized participants, only through the facilities of the Depository Trust Company (“DTC”), or a successor depository, and only in exchange for cash. This Agreement and the Procedures (defined
below) set forth the specific procedures by which the Authorized Participant may create or redeem Creation Units. 
 Because new Shares can
be created and issued on an ongoing basis, at any point during the valid existence of the Trust, a “distribution,” as such term is used in the Securities Act of 1933, as amended (“1933 Act”), may be occurring. The Authorized
Participant is cautioned that some of its activities may result in its being deemed a participant in a distribution in a manner which would render it a statutory underwriter and subject it to the prospectus-delivery and liability provisions of the
1933 Act. The Authorized Participant should review the “Plan of Distribution” portion of the Prospectus and consult with its own counsel in connection with entering into this Agreement and submitting Orders (defined below). 
 Capitalized terms used but not defined in this Agreement shall have the meanings assigned to such terms in the Trust Agreement or Authorized Participant
Procedures Handbook set forth in Attachment A hereto (the “Procedures”). To the extent there is a conflict between any provision of this Agreement and the provisions of the Trust Agreement or Procedures, the provisions of the Trust
Agreement shall control. 
 To give effect to the foregoing premises and in consideration of the mutual covenants and agreements set forth
below, the parties hereto agree as follows: 
 Section 1. Order Placement. To place orders for the Sponsor (or its agent) to
create or redeem one or more Creation Units, the Authorized Participant must follow the procedures for creation and redemption referred to in Section 3 of this Agreement and the Procedures described in Attachment A, as each may be amended,
modified or supplemented from time to time. 
 Section 2. Status, Representations and Warranties of the Parties. 
 (a) The Authorized Participant represents and warrants and covenants the following: 
 (i) The Authorized Participant is a participant of DTC (as such a participant, a “DTC Participant”). If the Authorized
Participant ceases to be a DTC Participant, the Authorized Participant shall give prompt notice to the Sponsor of such event, and this Agreement shall terminate immediately as of the date the Authorized Participant ceased to be a DTC Participant.

 (ii) Unless Section 2(a)(iii) applies, the Authorized Participant either (i) is registered as a broker-dealer
under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good 

  

 1 

 
standing of the Financial Industry Regulatory Authority (the “FINRA”), or (ii) is exempt from being, or otherwise is not required to be,
licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. In connection with the purchase or redemption of
Creation Units and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term of this Agreement. The
Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the FINRA By-Laws and NASD Conduct Rules (or of comparable
FINRA Conduct Rules, if such NASD Conduct Rules are subsequently renamed, repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) if it is a FINRA member, and will not offer or sell Shares in any state or jurisdiction where they may
not lawfully be offered and/or sold. 
 (iii) If the Authorized Participant is offering or selling Shares in jurisdictions
outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, the Authorized Participant will, in connection
with such offers and sales, (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the prospectus delivery and other requirements of the 1933 Act, and the regulations promulgated
thereunder, and (iii) conduct its business in accordance with the NASD Conduct Rules (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently renamed, repealed, rescinded, or are otherwise replaced by FINRA Conduct
Rules), to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares. 
 (iv) The Authorized Participant has policies, procedures, and internal controls in place that are reasonably designed to comply with applicable anti-money laundering laws and regulations, including applicable
provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT Act”), and the regulations promulgated thereunder, if the Authorized Participant
is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized Participant acknowledges that in addition to
satisfying the prospectus delivery and disclosure requirements of the 1933 Act, it and any other participant in the distribution of the Shares purchased by the Authorized Participant may have an obligation to comply with the disclosure delivery
requirements under the Commodity Exchange Act (the “CEA”). The Sponsor agrees that if it becomes aware of any new delivery or disclosure requirement under the 1933 Act or the CEA relating to Shares, other than the current obligation to
deliver the Prospectus, it shall use reasonable efforts to advise the Authorized Participant of such requirement(s). 
 (vi)
The Authorized Participant agrees not to enforce against the Trust and Sponsor any patent rights with respect to the business of the Trust. For avoidance of doubt, this provision will only be effective during time periods in which the Agreement is
in effect and shall not survive termination thereof. 
 (b) The Sponsor represents and warrants that on the date hereof and at
each time of purchase by the Authorized Participant of a Creation Unit from the Trust (each such time, the “Time of Purchase”), that: 
 (i) on the effective date of the Registration Statement and at each Time of Purchase, the Trust’s Registration Statement shall be effective and no stop order of the SEC with respect thereto shall have been issued
and no proceedings for such purpose shall have been instituted or, to the Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement complied when it became effective and complies at the Time of Purchase in all
material respects with the requirements of the 1933 Act, and the Prospectus complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use of Form S-1 have
been satisfied; the Registration Statement did not when it became effective and does not at the Time of Purchase contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading, the Prospectus did not, as of its date and does not at the 

  

 2 

 
Time of Purchase, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make
the statements therein, in the light of the circumstances under which they were made, not misleading; and, the documents comprising the Disclosure Package (as defined below) did not contain an untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided, however, that the Sponsor makes no warranty or representation
with respect to any statement contained in the Registration Statement, the Prospectus or the Disclosure Package in reliance upon and in conformity with information concerning the Authorized Participant and furnished in writing by or on behalf of the
Authorized Participant to the Sponsor expressly for use therein. The “Disclosure Package” is the Prospectus and any amendments and supplements thereto at the Time of Purchase and any free writing prospectus as defined in Rule 405 of
the 1933 Act (a “FWP”) prepared by, for or on behalf of the Sponsor before the Time of Purchase and intended for general distribution; 
 (ii) the Shares, when issued and delivered against payment of consideration therefor, as provided in this Agreement, will be duly and validly authorized, issued, fully paid and non-assessable and free of statutory and
contractual preemptive rights, rights of first refusal and similar rights; 
 (iii) the Sponsor has been duly organized and,
on the effective date of the Registration Statement and at each Time of Purchase, will be validly existing as a limited liability company in good standing under the laws of the State of Maryland, with full power and authority to act as the sponsor
of the Trust as described in the Registration Statement and the Prospectus, and has all requisite power and authority to execute and deliver this Agreement; 
 (iv) at the time the Sponsor makes an offer of Shares following the filing of the Registration Statement, neither the Trust nor the
Sponsor will be an “ineligible issuer” as defined in Rule 405 of the 1933 Act; and 
 (v) the Sponsor shall provide
to the Authorized Participant copies of the then current Prospectus and any printed supplemental information in reasonable quantities upon request, the Sponsor will promptly notify the Authorized Participant when a revised, supplemented or amended
Prospectus is available, the Sponsor will deliver or otherwise make available to the Authorized Participant copies of such revised, supplemented or amended Prospectus at such time and in such numbers as to enable the Authorized Participant to comply
with any obligation the Authorized Participant may have to deliver such Prospectus to customers or in response to the Authorized Participant’s reasonable request, the Sponsor will make such revised, supplemented or amended Prospectus available
to the Authorized Participant no later than the effective date thereof, and the Sponsor will be deemed to have complied with this paragraph when the Authorized Participant has received such revised, supplemented or amended Prospectus at the address
indicated below the signature line of the Authorized Participant in such number of hard copies as to enable the Authorized Participant to comply with any obligation it may have to deliver such Prospectus to customers or as it may have reasonably
requested. 
 (c) The Sponsor, on its own behalf and in its capacity as sponsor of the Trust, agrees: 
 (i) to endeavor, upon receipt of request from the Authorized Participant therefore, to file a post-effective amendment to the Registration
Statement removing any reference to the Authorized Participant thereunder; and 
 (ii) to advise the Authorized Participant
promptly, confirming such advice in writing, of any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for additional information with respect thereto, or of notice of institution of proceedings for,
or the entry of, a stop order suspending the effectiveness of the Registration Statement, and, if the SEC should enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal
of such order as soon as possible. 
  

