Document:

Amended and Restated Trust Agreement

 Exhibit 4.2 
 FORM OF AMENDED AND RESTATED TRUST AGREEMENT 
 OF 
 PROSHARES TRUST II 
 WHEREAS, THIS
AMENDED AND RESTATED TRUST AGREEMENT is made and entered into as of,                         , by PROSHARE CAPITAL
MANAGEMENT, LLC, a Maryland limited liability company, and WILMINGTON TRUST COMPANY, a Delaware banking company, as trustee, for the purpose of continuing a Delaware statutory trust in accordance with the provisions hereinafter set forth;

 WHEREAS, ProShare Capital Management, LLC and Wilmington Trust Company have heretofore created a Delaware statutory trust pursuant to the
Delaware Trust Statute (as hereinafter defined) by entering into a trust agreement, dated as of October 9, 2007 (the “Original Trust Agreement”), and by executing and filing with the Secretary of State of the State of Delaware
the Certificate of Trust; and 
 WHEREAS, the parties hereto desire to amend and restate the Original Trust Agreement in its entirety and to
provide for the matters set forth herein; 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth herein and for
other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each party, hereby amends and restates the Original Trust Agreement in its entirety and agrees as follows: 
 ARTICLE I 
 DEFINITIONS

 Section 1. DEFINITIONS. Whenever used herein, unless otherwise defined or required by the context or
specifically provided: 
 “Adjusted Capital Account” means with respect to any Shareholder, such Shareholder’s Capital
Account as of the end of the relevant fiscal year or other applicable period after giving effect to the following adjustments: 
 (a) Credit to such Capital Account any amounts which such Shareholder is obligated to restore pursuant to Treasury Regulation Section 1.704-1(b)(2)(ii)(c) or is deemed to be obligated to restore to the Trust pursuant to the second to
last sentences of Treasury Regulation Sections 1.704-2(g)(1) and 1.704-2(i)(5). 
 (b) Debit to such Capital Account the items
described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6). 
  

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 The foregoing definition of Adjusted Capital Account is intended to comply with the
provisions of Treasury Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. The “Adjusted Capital Account” of a Shareholder in respect of a Share shall be the amount that such Adjusted Capital
Account would be if such Share were the only interest in the Trust held by such Shareholder from and after the date on which such Share was first issued. 
 “Administrator” means any Person from time to time engaged to provide administrative services to the Trust pursuant to authority granted by the Sponsor or the Trust. 
 “Affiliate” An “Affiliate” of a “Person” means (i) any Person directly or indirectly owning, controlling or
holding with power to vote 10% or more of the outstanding voting securities of such Person, (ii) any Person 10% or more of whose outstanding voting securities are directly or indirectly owned, controlled or held with power to vote by such
Person, (iii) any Person, directly or indirectly, controlling, controlled by or under common control of such Person, (iv) any employee, officer, director, member, manager or partner of such Person, or (v) if such Person is an
employee, officer, director, member, manager or partner, any Person for which such Person acts in any such capacity. 
 “Authorized
Participant” means a Person that is a DTC participant and has entered into an Authorized Participant Agreement which, at the relevant time, is in full force and effect. 
 “Authorized Participant Agreement” means an agreement among the Trust with respect to a Fund, the Sponsor and an Authorized Participant,
which may be amended or supplemented from time to time in accordance with its terms. 
 “Beneficial Owners” means owners of
beneficial interests in Shares. 
 “Business Day” means any day other than a day when any of the American Stock Exchange the
New York Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, the Intercontinental Exchange/New York Board of Trade, the London Metal Exchange or the New York Mercantile Exchange (including its COMEX division) is closed for
regular trading. 
 “Capital Account” means the capital account maintained for a Shareholder. The “Capital
Account” of a Shareholder in respect of a Share shall be the amount that such Capital Account would be if such Share were the only interest in the Trust held by such Shareholder from and after the date on which such Share was first issued.

 “Capital Contributions” means the amounts of cash or other consideration contributed and agreed to be contributed to the
Trust by any Person. 
 “CEA” means the Commodity Exchange Act, as amended. 
 “Certificate of Trust” means the Certificate of Trust of the Trust in the form filed with the Secretary of State of the State of
Delaware pursuant to Section 3810 of the Delaware Trust Statute as amended or restated from time to time. 
  

