Document:

EX-10.3

 Exhibit 10.3 
  

 
 FORM OF CUSTODY AGREEMENT 

AGREEMENT, dated as of September     , 2018 and effective as of October 1, 2018, by and between ProShares Trust II, a
Delaware statutory trust, having its principal office and place of business at 7501 Wisconsin Avenue, Suite 1000E, Bethesda, MD 20814 (the “Trust”), on behalf of its series listed on Schedule II hereto and all future series of the Trust,
and The Bank of New York Mellon, a New York corporation authorized to do a banking business, having its principal office and place of business at 225 Liberty Street, New York, New York 10286 (“Custodian”). 

W I T N E S E T H: 
 That
for and in consideration of the mutual promises hereinafter set forth the Trust and Custodian agree as follows: 
 ARTICLE I 

DEFINITIONS 
 Whenever used
in this Agreement, the following words shall have the meanings set forth below: 
 1.    “Authorized
Person” shall be any person duly authorized by the Trust to execute any Certificate or to give any Oral Instruction with respect to one or more Accounts, such persons to be designated in a Certificate annexed hereto as Schedule I hereto or
such other Certificate as may be received by Custodian from time to time. 
 2.    “Book-Entry System” shall mean the Federal Reserve/Treasury book-entry system for receiving and delivering securities, its successors and nominees. 

3.    “Business Day” shall mean any day on which Custodian and relevant Depositories are open for
business. 
 4.    “Certificate” shall mean any notice, instruction, or other instrument in writing,
authorized or required by this Agreement to be given to Custodian, which is actually received by Custodian by letter or facsimile transmission and signed on behalf of the Trust by an Authorized Person or a person reasonably believed by Custodian to
be an Authorized Person. 
 5.    “Composite Currency Unit” shall mean the Euro or any composite
currency unit consisting of the aggregate of specified amounts of specified currencies, as such unit may be constituted from time to time. 

6.    “Custodian Affiliate” shall mean any office, branch or subsidiary of The Bank of New York Mellon
Corporation. 
 7.    “Depository” shall include (a) the Book-Entry System, (b) the
Depository Trust Company, (c) any other clearing agency or securities depository registered with the Securities and Exchange Commission identified to the Trust from time to time, and (d) the respective successors and nominees of the
foregoing. 

 8.    “Economic Sanctions Compliance Program” shall
mean those programs, policies, procedures and measures designed to ensure compliance with, and prevent violations of, Sanctions. 

9.    “Foreign Depository” shall mean (a) Euroclear, (b) Clearstream Banking, societe anonyme,
(c) each eligible securities depository, and (d) the respective successors and nominees of the foregoing. 

10.    “Instructions” shall mean communications actually received by Custodian by S.W.I.F.T., tested
telex, letter, facsimile transmission, or other method or system specified by Custodian as available for use in connection with the services hereunder. 

11.    “Oral Instructions” shall mean verbal instructions received by Custodian from an Authorized Person
or from a person reasonably believed by Custodian to be an Authorized Person. 
 12.    “Sanctions”
shall mean all economic sanctions, laws, rules, regulations, executive orders and requirements administered by any governmental authority of the U.S. (including the U.S. Office of Foreign Assets Control), and the European Union (including any
national jurisdiction or member state thereof), in addition to any other applicable authority with jurisdiction over the Trust. 

13.    “Series” shall mean the various portfolios of the Trust listed on Schedule II hereto and all
future series of the Trust. 
 14.    “Securities” shall include, without limitation, any common stock
and other equity securities, bonds, debentures and other debt securities, notes, mortgages or other obligations, and any instruments representing rights to receive, purchase, or subscribe for the same, or representing any other rights or interests
therein (whether represented by a certificate or held in a Depository or by a Subcustodian). 

15.    “Subcustodian” shall mean a bank (including any branch thereof) or other financial institution
(other than a Foreign Depository) located outside the U.S., which is utilized by Custodian in connection with the purchase, sale or custody of Securities or cash hereunder and identified to the Trust from time to time, and their respective
successors and nominees. 
 16.    “Transfer Agent” shall mean The Bank of New York Mellon or an
affiliate, subject to a separate Transfer Agency and Service Agreement entered into between the parties, or any successor transfer agent identified to Custodian in a Certificate. 

ARTICLE II 
 APPOINTMENT
OF CUSTODIAN; ACCOUNTS; 
 REPRESENTATIONS, WARRANTIES, AND COVENANTS 

1.     (a) Effective as of October 1, 2018, the Trust hereby appoints Custodian as custodian of all Securities and
cash at any time delivered to Custodian during the term of this Agreement, and authorizes Custodian to hold Securities in registered form in its name or the name of its nominees. Custodian hereby accepts such appointment and agrees to establish and
maintain one or more securities accounts and cash accounts for each Series in which Custodian will hold Securities and cash as provided herein and as reasonably required to effect Instructions and Oral

  
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Instructions. Custodian shall maintain books and records segregating the assets of each Series from the assets of any other Series. Such accounts (each, an “Account”; collectively, the
“Accounts”) shall be in the name of the Trust. 
 (b)    Custodian may from time to time establish on its
books and records such sub-accounts within each Account as an Authorized Person and Custodian may agree upon (each a “Special Account”), and Custodian shall reflect therein such assets as the Trust
may specify in a Certificate or Instructions. 
 (c)    Custodian may from time to time establish pursuant to a written
agreement with and for the benefit of a broker, dealer, futures commission merchant or other third party identified in a Certificate or Instructions such accounts on such terms and conditions as the Trust and Custodian shall agree, and Custodian
shall transfer to such account such Securities and money as the Trust may specify in a Certificate or Instructions. 

(d)    If, pursuant to an Instruction, Custodian enters into, and becomes a party to, an agreement with a Series and a
futures commission merchant regarding margin (a “Tri-Party Agreement”), Custodian shall perform its obligations under such Tri-Party Agreement in accordance
with the agreed-upon terms thereof. Alternatively, Custodian may deliver Securities or cash, in accordance with an Instruction, to a futures commission merchant for purposes of margin requirements in accordance with Rule 17f-6 under the Investment Company Act of 1940, as amended (“1940 Act”), as if the Trust was subject to such rules. 

2.    The Trust hereby represents and warrants, which representations and warranties shall be continuing and shall be
deemed to be reaffirmed upon each delivery of a Certificate or each giving of Oral Instructions or Instructions by the Trust, that: 

(a)    The Trust is duly organized and existing under the laws of the jurisdiction of its organization, with full power to
carry on its business as now conducted, to enter into this Agreement, and to perform its obligations hereunder; 

(b)    This Agreement has been duly authorized, executed and delivered by the Trust, and constitutes a valid and legally
binding obligation of the Trust, enforceable in accordance with its terms; 
 (c)    The Trust is conducting its
business in material compliance with all applicable laws and requirements, both state and federal, and has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted; 

(d)    The Trust will not knowingly use the services provided by Custodian hereunder in any manner that is, or will result
in, a violation of any law, rule or regulation applicable to the Trust; 
 (e)    The Trust is fully informed of the
protections and risks associated with various methods of transmitting Instructions and Oral Instructions and delivering Certificates to Custodian, shall, and shall cause each Authorized Person, to safeguard and treat with extreme care any user and
authorization codes, passwords and/or authentication keys, understands that there may be more secure methods of transmitting or delivering the same than the methods selected by 

  
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it, agrees that the security procedures (if any) to be utilized provide a commercially reasonable degree of protection in light of its particular needs and circumstances, and acknowledges and
agrees that Instructions need not be reviewed by Custodian, may conclusively be presumed by Custodian to have been given by person(s) duly authorized, and may be acted upon as given; 

(f)    The Trust shall impose and maintain restrictions on the destinations to which cash may be disbursed by Instructions
to ensure that each disbursement is for a proper purpose; and 
 (g)    The Trust has the right to make the pledge and
grant the security interest and security entitlement to Custodian contained in Section 1 of Article V hereof, free of any right of redemption or prior claim of any other person or entity, such pledge and such grants shall have a first priority
subject to no setoffs, counterclaims, or other liens or grants prior to or on a parity therewith, and it shall take such additional steps as Custodian may require to assure such priority. 

3.    Custodian hereby represents and warrants, which representations and warranties shall be continuing and shall be
deemed to be reaffirmed each day, that: 
 (a)    It is duly organized and existing under the laws of the jurisdiction
of its organization, with full power to carry on its business as now conducted, to enter into this Agreement, and to perform its obligations hereunder; 

(b)    This Agreement has been duly authorized, executed and delivered by Custodian, and constitutes a valid and legally
binding obligation of Custodian, enforceable in accordance with its terms; 
 (c)    It is conducting its business in
substantial compliance with all applicable laws and requirements, both state and federal; 
 (d)    It has obtained all
regulatory licenses, approvals and consents necessary to carry on its business as now conducted; and 
 (e)    It has in
place and shall maintain physical, electronic and procedural safeguards reasonably designed to protect the availability, security, confidentiality and integrity of, and to prevent unauthorized access to or use of, any and all books, records and
information related to the Trust. 
 4.    The Trust hereby covenants that it shall from time to time complete and
execute and deliver to Custodian upon Custodian’s request a Form FR U-1 (or successor form) whenever the Trust borrows from Custodian any money to be used for the purchase or carrying of margin stock as
defined in Federal Reserve Regulation U. 
 ARTICLE III 

CUSTODY AND RELATED SERVICES 

1.     (a) Subject to the terms hereof, the Trust hereby authorizes Custodian to hold any Securities received by it from
time to time for the Trust’s account including as a result of any corporate action. Custodian shall be entitled to utilize, subject to subsection (c) of this Section 1, 

  
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Depositories, Subcustodians and, subject to subsection (d) of this Section 1, Foreign Depositories, to the extent required in connection with its performance hereunder. Securities and
cash held in a Depository or Foreign Depository will be held subject to the rules, terms and conditions of such entity. Securities and cash held through Subcustodians shall be held subject to the terms and conditions of Custodian’s agreements
with such Subcustodians. Subcustodians may be authorized to hold Securities in Foreign Depositories in which such Subcustodians participate. Unless otherwise required by local law or practice or a particular subcustodian agreement, Securities
deposited with a Subcustodian, a Depository or a Foreign Depository will be held in a commingled account, in the name of Custodian, holding only Securities held by Custodian as custodian for its customers. Custodian shall identify on its books and
records the Securities and cash belonging to the Trust, whether held directly or indirectly through Depositories, Foreign Depositories or Subcustodians. Custodian shall segregate on its books all such Securities and cash from assets belonging to
Custodian. Custodian shall, directly or indirectly through Subcustodians, Depositories or Foreign Depositories, to the extent feasible, to hold Securities in the country or other jurisdiction in which the principal trading market for such Securities
is located, where such Securities are to be presented for cancellation and/or payment and/or registration, or where such Securities are acquired. Custodian at any time may cease utilizing any Subcustodian and/or may replace a Subcustodian with a
different Subcustodian (the “Replacement Subcustodian”). 
 (b)    Unless Custodian has received a Certificate
or Instructions to the contrary, Custodian shall hold Securities indirectly through a Subcustodian only if (i) the Securities are not subject to any right, charge, security interest, lien or claim of any kind in favor of such Subcustodian or
its creditors or operators, including a receiver or trustee in bankruptcy or similar authority, except for a claim of payment for the safe custody or administration of Securities on behalf of the Trust by such Subcustodian, and (ii) beneficial
ownership of the Securities is freely transferable without the payment of money or value other than for safe custody or administration. 

(c)    With respect to each Depository, Custodian (i) shall exercise reasonable care, and diligence in accordance
with reasonable commercial standards in discharging its duties as a securities intermediary to obtain and thereafter maintain Securities or financial assets deposited or held in such Depository, and (ii) will provide, promptly upon request by
the Trust, such reports as are available concerning the internal accounting controls and financial strength of Custodian. 

(d)    With respect to each Foreign Depository, Custodian shall exercise reasonable care, prudence, and diligence
(i) to provide the Trust with an analysis of the custody risks associated with maintaining assets with the Foreign Depository, and (ii) to monitor such custody risks on a continuing basis and promptly notify the Trust of any material
change in such risks. The Trust acknowledges and agrees that such analysis and monitoring shall be made on the basis of, and limited by, information gathered from Subcustodians or through publicly available information otherwise obtained by
Custodian, and shall not include any evaluation of Country Risks. As used herein the term “Country Risks” shall mean with respect to any Foreign Depository: (a) the financial infrastructure of the country in which it is
organized, (b) such country’s prevailing custody and settlement practices, (c) nationalization, expropriation or other governmental actions, (d) such country’s regulation of the banking or securities industry,
(e) currency controls, restrictions, devaluations or fluctuations, and (f) market conditions which affect the order execution of securities transactions or affect the value of securities. 

  
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 2.    Custodian shall furnish the Trust with an advice of daily
transactions (including a confirmation of each transfer of Securities) and a monthly summary of all transfers to or from the Accounts and such other reporting on such frequency as the Trust may reasonably request. 

3.    Custodian shall provide information or reports to the Trust or the Trust’s Chief Compliance Officer or any
Authorized Person as may be reasonably requested. 
 4.    With respect to all Securities held hereunder, Custodian
shall, unless otherwise instructed to the contrary: 
 (a)    Receive all income and other payments and advise the Trust
as promptly as practicable of any such amounts due but not paid; 
 (b)    Present for payment and receive the amount
paid upon all Securities which may mature and advise the Trust as promptly as practicable of any such amounts due but not paid; 

(c)    Forward to the Trust copies of all information or documents that it may actually receive from an issuer of
Securities which, in the opinion of Custodian, are intended for the beneficial owner of Securities; 
 (d)    Execute,
as custodian, any certificates of ownership, affidavits, declarations or other certificates under any tax laws now or hereafter in effect in connection with the collection of bond and note coupons; 

(e)    Hold directly or through a Depository, a Foreign Depository or a Subcustodian all rights and similar Securities
issued with respect to any Securities credited to an Account hereunder; and 
 (f)    Endorse for collection checks,
drafts or other negotiable instruments. 
 5.    (a) Custodian shall notify the Trust of rights or discretionary actions
with respect to Securities held hereunder, and of the date or dates by when such rights must be exercised or such action must be taken, provided that Custodian has actually received, from the issuer or the relevant Depository (with respect to
Securities issued in the United States) or from the relevant Subcustodian, Foreign Depository, or a nationally or internationally recognized bond or corporate action service to which Custodian subscribes, timely notice of such rights or
discretionary corporate action or of the date or dates such rights must be exercised or such action must be taken. Absent actual receipt of such notice, Custodian shall have no liability for failing to so notify the Trust. 

(b)    Whenever Securities (including, but not limited to, warrants, options, tenders, options to tender or non-mandatory puts or calls) confer discretionary rights on the Trust or provide for discretionary action or alternative courses of action by the Trust, the Trust shall be responsible for making any decisions
relating thereto and for directing Custodian to act. In order for Custodian to act, it must receive the Trust’s Certificate or Instructions at Custodian’s offices, addressed as Custodian may from time to time request, not later than noon
(New York time) at least two (2) Business Days prior to the last scheduled date to act with respect to such Securities (or such earlier date or time as Custodian may specify to the Trust). Absent Custodian’s timely receipt of such
Certificate or Instructions, Custodian shall not be liable for failure to take any action relating to or to exercise any rights conferred by such Securities. 

  
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 6.    All voting rights with respect to Securities, however registered,
shall be exercised by the Trust or its designee. Custodian will make available to the Trust proxy voting services upon the request of, and for the jurisdictions selected by, the Trust in accordance with terms and conditions to be mutually agreed
upon by Custodian and the Trust. 
 7.    Custodian shall promptly advise the Trust upon Custodian’s actual receipt
of notification of the partial redemption, partial payment or other action affecting less than all Securities held by the Custodian on behalf of its customers, including the Trust. If Custodian, any Subcustodian, any Depository or any Foreign
Depository holds any Securities in which the Trust has an interest as part of a fungible mass, Custodian, such Subcustodian, Depository or Foreign Depository may select the Securities to participate in such partial redemption, partial payment or
other action in any non-discriminatory manner that it customarily uses to make such selection. 

8.    Custodian shall not under any circumstances accept bearer interest coupons which have been stripped from United
States federal, state or local government or agency securities unless explicitly agreed to by Custodian in writing. 