 3 

 Section 3. Orders. 
 (a) All orders to create or redeem Creation Units shall be made in accordance with the terms of the Trust Agreement, this Agreement and
the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Procedures.
The Sponsor may issue, or caused to be issued, additional or other procedures from time to time relating to the manner of creating or redeeming Creation Units which are not related to the Procedures, and the Authorized Participant will comply with
such procedures of which it has received notice delivered in accordance with Section 16(c) within a commercially reasonable time following receipt of such notice. 
 (b) The Authorized Participant acknowledges and agrees that each order to create a Creation Unit (a “Purchase Order”) and each
order to redeem a Creation Unit (a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”) may not be revoked by the Authorized Participant upon its delivery of the Order to the Sponsor, or the
Sponsor’s designee. 
 (c) The Sponsor may, in its discretion, suspend the right of repurchase, or postpone the purchase
settlement date, (i) for any period during which any of the NYSE Arca, AMEX, NYSE, CME, CBOT, ICE/ NYBOT, LME or NYMEX/COMEX is closed other than for customary holidays or weekend closings or when trading is suspended or restricted on such
exchanges in any of the underlying commodities; (ii) for any period during which an emergency exists as a result of which the fulfillment of a purchase order is not reasonably practicable; or (iii) for such other period as the Sponsor
determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 
 The Sponsor, or its designee, shall also have the absolute right, but shall have no obligation, to reject any Purchase Order
(i) determined by the Sponsor, or its designee, not to be in proper form; (ii) that the Sponsor, or its designee, has determined would have adverse tax consequences to the Trust or to the Beneficial Owners; (iii) the acceptance or
receipt of which could, in the opinion of counsel to the Sponsor be unlawful; or (iv) if circumstances outside the control of the Sponsor, or its designee, make it for all practical purposes not feasible to process creations of Creation Units.
The Sponsor shall not be liable to any person by reason of the rejection of any Purchase Order. 
 (d) The Sponsor, or its
designee, shall reject any Redemption Order the fulfillment of which its counsel advises would be illegal under applicable laws and regulations, and the Sponsor, or its designee, shall have no liability to any person for rejecting a Redemption Order
in such circumstances. 
 (e) The Sponsor may, in its discretion, suspend the right of redemption, or postpone the applicable
Redemption Settlement Time, for any period during which any of the AMEX, NYSE, CME, CBOT, ICE/NYBOT, LME or NYMEX/COMEX is closed other than for customary holidays or weekend closings or when trading is suspended or restricted on such exchanges in
any of the underlying commodities: (i) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or (ii) for such other period as the Sponsor determines to be necessary
for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 
 (f) The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the
Procedures. In the event that the Sponsor, the Trust, or any of their affiliated persons becomes legally compelled to disclose to any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide
the Authorized Participant with reasonable advance written notice identifying the recordings to be so disclosed, together with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with
respect to the recordings or waive its right to do so. In the event that such protective order or other remedy is not obtained, or the Participant waives its right to seek such protective order or remedy, the Sponsor, the Trust, or any of their
affiliated persons, as the case may be, agrees to furnish only that portion of the recorded conversation that, according to legal counsel, is legally required to be furnished and will exercise its best efforts to obtain a protective order or other
reliable assurance that confidential treatment will be accorded the recorded 

  

 4 

 
conversation. The Sponsor, the Trust, and their affiliated persons shall not otherwise disclose to any third party any recording involving communications
with the Authorized Participant without the Authorized Participant’s express written consent, except the Sponsor and the Trust may disclose to a regulatory or self-regulatory organization, to the extent required by applicable rule or law,
recordings involving communications with the Authorized Participant. 
 Section 4. Fees. To compensate Brown Brothers
Harriman & Co. for services as Administrator in processing the creation and redemption of Creation Units and to reimburse the Trust for transaction-related expenses, an Authorized Participant is required to pay a fixed transaction fee of
$500 per order to create or redeem Creation Units and a variable transaction fee of up to 0.10% of the value of a Creation Unit. An order may include multiple Creation Units. The transaction fee may be waived or otherwise adjusted by the Sponsor and
the Sponsor agrees to provide the Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. 
 Section 5. Authorized Persons. Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant shall deliver to the Sponsor, or its designee, a certificate,
duly certified as appropriate by its secretary or other duly authorized official, in the form of Exhibit A, setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any
other notice, request or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Sponsor may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall
consider such certificate to be in full force and effect until the Sponsor, or its designee, receives a superseding certificate bearing a subsequent date and duly certified as described above. Upon the termination or revocation of authority of any
Authorized Person by the Authorized Participant, the Authorized Participant shall give prompt written notice of such fact to the Sponsor and such notice shall be effective upon receipt by the Sponsor. The Sponsor shall issue, or caused to be issued,
to each Authorized Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The
PIN Number shall be kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN Number is changed, the new PIN Number shall become effective on a date
mutually agreed upon by the Authorized Participant and the Sponsor. 
 Section 6. Redemption. The Authorized Participant
represents and warrants that it will not initiate a Redemption Order (as described in the Procedures) with the Sponsor for the purpose of redeeming a Creation Unit unless (i) it owns outright or has the right or authority to tender for
redemption the Creation Units to be redeemed and to receive the entire proceeds of the redemption, and (ii) such Creation Units have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities
lending agreement or any other arrangement which, under the circumstances, would preclude the delivery of such Creation Units to the Sponsor on the third Business Day following the Redemption Order Date. A “Business Day” means any day
other than a day when any of American Stock Exchange, the New York Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, IntercontinentalExchange/New York Board of Trade, the London Metal Exchange or the New York Mercantile
Exchange is closed for regular trading. 
 Section 7. Role of Authorized Participant. 
 (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant
shall have no authority to act as agent for the Trust or the Sponsor in any matter or in any respect. 
 (b) The Authorized
Participant will make itself and its employees available, upon reasonable request, during normal business hours to consult with the Sponsor or its designees concerning the performance of the Authorized Participant’s responsibilities under this
Agreement. 
 (c) The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all of the obligations of
a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. 
  

 5 

 (d) The Authorized Participant agrees, subject to any privacy, confidentiality or other
obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self-regulatory organization, to assist the Sponsor in ascertaining certain information regarding sales of Shares made by or
through the Authorized Participant upon request of the Trust or the Sponsor that is necessary for the Trust to comply with its obligations to distribute information to its shareholders under applicable state or federal securities laws; provided that
consistent with market practice, the Authorized Participant may undertake to deliver prospectuses, proxy material, annual and other reports of the Trust or other similar information that the Trust is obligated to deliver to its shareholders to the
Authorized Participant’s customers that custody Shares with the Authorized Participant, after receipt from the Trust or the Sponsor of sufficient quantities to allow mailing thereof to such customers. The Sponsor agrees that the names and
addresses and other information concerning the Authorized Participant’s customers are and shall remain the sole property of the Authorized Participant, and none of the Sponsor, the Trust or any of their respective affiliates shall use such
names, addresses or other information for any purposes except in connection with the performance of their duties and responsibilities hereunder and except for servicing and informational mailings related to the Trust referred to in this
Section 7(d) of this Agreement. 
 Section 8. Indemnification. 
 (a) The Authorized Participant hereby indemnifies and holds harmless the Sponsor, its respective direct or indirect affiliates (as defined
below) and its respective directors, sponsors, partners, members, managers, officers, employees and agents (each, an “AP Indemnified Party”) from and against any losses, liabilities, damages, costs and expenses (including reasonable
attorney’s fees and the reasonable cost of investigation) incurred by such AP Indemnified Party as a result of: (i) any breach by the Authorized Participant of any provisions of this Agreement that relates to the Authorized Participant,
including its representations, warranties and covenants; (ii) any failure on the part of the Authorized Participant to perform any of its obligations set forth in this Agreement; (iii) any failure by the Authorized Participant to comply
with applicable laws and rules and regulations of self-regulatory organizations to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares under this Agreement, except that the
Authorized Participant shall not be required to indemnify an AP Indemnified Party to the extent that such failure was caused by the Authorized Participant’s adherence to instructions given or representations made by the Sponsor or any AP
Indemnified Party, as applicable; (iv) any actions of such AP Indemnified Party in reasonable reliance upon any instructions issued by the Authorized Participant in accordance with the Procedures believed by the AP Indemnified Party to be
genuine and to have been given by the Authorized Participant, except to the extent that the Authorized Participant had previously revoked a PIN Number used in giving such instructions or representations (where applicable) and such revocation was
given by the Authorized Participant and received by the Trust in accordance with the terms of Section 5 hereto; or (v) (A) any representation by the Authorized Participant, its employees or its agents or other representatives about
the Shares, any AP Indemnified Party or the Trust that is not consistent with the Trust’s then-current Prospectus made in connection with the offer or the solicitation of an offer to buy or sell Shares and (B) any untrue statement or
alleged untrue statement of a material fact contained in any research reports, marketing material and sales literature described in Section 12(b) or any alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein when read together with the Prospectus, in light of the circumstances under which they were made, not misleading to the extent that such statement or omission relates to the Shares or any AP Indemnified
Party, unless, in either case, such representation, statement or omission was made or included by the Authorized Participant at the written direction of the Sponsor or is based upon any omission or alleged omission by the Sponsor to state a material
fact in connection with such representation, statement or omission necessary to make such representation, statement or omission not misleading. The Authorized Participant shall not be liable under its indemnity agreement contained in this paragraph
with respect to any claim made against any AP Indemnified Party unless the AP Indemnified Party shall have notified the Authorized Participant in writing of the claim within a reasonable time after the summons or other first written notification
giving information of the nature of the claim shall have been served upon the AP Indemnified Party (or after the AP Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Authorized
Participant of any claim shall not relieve the Authorized Participant from any liability which it may have to any AP Indemnified Party against whom such action is brought otherwise than on account of its indemnity agreement 