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 “Code” means the United States Internal Revenue Code of 1986, as amended. 
 “Commodity Pool Operator” means any Person engaged by the Sponsor or the Trust who, in connection therewith, solicits, accepts, or
receives monies or in-kind contributions for the purpose of trading in any commodity for future delivery or commodity option on or subject to the rules of any contract market for the benefit of the Trust. 
 “Commodity Trading Advisor” means any Person from time to time who engages in commodity trading and related activities for the benefit
of the Trust pursuant to authority granted by the Sponsor or the Trust. 
 “Common Shares” means any Shares that are not
Preferred Shares. 
 “Corporate Trust Office” means the principal office at which at any particular time the corporate trust
business of the Trustee is administered, which office at the date hereof is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Corporate Trust Administration. 
 “Covered Person” means the Trustee, the person acting as Trustee ( in its individual capacity), the Sponsor and their respective
Affiliates. 
 “Creation Unit” means the minimum number of Shares of a Fund that may be created at any one time, which shall
be 50,000 or such greater or lesser number as the Sponsor may determine from time to time for each Fund. 
 “Creation Unit Capital
Contribution” of a Fund means a Capital Contribution made by an Authorized Participant when purchasing a Creation Unit. 
 “Delaware Trust Statute” means the Delaware Statutory Trust Act, Chapter 38 of Title 12 of the Delaware Code, 12 Del. C. § 3801 et seq., as the same may be amended from time to time. 

“Depreciation” means, for each fiscal year of the Trust or other applicable period, an amount equal to the federal income tax
depreciation, amortization or other cost recovery deduction allowable with respect to an asset for such year or other period, except that if the Gross Asset Value of an asset differs from its adjusted basis for federal income tax purposes at the
beginning of such year or period, Depreciation shall be in an amount that bears the same ratio to such beginning Gross Asset Value as the federal income tax depreciation, amortization or other cost recovery deduction for such year or other period
bears to such beginning adjusted tax basis; provided, however, that if the federal income tax depreciation, amortization or other cost recovery deduction for such year or period is zero, Depreciation shall be determined with reference
to such beginning Gross Asset Value using any reasonable method selected by the Sponsor. 
 “Depository” means The
Depository Trust Company, New York, New York, or such other depository of Shares as may be selected by the Sponsor as specified herein. 
 “Depository Agreement” means the Letter of Representations relating to each Fund from the Sponsor to the Depository. 
  

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 “Distributor” means any Person from time to time engaged to provide distribution
services or related services to the Trust pursuant to authority granted by the Sponsor or the Trust. 
 “DTC” shall have the
meaning assigned to such term in Article IV Section 7. 
 “Exchange” means the American Stock Exchange or, if the
Shares of any Fund shall cease to be listed on the American Stock Exchange and are listed on one or more other exchanges, the exchange on which the Shares of such Fund are principally traded, as determined by the Sponsor. 
 “Fund” means an established and designated Series of Shares of the Trust. 
 “Gross Asset Value” means, with respect to any asset, the asset’s adjusted basis for federal income tax purposes, except as
follows: 
 (a) The initial Gross Asset Value of any asset contributed by a Shareholder to the Trust shall be the gross fair
market value of such asset as determined by the Sponsor. 
 (b) The Gross Asset Values of all Trust assets shall be adjusted
to equal their respective gross fair market values, as determined by the Sponsor using such reasonable method of valuation as it may adopt, as of the following times: 
 (i) the acquisition of an additional interest in the Trust by a new or existing Shareholder in exchange for more than a de minimis
Capital Contribution, if the Sponsor reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Shareholders in the Trust; 
 (ii) the distribution by the Trust to a Shareholder of more than a de minimis amount of property as consideration for an interest
in the Trust, if the Sponsor reasonably determines that such adjustment is necessary or appropriate to reflect the relative economic interests of the Shareholders in the Trust; 
 (iii) the liquidation of the Trust within the meaning of Treasury Regulation Section 1.704-1(b)(2)(ii)(g); and 
 (iv) at such other times as the Sponsor shall reasonably determine necessary or advisable in order to comply with Treasury Regulation
Sections 1.704-1(b) and 1.704-2. 
 (c) The Gross Asset Value of any Trust asset distributed to a Shareholder shall be the
gross fair market value of such asset on the date of distribution. 
 (d) The Gross Asset Values of Trust assets shall be
increased (or decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Code Section 734(b) or Code Section 743(b), but only to the extent that such adjustments are taken into account in determining Capital
Accounts pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m); provided, however, that Gross Asset Values shall not be adjusted pursuant to this subsection (d) to the extent that the Sponsor reasonably determines that
an adjustment pursuant to subsection (b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this subsection (d). 
  