9.    The Trust shall be liable for all taxes, assessments, duties and other governmental charges, including any interest
or penalty with respect thereto (“Taxes”), with respect to any cash or Securities held on behalf of the Trust or any transaction related thereto. The Trust shall indemnify Custodian and each Subcustodian for the amount of any Tax that
Custodian, any such Subcustodian or any other withholding agent is required under applicable laws (whether by assessment or otherwise) to pay on behalf of, or in respect of income earned by or payments or distributions made to or for the account of,
the Trust (including any payment of Tax required by reason of an earlier failure to withhold). Custodian shall, or shall instruct the applicable Subcustodian or other withholding agent to, withhold the amount of any Tax which is required to be
withheld under applicable U.S. or foreign law upon collection of any dividend, interest or other distribution made with respect to any Security and any proceeds or income from the sale, loan or other transfer of any Security. In the event that
Custodian or any Subcustodian is required under applicable law to pay any Tax on behalf of the Trust, Custodian is hereby authorized to withdraw cash from any cash account in the amount required to pay such Tax and to use such cash, or to remit such
cash to the appropriate Subcustodian or other withholding agent, for the timely payment of such Tax in the manner required by applicable law. If the aggregate amount of cash in all cash accounts is not sufficient to pay such Tax, Custodian shall
promptly notify the Trust of the additional amount of cash (in the appropriate currency) required, and the Trust shall directly deposit such additional amount in the appropriate cash account promptly after receipt of such notice, for use by
Custodian as specified herein. In the event that Custodian reasonably believes that Trust is eligible, pursuant to applicable law or to the provisions of any tax treaty, for a reduced rate of, or exemption from, any Tax which is otherwise required
to be withheld or paid on behalf of the Trust under any applicable law, Custodian shall, or shall instruct the applicable Subcustodian or withholding agent to, either withhold or pay such Tax at such reduced rate or refrain from withholding or
paying such Tax, as appropriate; provided that Custodian shall have received from the Trust all documentary evidence of residence or other qualification for such reduced rate or exemption required to be received under such applicable law or
treaty. Custodian shall, or shall 

  
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instruct the applicable Subcustodian or other withholding agent to, file all necessary claims for exemptions or refunds with respect to any Taxes withheld in any
non-U.S. jurisdiction. In the event that Custodian reasonably believes that a reduced rate of, or exemption from, any Tax is obtainable only by means of an application for the Trust, Custodian and the
applicable Subcustodian shall have no responsibility for the accuracy or validity of any forms or documentation provided by the Trust to Custodian hereunder. Custodian agrees to provide any information requested by the Trust that is necessary for
the Trust to file any required Tax reports or returns or that is necessary for the Trust to reclaim Taxes already paid. The Trust hereby agrees to indemnify and hold harmless Custodian and each Subcustodian in respect of any liability arising from
any underwithholding or underpayment of any Tax which results from the inaccuracy or invalidity of any such forms or other documentation, and such obligation to indemnify shall be a continuing obligation of the Trust, its successors and assigns
notwithstanding the termination of this Agreement. 
 10.    (a) For the purpose of settling Securities and foreign
exchange transactions, the Trust shall provide Custodian with sufficient immediately available funds for all transactions by such time and date as conditions in the relevant market dictate. As used herein, “sufficient immediately available
funds” shall mean either (i) sufficient cash denominated in U.S. dollars to purchase the necessary foreign currency, or (ii) sufficient applicable foreign currency, to settle the transaction. Custodian shall provide the Trust with
immediately available funds each day which result from the actual settlement of all sale transactions, based upon advices received by Custodian from Subcustodians, Depositories and Foreign Depositories. Such funds shall be in U.S. dollars or such
other currency as the Trust may specify to Custodian. 
 (b)    Any foreign exchange transaction effected by Custodian
in connection with this Agreement may be entered with Custodian or a Custodian Affiliate acting as principal or otherwise through customary banking channels. The Trust may issue a standing Certificate or Instructions with respect to foreign exchange
transactions, but Custodian may establish rules or limitations concerning any foreign exchange facility made available to the Trust. The Trust shall bear all risks of investing in Securities or holding cash denominated in a foreign currency. 

(c)    To the extent that Custodian has agreed to provide pricing or other information services in connection with this
Agreement, Custodian is authorized to utilize any vendor (including brokers and dealers of Securities) reasonably believed by Custodian to be reliable to provide such information. The Trust understands that certain pricing information with respect
to complex financial instruments (e.g., derivatives) may be based on calculated amounts rather than actual market transactions and may not reflect actual market values, and that the variance between such calculated amounts and actual market
values may or may not be material. Where vendors do not provide information for particular Securities or other property, an Authorized Person may advise Custodian in a Certificate regarding the fair market value of, or provide other information with
respect to, such Securities or property as determined by it in good faith. Custodian shall not be liable for any loss, damage or expense incurred as a result of errors or omissions with respect to any pricing or other information utilized by
Custodian hereunder. 
 11.    Until such time as Custodian receives a Certificate to the contrary with respect to a
particular Security, Custodian may release the identity of the Trust to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and
shareholder. 

  
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 ARTICLE IV 

PURCHASE AND SALE OF SECURITIES; 

CREDITS TO ACCOUNT 

1.    Promptly after each purchase or sale of Securities by the Trust, the Trust shall deliver to Custodian a Certificate
or Instructions, or with respect to a purchase or sale of a Security generally required to be settled on the same day the purchase or sale is made, Oral Instructions specifying all information Custodian may reasonably request to settle such purchase
or sale. Custodian shall account for all purchases and sales of Securities on the actual settlement date unless otherwise agreed by Custodian. 

2.    The Trust understands that when Custodian is instructed to deliver Securities against payment, delivery of such
Securities and receipt of payment therefor may not be completed simultaneously. Notwithstanding any provision in this Agreement to the contrary, settlements, payments and deliveries of Securities may be effected by Custodian or any Subcustodian in
accordance with (i) the customary or established securities trading or securities processing practices and procedures in the jurisdiction in which the transaction occurs, (ii) local government regulations, (iii) the terms and
characteristics of the particular Investment, and (iv) the terms of Instructions, including, without limitation, delivery to a purchaser or dealer therefor (or agent) against receipt with the expectation of receiving later payment for such
Securities. The Trust assumes full responsibility for all risks, including, without limitation, credit risks, involved in connection with such deliveries of Securities. 

3.    Custodian may, as a matter of bookkeeping convenience or by separate agreement with the Trust, credit the Account
with the proceeds from the sale, redemption or other disposition of Securities or interest, dividends or other distributions payable on Securities prior to its actual receipt of final payment therefor. All such credits shall be conditional until
Custodian’s actual receipt of final payment and may be reversed by Custodian to the extent that final payment is not received. Payment with respect to a transaction will not be “final” until Custodian shall have received immediately
available funds which under applicable local law, rule and/or practice are irreversible and not subject to any security interest, levy or other encumbrance, and which are specifically applicable to such transaction. 

ARTICLE V 
 OVERDRAFTS OR
INDEBTEDNESS 
 1.    If Custodian should in its sole discretion advance funds on behalf of any Series which results
in an overdraft (including, without limitation, any day-light overdraft) because the money held by Custodian in an Account for such Series shall be insufficient to pay the total amount payable upon a purchase
of Securities specifically allocated to such Series, as set forth in a Certificate, Instructions or Oral Instructions, or if an overdraft arises in the separate account of a Series for some other reason, including, without limitation, because of a
reversal of a conditional credit or the purchase of any currency, or if the Trust is for any other reason indebted to Custodian with respect to a Series, including any indebtedness to The Bank of New York Mellon under a Cash Management and Related
Services Agreement, if any (except a borrowing for investment or for temporary or emergency purposes using Securities as collateral pursuant to a separate agreement and subject to the provisions of Section 2 of this Article), such overdraft or
indebtedness 

  
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shall be deemed to be a loan made by Custodian to the Trust for such Series payable on demand and shall bear interest from the date incurred at a rate per annum ordinarily charged by Custodian to
its institutional customers, as such rate may be adjusted from time to time. In addition, the Trust hereby agrees that Custodian shall to the maximum extent permitted by law have a continuing lien, security interest and security entitlement in
and to any property, including, without limitation, any investment property or any financial asset, of such Series at any time held by Custodian for the benefit of such Series or in which such Series may have an interest which is then in
Custodian’s possession or control or in possession or control of any third party acting in Custodian’s behalf. The Trust authorizes Custodian, in its sole discretion, to charge any such overdraft or indebtedness together with interest
due thereon against any balance of account standing to such Series’ credit on Custodian’s books. 
 2.    If
the Trust borrows money from any bank (including Custodian if the borrowing is pursuant to a separate agreement) for investment or for temporary or emergency purposes using Securities held by Custodian hereunder as collateral for such borrowings,
the Trust shall deliver to Custodian a Certificate specifying with respect to each such borrowing: (a) the Series to which such borrowing relates; (b) the name of the bank, (c) the amount of the borrowing, (d) the time and date,
if known, on which the loan is to be entered into, (e) the total amount payable to the Trust on the borrowing date, (f) the Securities to be delivered as collateral for such loan, including the name of the issuer, the title and the number
of shares or the principal amount of any particular Securities, and (g) a statement specifying whether such loan is for investment purposes or for temporary or emergency purposes and that such loan is in conformance with the Trust’s
prospectus. Custodian shall deliver on the borrowing date specified in a Certificate the specified collateral against payment by the lending bank of the total amount of the loan payable, provided that the same conforms to the total amount payable as
set forth in the Certificate. Custodian may, at the option of the lending bank, keep such collateral in its possession, but such collateral shall be subject to all rights therein given the lending bank by virtue of any promissory note or loan
agreement. Custodian shall deliver such Securities as additional collateral as may be specified in a Certificate to collateralize further any transaction described in this Section. The Trust shall cause all Securities released from collateral status
to be returned directly to Custodian, and Custodian shall receive from time to time such return of collateral as may be tendered to it. In the event that the Trust fails to specify in a Certificate the Series, the name of the issuer, the title
and number of shares or the principal amount of any particular Securities to be delivered as collateral by Custodian, Custodian shall not be under any obligation to deliver any Securities. 

ARTICLE VI 
 SALE AND
REDEMPTION OF SHARES 
 1.    Whenever the Trust shall sell any shares issued by the Trust (“Shares”) it
shall deliver to Custodian a Certificate or Instructions, or cause the Trust’s Transfer Agent to provide instructions, specifying the amount of money, if any, and the particular Securities and the amount of each Security to be received by
Custodian for the sale of such Shares and specifically allocated to an Account for such Series. Upon receipt of such money, if any, and such Securities, Custodian shall credit the same to an Account in the name of the Series for which such money, if
any, and such Securities are received. 

  
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 2.     Whenever the Trust desires Custodian to make a payment, if any,
and a delivery of Securities out of the money and Securities held by Custodian hereunder in connection with a redemption of any Shares, it shall furnish to Custodian a Certificate or Instructions, or cause the Trust’s Transfer Agent to provide
instructions specifying the total amount of money, if any, to be paid, and the particular Securities and amount of each Security to be delivered, for the redemption of such Shares. Custodian shall make any such payment and such delivery of Shares,
as directed by a Certificate or Instructions or instructions of the Trust’s transfer agent, out of the money and Securities held in an Account of the appropriate Series. 

ARTICLE VII 
 PAYMENT OF
DISTRIBUTIONS 
 1.    Whenever the Trust shall determine to pay a distribution on Shares it shall furnish to
Custodian Instructions or a Certificate setting forth with respect to the Series specified therein the date of the declaration of such distribution, the total amount payable, and the payment date. 

2.    Upon the payment date specified in such Instructions or Certificate, Custodian shall pay out of the money held for
the account of such Series the total amount payable. 
 ARTICLE VIII 

CONCERNING CUSTODIAN 

1.     (a) In performing all of its duties and obligations hereunder, Custodian shall use the reasonable care and
diligence that a professional custodian would observe in these affairs. Except as otherwise provided herein, Custodian shall not be liable for any and all costs, expenses, losses, charges, damages, liabilities or claims, including reasonable
attorneys’ and accountants’ fees and expenses (collectively, “Losses”), sustained or incurred by or asserted against the Trust except those Losses arising out of Custodian’s own negligence, bad faith or willful misconduct in
the performance of this Agreement. Custodian shall have no liability whatsoever for the action or inaction of any Depositories or of any Foreign Depositories, except in each case to the extent such action or inaction is a direct result of the
Custodian’s failure to fulfill its duties hereunder. With respect to any Losses incurred by the Trust as a result of the acts or any failures to act by any Subcustodian (other than a Custodian Affiliate), Custodian shall take appropriate action
to recover such Losses from such Subcustodian; and Custodian’s sole responsibility and liability to the Trust shall be limited to amounts so received from such Subcustodian (exclusive of costs and expenses incurred by Custodian). In no event
shall Custodian be liable to the Trust or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement, nor shall Custodian or any Subcustodian be liable: (i) for
acting in accordance with any Certificate or Oral Instructions actually received by Custodian and reasonably believed by Custodian to be given by an Authorized Person; (ii) for conclusively presuming that all Instructions are given only by
person(s) duly authorized; (iii) for holding property in any particular country in accordance with the terms of Section 1(d) of Article III, including, but not limited to, Losses resulting from nationalization, expropriation or other
governmental actions; regulation of the banking or securities industry; exchange or currency controls or restrictions, devaluations or fluctuations; availability of cash or Securities or market conditions which prevent the transfer of property or
execution of Securities transactions or affect the value of property; (iv) for any Losses due to forces beyond the reasonable control of Custodian, and which adversely affect the 

  
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performance by Custodian of its obligations and duties hereunder, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural
catastrophes or acts of God, or interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; (v) for the insolvency of any Subcustodian (other than a Custodian Affiliate), any Depository, or,
except to the extent such insolvency is a direct result of the Custodian’s failure to fulfill its duties hereunder, any Foreign Depository; or (vi) for any Losses arising from the applicability of any law or regulation now or hereafter in
effect, or from the occurrence of any event, including, without limitation, implementation or adoption of any rules or procedures of a Foreign Depository, which may affect, limit, prevent or impose costs or burdens on, the transferability,
convertibility, or availability of any currency or Composite Currency Unit in any country or on the transfer of any Securities, and in no event shall Custodian be obligated to substitute another currency for a currency (including a currency that is
a component of a Composite Currency Unit) whose transferability, convertibility or availability has been affected, limited or prevented by such law, regulation or event, and to the extent that any such law, regulation or event imposes a cost or
charge upon Custodian in relation to the transferability, convertibility or availability of any cash currency or Composite Currency Unit, such cost or charge shall be for the account of the Trust, and Custodian may treat any account denominated in
an affected currency as a group of separate accounts denominated in the relevant component currencies. 

(b)    Custodian has established and is maintaining a disaster recovery plan and
back-up system that is reasonably designed to ensure the Custodian’s continued performance of its obligations and duties under this Agreement. Upon the occurrence of any business interruption or system
delay or failure Custodian shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances. 

(c)    Custodian may enter into subcontracts, agreements and understandings with any Custodian Affiliate, whenever and on
such terms and conditions as it deems necessary or appropriate to perform its services hereunder. No such subcontract, agreement or understanding shall discharge Custodian from its obligations hereunder. 

(d)    The Trust agrees to indemnify Custodian and hold Custodian harmless from and against any and all Losses sustained
or incurred by or asserted against Custodian by reason of or as a result of any action taken or omitted to be taken by Custodian or otherwise arising out of Custodian’s performance of this Agreement, including reasonable fees and expenses of
counsel incurred in a successful defense of claims by the Trust; provided however, that the Trust shall not indemnify Custodian for those Losses arising out of Custodian’s or Subcustodian’s negligence, bad faith or willful misconduct in
the performance of this Agreement or the applicable subcustodian agreement. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Under no circumstances shall the
Trust or any Series be liable to Custodian or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement, even if previously informed of the possibility of such
damages and regardless of the form of action. The Trust’s indemnification obligations under this Article VIII, Section 1(d) shall survive termination or expiration of this Agreement. 

  
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 2.    Without limiting the generality of the foregoing, Custodian shall
be under no obligation to inquire into, and shall not be liable for: 
 (a)    Any Losses incurred by the Trust or any
other person as a result of the receipt or acceptance of fraudulent, forged or invalid Securities, or Securities which are otherwise not freely transferable or deliverable without encumbrance in any relevant market; 

(b)    The validity of the issue of any Securities purchased, sold or written by or for the Trust, the legality of the
purchase, sale or writing thereof, or the propriety of the amount paid or received therefor; 
 (c)    The legality of
the sale or redemption of any Shares, or the propriety of the amount to be received or paid therefor; 
 (d)    The
legality of the declaration or payment of any distribution by the Trust; 
 (e)    The legality of any borrowing by the
Trust; 
 (f)    The legality of any loan of portfolio Securities, nor shall Custodian be under any duty or obligation
to see to it that any cash or collateral delivered to it by a broker, dealer or financial institution or held by it at any time as a result of such loan of portfolio Securities is adequate security for the Trust against any loss it might sustain as
a result of such loan, which duty or obligation shall be the sole responsibility of the Trust. In addition, Custodian shall be under no duty or obligation to see that any broker, dealer or financial institution to which portfolio Securities of the
Trust are lent makes payment to it of any dividends or interest which are payable to or for the account of the Trust during the period of such loan or at the termination of such loan, provided, however that Custodian shall promptly notify the Trust
in the event that such dividends or interest are not paid and received when due; 
 (g)    The sufficiency or value of
any amounts of money and/or Securities held in any Special Account in connection with transactions by the Trust; whether any broker, dealer, futures commission merchant or clearing member makes payment to the Trust of any variation margin payment or
similar payment which the Trust may be entitled to receive from such broker, dealer, futures commission merchant or clearing member, or whether any payment received by Custodian from any broker, dealer, futures commission merchant or clearing member
is the amount the Trust is entitled to receive; or 
 (h)    Whether any Securities at any time delivered to, or held by
it or by any Subcustodian, for the account of the Trust and specifically allocated to a Series are such as properly may be held by the Trust or such Series under the provisions of such Series’ then current prospectus or other offering
documents, or to ascertain whether any transactions by the Trust, whether or not involving Custodian, are such transactions as may properly be engaged in by the Trust. 