  

 6 

 
contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such
failure to give notice. The Authorized Participant shall be entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Authorized Participant elects to
assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the AP Indemnified Party in the suit, and who shall not, except with the consent of the AP Indemnified Parties, be counsel to the Authorized Participant.
If the Authorized Participant does not elect to assume the defense of any suit, it will reimburse the AP Indemnified Party for the reasonable fees and expenses of any counsel retained by them. 
 (b) The Sponsor hereby agrees to indemnify and hold harmless the Authorized Participant, its respective subsidiaries, affiliates,
directors, officers, employees and agents, and each person, if any, who controls such persons within the meaning of Section 15 of the 1933 Act (each, a “Sponsor Indemnified Party”) from and against any losses, liabilities, damages,
costs and expenses (including reasonable attorneys’ fees and the reasonable cost of investigation) incurred by such Sponsor Indemnified Party as a result of (i) any breach by the Sponsor of any provision of this Agreement that relates to
the Sponsor; (ii) any failure on the part of the Sponsor to perform any obligation of the Sponsor set forth in this Agreement; (iii) any failure by the Sponsor to comply with applicable laws and the rules and regulations of any
governmental entity or any self-regulatory organization; (iv) any untrue statements or omissions made in any promotional material or sales literature furnished to the Authorized Participant or otherwise approved in writing by the Trust;
(v) actions of such Sponsor Indemnified Party in reasonable reliance upon any instructions issued or representations made by the Sponsor or the Trust in accordance with this Agreement or Attachment A hereto reasonably believed by the Authorized
Participant to be genuine and to have been given by the Sponsor or the Trust; or (vi) any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement of the Trust as originally filed with the SEC or
in any amendment thereof, or in the Prospectus, or in any amendment thereof or supplement thereto, or arising out of or based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make
the statements therein not misleading, except those statements in the Registration Statement or the Prospectus based on information furnished in writing by or on behalf of the Authorized Participant expressly for use in the Registration Statement or
the Prospectus. The Sponsor shall not be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any Sponsor Indemnified Party unless the Sponsor Indemnified Party shall have notified the Sponsor in
writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Sponsor Indemnified Party (or after the Sponsor Indemnified Party shall
have received notice of service on any designated agent). However, failure to notify the Sponsor of any claim shall not relieve the Sponsor from any liability which it may have to any Sponsor Indemnified Party against whom such action is brought
otherwise than on account of its indemnity agreement contained in this paragraph and shall only release it from such liability under this paragraph to the extent it has been materially prejudiced by such failure to give notice. The Sponsor shall be
entitled to participate at its own expense in the defense, or, if it so elects, to assume the defense of any suit brought to enforce any claims, but if the Sponsor elects to assume the defense, the defense shall be conducted by counsel chosen by it
and satisfactory to the Sponsor Indemnified Party in the suit and who shall not, except with the consent of the Sponsor Indemnified Party, be counsel to the Sponsor. If the Sponsor does not elect to assume the defense of any suit, it will reimburse
the Sponsor Indemnified Party in the suit for the reasonable fees and expenses of any counsel retained by them. 
 (c) No
indemnifying party, as described in paragraphs (a) and (b) above, shall, without the written consent of the AP Indemnified Party or the Sponsor Indemnified Party, as the case may be, effect the settlement or compromise of, or consent to
the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not the indemnified party is an actual or potential party to such action or
claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the AP Indemnified Party or Sponsor Indemnified Party, as the case may be, from all liability arising out of such action or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any AP Indemnified Party or Sponsor Indemnified Party, as the case may be. 
  

 7 

 (d) The Sponsor and the Authorized Participant agree promptly to notify each other of the
commencement of any proceedings or litigation against it and, in the case of the Sponsor, against any of the Sponsor’s officers or directors, in connection with the issuance and sale of the Shares or in connection with the Registration
Statement or the Prospectus. 
 Section 9. Liability. 
 (a) Limitation of Liability. Neither the Sponsor nor the Authorized Participant shall be liable to each other or to any other
person for any damages arising out of any mistake or error in data provided to any of them by a third party or out of any interruption or delay in the electronic means of communications used by them. 
 (b) Tax Liability. The Authorized Participant shall be responsible for the payment of any transfer tax, sales or use tax, stamp
tax, recording tax, value added tax and any other similar tax or government charge applicable to the creation or redemption of any Creation Unit made pursuant to this Agreement, regardless of whether or not such tax or charge is imposed directly on
the Authorized Participant. To the extent the Sponsor or the Trust is required by law to pay any such tax or charge, the Authorized Participant agrees to promptly indemnify such party for any such payment, together with any applicable penalties,
additions to tax or interest thereon upon reasonable notice thereof; provided, however, that the Authorized Participant shall not indemnify the Trust or the Sponsor for any tax or charge or any penalties, additions to tax or interest thereon to the
extent that such payments result from the Sponsor’s, the Trust’s, or their designee’s willful misconduct, negligence, or bad faith. 
 Section 10. Acknowledgment. The Authorized Participant acknowledges receipt of a (i) copy of the Trust Agreement and (ii) the current Prospectus of the Trust, and represents that it has reviewed and understands such
documents. The Sponsor and the Trust agree to process Orders, or cause its agents to process Orders, for the creation in accordance with the provisions of the Prospectus of the Trust, the Trust Agreement, and the Procedures. 
 Section 11. Effectiveness and Termination. Upon the execution of this Agreement by the parties hereto, this Agreement shall become effective
in this form as of the date first set forth above, and may be terminated at any time by any party upon thirty (30) days prior written notice to the other parties unless earlier terminated: (i) in accordance with Section 2(a)(i);
(ii) upon written notice to the Authorized Participant by the Sponsor in the event of a material breach by the Authorized Participant of this Agreement or the procedures described or incorporated herein; (iii) immediately in the
circumstances described in Section 16(j); or (iv) at such time as the Trust is terminated pursuant to the Trust Agreement. This Agreement supersedes any prior agreement between the parties hereto with respect to the subject matter
contained herein. 
 Section 12. Marketing Materials; Representations Regarding Shares; Identification in Registration Statement.

 (a) The Authorized Participant represents, warrants and covenants that (i) it will not, in connection with any sale or
solicitation of a sale of Shares, make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations not inconsistent with (A) the then-current Prospectus of the
Trust, (B) printed information approved by the Sponsor as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor, and (ii) the Authorized
Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares or any AP Indemnified Party that are inconsistent with the Trust’s then-current Prospectus. Copies of
the then-current Prospectus of the Trust and any such printed supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 
 (b) Notwithstanding the foregoing or anything to the contrary in this Agreement, the Authorized Participant and its affiliates may without
the written approval of the Sponsor or the Trust prepare and circulate in the regular course of their businesses research, reports, and other similar materials that include information, opinions or recommendations relating to the Shares, provided
that such research, reports, and other similar materials comply with applicable NASD rules (or with comparable FINRA rules, if such NASD rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA rules). 
  