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 (e) If the Gross Asset Value of a Trust asset has been determined or adjusted pursuant to
subsection (a), subsection (b) or subsection (d) above, such Gross Asset Value shall thereafter be adjusted by the Depreciation taken into account with respect to such asset for purposes of computing Net Income and Net Losses. 

“Internal Revenue Service” or “IRS” means the U.S. Internal Revenue Service or any successor thereto. 
 “Liquidation Date” means the date on which an event giving rise to the dissolution of the Trust occurs. 
 “Net Asset Value of a Fund” at any time means the total assets of a Fund including, but not limited to, all cash and cash equivalents or
other debt securities less total expenses and liabilities of such Fund, determined on the basis of generally accepted accounting principles in the United States, consistently applied under the accrual method of accounting. 
 “Net Asset Value per Creation Unit of a Fund” means the product obtained by multiplying the Net Asset Value per Share of a Fund by the
number of Shares comprising a Creation Unit at such time. 
 “Net Asset Value per Share of a Fund” means the Net Asset Value
of a Fund divided by the number of Shares of the Fund outstanding on the date of calculation. 
 “Net Income” and
“Net Loss” mean for each fiscal year or other applicable period, an amount equal to the Trust’s taxable income or loss for such fiscal year or period, determined in accordance with Section 703(a) of the Code (for this
purpose, all items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code shall be included in taxable income or loss), with the following adjustments: 
 (a) Any income of the Trust that is exempt from federal income tax or excluded from federal gross income and not otherwise taken into
account in computing Net Income or Net Loss pursuant to this definition shall be added to such taxable income or loss; 
 (b)
Any expenditures of the Trust described in Section 705(a)(2)(B) of the Code or treated as Section 705(a)(2)(B) expenditures pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(i), and not otherwise taken into account in
computing Net Income or Net Loss pursuant to this definition, shall be subtracted from such taxable income or loss; 
 (c) In
the event the Gross Asset Value of any Trust asset is adjusted pursuant to any provision of this Agreement in accordance with the definition of Gross Asset Value, the amount of such adjustment shall be taken into account as gain or loss from the
disposition of such asset for purposes of computing Net Income and Net Loss; 
 (d) Gain or loss resulting from any
disposition of any Trust asset with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of the property disposed of, notwithstanding that the adjusted tax basis of such
asset differs from its Gross Asset Value; 
  

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 (e) In lieu of the depreciation, amortization, and other cost recovery deductions taken
into account in computing such taxable income or loss, there shall be taken into account Depreciation for such fiscal year or other applicable period, computed in accordance with the definition of Depreciation; and 
 (f) Notwithstanding any other provision of this definition, any items which are allocated pursuant to Article IV, Section 8(c) shall
not be taken into account in computing Net Income or Net Loss. 
 “Nonrecourse Deductions” has the meaning given in Treasury
Regulation Section 1.704-2(b)(1). The amount of Nonrecourse Deductions for a fiscal year or other applicable period equals the net increase, if any, in the amount of Trust Minimum Gain during such fiscal year or period reduced by any
distributions during such fiscal year or period of proceeds of a Nonrecourse Liability that are allocable to an increase in Trust Minimum Gain, determined according to the provisions of Treasury Regulation Sections 1.704-2(c) and 1.704-2(h).

 “Nonrecourse Liability” has the meaning set forth in Treasury Regulation Section 1.704-2(b)(3). 
 “Outstanding” means, with respect to Shares or any class of Shares, all Shares of that class that are issued by the Trust and reflected
as outstanding on the Trust’s books and records as of the date of determination. 
 “Percentage Interest” means, as of
any date of determination, (i) as to any Common Shares, the product obtained by multiplying (a) 100% less the percentage applicable to the Shares referred to in clause (iii) by (b) the quotient obtained by dividing (x) the
number of such Common Shares by (y) the total number of all Outstanding Common Shares, (ii) as to any other Shares, the percentage established for such Shares by the Sponsor as a part of the issuance of such Shares. 
 “Person” means any natural person, partnership, limited liability company, trust (including a statutory trust), corporation,
association, or other entity. 
 “Preferred Shares” means a class of Shares that entitles such Shareholders to a preference
or priority over the Shareholders of any other class of Shares in (i) the right to share Net Income or Net Loss or items thereof, (ii) the right to share in Trust’s distributions, and/or (iii) rights upon dissolution or
liquidation of the Trust. “Preferred Shares” shall not include Common Shares. 
 “Prospectus” means the
final prospectus and disclosure document of the Trust, constituting a part of a Registration Statement, as filed with the SEC and declared effective thereby, as the same may at any time and from time to time be amended or supplemented. 