3.    Custodian may consult with counsel to the Trust or its own external counsel, at the Trust’s expense, or with
its internal counsel, with respect to any matter arising in connection with the services to be performed by Custodian under this Agreement, and shall promptly advise the Trust of the advice or opinion of such counsel, provided, however, that unless
the circumstances do not reasonably permit the giving of notice to the Trust, Custodian shall give to the Trust notice of the counsel it intends to use and await the Trust’s approval thereof, which approval shall not be unreasonably withheld,
except that no such notice or approval shall be required with respect to any matter or question of law referred solely to Custodian’s in-house counsel, and Custodian shall give

  
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prompt after the fact notice where prior notice is not given. Custodian shall be fully protected with respect to anything done or omitted by it in good faith in accordance with the written advice
or opinion of either counsel to the Trust or its own counsel, provided such written advice or opinion is consistent with generally accepted industry legal standards. 

4.    Custodian shall be under no obligation to take action to collect any amount payable on Securities in default, or if
payment is refused after due demand and presentment. 
 5.    Custodian shall have no duty or responsibility to inquire
into, make recommendations, supervise, or determine the suitability of any transactions affecting any Account. 

6.    Trust shall cause the Custodian to be paid the fees and charges as may be specifically agreed upon from time to
time, and to be reimbursed for out-of-pocket expenses which are a normal incident of the services provided hereunder. 

7.    In addition to the rights of Custodian under applicable law and other agreements, at any time when a particular
Series shall not have honored any of its payment obligations to Custodian for more than 90 days after receipt by the Trust of an undisputed invoice for same, Custodian shall have the right upon notice to such Series to debit any cash account of such
Series or the Trust for the undisputed amount payable but unpaid hereunder, and to retain or set-off, against such obligations of such Series, any Securities or cash Custodian or a Custodian Affiliate may
directly or indirectly hold for the account of such Series, and any obligations (whether matured or unmatured) that Custodian or a Custodian Affiliate may have to such Series in any currency or Composite Currency Unit. Any such asset of, or
obligation to, such Series may be transferred to Custodian and any Custodian Affiliate in order to effect the above rights. 

8.    The Trust agrees to forward to Custodian a Certificate or Instructions confirming Oral Instructions by the close of
business of the same day that such Oral Instructions are given to Custodian. The Trust agrees that the fact that such confirming Certificate or Instructions are not received or that a contrary Certificate or contrary Instructions are received by
Custodian shall in no way affect the validity or enforceability of transactions authorized by such Oral Instructions and effected by Custodian. If the Trust elects to transmit Instructions through an on-line
communications system offered by Custodian, the Trust’s use thereof shall be subject to the Terms and Conditions attached as Appendix I hereto. If Custodian receives Instructions which appear on their face to have been transmitted by an
Authorized Person via (i) computer facsimile, email, the Internet or other insecure electronic method, or (ii) secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys, the Trust
understands and agrees that Custodian cannot determine the identity of the actual sender of such Instructions and that Custodian shall conclusively presume that such Written Instructions have been sent by an Authorized Person, and the Trust shall be
responsible for ensuring that only Authorized Persons transmit such Instructions to Custodian. If the Trust elects (with Custodian’s prior consent) to transmit Instructions through an on-line
communications service owned or operated by a third party, the Trust agrees that Custodian shall not be responsible or liable for the reliability or availability of any such service. 

9.     The books and records pertaining to the Trust which are in the possession of Custodian shall be the property of the
Trust. Such books and records shall be prepared and maintained as 

  
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required pursuant to Commodity Futures Trading Commission Regulation 1.31 in connection with the services provided hereunder and as described in the 1940 Act, and the rules thereunder, as if the
Trust was subject to such rules. The Trust, its authorized representatives, its auditors and/or any regulator with regulatory authority over the Trust, shall have access to such books and records during Custodian’s normal business hours. Upon
request of the Trust, copies of any such books and records shall be provided by Custodian to the Trust or its authorized representative as promptly as is practicable under the circumstances. Upon request of the Trust, Custodian shall promptly
provide in hard copy or on computer disc any records included in any such delivery which are maintained by Custodian on a computer disc, or are similarly maintained. Upon termination or expiration of this Agreement, Custodian will promptly deliver
to the Trust or to any designated third party all books and records created and maintained by Custodian as well as any books and records relating to the Trust and maintained but not created by Custodian together with a certification that all such
books and records created and maintained by Custodian are accurate and complete. 
 10.    (a) Except to the extent
expressly provided to the contrary in this Section 10, each party shall keep confidential any information relating to the other party’s business and operation, the Trust or any Series, or the Securities and/or cash held for the Trust or
any Series (collectively, “Confidential Information”) and shall not disclose the other party’s Confidential Information to any third party. For the avoidance of doubt, except as is reasonably necessary to provide services to the Trust
and each Series, as required by law or regulation, or with the written consent of the Trust, Custodian agrees that it will not disclose Confidential Information to any other division of Custodian and Custodian will not disclose Confidential
Information to any parent company, affiliate or subsidiary of Custodian except to the extent set forth in Article VIII, Section 10(b) hereof. Confidential Information shall include, but not be limited to, (a) any data or information that
is competitively sensitive material or otherwise not generally known to the public, including, but not limited to, information about product plans, product concepts, product structure, portfolio management strategies, tax strategies, marketing
strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans and internal performance results relating to the past, present or future business activities of the Trust or Custodian and
their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure, formula or improvement that is commercially valuable and secret in the sense that its confidentiality affords the
Trust or Custodian a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how and trade secrets, whether or not patentable or copyrightable; and (d) anything designated by the disclosing party as Confidential Information. Notwithstanding the foregoing, information shall not be
Confidential Information and shall not be subject to such confidentiality obligations if: (i) it is necessary for Custodian to release such information in connection with the provision of services under this Agreement provided that the
recipient of such Confidential Information is subject to a duty of confidentiality; (ii) such Confidential Information at the time of disclosure is in the public domain; (iii) such Confidential Information is learned by the receiving party
from a third party unless the receiving party knew or should have known that such third party owed a duty of confidentiality to the disclosing party; (iv) such Confidential Information is known to or developed by the receiving party
independently of information disclosed by the other party under this Agreement; or (v) it is requested or required to be disclosed pursuant to a subpoena, applicable law, regulation or judicial or regulatory process (each such

  
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disclosure, a “Required Disclosure”). Other than with respect to supervisory examinations of Custodian by its regulators, Custodian agrees, where the circumstances reasonably permit,
and to the extent permitted by law, to provide the Trust with prior notice of any Required Disclosure promptly upon receipt of such request or requirement. Custodian acknowledges and agrees that in connection with its services under this Agreement
it receives non-public confidential portfolio holdings information (“Portfolio Information”) with respect to the Trust. Custodian agrees that, subject to the foregoing provisions of and the
exceptions set forth in this Section 10 of Article VIII, Custodian will keep confidential the Trust’s Portfolio Information and will not disclose the Trust’s Portfolio Information other than pursuant to a written Certificate or
Instructions; provided that without the need for such a written Certification or Instructions and notwithstanding any other provision of this Section 10 of Article VIII to the contrary, the Trust’s Portfolio Information may be disclosed to
third party pricing services which are engaged by Custodian in connection with the provision of services under this Agreement and which shall be subject to a duty of confidentiality with respect to such Portfolio Information and to the Trust’s
regulators. The provisions of this Section 10 of Article VIII shall survive termination or expiration of this Agreement. 
 (b) The
Bank of New York Mellon Corporation is a global financial organization that provides services to clients through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize
functions including audit, accounting, risk, legal, compliance, sales, administration, product communication, relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized
Functions”) in one or more affiliates, subsidiaries and third-party service providers. Notwithstanding the foregoing confidentiality obligations of sub-section (a) of this Section, solely in
connection with the Centralized Functions, (i) the Trust, on behalf of each Series, consents to the disclosure of and authorizes Custodian to disclose information regarding the Series (“Customer-Related Data”) to the BNY Mellon Group
and to its third-party service providers who are subject to confidentiality obligations with respect to such information and (ii) Custodian may store the names and business contact information of the Trust’s employees and representatives
on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this
Agreement to the contrary the BNY Mellon Group will own all such aggregated data, and may use such aggregated data in regulatory reports, in marketing materials prepared for the BNY Mellon Group’s shareholders, other clients or potential
clients, to monitor and enhance its service offerings, and to develop new products and services, provided that the BNY Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular
customer. The Trust confirms that it is authorized to consent to the foregoing. 
 11.    The Custodian shall provide
the Trust with any report obtained by the Custodian on the system of internal accounting control of Depositories, Subcustodians and Foreign Depositories, and with such reports on its own system of internal accounting control as the Trust may
reasonably request from time to time. 
 12.    Custodian shall have no duties or responsibilities whatsoever except
such duties and responsibilities as are specifically set forth in this Agreement, and no covenant or obligation shall be implied against Custodian in connection with this Agreement. 

  
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 13. (a)    Throughout the term of this Agreement, the Trust
(i) shall maintain, and comply with, an Economic Sanctions Compliance Program which includes measures to accomplish effective and timely scanning of all relevant data with respect to its clients and with respect to incoming or outgoing assets
or transactions; (ii) shall ensure that neither the Trust nor any of its affiliates, directors, officers, employees or clients (to the extent such clients are covered by this Agreement) is an individual or entity that is, or is owned or
controlled by an individual or entity that is: (A) the target of Sanctions, or (B) located, organized or resident in a country or territory that is, or whose government is, the target of Sanctions; and (iii) shall not, directly or
indirectly, use the Accounts in any manner that would result in a violation of Sanctions. 
 (b)    The Trust will
promptly provide to the Custodian such information as the Custodian reasonably requests in connection with the matters referenced in this Article VIII, Section 13, including information regarding the Accounts, the assets held or to be held in
the Accounts, the source thereof, and the identity of any individual or entity having or claiming an interest therein (to the extent known by the Trust). The Custodian may decline to act or provide services in respect of any Account, and take such
other actions as it, in its reasonable discretion, deems necessary or advisable, in connection with the matters referenced in this Article VIII, Section 13. If the Custodian declines to act or provide services as provided in the preceding
sentence, except as otherwise prohibited by applicable law or official request, the Custodian will inform the Trust as soon as reasonably practicable. 

ARTICLE IX 
 TERMINATION

 1.    The term of this Agreement shall be three (3) years (the “Initial Term”), commencing
October 1, 2018 and shall automatically renew for additional one-year terms (each, a “Renewal Term”) unless earlier terminated as provided below. 

2.    Notwithstanding Section 1 of this Article IX, beginning on the first day of the second year of this Agreement,
the Trust may terminate this Agreement at any time upon at least ninety (90) days’ written notice to the Custodian at its address set forth in Section 2 of Article X hereof. 

3.    Notwithstanding Section 1 of this Article IX, either party hereto may terminate this Agreement in the event the
other party breaches any material provision of this Agreement, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such
violation within thirty (30) days following receipt of such notice. 
 4.    Notwithstanding Section 1 of this
Article IX, either party hereto may terminate this Agreement immediately by sending notice thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy,
insolvency or similar law, or there is commenced against such party any such case or proceeding; (ii) a party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official
for such party or any substantial part of its property or there is commenced against the party any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium,
written, electronic or otherwise, any public communication or in any other public manner its inability to 

  
 - 17 - 

 
pay debts as they come due. Either party hereto may exercise its termination right under this Article IX, Section 4 at any time after the occurrence of any of the foregoing events
notwithstanding that such event may cease to be continuing prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. 

5.    In the event notice of termination is given by the Trust, it shall be accompanied by a letter from an officer of the
Trust electing to terminate this Agreement and designating a successor custodian or custodians, each of which shall be a bank or trust company having not less than $2,000,000 aggregate capital, surplus and undivided profits. In the event such
notice is given by Custodian, the Trust shall, on or before the termination date, deliver to Custodian a letter from an officer of the Trust designating a successor custodian or custodians. In the absence of such designation by the Trust,
Custodian may designate a successor custodian which shall be a bank or trust company having not less than $2,000,000 aggregate capital, surplus and undivided profits. The parties agree to cooperate in the execution of documents and performance of
other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the Custodian shall in like manner transfer each Series’ Securities and cash in accordance with
Instructions. Upon the date set forth in such notice this Agreement shall terminate, and Custodian shall upon receipt of a notice of acceptance by the successor custodian on that date deliver directly to the successor custodian all Securities and
money then owned by the Trust and held by it as Custodian. For purposes of clarification, Custodian shall not charge the Trust or any successor custodian any fees or expenses associated with delivering all of the Securities and money then owned by
the Trust and held by it as Custodian directly to the successor custodian. 
 6.    Termination of this Agreement with
respect to one Series shall not constitute a termination of this Agreement with respect to the other Series. 
 ARTICLE X 

MISCELLANEOUS 

1.    The Trust agrees to furnish to Custodian a new Certificate of Authorized Persons in the event of any change in the
then present Authorized Persons. Until such new Certificate is received, Custodian shall be fully protected in acting upon Certificates or Oral Instructions of such present Authorized Persons. 

2.    Any notice or other instrument in writing, authorized or required by this Agreement to be given to Custodian, shall
be sufficiently given if addressed to Custodian and delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, or (c) by a nationally recognized overnight courier at its offices
at 225 Liberty Street, New York, New York 10286, or at such other place as Custodian may from time to time designate in writing. 

3.    Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Trust shall
be sufficiently given if addressed to the Trust and delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, or (c) by a nationally recognized overnight courier at its offices
at 7501 Wisconsin Avenue, Suite 1000E, Bethesda, MD 20814, Attention: General Counsel, with a copy to 7501 Wisconsin Avenue, Suite 1000E, Bethesda, MD 20814, Attention: Head of Financial Administration Operations or at such other place as the Trust
may from time to time designate in writing. 

  
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 4.    Each and every right granted to either party hereunder or under
any other document delivered hereunder or in connection herewith, or allowed it by law or equity, shall be cumulative and may be exercised from time to time. 

5.    No failure on the part of either party to exercise, and no delay in exercising, any right will operate as a waiver
thereof, nor will any single or partial exercise by either party of any right preclude any other or future exercise thereof or the exercise of any other right. 

6.    In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any
exclusive jurisdiction, the validity, legality and enforceability of the remaining provisions shall not in any way be affected thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to
all other persons and circumstances. 
 7.    This Agreement may not be amended, changed or modified in any manner
except by a written agreement executed by Custodian and the Trust, except that any amendment to Schedule I hereto need be signed only by the Trust. 

8.    This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and
assigns; provided, however, that this Agreement shall not be assignable or delegable by either party without the written consent of the other party. 

9.    This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard
to conflicts of laws principles thereof. The Trust and Custodian each hereby consent to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust and Custodian each
hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a
court has been brought in an inconvenient forum. The Trust and Custodian each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement, to the fullest extent permitted by law.

 10.    The Trust hereby acknowledges that Custodian is subject to federal laws, including the Customer Identification
Program (CIP) requirements under the USA PATRIOT Act and its implementing regulations, pursuant to which Custodian must obtain, verify and record information that allows Custodian to identify the Trust. Accordingly, prior to opening an Account
hereunder Custodian will ask the Trust to provide certain information including, but not limited to, the Trust’s name, physical address, tax identification number and other information that will help Custodian to identify and verify the
Trust’s identity such as organizational documents, certificate of good standing, license to do business, or other pertinent identifying information. The Trust agrees that Custodian cannot open an Account hereunder unless and until Custodian
verifies the Trust’s identity in accordance with its CIP. 

  
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 11.    This Agreement may be executed in any number of counterparts,
each of which shall be deemed to be an original, but such counterparts shall, together, constitute only one instrument. 

12.    This Agreement and any related fee agreement constitute the entire agreement with respect to the matters dealt with
herein, and supersede all previous agreements, whether oral or written, and documents with respect to such matters. 

13.    The parties acknowledge that the obligations of the Series hereunder are several and not joint, that no Series
shall be liable for any amount owing by another Series, or the Trust on behalf of another Series, and that the Trust has executed one instrument for convenience only. 

14.    It is expressly acknowledged and agreed that the obligations of the Trust hereunder shall not be binding upon any
of the shareholders, officers, employees or agents of the Trust or Sponsor personally, but shall bind only the trust property of the Trust, as provided in its Amended and Restated Trust Agreement. This Agreement has been signed by an officer of the
Trust, acting as such, and such execution and delivery by such officer shall not be deemed to have been made by him or her individually or to impose any liability on him or her personally, but shall bind only the trust property of the Trust as
provided in its Amended and Restated Trust Agreement. The provisions of this Article X, Section 14 shall survive termination or expiration of this Agreement. 

15.    In the event that the Trust establishes one or more additional series with respect to which it desires to have
Custodian render services under the terms hereof, it shall so notify Custodian in writing and such additional series shall automatically become Series hereunder as of the date specified in such notice. 