 8 

 (c) The Authorized Participant hereby agrees that for the term of this Agreement the
Sponsor, or its designee, may deliver the then-current Prospectus, and any revisions, supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail to
prospectus_NY@ny.mail.gs.com (or to such other address as may be provided by the Authorized Participant from time to time) in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at
any time by delivering written notice to the Sponsor, or the Sponsor’s designee, and, whether or not such agreement is in effect, the Authorized Participant may, at any time, request reasonable quantities of the Prospectus, and any revisions,
supplements or amendments thereto or recirculation thereof, in paper form from the Sponsor or its designee. The Authorized Participant acknowledges that it has the capability to access, view, save and print material provided to it in PDF and that it
will incur no appreciable extra costs by receiving the Prospectus in PDF instead of in paper form. The Sponsor will, when requested by the Authorized Participant, make available, or cause to be made available, at no cost the software and technical
assistance necessary to allow the Authorized Participant to access, view and print the PDF version of the Prospectus. 
 (d)
For as long as this Agreement is effective, if required by the SEC, the Authorized Participant agrees to be identified as an authorized participant of the Trust (i) in the section of the Prospectus included within the Registration Statement
entitled “Creation and Redemption of Shares” and in any other section as may be required by the SEC and (ii) on the Trust’s website. Upon the termination of this Agreement, (i) during the period prior to when the Sponsor
qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will remove such identification from the Prospectus in the amendment of the Registration Statement next occurring after the date of the termination of this Agreement and,
during the period after when the Sponsor qualifies and in its sole discretion elects to file on Form S-3, the Sponsor will promptly file a current report on Form 8-K indicating the withdrawal of the Authorized Participant as an authorized
participant of the Trust and (ii) the Sponsor will promptly update the Trust’s website to remove any identification of the Authorized Participant as an authorized participant of the Trust. 
 Section 13. Certain Covenants of the Sponsor. The Sponsor, on its own behalf and as sponsor of the Trust, covenants and agrees: 

(a) to advise the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require
the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they are made, not misleading, and, during such time, to prepare and furnish, at the expense of the Trust, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such
change; 
 (b) to furnish directly or cause to be furnished to the Authorized Participant, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule 429 under the 1933 Act, and
(iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, such customary documents and certificates in form and content as reasonably requested and agreed; and 
 (c) to cause the Trust to file a post-effective amendment to the Registration Statement no less frequently than once per calendar quarter
on or about the same time that the Trust files a quarterly or annual report pursuant to Section 13 or 15(d) of the 1934 Act (including the information contained in such report), until such time as the Trust’s reports filed pursuant to
Section 13 or 15(d) of the 1934 Act are incorporated by reference in the Registration Statement. 
 Section 14. Force
Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its 

  

 9 

 
reasonable control. This includes any act of God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other
unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and regulations and rules of any governmental or supra-national bodies or authorities or regulatory or
self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 
 Section 15. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form contains order terms that differ from the information provided in the telephone call at the time of issuance of the
applicable order number, the Sponsor will use commercially reasonable efforts to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms of the Order. If an Authorized Person confirms the terms as
they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be deemed invalid, and a corrected Order must be received by the Sponsor. If the Sponsor is not able to
contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the terms of the telephone information. In the event that an Order contains terms that are not complete
or are illegible, the Order will be deemed invalid and the Sponsor will attempt to contact one of the Authorized Persons of the Authorized Participant to request retransmission of the Order.  
 Section 16. Miscellaneous. 
 (a) Amendment and Modification. This Agreement, the Procedures attached as
Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trust and the Sponsor, without consent of the Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement
has been agreed to, the Sponsor will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant in accordance with Section 16(c) below. For the purposes of this Agreement, mail will be deemed received by the
recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within fifteen
(15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material
amendment, modification or supplement of any ProShares Trust II Authorized Participant Agreement (other than this Agreement), the Sponsor will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant.

 (b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or
condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation,
covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 (c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery,
by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same
day delivery (transmission confirmation received), with a confirming copy regular mail, postage prepaid. For avoidance of doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to the
Trust shall be given or sent to the Sponsor. All notices shall be directed to the address or telephone or facsimile numbers indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, which shall not be unreasonably withheld, except that any entity into which a party hereto may be merged or converted
or with which it may be 

  

 10 

 
consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding
to all or substantially all of the business of the party, shall be the successor of the party under this Agreement and except that the Sponsor may delegate its obligations hereunder to the Distributor or the Administrator by advance written notice
to the Authorized Participant. The party resulting from any such merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and
void. Notwithstanding the foregoing, this Agreement shall be automatically assigned to any successor trustee or Sponsor at such time such successor qualifies as a successor trustee or Sponsor under the terms of the Trust Agreement. Furthermore, the
Authorized Participant may assign its rights, interests or obligations hereunder to an affiliate without mutual written consent of any other party. 
 (f) Governing Law; Consent to Jurisdiction. This Agreement shall be governed by and construed in accordance with the laws of the State of New York (regardless of the laws that might otherwise govern under
applicable New York conflict of laws principles) as to all matters, including matters of validity, construction, effect, performance and remedies. Each party hereto irrevocably consents to the jurisdiction of the courts of the State of New York and
of any federal court located in the Borough of Manhattan in such State in connection with any action, suit or other proceeding arising out of or relating to this Agreement or any action taken or omitted hereunder, and waives any claim of forum non
conveniens and any objections as to laying of venue. Each party further waives personal service of any summons, complaint or other process and agrees that service thereof may be made by certified or registered mail directed to such party at such
party’s address for purposes of notices hereunder. Each party hereby waives its right to a trial by jury of any claim arising under or in connection with this Agreement. 
 (g) Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy
of this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement, and it shall not be necessary in making proof of this Agreement as to any party hereto to produce or account for more than one such
counterpart executed and delivered by such party. 
 (h) Interpretation. The article and section headings contained in
this Agreement are solely for the purpose of reference, are not part of the agreement of the parties and shall not in any way affect the meaning or interpretation of this Agreement. 
 (i) Entire Agreement. This Agreement and the Trust Agreement, along with any other agreement or instrument delivered pursuant to
this Agreement and the Trust Agreement, supersede all prior agreements and understandings between the parties with respect to the subject matter hereof, provided, however, that the Authorized Participant shall not be deemed by this provision to be a
party to the Trust Agreement. 
 (j) Severance. If any provision of this Agreement is held by any court or any act,
regulation, rule or decision of any other governmental or supra national body or authority or regulatory or self-regulatory organization to be invalid, illegal or unenforceable for any reason, it shall be invalid, illegal or unenforceable only to
the extent so held and shall not affect the validity, legality or enforceability of the other provisions of this Agreement so long as this Agreement as so modified continues to express, without material change, the original intentions of the parties
as to the subject matter of this Agreement and the deletion of such portion of this Agreement will not substantially impair the respective benefits, obligations, or expectations of the parties to this Agreement. If this Agreement as so modified
substantially impairs the respective benefits, obligations, or expectations of the parties to this Agreement, it shall be subject to immediate termination upon written notice by the terminating party delivered in accordance with Section 16(c)
of this Agreement. 
 (k) No Strict Construction. The language used in this Agreement will be deemed to be the language
chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party. 
 (l) Survival. Sections 8 (Indemnification) and 17 (No Promotion) hereof shall survive the termination of this Agreement. 
  

 11 

 (m) Other Usages. The following usages shall apply in interpreting this Agreement:
(i) references to a governmental or quasigovernmental agency, authority or instrumentality shall also refer to a regulatory body that succeeds to the functions of such agency, authority or instrumentality; and (ii) “including”
means “including, but not limited to.” 
 Section 17. No Promotion. Except as provided in Section 12(d) of this
Agreement, each of the Trust and the Sponsor agrees that it will not, without the prior written consent of the Authorized Participant in each instance, (i) use in advertising, publicity or otherwise the name of the Authorized Participant or any
affiliate of the Authorized Participant, or any partner or employee of the Authorized Participant, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation thereof owned by the Authorized
Participant or its affiliates, or (ii) represent, directly or indirectly, that any product or any service provided by the Trust or the Sponsor has been approved or endorsed by the Authorized Participant. 
 [Signature Page Follows] 
  

 12 

 IN WITNESS WHEREOF, the Authorized Participant and the Sponsor, on behalf of the Trust, have caused this
Agreement to be executed by their duly authorized representatives as of the date first set forth above. 
  