“Redemption Distribution” means the cash or other assets to the extent permitted in the Registration Statement or an Authorized
Participant Agreement, to be delivered in satisfaction of a redemption of a Redemption Unit as specified in Article IX Section 1. 
  

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 “Redemption Order” shall have the meaning assigned thereto in Article IX Section 1.

 “Redemption Order Date” shall have the meaning assigned in the Authorized Participant Agreement. 
 “Redemption Unit” means the minimum number of Shares of a Fund that may be redeemed, which shall be the number of Shares of such Fund
constituting a Creation Unit on the relevant Redemption Order Date. 
 “Registration Statement” means a registration
statement on Form S-1, as it may be amended or supplemented from time to time, filed with the Securities and Exchange Commission (“SEC”) pursuant to which the Trust registered the Shares. 
 “Required Allocations” means (i) any limitation imposed on any allocation of Net Losses under Article IV, Section 8(a) and
(ii) any allocation of an item of income, gain, loss or deduction pursuant to Article IV, Sections 8(c)(i), 8(c)(ii), 8(c)(iii), 8(c)(vi) or 8(c)(viii). 
 “Series” means a series of Shares established pursuant to the terms of this Trust Agreement. 
 “Shareholders” means the registered holders of Shares of a Fund. 
 “Shareholder Minimum Gain”
means an amount, with respect to each Shareholder Nonrecourse Debt, that would result if such Shareholder Nonrecourse Debt were treated as a Nonrecourse Liability, determined in accordance with Treasury Regulation Section 1.704-2(i)(3).

 “Shareholder Nonrecourse Debt” has the meaning given to the term “partner nonrecourse debt” in Treasury
Regulation Section 1.704-2(b)(4). 
 “Shareholder Nonrecourse Deductions” has the meaning given to the term
“partner nonrecourse deduction” in Treasury Regulation Section 1.704-2(i)(2). The amount of Shareholder Nonrecourse Deductions with respect to a Shareholder Nonrecourse Debt for a fiscal year or other applicable period equals the net
increase, if any, in the amount of Shareholder Minimum Gain during such fiscal year or other applicable period attributable to such Shareholder Nonrecourse Debt, reduced by any distributions during that fiscal year or other applicable period to the
Shareholder that bears the economic risk of loss for such Shareholder Nonrecourse Debt to the extent that such distributions are from the proceeds of such Shareholder Nonrecourse Debt and are allocable to an increase in Shareholder Minimum Gain
attributable to such Shareholder Nonrecourse Debt, determined according to the provisions of Treasury Regulation Sections 1.704-2(h) and 1.704-2(i). 
 “Shares” means the equal proportionate units of undivided beneficial interest in a Fund and may include fractions of Shares. 
 “Sponsor” means ProShares Capital Management, LLC, or any substitute or designee of the then Sponsor therefor as provided herein, or any
successor thereto by merger or operation of law. Sponsor shall also mean any person directly or indirectly instrumental in organizing each Fund or any person who will manage or participate in the management of each Fund any other 

  

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person who regularly performs or selects the persons who perform services for the Funds. Sponsor does not include wholly independent third parties such as
attorneys, accountants and underwriters whose only compensation is for professional services rendered in connection with the offering of the Shares. The term “Sponsor” shall be deemed to include its Affiliates. 
 “Sponsor Agreement” means an agreement between the Trust and the Sponsor setting forth, among other things, the Sponsor’s
compensation and the amount to be charged as a Transaction Fee, as it may be amended or supplemented from time to time in accordance with its terms. 
 “Subsidiary” means, with respect to any Person, as of any date of determination, any other Person as to which such Person owns or otherwise controls, directly or indirectly, more than 50% of the
voting shares or other similar interests or a sole general partner interest or managing member or similar interest of such Person. 
 “Tax Matters Partner” means the “tax matters partner” as defined in the Code. 
 “Transaction
Fee” shall mean a non-refundable transaction fee to be payable by an Authorized Participant to the Administrator and/or Fund in connection with each purchase of a Creation Unit by an Authorized Participant. 
 “Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code. References herein to
specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations. 
 “Trust” means ProShares Trust II, the Delaware statutory trust formed pursuant to the Certificate of Trust, the business and affairs of which are governed by this Trust Agreement. 
 “Trust Agreement” means this Amended and Restated Trust Agreement as the same may at any time or from time to time be amended.