16.    Custodian shall provide the Trust with a summary of the results of its latest
SSAE-18 or equivalent control audit prepared by Custodian’s external auditors. Annually, Custodian will participate in the Trust’s reasonable information security questionnaire processes. The Trust
may view Custodian’s security-related policies and procedures; however, no documentation may be copied, shared, transmitted or removed from Custodian premises, except as mutually agreed. The parties shall mutually agree upon a convenient time
and place for such meeting. Not more than once each year, and subject to Custodian’s reasonable security requirements and availability of personnel, Custodian will at the Trust’s request arrange a tour of Custodian’s data processing
facilities for the Trust’s subject matter experts. Custodian will also, subject to its reasonable security requirements, permit site visits of its data processing facilities by governmental agencies with regulatory authority over the Trust. In
the event that the Trust identifies any control deficiencies, Custodian will discuss such findings with the Trust and if appropriate the parties shall work together to develop a mutually agreeable remediation plan. All nonpublic documentation and
information disclosed to the Trust in accordance with this Section shall be deemed proprietary and confidential information of Custodian. The Trust shall not disclose such documentation or information to any third party or use it for any purpose
other than evaluating Custodian’s security controls, except that the Trust may disclose Custodian’s SSAE-18 summary to the Trust’s external auditors provided that such external auditors are
required to maintain the confidentiality of the summary and any related information. Custodian shall be reimbursed for any costs and expenses incurred in connection with any review of Custodian’s security controls. 

[Remainder of page intentionally left blank] 

  
 - 20 - 

 IN WITNESS WHEREOF, the Trust and Custodian have caused this Agreement to be executed
by their duly authorized officers as of the day and year first above written. 
  

			
	PROSHARES TRUST II

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	Date:	 	
	
	THE BANK OF NEW YORK MELLON

 
			
		
	By:	 	  

 
			
	Name:	 	
	Title:	 	
	Date:	 	

  
 - 21 - 

 SCHEDULE I 

CERTIFICATE OF AUTHORIZED PERSONS 

(The Trust - Oral and Written Instructions) 

The undersigned hereby certifies that he/she is the duly elected and acting
                             of
                             (the “Trust”), and further certifies that the following officers or
employees of the Trust have been duly authorized in conformity with the Trust’s Amended and Restated Trust Agreement to deliver Certificates and Oral Instructions to The Bank of New York Mellon (“Custodian”) pursuant to the Custody
Agreement between the Trust and Custodian dated             , 20     and that the signatures appearing opposite their names are true and correct: 

 

											
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	
						
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	
						
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	
						
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	
						
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	
						
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	
						
	  
	 		  	  
	 		  	  
	 	
	Name	 		  	Title	 		  	Signature	 	

 This certificate supersedes any certificate of Authorized Persons you may currently have on file. 

 

									
	[seal]	 		 	By:	 	  
	 	
		 		 	Title:	 		 	

 Date: 

 SCHEDULE II 

SERIES 
  

	1.	 ProShares Short Euro 

 

	2.	 ProShares Short VIX Short-Term Futures ETF 

 

	3.	 ProShares Ultra Bloomberg Crude Oil 

 

	4.	 ProShares Ultra Bloomberg Natural Gas 

 

	5.	 ProShares Ultra Euro 

 

	6.	 ProShares Ultra Gold 

 

	7.	 ProShares Ultra Silver 

 

	8.	 ProShares Ultra VIX Short-Term Futures ETF 

 

	9.	 ProShares Ultra Yen 

  

	10.	 ProShares UltraPro 3x Crude Oil ETF 

 

	11.	 ProShares UltraPro 3x Short Crude Oil ETF 

 

	12.	 ProShares UltraShort Australian Dollar 

 

	13.	 ProShares UltraShort Bloomberg Crude Oil 

 

	14.	 ProShares UltraShort Bloomberg Natural Gas 

 

	15.	 ProShares UltraShort Euro 

 

	16.	 ProShares UltraShort Gold 

 

	17.	 ProShares UltraShort Silver 

 

	18.	 ProShares UltraShort Yen 

 

	19.	 ProShares VIX Mid-Term Futures ETF 

 

	20.	 ProShares VIX Short-Term Futures ETF 

 

	21.	 ProShares Bitcoin ETF 

 

	22.	 ProShares Short Bitcoin ETF 

 APPENDIX I 

ELECTRONIC SERVICES TERMS AND CONDITIONS 

These Electronic Access Terms and Conditions (the “Terms and Conditions”) set forth the terms and conditions under which The Bank of
New York Mellon Corporation and/or its subsidiaries or joint ventures (collectively, “BNY Mellon”) will provide the entities and its (their) affiliates listed on Schedule A (“You” and “Your”)
with access to and use of BNY Mellon’s electronic information delivery site known as “BNY Mellon Connect” and/or other BNY Mellon-designated access portals (“Electronic Access”). Access to and use of Electronic
Access by You is contingent upon and is in consideration for Your compliance with the terms and conditions set forth below. Electronic Access includes access to BNY Mellon web sites accessible via BNY Mellon Connect and/or other BNY
Mellon-designated access portals (“Sites”), pursuant to which You are able to access products and services provided by BNY Mellon as well as data regarding Your accounts. You may amend Schedule A by delivering a revised
version to BNY Mellon. 
 Any particular product or service accessed by You through Electronic Access may be subject to the Custody Agreement,
            , 2018 between ProShares Trust II and The Bank of New York Mellon (the “Services Agreement”). In addition, terms and conditions and restrictions with
respect to any particular product or service accessed through Electronic Access (such as privacy and internet security matters), together with any disclaimers related to the specific products or services, may be set forth on the Sites (hereinafter
referred to as “Terms of Use”) and are applicable to such products and services. You agree to the Terms and Conditions. By any of Your Users accessing the Sites, and the products and services available through Electronic Access, You
agree to any Terms of Use and acknowledge and accept any disclaimers and disclosures included on the Sites and the restrictions concerning the use of proprietary data provided by Information Providers (as defined below) that are posted on the Data
Terms Web Site (as defined below). For the avoidance of doubt, the execution of these Terms and Conditions will not alter or amend or otherwise affect the Services Agreement whether such Services Agreement is executed prior to or after the execution
of these Terms and Conditions. 
  

	1.	 Access Administration: 

 

	 	a.	 To facilitate access to Electronic Access, You will furnish BNY Mellon with a written list of the names, and
the extent of authority or level of access, of persons You are authorizing to access the Sites, products and services and to use the Electronic Access (“Authorized Users”) on a read-only basis. In addition, You may also
designate Authorized Users who will have authority to enter transactions and provide instructions to BNY Mellon that cause a change in or have an impact on assets held by BNY Mellon for Your accounts (“Authorized Transactional
Users”). Where appropriate, Authorized Users and Authorized Transactional Users are collectively referred to herein as “Users.” If You wish to allow any third party (such as an investment manager, consultant or
third party service provider) or any employee of a third party to have access to Your account information through Electronic Access and be included as a “User” under these Terms and Conditions, You may designate a third party or employee
of a third party as an Authorized User or Authorized Transactional User under these Terms and Conditions and any such third party or employee of a third party so designated by You (and, if a third party is so designated, any employee of such third
party designated by such third party) will be included within the definition of Authorized User, Authorized Transactional User, and User as appropriate. 

  

	 	b.	 Upon BNY Mellon’s approval of Users (which approval will not be unreasonably withheld), BNY Mellon will
send You a user-id, temporary password and, where applicable, a security identification device for each User. You will be responsible for providing to Users the
user-ids, temporary passwords and, where applicable, secure identification devices. You will ensure that any User receiving a secure identification device returns such device immediately following the
termination of the User’s authorization to access the products and services for which the secure identification device was provided to such User. You are solely responsible for Users’ access to Electronic Access, and You and Users are
solely responsible for the confidentiality of the user-ids and passwords and secure identification devices that are provided to them and will remain responsible for each secure identification device until it
is returned to BNY Mellon. You, on behalf of You and Your affiliates, acknowledge and agree that, BNY Mellon will have no duty or obligation to verify or confirm the actual identity of the person who accessed Electronic Access using a validly issued
user-id and password (and, where applicable, security identification device) or that the person who accessed 

	 	
Electronic Access using such validly issued user-id and password (and, where applicable, security identification device) is, in fact, a User (whether an
Authorized User or an Authorized Transactional User). 

  

	 	c.	 You shall not, and shall not permit any User or third party to, breach or attempt to breach any security
measures used in connection with Electronic Access or Proprietary Software. Any attempt to circumvent or penetrate any application, network or other security measures used by BNY Mellon or its suppliers in connection with Electronic Access is
strictly prohibited. 

  

	 	d.	 You are also solely responsible for ensuring that all Users comply with these Terms and Conditions and any
Terms of Use included on the Sites, the Services Agreement for each product or service accessed through the Sites and their associated services and all applicable terms and conditions, restrictions on the use of such products and services and data
obtained through the use of Electronic Access. BNY Mellon reserves the right to prohibit access or revoke the access of any User to Electronic Access whom BNY Mellon determines has violated or breached these terms and conditions or any Terms of Use
on a Site accessed by the User, including the Data Terms Web Site (as defined below), or whose conduct BNY Mellon reasonably determines may constitute a criminal offense, violate any applicable local, state, national, or international law or
constitute a security risk for BNY Mellon, a BNY Mellon’s third party supplier (“BNY Mellon’s Supplier”), BNY Mellon’s clients or any Users of Electronic Access. BNY Mellon may also terminate access to all
Users following termination of all services agreements between You and BNY Mellon. 

  

	2.	 Proprietary Software: Depending upon the products and services You elect to access through
Electronic Access, You may be provided software owned by BNY Mellon or licensed to BNY Mellon by a BNY Mellon Supplier (“Proprietary Software”). You are granted a limited,
non-exclusive, non-transferable license to install the Proprietary Software on Your authorized computer system (including mobile devices registered with BNY Mellon) and
to use the Proprietary Software solely for Your own internal purposes in connection with Electronic Access and solely for the purposes for which it is provided to You. You and Your Users may make copies of the Proprietary Software for backup
purposes only, provided all copyright and other proprietary information included in the original copy of the Proprietary Software are reproduced in or on such backup copies. You shall not reverse engineer, disassemble, decompile or attempt to
determine the source code for, any Proprietary Software. Any attempt to circumvent or penetrate security of the Electronic Access is strictly prohibited. 

  

	3.	 Use of Data: 

 

	 	a.	 Electronic Access may include information and data that is proprietary to the providers of such information or
data (“Information Providers”) or may be used to access Sites that include such information or data from Information Providers. This information and data may be subject to restrictions and requirements which are imposed on
BNY Mellon by the Information Providers and which are posted on http://www.bnymellon.com/products/assetservicing/vendoragreement.pdf or any successor web site of which You are provided notice from time to time (the “Data Terms Web
Site”). You will be solely responsible for ensuring that Users comply with the restrictions and requirements concerning the use of proprietary data that are posted on the Data Terms Web Site. 

 

	 	b.	 You consent to BNY Mellon, its affiliates and BNY Mellon’s Suppliers disclosing to each other and using
data received from You and Users and, where applicable, Your third parties in connection with these Terms and Conditions (including, without limitation, client data and personal data of Users) (1) to the extent necessary for the provision of
Electronic Access; (2) in order for BNY Mellon and its affiliates to meet any of their obligations under these Terms and Conditions to provide Electronic Access; or (3) to the extent necessary for Users to access Electronic Access.

  

	 	c.	 In addition, You permit BNY Mellon to aggregate data concerning Your accounts with other data collected and/or
calculated by BNY Mellon. BNY Mellon will own such aggregated data, but will not distribute the aggregated data in a format that identifies You or Your data. 

 

	4.	 Ownership and Rights: 

 

	 	a.	 Electronic Access, including any database, any software (including for the avoidance of doubt, Proprietary
Software) and any proprietary data, processes, scripts, information, training materials, manuals or documentation made available as part of the Electronic Access (collectively, the “Information”), are the exclusive and
confidential property of BNY Mellon and/or BNY Mellon’s suppliers. You may not use or disclose the Information except as expressly authorized by these Terms and Conditions. You will, and will cause Users and Your third parties and their users,
to keep the Information confidential by using the same care and discretion that You use with respect to Your own confidential information, but in no event less than reasonable care. 

	 	b.	 The provisions of this paragraph will not affect the copyright status of any of the Information which may be
copyrighted and will apply to all Information whether or not copyrighted. 

  

	 	c.	 Nothing in these Terms and Conditions will be construed as giving You or Users any license or right to use the
trade marks, logos and/or service marks of BNY Mellon, its affiliates, its Information Providers or BNY Mellon’s Suppliers. 

  

	 	d.	 Any Intellectual Property Rights and any other rights or title not expressly granted to You or Users under
these Terms and Conditions are reserved to BNY Mellon, its Information Providers and BNY Mellon’s Suppliers. “Intellectual Property Rights” includes all copyright, patents, trademarks and service marks, rights in designs, moral
rights, rights in computer software, rights in databases and other protectable lists of information, rights in confidential information, trade secrets, inventions and know-how, trade and business names, domain
names (including all extensions, revivals and renewals, where relevant) in each case whether registered or unregistered and applications for any of them and the goodwill attaching to any of them and any rights or forms of protection of a similar
nature and having equivalent or similar effect to any of them which may subsist anywhere in the world. 

  

	5.	 Reliance: 

 

	 	a.	 BNY Mellon will be entitled to rely on, and will be fully protected in acting upon, any actions or instructions
associated with a user-id or a secure identification device issued to a User until such time BNY Mellon receives actual notice in writing from You of the change in status of the User and receipt of the secure
identification device issued to such User. You acknowledge that all commands, directions and instructions, including commands, directions and instructions for transactions issued by a User are issued at Your sole risk. You agree to accept full and
sole responsibility for all such commands, directions and instructions and that BNY Mellon, will have no liability for, and you hereby release BNY Mellon from, any losses, liabilities, damages, costs, expenses, claims, causes of action or judgments
(including attorney’s fees and expenses) (collectively “Losses”) incurred or sustained by you or any other party in connection with or as a result of BNY Mellon’s reliance upon or compliance with such commands,
directions and instructions. 

  

	 	b.	 All commands, directions and instructions involving a transaction entered by an Authorized Transactional User
will be treated as an authorized instruction under the applicable Services Agreement(s) between You and BNY Mellon covering accounts, products and services and products provided by BNY Mellon with respect to which Electronic Access is being used
whether such Services Agreement is executed prior to or after the execution of these Terms and Conditions. 

  

	6.	 Disclaimers: 

 

	 	a.	 Although BNY Mellon uses reasonable efforts to provide accurate and up-to-date information through Electronic Access, BNY Mellon, its Content Providers and Information Providers make no warranties or representations under these Terms and Conditions as to accuracy, reliability
or comprehensiveness of the content, information or data accessed through Electronic Access. Without limiting the foregoing, some of the content on Electronic Access may be provided by sources unaffiliated with BNY Mellon (“Content
Providers”) and by Information Providers. For that content BNY Mellon is a distributor and not a publisher of such content and has no control over it. Information provided by Information Providers has not been independently verified by
BNY Mellon and BNY Mellon makes no representation as to the accuracy or completeness of the content or information provided. Any opinions, advice, statements, services, offers or other information given or provided by Content Providers and
Information Providers (including merchants and licensors) are those of the respective authors of such content and not that of BNY Mellon. BNY Mellon will not be liable to You or Users for such content or information in any way nor for any
action taken in reliance on such information nor for direct or indirect damages resulting from the use of such information. For purposes of these Terms and Conditions, all information and data, including all proprietary information and materials and
all client data, provided to You through Electronic Access are provided on an “AS-IS”, “AS AVAILABLE” basis. 

 

	 	b.	 BNY Mellon makes no guarantee and does not warrant that Electronic Access or the information and data provided
through the Electronic Access are or will be virus-free or will be free of viruses, worms, Trojan horses or other code with contaminating or destructive properties. BNY Mellon will employ commercially reasonable anti-virus software to its systems to
protect its systems against viruses. 

  

	 	c.	 Some Sites accessed through the use of Electronic Access may include links to websites provided by parties that
are not affiliated with BNY Mellon (“Third Party Websites”). BNY Mellon will not be liable to any person for the content found on such Third Party Websites. BNY Mellon will not be responsible for Third Party Websites that
collect information from parties who visit their web sites through links on the Sites. BNY Mellon will not be liable or responsible for any loss suffered by any person as a result of their use of any Third Party Websites that are linked to the BNY
Mellon Sites. 

	 	d.	 BNY Mellon retains complete discretion and authority to add, delete or revise in whole or in part Electronic
Access, including its Sites, and to modify from time to time any Proprietary Software provided in conjunction with the use of Electronic Access and/or any of the Sites. To the extent reasonably possible, BNY Mellon will provide notice of such
modifications. BNY Mellon may terminate immediately and without advance notice, and without right of cure, any portion or component of Electronic Access or the Sites. 

 

	 	e.	 TO THE FULLEST EXTENT PERMITTED BY LAW, THERE IS NO WARRANTY OF MERCHANTABILITY, NO WARRANTY OF FITNESS FOR A
PARTICULAR PURPOSE, NO WARRANTY OF QUALITY AND NO WARRANTY OF TITLE OR NONINFRINGEMENT. THERE IS NO OTHER WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, REGARDING ELECTRONIC ACCESS, THE SITES, ANY PROPRIETARY SOFTWARE, INFORMATION, MATERIALS OR CLIENT
DATA. 