									
	 ProShare Capital Management LLC
 Sponsor of
ProShares Trust II
	 		 	[Name of Authorized Participant]
					
	By:	  	  
	 		 	By:	 	  

	Name:	  	  
	 		 	Name:	 	  

	Title:	  	  
	 		 	Title:	 	  

	Address:	  	  
	 		 	Address:	 	  

	Telephone:	  	  
	 		 	Telephone:	 	  

	Facsimile:	  	  
	 		 	Facsimile:	 	  

				
	ProShares Trust II	 		 		 	
					
	By:	  	  
	 		 		 	
	Name:	  	  
	 		 		 	
	Title:	  	  
	 		 		 	
	Address:	  	  
	 		 		 	
	Telephone:	  	  
	 		 		 	
	Facsimile:	  	  
	 		 		 	

  

 13 

 EXHIBIT A 
 PROSHARES TRUST II 
 FORM OF 
 AUTHORIZED PERSONS OF AUTHORIZED PARTICIPANT 
 The following are the names, titles and signatures of all persons (each an
“Authorized Person”) authorized to give instructions relating to any activity contemplated by the Authorized Participant Agreement or any other notice, request or instruction on behalf of the Authorized Participant pursuant to the
ProShares Trust II Authorized Participant Agreement. 
 Authorized Participant:
                                         
        
  

			
	 Name:
	 	  

			
	E-Mail Address:	 	  

			
	Telephone:	 	  

			
	Fax:	 	  

  

			
	 Name:
	 	  

			
	E-Mail Address:	 	  

			
	Telephone:	 	  

			
	Fax:	 	  

  

			
	 Name:
	 	  

			
	E-Mail Address:	 	  

			
	Telephone:	 	  

			
	Fax:	 	  

  

			
	 Name:
	 	  

			
	E-Mail Address:	 	  

			
	Telephone:	 	  

			
	Fax:	 	  

  

			
	Certified By:	 	  

			
		
	Name:	 	  

	Title:	 	  

	Date:	 	  

  

 14 

 ATTACHMENT A 
 

 
 PROSHARES TRUST II 
 AUTHORIZED PARTICIPANT 
 PROCEDURES HANDBOOK 

 TABLE OF CONTENTS 
  

			
	INTRODUCTION	  	3
		
	ULTRA PROSHARES	  	4
		
	SHORT PROSHARES	  	6
		
	PURCHASE OF CREATION UNITS	  	8
		
	 RIGHT TO REJECT PURCHASE ORDERS FOR CREATION UNIT AGGREGATIONS
	  	11
		
	REDEMPTION OF SHARES	  	12
		
	 SUSPENSION OF RIGHT TO REDEEM CREATION UNIT AGGREGATIONS
	  	15
		
	APPENDIX	  	16
		
	APPENDIX A – CONTACT INFORMATION	  	17
		
	APPENDIX B – PRODUCT INFORMATION	  	18
		
	APPENDIX C – GLOSSARY OF TERMS	  	20

  

 2 

 INTRODUCTION 
 ProShare Capital Management LLC (“Sponsor”) and SEI Investments Distribution Co. (“SEI”) welcome you as an Authorized Participant (“AP”) for ProShares Trust II (the “Trust”). Only APs are permitted to
directly purchase or redeem Shares of the Funds directly with the Trust. Definitions used in this Procedures Handbook can be found in the Glossary in Appendix C. 
 This Procedures Handbook details the procedures for placing and processing Purchase Orders and Redemption Orders in Creation Units. All Orders must be made in accordance with terms and procedures set forth herein. Sponsor or SEI may send
you updates or supplements to this Procedures Handbook from time to time, as necessary. 
 Please note that before an AP may place any Purchase Order, it
must sign the Authorized Participant Agreement and return it to SEI. In addition, each AP must receive from SEI a personal identification number (“PIN”). This PIN helps identify the AP and authenticate instructions the AP provides to SEI.
An AP’s PIN must be kept confidential and be provided only to those persons who are authorized to give instructions relating to Orders on behalf of the AP. A list of all authorized traders must be sent to SEI with the Authorized Participant
Agreement, but may be amended in writing as necessary. Only authorized traders will be allowed to place Orders for Shares. 
  

 3 

 ULTRA PROSHARES 
 Ultra ProShares seek to provide daily investment results, before fees and expenses, which correspond to double
(200%) the daily performance of a particular index or benchmark. 
  

							
	 Fund
	  	 Index or
 Benchmark
	  	 Objective
	  	 Description

	Ultra DJ-AIG Commodity ProShares	  	Dow Jones-AIG Commodity Index Excess Return	  	200% of the Index	  	The Dow Jones-AIG Commodity Index Excess Return is designed to track rolling futures positions in a diversified basket of 19 exchange-traded futures contracts on physical commodities. The
19 physical commodities selected for 2008 are natural gas, crude oil, gasoline, heating oil, live cattle, lean hogs, wheat, corn, soybeans, soybean oil, aluminum, copper, zinc, nickel, gold, silver, sugar, cotton and coffee.
				
	 Ultra DJ-AIG Crude Oil
 ProShares
	  	Dow Jones-AIG Crude Oil Sub-Index Excess Return	  	200% of the Index	  	The Dow Jones-AIG Crude Oil Sub-Index Excess Return is intended to reflect the performance of crude oil as measured by the price of nearby futures contracts of sweet, light crude oil
traded on the NYMEX, including roll costs, without regard to income earned on cash positions.
				
	 Ultra DJ-AIG
 Agriculture ProShares
	  	Dow Jones-AIG Agriculture Sub-Index Excess Return	  	200% of the Index	  	The Dow Jones-AIG Agriculture Sub-Index Excess Return is intended to reflect the agricultural market. The Index consists of the following seven commodity futures contracts: coffee, corn,
cotton, soybeans, soybean oil, sugar and wheat. The Index will reflect the performance of its underlying commodities, including roll costs, without regard to income earned on cash positions.

  

 4 

							
	 Fund
	  	 Index or
 Benchmark
	  	 Objective
	  	 Description

	Ultra Gold ProShares	  	The daily performance of gold bullion as measured by the U.S. dollar fixing price for delivery in London.	  	200% of the Benchmark	  	The benchmark price of gold will be the U.S. dollar price of gold bullion as measured by the London fixing price at 3:00 p.m. (London time) per troy ounce of unallocated gold bullion for
delivery in London through a member of the LBMA authorized to effect such delivery.
				
	Ultra Silver ProShares	  	The daily performance of silver bullion as measured by the U.S. dollar fixing price for delivery in London.	  	200% of the Benchmark	  	The benchmark price of silver will be the U.S. dollar price of silver bullion as measured by the London fixing price at 3:00 p.m. (London time) per troy ounce of unallocated silver bullion for
delivery in London through a member of the LBMA authorized to effect such delivery.
				
	Ultra Euro ProShares	  	The U.S. Dollar price of the Euro	  	200% of the Benchmark	  	The benchmark is the daily change in the spot price of the Euro versus the U.S. dollar. The Euro is the official currency of the Eurozone. The Euro is managed and administered by the European
Central Bank and the European System of Central Banks. The Funds may purchase Financial Instruments based on the euro to pursue their investment objective.
				
	Ultra Japanese Yen ProShares	  	The U.S. Dollar price of the Japanese Yen	  	200% of the Benchmark	  	The benchmark is the daily change in the spot price of the Japanese yen versus the U.S. dollar. The Funds may purchase Financial Instruments based on the Japanese yen to pursue their investment
objective.

  

 5 

 SHORT PROSHARES 
 UltraShort ProShares seek to provide daily investment results, before fees and expenses, which correspond to double
(200%) the inverse of the daily performance of a particular index or benchmark. 
  

							
	 Fund
	  	 Index or
 Benchmark
	  	 Objective
	  	 Description

	UltraShort DJ-AIG Commodity ProShares	  	Dow Jones-AIG Commodity Index Excess Return	  	200% of the inverse of the Index	  	The Dow Jones-AIG Commodity Index Excess Return is designed to track rolling futures positions in a diversified basket of 19 exchange-traded futures contracts on physical commodities. The
19 physical commodities selected for 2008 are natural gas, crude oil, gasoline, heating oil, live cattle, lean hogs, wheat, corn, soybeans, soybean oil, aluminum, copper, zinc, nickel, gold, silver, sugar, cotton and coffee.
				
	UltraShort DJ-AIG Crude Oil ProShares	  	Dow Jones-AIG Crude Oil Sub-Index Excess Return	  	200% of the inverse of the Index	  	The Dow Jones-AIG Crude Oil Sub-Index Excess Return is intended to reflect the performance of crude oil as measured by the price of nearby futures contracts of sweet, light crude oil
traded on the NYMEX, including roll costs, without regard to income earned on cash positions.
				