 Notwithstanding the prior paragraph, The Bank of New York Mellon or an Affiliate designated by it will defend, indemnify, and
hold harmless You against any and all claims, demands, actions, suits, or proceedings (“Disputes”) asserting that Electronic Access or the Proprietary Software infringe plaintiff(s)’s patent, copyright, or trade secret and BNY Mellon
will pay any amounts agreed to by BNY Mellon in a settlement and damages finally awarded by a court of competent jurisdiction, in a Dispute commenced against You based on a claim that Electronic Access or the Proprietary Software infringe
plaintiff(s)’s patent, copyright, or trade secret. You agree to (i) notify BNY Mellon promptly of any such action or claim (except that the failure to so notify BNY Mellon will not limit BNY Mellon’s obligations hereunder except to
the extent that such failure prejudices BNY Mellon); (ii) grant BNY Mellon or its designated Affiliate full and exclusive authority to defend, compromise or settle such claim or action; and (iii) provide BNY Mellon or its designated Affiliate
all assistance reasonably necessary to so defend, compromise or settle. The foregoing obligations will not apply, however, to any claim or action arising from (i) use of the Proprietary Software Information or Electronic Access in a manner not
authorized under these Terms and Conditions, the Terms of Use, or the Data Terms Web Site; or (ii) use of the Proprietary Software or Electronic Access in combination with other software or services not supplied by BNY Mellon. 

 

	7.	 Limitation of Liability: 

 

	 	a.	 IN NO EVENT WILL BNY MELLON, BNY MELLON’S SUPPLIERS OR ITS CONTENT PROVIDERS OR INFORMATION PROVIDERS BE
LIABLE TO YOU OR ANYONE ELSE UNDER THESE TERMS AND CONDITIONS FOR ANY LOSSES, LIABILITIES, DAMAGES, COSTS OR EXPENSES INCLUDING BUT NOT LIMITED TO, ANY DIRECT DAMAGES, CONSEQUENTIAL DAMAGES, RELIANCE DAMAGES, EXEMPLARY DAMAGES, INCIDENTAL DAMAGES,
SPECIAL DAMAGES, PUNITIVE DAMAGES, INDIRECT DAMAGES OR DAMAGES FOR LOSS OF PROFITS, GOOD WILL, BUSINESS INTERRUPTION, USE, DATA, EQUIPMENT OR OTHER INTANGIBLE LOSSES (EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES) THAT RESULT FROM
(1) THE USE OF OR INABILITY TO USE ELECTRONIC ACCESS (2) THE CONSEQUENCES OF ANY DECISION MADE OR ACTION OR NON-ACTION TAKEN BY YOU OR ANY OTHER PERSON, OR FOR ANY ERRORS BY YOU IN COMMUNICATING SUCH
INFORMATION; (3) THE COST OF SUBSTITUTE ACCESS SERVICES; OR (4) ANY OTHER MATTER RELATING TO THE CONTENT OR ACCESS THROUGH ELECTRONIC ACCESS. BNY MELLON WILL NOT BE LIABLE FOR LOSS, DAMAGE OR INJURY TO PERSONS OR PROPERTY ARISING FROM ANY
USE OF ANY PRODUCT, INFORMATION, PROCEDURE, OR SERVICE OBTAINED THROUGH ELECTRONIC ACCESS. BNY MELLON WILL NOT BE LIABLE FOR ANY LOSS, DAMAGE OR INJURY RESULTING FROM VOLUNTARY SHUTDOWN OF THE SERVER, ELECTRONIC ACCESS, OR ANY OF THE SITES TO
ADDRESS TECHNICAL PROBLEMS, COMPUTER VIRUSES, DENIAL OF SERVICES MESSAGES OR OTHER SIMILAR PROBLEMS. 

  

	 	b.	 BNY MELLON’S ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEDY UNDER THESE TERMS AND CONDITIONS FOR ANY DISPUTE
OR CLAIM RELATED TO THESE TERMS OF USE, ELECTRONIC ACCESS OR SITES, IS AS FOLLOWS: IF YOU REPORT A MATERIAL MALFUNCTION IN ELECTRONIC ACCESS THAT BNY MELLON IS ABLE TO REPRODUCE, BNY MELLON WILL USE REASONABLE EFFORTS TO CORRECT THE MALFUNCTION. IF
BNY MELLON IS UNABLE TO CORRECT THE MALFUNCTION, YOU MAY CEASE ALL USE OF ELECTRONIC ACCESS AND RECEIVE A REFUND OF ANY FEES PAID IN ADVANCE, SPECIFICALLY FOR ELECTRONIC ACCESS, APPLICABLE TO PERIODS AFTER CESSATION OF SUCH USE. BECAUSE SOME
JURISDICTIONS DO NOT ALLOW THE EXCLUSION OR LIMITATION OF LIABILITY FOR DAMAGES, IN SUCH JURISDICTIONS LIABILITY IS LIMITED TO THE FULLEST EXTENT PERMITTED BY LAW. 

 

	 	c.	 The limitation of liability set forth in this Limitation of Liability section and in other provisions in these

	 	
Terms and Conditions is in addition to any limitation of liability provisions contained in the Services Agreement and will not supersede or be superseded by limitation of liability provisions
contained in the Services Agreement, whether executed prior to or after the execution of these Terms and Conditions, except to the extent specifically set forth in the Services Agreement containing a reference to these Terms and Conditions.

  

	8.	 Indemnification: 

 

	 	a.	 You agree to indemnify, protect and hold BNY Mellon, BNY Mellon’s Suppliers, Content Providers and
Information Providers harmless from and against all liability, claims damages, costs and expenses, including reasonable attorneys’ fees and expenses, resulting from a claim that arises out of (i) any breach by You or Users of these Terms
and Conditions, the Terms of Use or the Data Terms Web Site and (ii) any person obtaining access to Electronic Access through You or Users through use of any password, user-id or secure identification
device issued to a User, whether or not You or a User authorized such access. For the avoidance of doubt, and by way of illustration and not by way of limitation, the foregoing indemnity is applicable to disputes between the parties, including the
enforcement of these Terms and Conditions. The rights and remedies conferred hereunder will be cumulative and the exercise or waiver of any such right or remedy will not preclude or inhibit the exercise of additional rights or remedies or the
subsequent exercise of such right or remedy. 

  

	 	b.	 The indemnity provided in herein is in addition to any indemnity and other remedies contained in the Services
Agreement and will not supersede or be superseded by the Services Agreement, whether executed prior to or after the execution of these Terms and Conditions, except to the extent specifically set forth in the Services Agreement and expressly stating
an intent to modify this Terms and Conditions. 

  

	 	c.	 Nothing contained herein will, or be deemed to, alter or modify the rights and remedies of BNY Mellon or Your
rights and remedies as set forth in the Services Agreement. 

  

	9.	 Choice of Law and Forum: Unless otherwise agreed and specified herein, these Terms
and Conditions are governed by and construed in accordance with the laws of the State of New York, without giving effect to any principles of conflicts of law; You expressly and irrevocably agree that exclusive jurisdiction and venue for any claim
or dispute with BNY Mellon, its employees, contractors, officers or directors or relating in any way to Your use of Electronic Access resides in the state or federal courts in New York City, New York; and You further irrevocably agree and expressly
and irrevocably consent to the exercise of personal jurisdiction in those courts over any action brought with respect to these Terms and Conditions. BNY Mellon and You hereby waive the right of trial by jury in any action arising out of or related
to the BNY Mellon or these Terms and Conditions to the fullest extent permitted by law. 

  

	10.	 Term and Termination: 

 

	 	a.	 Either BNY Mellon or You may terminate these Terms and Conditions and the Electronic Access upon thirty
(30) days’ written notice to the other party. 

  

	 	b.	 In the event of any breach of the provisions of these Terms and Conditions or a breach by any Authorized User
of the Terms of Use or the restrictions and requirements concerning the use of Information Providers’ proprietary data that are posted on the Data Terms Web Site, the non-breaching party may terminate
these Terms and Conditions and the Electronic Access immediately upon written notice to the breaching party if any breach remains uncured after ten (10) business days’ written notice of the breach is sent to the breaching party.

  

	 	c.	 BNY Mellon may with notice to You immediately terminate access through an Authorized User’s user-id and password and may, at its discretion, also terminate access by an Authorized User, without right of cure, in the event of an unauthorized use of an Authorized User’s
user-id or password, or where BNY Mellon believes there is a security risk created by such access. 

  

	 	d.	 BNY Mellon may terminate, with as much advance notice as practicable, Your access or the access of Users to any
portion or component of Electronic Access or the Sites in the event a BNY Mellon Supplier, Content Provider or Information Provider prohibits BNY Mellon from permitting You or Users to have access to their information or services.

  

	 	e.	 Promptly upon receiving or giving notice of termination, You will notify all Users of the effective date of the
termination. 

  

	 	f.	 Upon termination of Your access to Electronic Access, You shall return manuals, documentation, workflow
descriptions and the like that are in Your possession or under Your control and all security identification devices. 

  

	 	g.	 The Reliance, Disclaimers, Limitation of Liability, Indemnification and Confidentiality provisions of these
Terms and Conditions (and other provision of these Terms and Conditions containing disclaimers, limitation of liability and indemnification) shall survive the termination or expiration of these Terms and Conditions. 

	11.	 Miscellaneous: For purposes of clarification, notwithstanding anything to the contrary
contained in these Terms and Conditions, the Indemnification (section 8) and Limitation of Liability (section 7) provisions of these Terms and Conditions apply solely to Your access to and use of BNY Mellon’s electronic information delivery
site known as “BNY Mellon Connect” and/or other BNY Mellon-designated access portals, and such provisions of these Terms and Conditions do not modify, amend or supersede any provisions of the Services Agreement or any other agreement
between You and BNY Mellon. 

 Each party represents and warrants to the other party that these Terms and Conditions and the indemnity
contained herein have been duly authorized and accepted, that such party has full authority to enter into these Terms and Conditions and that these Terms and Conditions constitute a binding obligation enforceable in accordance with its terms. 

 SCHEDULE A to APPENDIX I 

Affiliates of Client 
 ProShare
Capital Management LLCEX-10.7

 Exhibit 10.7 
  

 
 FORM OF ADMINISTRATION AND ACCOUNTING AGREEMENT 

THIS AGREEMENT, dated as of September     , 2018 and effective as of October 1, 2018, by and between ProShares Trust
II, a Delaware statutory trust (the “Trust”), on behalf of its series listed on Exhibit A hereto and all future series of the Trust (each a “Fund”, and collectively the “Funds” as applicable), and The Bank of New York
Mellon, a New York corporation authorized to do a banking business (“BNY Mellon”). 
 W I T N E
S S E T H : 
 WHEREAS, the Trust desires to retain BNY Mellon to provide for the Funds the services
described herein, and BNY Mellon is willing to provide such services, all as more fully set forth below; 
 NOW, THEREFORE, in consideration
of the mutual promises and agreements contained herein, the parties hereby agree as follows: 
  

	 	1.	 Definitions. 

Whenever used in this Agreement, unless the context otherwise requires, the following words shall have the meanings set forth below: 

“1933 Act” means the Securities Act of 1933, as amended. 

“1934 Act” means the Securities Exchange Act of 1934, as amended. 

“1940 Act” means the Investment Company Act of 1940, as amended. 

“Authorized Person” shall mean each person, whether or not an officer or an employee of the Sponsor, duly authorized by the
Sponsor to execute this Agreement and to give Instructions on behalf of the Trust as set forth in Exhibit B hereto and each Authorized Person’s scope of authority may be limited by setting forth such limitation in a written document signed by
both parties hereto. From time to time the Trust may deliver a new Exhibit B to add or delete any person and BNY Mellon shall be entitled to rely on the last Exhibit B actually received by BNY Mellon. 

 “BNY Mellon Affiliate” shall mean any office, branch or subsidiary of The
Bank of New York Mellon Corporation. 
 “Confidential Information” shall have the meaning given in Section 21 of this
Agreement. 
 “Documents” shall mean such documents as BNY Mellon may reasonably request from time to time, in connection
with its provision of services under this Agreement. 
 “Instructions” shall mean Oral Instructions or written
communications actually received by BNY Mellon by S.W.I.F.T., tested telex, letter, facsimile transmission or other method or system specified by BNY Mellon as available for use in connection with the services hereunder, from an Authorized Person or
person believed in good faith to be an Authorized Person. 
 “Net Asset Value” shall mean the per share value of a Fund,
calculated in the manner described in the Trust’s Offering Materials. 
 “Offering Materials” shall mean the currently
effective prospectus with respect to each Fund and the Trust’s most recently filed registration statement with the SEC relating to Shares of the Funds. 

“Organizational Documents” shall mean certified copies of the Trust’s amended and restated trust agreement, certificate
of trust, material contracts, Offering Materials, all SEC exemptive orders issued to the Trust (if any), required filings or similar documents, delivered to and received by BNY Mellon. 

“Oral Instructions” shall mean oral instructions received by BNY Mellon under permissible circumstances specified by BNY
Mellon, in its sole discretion, as being from an Authorized Person or person believed in good faith by BNY Mellon to be an Authorized Person. 

“SEC” means the United States Securities and Exchange Commission. 

“Securities Laws” means the 1933 Act, 1934 Act, the 1940 Act, the Commodity Exchange Act and the Rules thereunder. 

“Shares” means the units of beneficial interest of any Fund. 

  
 - 2 - 

 “Sponsor” shall mean ProShare Capital Management LLC, the entity having
investment responsibility with respect to the Trust and the Funds. 
 2.    Appointment. 

The Trust hereby appoints BNY Mellon as its agent for the term of this Agreement to perform the services described in Schedule I attached
hereto effective as of October 1, 2018. BNY Mellon hereby accepts such appointment and agrees to perform the duties hereinafter set forth. 

3.    Representations and Warranties. 

(a)    The Trust, on behalf of itself and each Fund, hereby represents and warrants to BNY Mellon, which representations
and warranties shall be deemed to be continuing, that: 
 (i)    The Trust is organized and existing under the laws of
the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder; 

(ii)    This Agreement has been duly authorized, executed and delivered by the Trust and constitutes a valid and legally
binding obligation of the Trust, enforceable in accordance with its terms; 
 (iii)    The Trust is conducting its
business in material compliance with all applicable laws and regulations, both state and federal; 
 (iv)    The Trust
has obtained all regulatory licenses, approvals and consents necessary to carry on its business as now conducted, and there is no statute, regulation, rule, order, or judgment binding on it and no provision of its Organizational Documents, nor of
any mortgage, indenture, credit agreement, or other contract binding on it or affecting its property which would prohibit its execution or performance of this Agreement or with which the execution of this Agreement would cause a conflict; 

(v)    The method of valuation of securities and the method of computing the Net Asset Value shall be as set forth in the
Offering Materials of the Funds. 

  
 - 3 - 

 (vi)    To the extent that the Trust becomes aware that the performance
of any services described in Schedule I attached hereto by BNY Mellon in accordance with the then effective Offering Materials for the Trust would violate any applicable laws or regulations, the Trust shall immediately so notify BNY Mellon in
writing and thereafter shall either furnish BNY Mellon with the appropriate values of securities, Net Asset Value or other computation, as the case may be, or, instruct BNY Mellon in writing to value securities and/or compute Net Asset Value or
other computations in a manner the Trust specifies in writing, and either the furnishing of such values or the giving of such instructions shall constitute a representation by the Trust that the same is consistent with all applicable laws and
regulations and with its Offering Materials; 
 (vii)    Each person named on Exhibit B hereto is duly authorized by
the Trust to be an Authorized Person hereunder; 
 (viii)    It has implemented, and is acting in accordance with,
procedures reasonably designed to ensure that it will disseminate to all market participants, other than Authorized Participants (as defined in its Prospectus), each calculation of Net Asset Value provided by BNY Mellon hereunder to Authorized
Participants at the time BNY Mellon provides such calculation to Authorized Participants; 
 (ix)    To the best of the
Trust’s knowledge, the Sponsor is in good standing and qualified to do business in each jurisdiction in which the nature or conduct of its business requires such qualification; and 

(x)    The Trust shall promptly notify BNY Mellon in writing of any and all material legal proceedings or securities
investigations relating to the Trust or the Funds that are filed or commenced against the Trust, any Fund, or the Sponsor. 

(b)    BNY Mellon hereby represents and warrants, which representations and warranties shall be continuing and shall be
deemed to be reaffirmed each day, that: 
 (i)    It is duly organized and existing under the laws of the jurisdiction
of its organization with full power to carry on its business as now conducted, to enter into this Agreement, and to perform its obligations hereunder; 

  
 - 4 - 

 (ii)    This Agreement has been duly authorized, executed and delivered
by BNY Mellon and constitutes a valid and legally binding obligation of BNY Mellon, enforceable in accordance with its terms; 

(iii)    It is conducting its business in substantial compliance with all applicable laws and requirements, both state
and federal; 
 (iv)    It has obtained all regulatory licenses, approvals and consents necessary to carry on its
business as now conducted and there is no statute, regulation, rule, order, or judgment binding on it and no provision of its Organizational Documents, nor of any mortgage, indenture, credit agreement, or other contract binding on it or affecting
its property which would prohibit its execution or performance of this Agreement or with which the execution of this Agreement would cause a conflict; and 

(v)    It has in place and shall maintain physical, electronic and procedural safeguards reasonably designed to protect
the availability, security, confidentiality and integrity of, and to prevent unauthorized access to or use of, any and all books, records and information related to the Trust. 

4.    Delivery of Documents. 

The Trust shall promptly provide, deliver or cause to be delivered from time to time to BNY Mellon the Trust’s Organizational Documents,
Offering Materials and other materials used in the distribution of Shares and all amendments thereto as may be reasonably necessary for BNY Mellon to perform its duties hereunder. BNY Mellon shall not be deemed to have notice of any information
(other than information supplied by BNY Mellon) contained in such Organizational Documents, Offering Materials or other materials until they are actually received by BNY Mellon. 