	UltraShort DJ-AIG Agriculture ProShares	  	Dow Jones-AIG Agriculture Sub-Index Excess Return	  	200% of the inverse of the Index	  	The Dow Jones-AIG Agriculture Sub-Index Excess Return is intended to reflect the agricultural market. The Index consists of the following seven commodity futures contracts: coffee, corn,
cotton, soybeans, soybean oil, sugar and wheat. The Index will reflect the performance of its underlying commodities, including roll costs, without regard to income earned on cash positions.

  

 6 

							
	 Fund
	  	 Index or
 Benchmark
	  	 Objective
	  	 Description

	UltraShort Gold ProShares	  	The daily performance of gold bullion as measured by the U.S. dollar fixing price for delivery in London.	  	200% of the inverse of the Benchmark	  	The benchmark price of gold will be the U.S. dollar price of gold bullion as measured by the London fixing price at 3:00 p.m. (London time) per troy ounce of unallocated gold bullion for
delivery in London through a member of the LBMA authorized to effect such delivery.
				
	UltraShort Silver ProShares	  	The daily performance of silver bullion as measured by the U.S. dollar fixing price for delivery in London.	  	200% of the inverse of the Benchmark	  	The benchmark price of silver will be the U.S. dollar price of silver bullion as measured by the London fixing price at 3:00 p.m. (London time) per troy ounce of unallocated silver bullion for
delivery in London through a member of the LBMA authorized to effect such delivery.
				
	UltraShort Euro ProShares	  	The U.S. Dollar price of the Euro	  	200% of the inverse of the Benchmark	  	The benchmark is the daily change in the spot price of the Euro versus the U.S. dollar. The Euro is the official currency of the Eurozone. The Euro is managed and administered by the European
Central Bank and the European System of Central Banks. The Funds may purchase Financial Instruments based on the euro to pursue their investment objective.
				
	UltraShort Japanese Yen ProShares	  	The U.S. Dollar price of the Japanese Yen	  	200% of the inverse of the Benchmark	  	The benchmark is the daily change in the spot price of the Japanese yen versus the U.S. dollar. The Funds may purchase Financial Instruments based on the Japanese yen to pursue their investment
objective.

  

 7 

 PURCHASE OF CREATION UNITS 
 The Trust will offer, issue and sell Ultra and UltraShort ProShares only in Creation Unit Aggregations of a specified number of Shares (50,000), or such other amount of Shares as designated in the relevant Fund’s Prospectus, through
SEI on a continuous basis, without a sales load, at their NAV per Share next determined after receipt of a Purchase Order on any Business Day. 
 Cash
Deposits 
 Creation Units for each Fund will be exchanged only for cash. Creation Units are sold at their NAV, plus a transaction fee. 
 Eligibility 
 To be eligible to place a Purchase Order with
SEI, an AP must be a DTC Participant. 
 Cut-Off Time for Purchase Orders 
 SEI must receive all Purchase Orders to purchase Creation Unit Aggregations no later than the times listed below (or such earlier times if so designated). APs should reference the password-protected ProShares Trust II
website for cut-off exceptions. 
  

			
	 Fund
	  	 Cut-off Time

	 Ultra DJ-AIG Commodity ProShares
 UltraShort DJ-AIG
Commodity ProShares
	  	10:45 A.M. (Eastern time)
		
	 Ultra DJ-AIG Agriculture ProShares
 UltraShort DJ-AIG
Agriculture ProShares
	  	12:30 P.M. (Eastern time)
		
	 Ultra DJ-AIG Crude Oil ProShares
 UltraShort DJ-AIG Crude
Oil ProShares
	  	1:30 P.M. (Eastern time)
		
	 Ultra Gold ProShares
 UltraShort Gold
ProShares
	  	9:00 A.M. (Eastern time)
		
	 Ultra Silver ProShares
 UltraShort Silver
ProShares
	  	6:00 A.M. (Eastern time)
		
	 Ultra Euro ProShares
 UltraShort Euro
ProShares
 Ultra Japanese Yen ProShares
 UltraShort Japanese Yen
ProShares
	  	3:00 P.M. (Eastern time)

  

 8 

 If Purchase Orders are received by a Fund’s identified Cut-off Time and are accepted by SEI, the Purchase Order will
be processed based on the NAV of the Fund as next determined. The date on which a Purchase Order to purchase Creation Unit Aggregations is placed is referred to as the “Transmittal Date.” An AP placing orders for Creation Unit Aggregations
of the Funds should afford sufficient time to permit proper submission of the order to SEI prior to the identified Cut-off Time on the Transmittal Date. Purchase Orders received after the Cut-off Time will be processed the next Business Day.

 Transmittal of Purchase Orders 
 Purchase Orders
may be transmitted by an AP to SEI via telephone, facsimile or the internet 
  

			
	By telephone:	  	(800) 991-7851
	By facsimile:	  	[    ]
	By internet:	  	[    ]

 Economic or market disruptions, or telephone or other communication failure may impede the ability to reach SEI or
an AP. 
 Delivery of Cash 
 Cash must be
transferred directly to Brown Brothers Harriman & Co., the Custodian, through the DTC on a Delivery Versus Payment (DVP) basis. If the Custodian does not receive the Cash by the market close on the settlement date, such order may be charged
interest for delayed settlement or cancelled. In the event a Purchase Order is cancelled, the AP will be responsible for reimbursing the Fund for all costs associated with canceling the order including costs for repositioning the portfolio,
provided, however, that the AP shall not be responsible for such costs if the order was cancelled for reasons outside of its control or it was not otherwise responsible or at fault for such cancellation. 
  

 9 

 Transaction Fees 
 A Transaction Fee may be charged for each Creation Unit. If applicable, the Transaction Fee may consist of a fixed fee and may also include a variable fee as described below. 
  

					
	 Funds
	  	 Fixed
 Transaction Fee
 Per Purchase
 Order
	  	 Variable
 Transaction
 Fee

	Ultra DJ-AIG Commodity ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	Ultra DJ-AIG Agriculture ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	Ultra DJ-AIG Crude Oil ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	Ultra Gold ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	Ultra Silver ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	Ultra Euro ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	Ultra Japanese Yen ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	UltraShort DJ-AIG Commodity ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	UltraShort DJ-AIG Agriculture ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	UltraShort DJ-AIG Crude Oil ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	UltraShort Gold ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

			
	UltraShort Silver ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
created

  

 10 

					
	 Funds
	  	 Fixed
 Transaction Fee
 Per Purchase
 Order
	  	 Variable
 Transaction
 Fee

	UltraShort Euro ProShares	  	 $500 per
 transaction
	  	Up to 10 basis points per unit created
			
	UltraShort Japanese Yen ProShares	  	 $500 per
 transaction
	  	Up to 10 basis points per unit created

 Receipt of Purchase Order 
 A Purchase Order is deemed received by SEI on the Transmittal Date if (i) such order is received by SEI not later than the specified Cut-off Time on such Transmittal Date; and (ii) all other applicable
procedures set forth in this Procedures Handbook are properly followed. The Funds reserve the right to reject a Purchase Order for the reasons set forth in the Prospectus, which are specified below. 
 Once the Funds have received and accepted a Purchase Order, upon next determination of the NAV of the Shares, SEI will confirm the issuance of a Creation Unit of Shares,
against receipt of payment, at such NAV. SEI will then transmit a confirmation of acceptance to the AP that placed the Purchase Order. 
 Delivery of
Creation Units 
 When Cash is received by the Custodian on the third (3rd) Business Day (or earlier) after the Creation, the Shares will be
released. 
 Settlement 
 Purchase Orders for the
Funds normally settle on a T+3 basis. At its sole discretion, the Sponsor may agree on a settlement cycle other than T+3. 
 Right to Reject Purchase
Orders for Creation Unit Aggregations 
 Each Fund reserves the right to reject a Purchase Order transmitted to it by SEI if: 
  

	 	•	 	 it determines that the purchase order is not in proper form; 

  

	 	•	 	 the Sponsor believes that the purchase order would have adverse tax consequences to any Fund or its shareholders; 

  

	 	•	 	 the Order would in the opinion of counsel be illegal; or 

  

 11 

	 	•	 	 circumstances outside the control of the Sponsor make it, for all practical purposes, not feasible to process creations of Creation Units.