5.    Duties and Obligations of BNY Mellon. 

(a)    Subject to the direction and supervision of the Sponsor and the provisions of this Agreement, BNY Mellon shall
provide to the Trust, and to each Fund, as applicable, the administrative services and the valuation and computation services listed on Schedule I attached hereto. Additional services may be provided by BNY Mellon upon the request of the Trust as
mutually agreed from time to time. 

  
 - 5 - 

 (b)    BNY Mellon shall provide, at its expense, all office space,
facilities, equipment and personnel necessary for the performance of its obligations under this Agreement. 
 (c)    BNY
Mellon shall not provide any services relating to the management, investment advisory or sub-advisory functions of the Trust, distribution of shares of any the Trust, maintenance of the Trust’s financial
records (except to the extent specifically set forth herein) or other services normally performed by the Trust’s counsel or independent auditors, and the services provided by BNY Mellon do not constitute, nor shall they be construed as
constituting, legal advice or the provision of legal services for or on behalf of the Trust or any other person, and the Trust acknowledges that BNY Mellon does not provide public accounting or auditing services or advice and will not be making any
tax filings, or doing any tax reporting on its behalf, other than those specifically agreed to hereunder. The scope of services provided by BNY Mellon under this Agreement shall not be increased as a result of new or revised regulatory or other
requirements that may become applicable with respect to the Fund, unless the parties hereto expressly agree in writing to any such increase in the scope of services. 

(d)    The Trust shall cause its officers, advisors, sponsor, distributor, legal counsel, independent auditors and
accountants, current administrator (if any), transfer agent and any other service provider to cooperate with BNY Mellon and to provide BNY Mellon, upon request, with such information, documents and advice relating to the Trust as is within the
possession or knowledge of such persons, and which in the opinion of the parties, is necessary in order to enable BNY Mellon to perform its duties hereunder. To the extent that such information, documents or advice is privileged or any such person
is contractually prohibited from providing such information, documents or advice to BNY Mellon, the parties will cooperate with other with the goal of providing sufficient alternative information, documents or advice as may be necessary in order to
enable BNY Mellon to perform its duties hereunder. In connection with its duties hereunder, BNY Mellon shall not be responsible for, under any duty to inquire into, or be deemed to make any assurances with respect to the accuracy, validity or
propriety of any information, documents or advice provided to BNY Mellon by any of the aforementioned persons. BNY Mellon shall not be liable for any loss, damage or expense resulting from or arising out of the failure of

  
 - 6 - 

 
the Trust to cause any information, documents or advice to be provided to BNY Mellon as provided herein and shall be held harmless by the Trust when acting in reliance upon such information,
documents or advice relating to the Trust. The Trust shall not charge BNY Mellon for any fees or costs charged to the Trust by such persons. In the event that any services performed by BNY Mellon hereunder rely, in whole or in part, upon information
obtained from a third party service utilized or subscribed to by BNY Mellon which the parties agree in writing to deem reliable, BNY Mellon shall not have any responsibility or liability for, under any duty to inquire into, or deemed to make any
assurances with respect to, the accuracy or completeness of such information. 
 (e)    Nothing in this Agreement shall
limit or restrict BNY Mellon, any BNY Mellon Affiliate or any officer or employee thereof from acting for or with any third parties, and providing services similar or identical to same or all of the services provided hereunder. 

(f)    The Trust shall furnish BNY Mellon with any and all instructions, explanations, information, specifications and
documentation deemed necessary by BNY Mellon in the performance of its duties hereunder, including, without limitation, the amounts or written formula for calculating the amounts and times of accrual of Fund liabilities and expenses, and the value
of any securities lending related collateral investment account(s). BNY Mellon shall not be required to include as Fund liabilities and expenses, nor as a reduction of Net Asset Value, any accrual for any federal, state or foreign income taxes
unless the Trust shall have specified to BNY Mellon in Instructions the precise amount of the same to be included in liabilities and expenses or used to reduce Net Asset Value. The Trust shall also furnish BNY Mellon with bid, offer or market values
of securities if BNY Mellon notifies the Trust that same are not available to BNY Mellon from a security pricing or similar service utilized, or subscribed to, by BNY Mellon which the Trust directs BNY Mellon to utilize, and which BNY Mellon in its
judgment deems reliable at the time such information is required for calculations hereunder. At any time and from time to time, the Trust also may furnish BNY Mellon with bid, offer or market values of securities and instruct BNY Mellon in
Instructions to use such information in its calculations hereunder. BNY Mellon shall at no time be required or obligated to commence or maintain any utilization of, or subscriptions to, any securities pricing or similar service. In no event shall
BNY Mellon be required to determine, or have any obligations with respect to, whether a market price represents any fair or true value, nor to adjust any price to reflect any events or announcements, including, without limitation, those with respect
to the issuer thereof, it being agreed that all such determinations and considerations shall be solely the responsibility of the Trust. 

  
 - 7 - 

 (g)    BNY Mellon may apply to an officer of the Trust or the designee
appointed by him/her in writing to BNY Mellon of the Trust for Instructions with respect to any matter arising in connection with BNY Mellon’s performance hereunder for the Trust and its Funds, and BNY Mellon shall not be liable for any action
taken or omitted to be taken by it in good faith in accordance with such Instructions and without negligence, bad faith or willful misconduct. Such application for Instructions shall be made as much in advance as is practicable under the
circumstances and shall set forth in writing any action proposed to be taken or omitted to be taken by BNY Mellon with respect to its duties or obligations under this Agreement and the date on and/or after which such action shall be taken. BNY
Mellon shall not be liable for any action taken or omitted to be taken in accordance with a proposal included in any such application on or after the date specified therein unless, prior to taking or omitting to take any such action, BNY Mellon has
received Instructions from an officer of the Trust or the designee appointed by him/her in writing to BNY Mellon in response to such application specifying the action to be taken or omitted. 

(h)    BNY Mellon may consult with counsel to the Trust or its own external counsel, at the Trust’s expense, or with
its internal counsel, with respect to any matter arising in connection with the services to be performed by BNY Mellon under this Agreement, and shall promptly advise the Trust of the advice or opinion of such counsel, provided, however, that unless
the circumstances do not reasonably permit the giving of notice to the Trust, BNY Mellon shall give to the Trust notice of the counsel it intends to use and await the Trust’s approval thereof, which approval shall not be unreasonably withheld,
except that no such notice or approval shall be required with respect to any matter or question of law referred solely to BNY Mellon’s in-house counsel, and BNY Mellon shall give prompt after the fact
notice where prior notice is not given. BNY Mellon shall be fully protected with respect to anything done or omitted by it in good faith in accordance with the written advice or opinion of either Trust counsel or its own counsel, provided such
written advice or opinion is consistent with generally accepted industry legal standards. 

  
 - 8 - 

 (i)    Notwithstanding any other provision contained in this Agreement
or Schedule I attached hereto, BNY Mellon shall have no duty or obligation with respect to, including, without limitation, any duty or obligation to determine, or advise or notify the Trust of: (i) the taxable nature of any distribution or
amount received or deemed received by, or payable to, the Trust, (ii) the taxable nature or effect on the Trust or its shareholders of any corporate actions, class actions, tax reclaims, tax refunds or similar events, (iii) the taxable
nature or taxable amount of any distribution or dividend paid, payable or deemed paid, by the Trust to its shareholders; or (iv) the effect under any federal, state or foreign income tax laws of the Trust making or not making any distribution
or dividend payment, or any election with respect thereto. Further, BNY Mellon is not responsible for the identification of securities requiring U.S. tax treatment that differs from treatment under U.S. generally accepted accounting principles. BNY
Mellon is solely responsible for processing such securities, as identified by the Trust or its Authorized Persons, in accordance with U.S. tax laws and regulations. 

(j)    BNY Mellon shall have no duties or responsibilities whatsoever except such duties and responsibilities as are
specifically set forth in this Agreement and Schedule I attached hereto, and no covenant or obligation shall be implied against BNY Mellon in connection with this Agreement. 

(k)    BNY Mellon, in performing the services required of it under the terms of this Agreement, shall be entitled to rely
fully on the accuracy and validity of any and all Instructions, explanations, information, specifications, Documents and documentation furnished to it by an Authorized Person until such time as BNY Mellon shall have actually received a paper,
document, instruction, information, data, records or documents indicating that any such have been revised, amended or superseded. BNY Mellon shall have no duty or obligation to review the accuracy, validity or propriety of such Instructions,
explanations, information, specifications, Documents or documentation, including, without limitation, evaluations of securities; the amounts or formula for calculating the amounts and times of accrual of the Funds’ liabilities and expenses; the
amounts receivable and the amounts payable on the sale or purchase of securities; and amounts receivable or amounts payable for the sale or redemption of Trust Shares effected by or on behalf of a Fund. In the event BNY Mellon’s
computations hereunder rely, in whole or in part, upon information, including, without limitation, bid, offer or market values of securities or other assets, or accruals of interest or earnings thereon, from a pricing or similar service utilized, or
subscribed to, by BNY Mellon which the Trust directs BNY Mellon to utilize, and which BNY Mellon in its 

  
 - 9 - 

 
reasonable judgment deems reliable, BNY Mellon shall not be responsible for, under any duty to inquire into, or deemed to make any assurances with respect to, the accuracy or completeness of such
information. Without limiting the generality of the foregoing, BNY Mellon shall not be required to inquire into any valuation of securities or other assets by the Trust or any third party described in this
sub-section 5(k) even though BNY Mellon in performing services similar to the services provided pursuant to this Agreement for others may receive different valuations of the same or different securities of the
same issuers. 
 (l)    BNY Mellon, in performing the services required of it under the terms of this Agreement, shall
not be responsible for determining whether any interest accruable to the Trust is or will be actually paid, but will accrue such interest until otherwise instructed by the Trust. 

(m)    BNY Mellon shall not be responsible for damages (including without limitation damages caused by delays, failure,
errors, interruption or loss of data) which occur by reason of circumstances beyond its reasonable control and which adversely affect the performance by BNY Mellon of its obligations and duties under this Agreement, including, without limitation,
labor difficulties within or without BNY Mellon, mechanical breakdowns, flood or catastrophe, acts of God, failures of transportation, interruptions, loss or malfunctions of utilities, action or inaction of civil or military authority, national
emergencies, public enemy, war, terrorism, riot, sabotage, non-performance by a third party, failure of the mails, communications, computer (hardware or software) services, or functions or malfunctions of the
internet, firewalls, encryption systems or security devices caused by any of the above. Upon the occurrence of any such delay or failure BNY Mellon shall use commercially reasonable best efforts to resume performance as soon as practicable
under the circumstances. BNY Mellon shall not be responsible for delays or failures to supply the information or services specified in this Agreement where such delays or failures are caused by the failure of any Authorized Person to supply any
instructions, explanations, information, specifications or documentation deemed necessary by BNY Mellon in the performance of its duties under this Agreement. 

  
 - 10 - 

 (n)    BNY Mellon has established and is maintaining a disaster recovery
plan and back-up system that is reasonably designed to ensure the BNY Mellon’s continued performance of its obligations and duties under this Agreement. Upon the occurrence of any business interruption or
system delay or failure BNY Mellon shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances. 

(o)    BNY Mellon will employ commercially reasonable anti-virus software to its systems to protect its systems against
viruses. 
 6.    Allocation of Expenses. 

Except as otherwise provided herein, no costs and expenses of the Trust or the Funds arising or incurred in connection with the performance of
this Agreement shall be paid by BNY Mellon, but any and all such costs and expenses shall be paid by, as applicable, the Trust, Sponsor or other party on behalf of the appropriate Fund to which the expense is allocable, including but not limited to,
organizational costs, costs of maintaining corporate existence, taxes, interest, brokerage fees and commissions, insurance premiums, compensation and expenses of the Trust’s officers or employees, legal, accounting and audit expenses,
management, advisory, sub-advisory, administration and shareholder servicing fees, charges of custodians, transfer and dividend disbursing agents, expenses (including clerical expenses) incident to the
issuance, redemption or repurchase of Fund shares , fees and expenses incident to the registration or qualification under the Securities Laws, state or other applicable Securities Laws of the Trust or Fund shares, costs (including printing and
mailing costs) of preparing and distributing Offering Materials, reports, notices and proxy material to Fund’s shareholders or members, as applicable, all expenses incidental to holding meetings of such Fund’s shareholders, and
extraordinary expenses as may arise, including litigation affecting the Trust and legal obligations relating thereto for which the Trust may have to indemnify its officers and/or Sponsor, as may be applicable. 

7.    Portfolio Compliance Services. 

(a)    If Schedule I attached hereto contains a requirement for BNY Mellon to provide the Trust with portfolio compliance
services, such services shall be provided pursuant to the terms of this Section 7 (the “Portfolio Compliance Services”). The precise compliance review and testing services to be provided shall be as mutually agreed between BNY Mellon
and the Trust, and the results of BNY Mellon’s Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the “Compliance Summary Report”) prepared on a periodic basis as mutually agreed, and delivered
to the Trust or its designee. BNY Mellon shall have no responsibility or obligation to provide Portfolio Compliance Services other that those services specifically listed in Schedule I attached hereto. 

  
 - 11 - 

 (b)    The Trust will examine each Compliance Summary Report delivered
to it by BNY Mellon and notify BNY Mellon of any error, omission or discrepancy. The Trust acknowledges that unless it notifies BNY Mellon of any error, omission or discrepancy within thirty (30) business days following its receipt of a
Compliance Summary Report, such Compliance Summary Report shall be deemed final and shall not be reissued. If the Trust learns of any out-of-compliance condition before
receiving a Compliance Summary Report reflecting such condition, the Trust will promptly notify BNY Mellon of such condition after discovery thereof. The Trust agrees to notify BNY Mellon in writing, as promptly as practicable under the
circumstances, if it fails to receive any such Compliance Summary Report. 
 (c)    While BNY Mellon will endeavor to
identify out-of-compliance conditions, BNY Mellon does not and could not for the fees charged, make any guarantees, representations or warranties with respect to its
ability to identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services not attributable to BNY Mellon’s bad faith or willful misconduct, the Fund’s sole and exclusive remedy and
BNY Mellon’s sole liability shall be limited to re-performance by BNY Mellon of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if
practicable and the preparation of a corrected report, at no cost to the Trust. 
 8.    Regulatory Administration
Services. 
 (a)    If Schedule I attached hereto contains a requirement for BNY Mellon to provide the Trust with
compliance support services and/or Regulatory Administration services, such services shall be provided pursuant to the terms of this Section 8 (such services, collectively hereinafter referred to as the “Regulatory Support Services”).

 (b)    Notwithstanding anything in this Agreement to the contrary, the Regulatory Support Services provided by BNY
Mellon under this Agreement are administrative in nature and do not constitute, nor shall they be construed as constituting, legal advice or the provision of legal services for or on behalf of the Trust or any other person. 

  
 - 12 - 

 (c)    All work product produced by BNY Mellon in connection with its
provision of Regulatory Support Services under this Agreement is subject to review and supervision of Sponsor and the provisions of this Agreement. The Regulatory Support Services performed by BNY Mellon under this Agreement will be at the request
and direction of the Trust and/or its designee, as applicable. BNY Mellon disclaims liability to the Trust, and the Trust is solely responsible, for the adequacy and effectiveness of the Trust’s compliance program. BNY Mellon shall provide
information or reports to the Trust or its designee as may be reasonably requested. 
 9.    Standard of Care;
Indemnification. 
 (a)     In performing all of its duties and obligations hereunder, BNY Mellon shall use the
reasonable care and diligence that a professional service provider would observe in these affairs. Except as otherwise provided herein, BNY Mellon and any BNY Mellon Affiliate shall not be liable for any and all costs, expenses, losses, charges,
damages, liabilities or claims, including reasonable attorneys’ and accountants’ fees and expenses (collectively, “Losses”), incurred by or asserted against the Trust, except those Losses arising out of BNY Mellon’s own
negligence, bad faith or willful misconduct. In no event shall BNY Mellon or any BNY Mellon Affiliate be liable to the Trust or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in
connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of action. BNY Mellon and any BNY Mellon Affiliate shall not be liable for any Losses, resulting from, arising out of, or in
connection with its performance hereunder, including its actions or omissions, the incompleteness or inaccuracy of any specifications or other information furnished by the Trust, unless such Losses arise out of the negligence, bad faith or willful
misconduct of BNY Mellon, nor shall BNY Mellon be liable for any Losses for delays caused by circumstances beyond the reasonable control of BNY Mellon or any agent of BNY Mellon and which adversely affect the performance by BNY Mellon of its
obligations and duties hereunder or by any other agent of BNY Mellon, including without limitation strikes, work stoppages, acts of war or terrorism, insurrection, revolution, nuclear or natural catastrophes or acts of God, or interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services. 

  
 - 13 - 

 (b)    BNY Mellon agrees to indemnify the Trust, on behalf of each Fund,
and agrees to hold the Trust and each Fund harmless from and against any and all Losses sustained or incurred by or asserted against them arising out of BNY Mellon’s own negligence, bad faith or willful misconduct in the performance of this
Agreement, including reasonable fees and expenses of counsel incurred in a successful assertion of claims against BNY Mellon; provided however, that BNY Mellon shall not indemnify the Trust for those Losses arising out of the Trust’s own
negligence, bad faith or willful misconduct in the performance of this Agreement. This indemnity shall be a continuing obligation of BNY Mellon, its successors and assigns, notwithstanding the termination or expiration of this Agreement. BNY
Mellon’s indemnification obligations under this Section 9(b) shall survive termination or expiration of this Agreement. 