 SEI shall notify an AP of the rejection of a Purchase Order. 
 REDEMPTION OF SHARES 
 Shares of the Funds may be redeemed only in Creation Unit Aggregations of a specified number of
Shares (50,000), or such other amount of Shares as designated in the relevant Fund’s Prospectus, through SEI on a continuous basis, without a sales load, at their NAV next determined after receipt of a Redemption Order on any Business Day. The
Trust will not redeem Shares in amounts less than the Creation Unit Aggregation. 
 Cash Redemption 
 The redemption proceeds for a Creation Unit of a Fund will consist solely of cash. 
 Eligibility 
 To be eligible to place Redemption Orders with SEI, an AP must be a DTC Participant. 
 Cut-Off Time for Redemption Orders 
 SEI must receive all
Redemption Orders to redeem Creation Unit Aggregations no later than the times listed below (or such earlier times if so designated). APs should reference the password-protected ProShares Trust II website for cut-off exceptions. 
  

			
	 Fund
	  	 Cut-off Time

	 Ultra DJ-AIG Commodity ProShares
 UltraShort DJ-AIG
Commodity ProShares
	  	10:45 A.M. (Eastern time)
		
	 Ultra DJ-AIG Agriculture ProShares
 UltraShort DJ-AIG
Agriculture ProShares
	  	12:30 P.M. (Eastern time)
		
	 Ultra DJ-AIG Crude Oil ProShares
 UltraShort DJ-AIG
Crude Oil ProShares
	  	1:30 P.M. (Eastern time)
		
	 Ultra Gold ProShares
 UltraShort Gold
ProShares
	  	9:00 A.M. (Eastern time)
		
	 Ultra Silver ProShares
 UltraShort Silver ProShares

	  	6:00 A.M. (Eastern time)
		
	 Ultra Euro ProShares
 UltraShort Euro
ProShares
 Ultra Japanese Yen ProShares
 UltraShort Japanese Yen
ProShares
	  	3:00 P.M. (Eastern time)

 If Redemption Orders are received by a Fund’s identified Cut-off Time and are accepted by SEI, the Redemption
Order will be processed based on the NAV of the Fund as next determined on 

  

 12 

 
such date. The date on which a Redemption Order to redeem Creation Unit Aggregations is placed is referred to as the “Transmittal Date.” An AP
placing a Redemption Order for Creation Unit Aggregations of a Fund should afford sufficient time to permit proper submission of the order to SEI prior to the identified Cut-off Time on the Transmittal Date. Requests received after the Cut-off Time
will be processed the next Business Day. 
 Transmittal of Redemption Orders 
 Redemption Orders may be transmitted by an AP to SEI by telephone, facsimile or the internet. 
  

			
	By telephone:	  	(800) 991-7851
	By facsimile:	  	[    ]
	By internet:	  	[    ]

 Economic or market disruptions, or telephone or other communication failure may impede the ability to reach SEI or
an AP. 
 Receipt/Delivery of Redemption Order 
 A
Redemption Order for Creation Unit Aggregations is deemed received by SEI on the Transmittal Date if (i) such request is received by SEI not later than a Fund’s identified Cut-off Time on such Transmittal Date (or such earlier time if so
designated); and (ii) all other applicable procedures set forth in this Procedures Handbook are properly followed. Delivery of Cash will be made through DTC on a DVP basis to the AP on the third (3rd) Business Day (or earlier at the sole
discretion of Sponsor) after the Redemption Order is deemed received by SEI. If delivery fails, the Redemption Order may be cancelled. If a Redemption Order is cancelled, the AP will be required to reimburse the Fund for all costs associated with
the cancellation including the cost to reposition the portfolio, provided, however, that the AP shall not be responsible for such costs if the order was cancelled for reasons outside of its control or it was not otherwise responsible or at fault for
such cancellation. The Trust will not settle partial Creation Unit Aggregations. 
 Transaction Fee 
 A Transaction Fee may be charged for each Creation Unit redeemed. The Transaction Fee may consist of a fixed fee and may also include a variable fee as described below.

  

					
	 Funds
	  	 Fixed
 Transaction
 Fee Per
 Redemption
 Order
	  	 Variable
 Transaction
 Fee

	Ultra DJ-AIG Commodity ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

  

 13 

					
	 Funds
	  	 Fixed
 Transaction
 Fee Per
 Redemption
 Order
	  	 Variable
 Transaction
 Fee

	Ultra DJ-AIG Agriculture ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	Ultra DJ-AIG Crude Oil ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	Ultra Gold ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	Ultra Silver ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	Ultra Euro ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	Ultra Japanese Yen ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	UltraShort DJ-AIG Commodity ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	UltraShort DJ-AIG Agriculture ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

  

 14 

					
	 Funds
	  	 Fixed
 Transaction
 Fee Per
 Redemption
 Order
	  	 Variable
 Transaction
 Fee

	UltraShort DJ-AIG Crude Oil ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	UltraShort Gold ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	UltraShort Silver ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	UltraShort Euro ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

			
	UltraShort Japanese Yen ProShares	  	 $500 per
 transaction
	  	 Up to 10 basis points
 per unit
redeemed

 Settlement 
 Redemption Orders customarily settle on a T+3 basis. Redemption Orders which may settle earlier than T+3 may be subject to a charge, which shall be calculated as determined by the Trust or Sponsor. 
 Suspension of Right to Redeem Creation Unit Aggregations 
 The
right of redemption may be suspended or the date of payment postponed with respect to any Fund for any period during which any of the AMEX, NYSE, CME, CBOT, ICE/NYBOT, LME or NYMEX/COMEX is closed other than for customary holidays or weekend
closings or when trading is suspended or restricted on such exchanges in any of the underlying commodities: (i) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or
(ii) for such other period as the Sponsor determines to be necessary for the protection of the shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or
postponement. 
  

 15 

 APPENDIX 
  

 16 

 APPENDIX A – CONTACT INFORMATION 
  

			
	PHONE NUMBERS	 	
		
	 CREATION/REDEMPTION ORDERS
 (FOR AUTHORIZED
PARTICIPANTS ONLY)
	 	(800) 991-7851
		
	GENERAL PROSHARES INFORMATION	 	(866) 776-7006
		
	 INDEX RECEIPT AGENT/TRANSFER
 AGENT/
CUSTODIAN
	 	[    ]
		
	ADDRESS	 	
		
	All Correspondence Via U.S. Mail to:	 	
		
	SEI	 	
	Attn: ProShares Trust II - ETF Trading Operations	 	
	One Freedom Valley Drive	 	
	Oaks, PA 19456	 	
		
	INTERNET	 	
		
	 CREATION/REDEMPTION ORDERS
 (FOR AUTHORIZED
PARTICIPANTS ONLY)
	 	[    ]
		
	GENERAL PROSHARES INFORMATION	 	(866) 776-7006

  

 17 

 APPENDIX B – PRODUCT INFORMATION 
  

									
	 	  	Ultra DJ-AIG
Commodity
ProShares	  	Ultra DJ-AIG
Crude Oil
ProShares	  	Ultra DJ-AIG
Agriculture
ProShares	  	Ultra Gold
ProShares
	Tickers	  		  		  		  	
	 NYSE Arca Trading Symbol
	  	UCD	  	USF	  	HOE	  	ULD
	 Intraday Indicative Value (IIV)
	  	UCD.IV	  	USF.IV	  	HOE.IV	  	ULD.IV
	 NAV Symbol
	  	UCD.NV	  	USF.NV	  	HOE.NV	  	ULD.NV
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  	UCD.EU	  	USF.EU	  	HOE.EU	  	ULD.EU
	 Balancing Amount per Creation Unit Symbol
	  	UCD.TC	  	USF.TC	  	HOE.TC	  	ULD.TC
	 Shares Outstanding Symbol
	  	UCD.SO	  	USF.SO	  	HOE.SO	  	ULD.SO
	 WSJ Price/Bloomberg Symbol
	  	DJAIG	  	DJAIGCL	  	DJAIGAG	  	GOLDLNPM
					