(c)     The Trust agrees to indemnify BNY Mellon and agrees to hold BNY Mellon harmless from and against any and all
Losses sustained or incurred by or asserted against BNY Mellon by reason of or as a result of any action taken or omitted to be taken by BNY Mellon or otherwise arising out of BNY Mellon’s performance of this Agreement, including reasonable
fees and expenses of counsel incurred in a defense against any Losses; provided however, that the Trust shall not indemnify BNY Mellon for those Losses arising out of BNY Mellon’s own negligence, bad faith or willful misconduct in the
performance of this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. Under no circumstances shall the Trust or any Fund be liable to BNY Mellon or
any or any third party for special, indirect or consequential damages, or lost profits or loss of business, arising in connection with this Agreement, even if previously informed of the possibility of such damages and regardless of the form of
action. The Trust’s indemnification obligations under this Section 9(c) shall survive termination or expiration of this Agreement. Without limiting the generality of the foregoing, the Trust shall indemnify BNY Mellon and any BNY Mellon
Affiliate against and save BNY Mellon and any BNY Mellon Affiliate harmless from any Losses, including reasonable counsel fees and other costs and expenses of a defense against any claim or liability, arising from any one or more of the following:

 (i)    Errors in records or instructions, explanations, information, specifications or documentation of any kind, as
the case may be, supplied to BNY Mellon by or on behalf of the Trust; 

  
 - 14 - 

 (ii)    Action or inaction taken or omitted to be taken by BNY Mellon
or any BNY Mellon Affiliate pursuant to Instructions without negligence, bad faith or willful misconduct; 

(iii)    Any action taken or omitted to be taken by BNY Mellon in good faith in accordance with the written advice or
opinion of counsel for the Trust or its own counsel, provided that such written advice or opinion of counsel is obtained in accordance with Section 5(h); 

(iv)    Any improper use by the Trust or its agents, distributor or Sponsor of any valuations or computations supplied by
BNY Mellon pursuant to this Agreement; 
 (v)    The method of valuation of securities and the method of computing a
Fund’s Net Asset Value; or 
 (vi)    Any valuations of securities, other assets, or the Net Asset Value provided
by the Trust. 
 (d)    Actions taken or omitted in reliance on Instructions or upon any information, order, indenture,
stock certificate, power of attorney, assignment, affidavit or other instrument believed by BNY Mellon in good faith to be from an Authorized Person, or in in accordance with the written advice or opinion of counsel for the Trust or its own counsel,
provided that such written advice or opinion of counsel is obtained in accordance with Section 5(h), shall be conclusively presumed to have been taken or omitted in good faith. 

10.    Compensation. 

For the services provided hereunder, the Trust will cause BNY Mellon to be paid, by the Sponsor or other party, such compensation and
reimbursement of such actual out-of-pocket expenses as is mutually agreed to in writing by each Fund and BNY Mellon from time to time. Except as hereinafter set forth,
compensation shall be calculated and accrued daily and paid monthly. BNY Mellon shall deliver to the Trust invoices for services rendered. Each Fund authorizes BNY Mellon to debit such Fund’s custody account for all undisputed amounts due and
payable hereunder which remain unpaid for 90 days after receipt by the Trust of the invoice for same. Upon termination of this Agreement before the end of any month, the compensation for such part of a month shall be prorated according to the
proportion which such period bears to the 

  
 - 15 - 

 
full monthly period and shall be payable upon the effective date of termination of this Agreement. For the purpose of determining compensation payable to BNY Mellon, each Fund’s Net Asset
Value shall be computed at the times and in the manner specified in the Trust’s Offering Materials. 

11.    Records; Visits. 

(a)    The books and records pertaining to the Trust and the Funds which are in the possession or under the control of BNY
Mellon shall be the property of the Trust. The Trust and Authorized Persons shall have access to such books and records at all times during BNY Mellon’s normal business hours. Upon the reasonable request of the Trust, copies of any such books
and records shall be promptly provided by BNY Mellon to the Trust or to an Authorized Person, at the Trust’s expense. Upon termination or expiration of this Agreement, the parties agree to cooperate in the execution of documents and performance
of other actions necessary or desirable in order to facilitate the succession of a new service provider. BNY Mellon will promptly deliver to the Trust or to any designated third party all books and records created and maintained by BNY Mellon as
well as any books and records maintained but not created by BNY Mellon together with a certification that all such books and records created and maintained by BNY Mellon are accurate and complete. For purposes of clarification, BNY Mellon shall not
charge the Trust or any successor service provider any fees or expenses associated with delivering the books and records held by it to the successor service provider. Further, BNY Mellon agrees that if this Agreement terminates or expires at the end
of a calendar quarter, BNY Mellon will prepare, review and file the Form 10-K or 10-Q, as applicable, and the Form CPO-PQR for
the immediately preceding calendar quarter or year, as applicable, in accordance with and subject to the terms and conditions of this Agreement. For the avoidance of doubt, BNY Mellon shall be compensated for the services provided pursuant to
Section 10 of this Agreement. 
 (b)    BNY Mellon shall (i) keep all books and records with respect to each
Fund’s books of account, (ii) records of each Fund’s securities transactions, and (iii) all other books and records as required pursuant to Commodity Futures Trading Commission Regulation 1.31 (“CFTC Regulation 1.31”)
in connection with the services provided hereunder and Rule 31a-1 under the 1940 Act, as if the Fund were subject to such requirements, and will maintain those books and records of the Trust and the Funds, and
act as the document repository thereof, as required by CFTC Regulation 1.31 and according to its normal retention schedule for such books and records. 

  
 - 16 - 

 12.    Term of Agreement. 

(a)    The term of this Agreement shall be three (3) years (the “Initial Term”), commencing October 1,
2018 and shall automatically renew for additional one-year terms (each, a “Renewal Term”) unless earlier terminated as provided below: 

(i)    Beginning on the first day of the second year of this Agreement, the Trust may terminate this Agreement at any
time upon at least ninety (90) days’ written notice, to BNY Mellon at its address set forth in Section 18 hereof. 

(ii)    Either party hereto may terminate this Agreement in the event the other party breaches any material provision of
this Agreement, provided that the non-breaching party gives written notice of such breach to the breaching party and the breaching party does not cure such violation within thirty (30) days following
receipt of such notice. 
 (iii)    Either party hereto may terminate this Agreement immediately by sending notice
thereof to the other party upon the happening of any of the following: (i) a party commences as debtor any case or proceeding under any bankruptcy, insolvency or similar law, or there is commenced against such party any such case or proceeding;
(ii) a party commences as debtor any case or proceeding seeking the appointment of a receiver, conservator, trustee, custodian or similar official for such party or any substantial part of its property or there is commenced against the party
any such case or proceeding; (iii) a party makes a general assignment for the benefit of creditors; or (iv) a party states in any medium, written, electronic or otherwise, any public communication or in any other public manner its
inability to pay debts as they come due. Either party hereto may exercise its termination right under this Section 12(d) at any time after the occurrence of any of the foregoing events notwithstanding that such event may cease to be continuing
prior to such exercise, and any delay in exercising this right shall not be construed as a waiver or other extinguishment of that right. 

(b)    Termination of this Agreement with respect to one Fund shall not constitute a termination of this Agreement with
respect to the other Funds. 
 13.     Amendment. 

This Agreement may not be amended, changed or modified in any manner except by a written agreement executed by BNY Mellon and the Trust. 

  
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 14.    Assignment; Subcontracting.  

(a)    This Agreement shall extend to and shall be binding upon the parties hereto, and their respective permitted
successors and assigns; provided, however, that this Agreement shall not be assignable or delegable by either party without the written consent of the other party. 

(b)     Notwithstanding the foregoing: (i) BNY Mellon may assign or transfer this Agreement to any BNY Mellon
Affiliate or transfer this Agreement in connection with a sale of a majority or more of its assets, equity interests or voting control, provided that BNY Mellon gives the Trust at least ninety (90) days’ prior written notice of such
assignment or transfer and such assignment or transfer does not impair the type, quality, nature, or provision of services under this Agreement in any material respect, and the assignee or transferee agrees to be bound by all terms of this Agreement
in place of BNY Mellon; (ii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to any BNY Mellon Affiliate with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon
under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall not relieve BNY Mellon of any of its liabilities hereunder; (iii) BNY Mellon may subcontract with, hire, engage or otherwise outsource to an unaffiliated
third party with respect to the performance of any one or more of the functions, services, duties or obligations of BNY Mellon under this Agreement but any such subcontracting, hiring, engaging or outsourcing shall (A) require the prior written
consent of an Authorized Person of the Trust and (B)limit BNY Mellon’s liability such that BNY Mellon shall only be liable for failure to reasonably select such unaffiliated third party, and BNY Mellon shall have no liability for any acts or
omissions to act of such unaffiliated third party; and 
 (c)     BNY Mellon, in the course of providing certain
additional services requested by a Fund, including but not limited to, Typesetting or eBoard Book services (“Vendor Eligible Services”) as further described in Schedule I attached hereto, may in its sole discretion, enter into an agreement
or agreements with a financial printer, or electronic services provider (“Vendor”) to provide BNY Mellon with the ability to generate certain reports or provide certain functionality. BNY Mellon shall not be obligated to perform any of the
Vendor Eligible Services unless an agreement between BNY Mellon and the Vendor for the provision of such services is 

  
 - 18 - 

 
then-currently in effect, and shall only be liable for the failure to reasonably select the Vendor. Upon request, BNY Mellon will disclose the identity of the Vendor and the status of the
contractual relationship, and a Fund is free to attempt to contract directly with the Vendor for the provision of the Vendor Eligible Services. 

(d)    As compensation for the Vendor Eligible Services rendered by BNY Mellon pursuant to this Agreement, the Fund will
pay to BNY Mellon, or cause the Sponsor or other party to pay to BNY Mellon, such fees as may be agreed to in writing by the Fund and BNY Mellon. In turn, BNY Mellon will be responsible for paying the Vendor’s fees. For the avoidance of doubt,
BNY Mellon anticipates that the fees it charges hereunder will be more than the fees charged to it by the Vendor, and BNY Mellon will retain the difference between the amount paid to BNY Mellon hereunder and the fees BNY Mellon pays to the Vendor as
compensation for the additional services provided by BNY Mellon in the course of making the Vendor Eligible Services available to the Fund. 

15.    Governing Law; Consent to Jurisdiction. 

This Agreement shall be construed in accordance with the substantive laws of the State of New York, without regard to conflicts of laws
principles thereof. The Trust and BNY Mellon each hereby consents to the jurisdiction of a state or federal court situated in New York City, New York in connection with any dispute arising hereunder. The Trust and BNY Mellon each hereby irrevocably
waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the laying of venue of any such proceeding brought in such a court and any claim that such proceeding brought in such a court has been
brought in an inconvenient forum. The Trust and BNY Mellon each hereby irrevocably waives any and all rights to trial by jury in any legal proceeding arising out of or relating to this Agreement to the fullest extent permitted by law. 

16.    Severability. 

In case any provision in or obligation under this Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations shall not in any way be affected or impaired thereby, and if any provision is inapplicable to any person or circumstances, it shall nevertheless remain applicable to all other
persons and circumstances. 

  
 - 19 - 

 17.    No Waiver. 

Each and every right granted to either party hereunder or under any other document delivered hereunder or in connection herewith, or allowed
it by law or equity, shall be cumulative and may be exercised from time to time. No failure on the part of either party to exercise, and no delay in exercising, any right will operate as a waiver thereof, nor will any single or partial exercise by
BNY Mellon of any right preclude any other or future exercise thereof or the exercise of any other right. 

18.    Notices. 

Any notice or other instrument in writing, authorized or required by this Agreement to be given to the Trust shall be sufficiently given if
addressed to the Trust and delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, or (c) by a nationally recognized overnight courier as follows: 

if to the Trust, at 
 ProShares
Trust II 
 7501 Wisconsin Avenue 

Suite 1000E 
 Bethesda, MD 20814

 Attention: General Counsel 

with a copy to: 
 ProShares
Trust II 
 7501 Wisconsin Avenue 

Suite 1000E 
 Bethesda, MD 20814

 Attention: Principal Executive Officer 

if to BNY Mellon, at 
 BNY
Mellon 
 2 Hanson Place 

Brooklyn, NY 11217 

  
 - 20 - 

 Attention: ETF Operations 

with a copy to: 
 The Bank of
New York Mellon 
 225 Liberty Street 

New York, New York 10286 

Attention: Legal Dept. – Asset Servicing 

or at such other place as may from time to time be designated in writing. Notices hereunder shall be effective upon receipt. 

19.    Counterparts. 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original; but such counterparts together
shall constitute only one instrument. 
 20.    Several Obligations. 

The parties acknowledge that the obligations of the Funds hereunder are several and not joint, that no Fund shall be liable for any amount
owing by another Fund, or the Trust on behalf of another Fund, and that the Trust has executed one instrument for convenience only. 

21.    Confidentiality. 

(a)    Except to the extent expressly provided to the contrary in this Section 21, each party shall keep confidential
any information relating to the other party’s business and operation, the Trust or any Fund, or the securities and/or cash held for the Trust or any Fund (collectively, “Confidential Information”) and shall not disclose the other
party’s Confidential Information to any third party. For the avoidance of doubt, except as is reasonably necessary to provide services to the Trust and each Fund, as required by law or regulation, or with the written consent of the Trust, BNY
Mellon agrees that it will not disclose Confidential Information to any other division of BNY Mellon and BNY Mellon will not disclose Confidential Information to any parent company, affiliate or subsidiary of BNY Mellon except to the extent set
forth in sub-section (b) hereof. Confidential Information shall include, but not be limited to, (a) any data or information that is competitively sensitive material or otherwise not generally known
to the public, including, but not limited to, information about product plans, product concepts, product structure, portfolio 

  
 - 21 - 

 
management strategies, tax strategies, marketing strategies, finances, operations, customer relationships, customer profiles, customer lists, sales estimates, business plans, and internal
performance results relating to the past, present or future business activities of the Trust or BNY Mellon and their respective subsidiaries and affiliated companies; (b) any scientific or technical information, design, process, procedure,
formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords the Trust or BNY Mellon a competitive advantage over its competitors; (c) all confidential or proprietary concepts, documentation,
reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, know-how, and trade secrets, whether or not patentable or copyrightable; and (d) anything
designated by the disclosing party as Confidential Information. Notwithstanding the foregoing, information shall not be Confidential Information and shall not be subject to such confidentiality obligations if: (i) it is necessary for BNY Mellon
to release such information in connection with the provision of services under this Agreement provided that the recipient of such Confidential Information is subject to a duty of confidentiality; (ii) such Confidential Information at the time
of disclosure is in the public domain; (iii) such Confidential Information is learned by the receiving party from a third party unless the receiving party knew or should have known that such third party owed a duty of confidentiality to the
disclosing party; (iv) such Confidential Information is known to or developed by the receiving party independently of information disclosed by the other party under this Agreement; or (v) it is requested or required to be disclosed
pursuant to a subpoena, applicable law, regulation or judicial or regulatory process (each such disclosure, a “Required Disclosure”). Other than with respect to supervisory examinations of BNY Mellon by its regulators, BNY Mellon agrees,
where the circumstances reasonably permit, and to the extent permitted by law, to provide the Trust with prior notice of any Required Disclosure promptly upon receipt of such request or requirement. BNY Mellon acknowledges and agrees that in
connection with its services under this Agreement it receives non-public confidential portfolio holdings information (“Portfolio Information”) with respect to the Trust. BNY Mellon agrees that,
subject to the foregoing provisions of and the exceptions set forth in this Section 21, BNY Mellon will keep confidential the Trust’s Portfolio Information and will not disclose the Trust’s Portfolio Information other than pursuant to
a written instructions; provided that without the need for such a written instructions and notwithstanding any other provision of this Section 21 to the contrary, the Trust’s Portfolio Information may be disclosed to third party pricing
services which are 

  
 - 22 - 

 
engaged by BNY Mellon in connection with the provision of services under this Agreement and which shall be subject to a duty of confidentiality with respect to such Portfolio Information and to
the Trust’s regulators. The provisions of this Section 21 shall survive termination or expiration of this Agreement. 

(b)     The Bank of New York Mellon Corporation is a global financial organization that provides services to clients
through its affiliates and subsidiaries in multiple jurisdictions (the “BNY Mellon Group”). The BNY Mellon Group may centralize functions including audit, accounting, risk, legal, compliance, sales, administration, product communication,
relationship management, storage, compilation and analysis of customer-related data, and other functions (the “Centralized Functions”) in one or more affiliates, subsidiaries and third-party service providers. Notwithstanding the foregoing
confidentiality obligations of sub-section (a) of this Section, solely in connection with the Centralized Functions, (i) the Trust, on behalf of each Fund, consents to the disclosure of and
authorizes BNY Mellon to disclose information regarding the Fund (“Customer-Related Data”) to the BNY Mellon Group and to its third party service providers who are subject to confidentiality obligations with respect to such information and
(ii) BNY Mellon may store the names and business contact information of the Trust’s employees and representatives on the systems or in the records of the BNY Mellon Group or its service providers. The BNY Mellon Group may aggregate
Customer-Related Data with other data collected and/or calculated by the BNY Mellon Group, and notwithstanding anything in this Agreement to the contrary the BNY Mellon Group will own all such aggregated data and may use such aggregated data in
regulatory reports, in marketing materials prepared for the BNY Mellon Group’s shareholders, other clients or potential clients, to monitor and enhance its service offerings, and to develop new products and services, provided that the BNY
Mellon Group shall not distribute the aggregated data in a format that identifies Customer-Related Data with a particular customer. The Trust confirms that it is authorized to consent to the foregoing. 