	Other Information	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	Not applicable
	 CUSIP #
	  	74347W 106	  	74347W 502	  	74347W 304	  	74347W 601
	 NSCC Instruction CUSIP #
	  	Not applicable	  	Not applicable	  	Not applicable	  	Not applicable
	 Tax ID #
	  	26-2928229	  	26-2928476	  	26-2928375	  	26-2928618
	 Shares Per Creation Unit
	  	50,000	  	50,000	  	50,000	  	50,000
	 Specialist
	  	GSEC	  	GSEC	  	KELLOGG	  	KELLOGG
		  	 	  	 	  	 	  	 
					
	 	  	Ultra Silver
ProShares	  	Ultra Euro
ProShares	  	Ultra Yen
ProShares	  	 
	Tickers	  		  		  		  	
	 NYSE Arca Trading Symbol
	  	AGQ	  	ULE	  	YCL	  	
	 Intraday Indicative Value (IIV)
	  	AGQ.IV	  	ULE.IV	  	YCL.IV	  	
	 NAV Symbol
	  	AGQ.NV	  	ULE.NV	  	YCL.NV	  	
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  	AGQ.EU	  	ULE.EU	  	YCL.EU	  	
	 Balancing Amount per Creation Unit Symbol
	  	AGQ.TC	  	ULE.TC	  	YCL.TC	  	
	 Shares Outstanding Symbol
	  	AGQ.SO	  	ULE.SO	  	YCL.SO	  	
	 WSJ Price/Bloomberg Symbol
	  	SLVRLN	  	Not applicable	  	Not applicable	  	
					
	Other Information	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	
	 CUSIP #
	  	74347W 841	  	74347W 874	  	74347W 866	  	
	 NSCC Instruction CUSIP #
	  	Not applicable	  	Not applicable	  	Not applicable	  	
	 Tax ID #
	  	26-2928729	  	26-2928818	  	26-2928892	  	
	 Shares Per Creation Unit
	  	50,000	  	50,000	  	50,000	  	
	 Specialist
	  	KELLOGG	  	KELLOGG	  	KELLOGG	  	
		  	 	  	 	  	 	  	

  

 18 

									
	 	  	UltraShort DJ-AIG
Commodity
ProShares	  	UltraShort DJ-AIG
Crude Oil
ProShares	  	UltraShort DJ-AIG
Agriculture
ProShares	  	UltraShort
Gold
ProShares
	Tickers	  		  		  		  	
	 NYSE Arca Trading Symbol
	  	CMD	  	OLS	  	SOW	  	UGL
	 Intraday Indicative Value (IIV)
	  	CMD.IV	  	OLS.IV	  	SOW.IV	  	UGL.IV
	 NAV Symbol
	  	CMD.NV	  	OLS.NV	  	SOW.NV	  	UGL.NV
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  	CMD.EU	  	OLS.EU	  	SOW.EU	  	UGL.EU
	 Balancing Amount per Creation Unit Symbol
	  	CMD.TC	  	OLS.TC	  	SOW.TC	  	UGL.TC
	 Shares Outstanding Symbol
	  	CMD.SO	  	OLS.SO	  	SOW.SO	  	UGL.SO
	 WSJ Price/Bloomberg Symbol
	  	DJAIG	  	DJAIGCL	  	DJAIGAG	  	GOLDLNPM
					
	Other Information	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	Not applicable
	 CUSIP #
	  	74347W 205	  	74347W 809	  	74347W 403	  	74347W 700
	 NSCC Instruction CUSIP #
	  	Not applicable	  	Not applicable	  	Not applicable	  	Not applicable
	 Tax ID #
	  	26-2928330	  	26-2928521	  	26-2928429	  	26-2928669
	 Shares Per Creation Unit
	  	50,000	  	50,000	  	50,000	  	50,000
	 Specialist
	  	GSEC	  	GSEC	  	KELLOGG	  	KELLOGG
		  	 	  	 	  	 	  	 
					
	 	  	UltraShort
Silver ProShares	  	UltraShort Euro
ProShares	  	UltraShort Yen
ProShares	  	 
	Tickers	  		  		  		  	
	 NYSE Arca Trading Symbol
	  	ZSL	  	EXZ	  	YCS	  	
	 Intraday Indicative Value (IIV)
	  	ZSL.IV	  	EXZ.IV	  	YCS.IV	  	
	 NAV Symbol
	  	ZSL.NV	  	EXZ.NV	  	YCS.NV	  	
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  	ZSL.EU	  	EXZ.EU	  	YCS.EU	  	
	 Balancing Amount per Creation Unit Symbol
	  	ZSL.TC	  	EXZ.TC	  	YCS.TC	  	
	 Shares Outstanding Symbol
	  	ZSL.SO	  	EXZ.SO	  	YCS.SO	  	
	 WSJ Price/Bloomberg Symbol
	  	SLVRLN	  	Not applicable	  	Not applicable	  	
					
	Other Information	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	
	 CUSIP #
	  	74347W 833	  	74347W 882	  	74347W 858	  	
	 NSCC Instruction CUSIP #
	  	Not applicable	  	Not applicable	  	Not applicable	  	
	 Tax ID #
	  	26-2928764	  	26-2928860	  	26-2929127	  	
	 Shares Per Creation Unit
	  	50,000	  	50,000	  	50,000	  	
	 Specialist
	  	KELLOGG	  	KELLOGG	  	KELLOGG	  	
		  	 	  	 	  	 	  	

  

 19 

 APPENDIX C – GLOSSARY OF TERMS 
 “NYSE Arca” means the New York Stock Exchange Archipelago (or its successor). 
 “AP” means Authorized Participant. 
 “Brown Brothers Harriman & Co.” or “BBH” means
the Funds’ administrator, custodian and index receipt agent. 
 “Business Day” means any day other than a day when any of AMEX, the New York
Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, IntercontinentalExchange/New York Board of Trade, the London Metal Exchange or the NYMEX is closed for regular trading. 
 “Cash” shall mean same day funds in United States dollars. 
 “CBOT” means the Chicago Board of Trade. 
 “CME” means the Chicago Mercantile Exchange. 
 “Creation” means the act of creating a Creation Unit Aggregation. 
 “Creation Unit” and “Creation Unit Aggregation” means an aggregation of a specified number of Shares of a particular Fund of the Trust as stated in the Prospectus. 
 “Custodian” means the Fund’s custodian, Brown Brothers Harriman & Co. 
 “Cut-off Time” means the time that a Purchase Order must be transmitted to SEI to be deemed received. All times are Eastern Time. 
 “DJ-AIG” means Dow Jones – American International Group. 
 “DTC” means The Depository Trust
Company. 
 “DTC Participant” refers to a participant in the facilities of the Depository Trust Company. 
 “DVP” means Delivery Versus Payment. 
 “Fund” means a
series of ProShares Trust II. 
 “Procedures Handbook” means the ProShares Trust II Authorized Participant Procedures Handbook, as supplemented or
amended from time to time. 
 “ICE/NYBOT” means IntercontinentalExchange/New York Board of Trade. 
  

 20 

 “IIV” means Intraday Indicative Value. 
 “LBMA” means London Bullion Market Association. 
 “LME” means the London Metal Exchange 
 “NAV” means net Asset value per share. 
 “NYMEX” means
New York Mercantile Exchange, Inc. 
 “NYSE” means the New York Stock Exchange. 
 “Orders” means any order to purchase or redeem Creation Unit Aggregations. 
 “PIN” means a unique
personal identification number assigned to each AP that helps identify the AP and authenticate instructions. 
 “Prospectus” means the Trust’s
then current prospectus and statement of additional information included in its effective registration statement, as supplemented or amended from time to time. 
 “Purchase Orders” refers to the action of placing and processing orders to purchase Creation Unit Aggregations. 
 “Redemption
Orders” refers to the action of placing and processing orders to redeem Creation Unit Aggregations. 
 “Shares” means the shares represented
in a Creation Unit Aggregation. 
 “SEI” means SEI Investments Distribution Co. 
 “Sponsor” means the Funds’ sponsor, ProShares Capital Management LLC. 
 “Transaction Fee” is a
fixed dollar fee charged for each Creation Unit regardless of the number of Creations per Fund per Business Day for an AP and applicable variable fee charged based on the total value of Creation Aggregation Units purchased or redeemed. 

“Transmittal Date” means the date on which a Purchase Order to purchase Creation Unit Aggregations is placed. 
 “Trust” means the ProShares Trust II. 
  

 21Form 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

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00148-of-00352.parquet"}]]