22.    Limitation of Liability of the Sponsor and Shareholders. 

It is expressly acknowledged and agreed that the obligations of the Trust hereunder shall not be binding upon any of the shareholders,
officers, employees or agents of the Trust or Sponsor personally, but shall bind only the trust property of the Trust, as provided in its Amended and 

  
 - 23 - 

 
Restated Trust Agreement. The execution and delivery of this Agreement has been authorized by the Sponsor and signed by an officer of the Trust, acting as such, and neither such authorization by
the Sponsor nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust as provided in its
Amended and Restated Trust Agreement. The provisions of this Section 22 shall survive termination or expiration of this Agreement. 

23.    Delivery of SSAE-18. 

BNY Mellon shall provide the Trust with a summary of the results of its latest SSAE-18 or equivalent
control audit prepared by BNY Mellon’s external auditors. Annually, BNY Mellon will participate in the Trust’s reasonable information security questionnaire processes. The Trust may view BNY Mellon’s security-related policies and
procedures; however, no documentation relating thereto may be copied, shared, transmitted or removed from BNY Mellon premises, except as mutually agreed. The parties shall mutually agree upon a convenient time and place for such meeting. Not more
than once each year, and subject to BNY Mellon’s reasonable security requirements and availability of personnel, BNY Mellon will at the Trust’s request arrange a tour of BNY Mellon’s data processing facilities for the Trust’s
subject matter experts. BNY Mellon will also, subject to its reasonable security requirements, permit site visits of its data processing facilities by governmental agencies with regulatory authority over the Trust. In the event that the Trust
identifies any control deficiencies, BNY Mellon will discuss such findings with the Trust and if appropriate the parties shall work together to develop a mutually agreeable remediation plan. All nonpublic documentation and information disclosed to
the Trust in accordance with this Section shall be deemed proprietary and confidential information of BNY Mellon. The Trust shall not disclose such documentation or information to any third party or use it for any purpose other than evaluating BNY
Mellon’s security controls, except that the Trust may disclose BNY Mellon’s SSAE-18 summary to the Trust’s external auditors provided that such external auditors are required to maintain the
confidentiality of the summary and any related information. BNY Mellon shall be reimbursed for any costs and expenses incurred in connection with any review of BNY Mellon’s security controls. 

  
 - 24 - 

 24.    Entire Agreement. 

This Agreement and any related fee agreement constitute the entire agreement with respect to the matters dealt with herein, and supersede all
previous agreements, whether oral or written, and documents with respect to such matters. 
 25.    No Third Party
Beneficiaries. 
 All of the understandings, agreements, representations and warranties contained herein are solely for the benefit of
the Trust, the Sponsor, the Funds and BNY Mellon, and there are no other parties who are intended to be benefited by this Agreement. 

26.    Additional Series. 

In the event that the Trust establishes one or more additional series with respect to which it desires to have BNY Mellon render services
under the terms hereof, it shall so notify BNY Mellon in writing and such additional series shall automatically become Funds hereunder as of the date specified in such notice. 

[Remainder of page intentionally left blank] 

  
 - 25 - 

 IN WITNESS WHEREOF, the Trust and BNY Mellon have caused this Agreement to be
executed by their duly authorized officers as of the day and year first above written. 
  

			
	PROSHARES TRUST II
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	
	
	THE BANK OF NEW YORK MELLON
		
	By:	 	  

	Name:	 	
	Title:	 	
	Date:	 	

  
 - 26 - 

 EXHIBIT A 

Funds 
  

	 	1.	 ProShares Short Euro 

 

	 	2.	 ProShares Short VIX Short-Term Futures ETF 

 

	 	3.	 ProShares Ultra Bloomberg Crude Oil 

 

	 	4.	 ProShares Ultra Bloomberg Natural Gas 

 

	 	5.	 ProShares Ultra Euro 

 

	 	6.	 ProShares Ultra Gold 

 

	 	7.	 ProShares Ultra Silver 

 

	 	8.	 ProShares Ultra VIX Short-Term Futures ETF 

 

	 	9.	 ProShares Ultra Yen 

  

	 	10.	 ProShares UltraPro 3x Crude Oil ETF 

 

	 	11.	 ProShares UltraPro 3x Short Crude Oil ETF 

 

	 	12.	 ProShares UltraShort Australian Dollar 

 

	 	13.	 ProShares UltraShort Bloomberg Crude Oil 

 

	 	14.	 ProShares UltraShort Bloomberg Natural Gas 

 

	 	15.	 ProShares UltraShort Euro 

 

	 	16.	 ProShares UltraShort Gold 

 

	 	17.	 ProShares UltraShort Silver 

 

	 	18.	 ProShares UltraShort Yen 

 

	 	19.	 ProShares VIX Mid-Term Futures ETF 

 

	 	20.	 ProShares VIX Short-Term Futures ETF 

 

	 	21.	 ProShares Bitcoin ETF 

 

	 	22.	 ProShares Short Bitcoin ETF 

 EXHIBIT B 

The undersigned hereby certifies that he/she is the duly elected and acting
                             of
                             (the “Trust”), and further certifies that the following officers or
employees of the Trust have been duly authorized in conformity with the Trust’s Amended and Restated Trust Agreement to deliver Instructions to The Bank of New York Mellon (“BNY Mellon”) pursuant to the Administration and Accounting
Agreement between the Trust and BNY Mellon dated                     , 20     and that the signatures appearing opposite their
names are true and correct: 
  

					
	  
	 	  
	 	  

	Name	 	Title	 	Signature
	  
	 	  
	 	  

	Name	 	Title	 	Signature
	  
	 	  
	 	  

	Name	 	Title	 	Signature
	  
	 	  
	 	  

	Name	 	Title	 	Signature
	  
	 	  
	 	  

	Name	 	Title	 	Signature
	  
	 	  
	 	  

	Name	 	Title	 	Signature

 This certificate supersedes any certificate of Authorized Persons you may currently have on file. 

 

			
	By:	 	  

	Title:	 	
	Date:	 	

 Execution Copy 

SCHEDULE I 

Schedule of Services 
 The
services included on this Schedule of Services may be provided by BNY Mellon or a BNY Mellon Affiliate, collectively referred to herein as “BNY Mellon”. 

VALUATION AND COMPUTATION ACCOUNTING SERVICES 

BNY Mellon shall provide the following valuation and computation accounting services for each Fund: 

Transaction Processing and Review – BNY Mellon shall input and reconcile the Funds’ investment activity including,
but not limited to: 
  

	 	•	 	 Investments, including Tax lots 

 

	 	•	 	 Income 

  

	 	•	 	 Dividends 

  

	 	•	 	 Capital Activity 

  

	 	•	 	 Principal paydowns 

  

	 	•	 	 Expense Accruals 

  

	 	•	 	 Cash activity 

  

	 	•	 	 Corporate actions 

  

	 	•	 	 Compare Swap and forward valuations from the Sponsor to Swap valuations BNY Mellon receives from the Broker, if
applicable 

  

	 	•	 	 Calculation of Yields 

  

	 	•	 	 SEC Yields and Dividend yields, when applicable 

Reconciliations – BNY Mellon shall reconcile the following positions against the records of the custodian or other
applicable party: 
  

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

  

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

  

	 	•	 	 Trade Settlements 

  

	 	•	 	 ETF Share reconciliation with DTCC 

 

	 	•	 	 Commission expense and reimbursements, if applicable 

 

	 	•	 	 Daily Variation Margin 

Securities, Futures and OTC Valuations – Using the Trust’s valuation procedures, BNY Mellon shall update each
security, futures, and OTC position as to the following: 
  

	 	•	 	 Daily Valuation 

  

	 	•	 	 Market prices obtained from approved sources or Fair Valuation obtained from an Authorized Person of the Fund

 Investment Accounting 
  

	 	•	 	 Amortization/accretion at the individual tax lot level 

 

	 	•	 	 Determine realized and unrealized capital gains/losses 

 

	 	•	 	 General Ledger entries 

 

	 	•	 	 Daily accruing of expenses and other expense related transactions 

 

	 	•	 	 Book value calculations 

	 	•	 	 Trade date + 1 and/or Trade Date accounting 

 

	 	•	 	 Daily NAV Calculation – Calculation of the NAV as of the earlier of 4:00 p.m. Eastern or close of
Fund’s benchmark. The below matrix reflects mutually agreed upon NAV calculation deadlines. 

  

			
	 Fund Name
	  	Valuation Time
	 ProShares Ultra Silver
	  	7:00 a.m.
	 ProShares UltraShort Silver
	  	7:00 a.m.
	 ProShares Ultra Gold
	  	10:00 a.m.
	 ProShares UltraShort Gold
	  	10:00 a.m.
	 ProShares Ultra Bloomberg Crude Oil
	  	2:30 p.m.
	 ProShares UltraShort Bloomberg Crude Oil
	  	2:30 p.m.
	 ProShares UltraPro 3X Crude Oil ETF
	  	2:30 p.m.
	 ProShares UltraPro 3X Short Crude Oil ETF
	  	2:30 p.m.
	 ProShares Ultra Bloomberg Natural Gas
	  	2:30 p.m.
	 ProShares UltraShort Bloomberg Natural Gas
	  	2:30 p.m.
	 ProShares UltraShort Australian Dollar
	  	4:00 p.m.
	 ProShares Ultra Euro
	  	4:00 p.m.
	 ProShares Short Euro
	  	4:00 p.m.
	 ProShares UltraShort Euro
	  	4:00 p.m.
	 ProShares Ultra Yen
	  	4:00 p.m.
	 ProShares UltraShort Yen
	  	4:00 p.m.
	 ProShares VIX Mid-Term Futures ETF
	  	4:15 p.m.
	 ProShares Ultra VIX Short-Term Futures ETF
	  	4:15 p.m.
	 ProShares VIX Short-Term Futures ETF
	  	4:15 p.m.
	 ProShares Short VIX Short-Term Futures ETF
	  	4:15 p.m.

 In the event that BNY Mellon supplies an incorrect calculation of a Fund’s Net Asset Value that is more
than $0.01 different from the Fund’s actual Net Asset Value, BNY Mellon shall promptly recalculate the Net Asset Value of such Fund and supply the recalculated Net Asset Value to the Fund. 

NAV/Portfolio holding Dissemination 
  

	 	•	 	 Provide daily NAV and holding data to Morningstar, Lipper, and other organizations as requested by the Sponsor

  

	 	•	 	 Create and transmit NAV, IIV data, and holding files on a daily basis to the FTP site(s) designated by the
Sponsor 

 Maintaining Books and Records 

Provide accounting reports in connection with the annual audit and other audits and examinations by regulatory agencies 

Internet-Based Access to Fund Accounting Data 

Position Reporting 

Other agreed upon services 

  
 - 3 - 

 FINANCIAL REPORTING 

BNY Mellon shall provide the following financial reporting services for each Fund: 

Prepare, Review and File Quarterly Reports on Form 10-Q and Annual Reports on Form 10-K in accordance with U.S. GAAP and with deference to Sponsor preferences in a timely fashion 
  

	 	•	 	 Statements of Financial Condition 

 

	 	•	 	 Schedules of Investments 

 

	 	•	 	 Statements of Operations 

 

	 	•	 	 Statements of Changes in Shareholders’ Equity 

 

	 	•	 	 Statements of Cash Flows 

 

	 	•	 	 Notes to Financial Statements 

 

	 	•	 	 Trust Combined Statements 

Review/Prepare other financial data included in the 10-Qs and
10-Ks. 
 Prepare Quarterly Reports on Form 10-Q for the
Fund for each of the first three fiscal quarters of the Funds, and Annual Report on Form 10-K for the Funds fiscal year, or as requested by the sponsor. The preparation of each Form 10-Q and 10-K includes facilitating delivery of the filing to the printer, coordination of all printer and author edits, the review of printer drafts and the review of final
printer invoices. 
 Upon review and approval of each form 10-K and
10-Q by the Sponsor’s Principal Financial Officer (or such person performing such functions), the Administrator shall edgarize and file, or cause to be edgarized and filed, such reports (including the
XBRL versions) with the SEC, CFTC and/or NFA, as required, including any applicable executive officer certifications or other exhibits to such reports. The Administrator shall also coordinate with the printer an XBRL file and web-ready 10-K file that can be uploaded to the Sponsor’s Website. 

FUND ADMINISTRATION SERVICES 
 BNY
Mellon shall provide the following fund administration services for each Fund: 
 Coordinate with Auditors the review of the quarterly
report in the 10-Q and the audit of the annual report in the 10-K, including weekly meetings, open item list, etc. 

Prepare Monthly Account Statements in conformity with CFTC Regulations within 20 days after month end. 

Prepare quarterly CPO-PQR reporting within a mutually agreed upon timeframe following the quarter end.

 Prepare Annual Report that is filed electronically with NFA (PFS) within a mutually agreed upon timeframe following the Funds fiscal year
end. 
 Prepare Liquidation Statements in accordance with NFA regulations in a timely manner. 

Prepare and coordinate the Annual Shareholder Mailing within 90 days of the Funds’ fiscal year subject to final review by Sponsor in
compliance with the requirements of CFTC Rule 4.22(c). BNY Mellon, in consultation with the Funds Sponsor, shall facilitate delivery of the filing to the printer. Such preparation includes the coordination of all printer and author edits, the review
of printer drafts and review of final printer invoices. 
 Prepare Seed Financial Statements as needed. 

  
 - 4 - 

 Determine monthly management fees payable and prepare authorizations for disbursements.

 Prepare a quarterly report listing any known material errors/compliance violations that occurred with respect to BNY Mellon’s
procedures. 
 Provide assets and/or calculations of license fees to license providers. 

Prepare, update and maintain regulatory calendars with respect to services provided by BNY Mellon. 

Maintain books and records, compliance materials and other Fund Documents prepared by BNY Mellon. 

As requested by the Sponsor, assist with requests for information/documentation from the SEC, CFTC, NFA, applicable exchanges, and other
regulatory authorities to the extent BNY Mellon is in possession of such information. 
 Provide the Sponsor
sub-certifications relating to Sarbanes-Oxley attestation for Form 10-K, and Form 10-Q filings. 

Assist in responses for inquiries from the SEC and other regulatory authorities required. 

Establish expense accruals, maintain expense files and coordinate payment of invoices. 

Monitor Expense reductions related to Offering costs. 

Prepare fund budgets and recommendations for adjustments as necessary. 

Prepare Monthly Fund expense pro-formas. 

Prepare Stock split info as needed. 

Provide financial data for S-1/S-3 and other regulatory
filings. 
 Prepare statistical reports for information services. 

Calculate and maintain standard SEC yield and total return information. 

Prepare performance data every other month within ten days of month-end for inclusion in S-1/S-3 and as requested by Sponsor. 
 Obtain Tax ID numbers,
CUSIP numbers, ISIN numbers, and NSCC CUSIPs/Symbols. 
 Coordinate and facilitate DCP meetings, including preparing agendas and providing
minutes. 
 Establish control accounts for the new funds. 

IRS CIRCULAR 230 DISCLOSURE: 

To ensure compliance with requirements imposed by the Internal Revenue Service, BNY Mellon informs the Fund that any U.S. tax
advice contained in any communication from BNY Mellon to the Fund (including any future communications) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or
(ii) promoting, marketing or recommending to another party any transaction or matter addressed herein or therein. 

  
 - 5 - 

 TAX SERVICES 

BNY Mellon shall provide the following tax services for each Fund: 

Provide accounting and other data to the sponsor and its Tax Accountants in support of the preparation of the
K-1’s and the related filings. 
 PORTFOLIO COMPLIANCE SERVICES 

BNY Mellon shall provide the following portfolio compliance services for each Fund: 

 

	 	•	 	 Monitor and test daily each Fund’s compliance with investment restrictions and other requirements, as
directed by the Sponsor. 

 OTHER ADMINISTRATION SERVICES 

BNY Mellon shall provide the following other administration services for each Fund: 

Assist in coordinating the filing of the Fidelity Bond with the SEC. 

Assist with and/or coordinate such other filings, notices and regulatory matters, including Form 8-K,
on such terms and conditions as the parties hereto may mutually agree upon in writing from time to time. 
 Assist the Fund in the handling
of SEC examinations by providing requested documents in the possession of BNY Mellon that are on the SEC examination request list and any other information that may be required by rule or regulation. 

At the request of the Fund Sponsor, review miscellaneous materials and reports prepared by Sponsor, auditors, outside Counsel, etc. and
provide comments as appropriate. 
 Prepare initial draft of annual update to the Funds’ registration statement on Form S-1/3. 
 Provide information, reports and data to the Trust or the Sponsor’s Compliance Department
as may be reasonably requested, and cooperate with him/her and his/her staff in connection with their due diligence review of BNY Mellon’s services and internal compliance procedures, processes and controls. 

  
 - 6 -

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