 “Trustee” means Wilmington Trust Company or any successor thereto as provided herein, acting not in its individual
capacity but solely as trustee of the Trust. 
 “Trust Estate” means, with respect to a Fund, all property and cash held by
such Fund, and all proceeds therefrom. 
 “Trust Minimum Gain” means that amount determined in accordance with the
principles of Treasury Regulation Section 1.704-2(d). 
 ARTICLE II 
 PURPOSE OF TRUST AND OFFICES 
 Section 1. NAME. The Trust
shall be known as “ProShares Trust II” and the Sponsor shall conduct the business of the Trust under that name or any other name as it may from time to time determine provided that the Sponsor may, without Shareholder approval, change the
name of the Trust or any Series or Class (as defined in Article IV Section 1) of Shares thereof that may 

  

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be established from time to time. Any name change of the Trust shall become effective upon the filing of a properly executed certificate of amendment or a
restated certificate pursuant to Section 3810 of the Delaware Trust Statute. 
 Section 2. BUSINESS OFFICES. The
principal office of the Trust, and such additional offices as the Sponsor may establish, shall be located at such place or places inside or outside the State of Delaware as the Sponsor may designate from time to time in writing to the Trustee and
the Shareholders. Initially, the principal office of the Trust shall be at c/o ProShare Capital Management, LLC, 7501 Wisconsin Avenue, Suite 1000 – East Tower, Bethesda, MD 20814. The principle office of the Trustee shall be at the
Corporate Trust Office. 
 Section 3. DECLARATION OF TRUST. The Trust hereby acknowledges that the Trust has received the
sum of $250 for each Fund in bank accounts in the name of each Fund controlled by the Sponsor from the Sponsor, and hereby declares that it shall hold such sum in trust, upon and subject to the conditions set forth herein for the use and benefit of
the Shareholders of each Fund. It is the intention of the parties hereto that the Trust shall continue to be a statutory trust organized in series, or Funds, under the Delaware Trust Statute and that this Trust Agreement shall constitute the
governing instrument of the Trust. It is not the intention of the parties hereto to create a general partnership, limited partnership, limited liability company, joint stock association, corporation, bailment or any form of legal relationship other
than a Delaware statutory trust. Nothing in this Trust Agreement shall be construed to make the Shareholders partners or members of a joint stock association. The Sponsor shall not be liable to any person for the failure of the Trust or any Fund to
qualify as a publicly traded partnership under the Code or any comparable provision of the laws of any State or other jurisdiction where such treatment is sought. The Trustee has filed the certificate of trust required by Section 3810 of the
Delaware Trust Statute in connection with the formation of the Trust under the Delaware Trust Statute. 
 Section 4. PURPOSES AND
POWERS. The purposes of the Trust and each Fund shall be to (a) directly or indirectly trade, buy, sell, spread or otherwise acquire, hold, dispose and redeem swap agreements, forward contracts, options on forward contracts, futures
contracts or options on futures contracts or other derivative instruments which provide exposure to each Fund’s benchmark; (b) buy or sell cash equivalents or other short term fixed instruments; (c) engage in any other transaction
designed to facilitate the Trust’s ability to track its benchmark, the inverse of its benchmark or a stated multiple thereof; (d) enter into any lawful transaction and engage in any lawful activities in furtherance of or incidental to the
foregoing purposes; or (e) engage in any other lawful business activity for which a Delaware statutory trust may be organized. 
 Section 5. TAX TREATMENT. 
 (a) By accepting Shares or interests therein, the Shareholders and/or
Beneficial Owners each (i) expresses its intention that the Shares of each Fund will qualify under applicable tax law as interests in a publicly traded partnership which holds the Trust Estate of each Fund for their benefit, (ii) agrees
that it will file its own Federal, state and local income, franchise and other tax returns in a manner that is consistent with the treatment of each Fund as a publicly traded partnership in which each of the Shareholders thereof is a beneficiary and

  

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(iii) agrees to use reasonable efforts to notify the Sponsor promptly upon a receipt of any notice from any taxing authority having jurisdiction over
such holders of Shares of each Fund with respect to the treatment of the Shares of such Fund as anything other than interests in a publicly traded partnership. 
 (b) The Sponsor shall prepare or cause to be prepared and filed each Fund’s tax returns as a publicly traded partnership for Federal,
state and local tax purposes. Each Fund hereby indemnifies, to the full extent permitted by law, the Sponsor from and against any damages or losses (including attorneys’ fees) arising out of or incurred in connection with any action taken or
omitted to be taken by it in carrying out its responsibilities under this Section 5(b), provided such action taken or omitted to be taken does not constitute fraud, gross negligence or willful misconduct. 
 (c) Each Shareholder shall furnish the Sponsor with information necessary to enable the Sponsor to comply with U.S. federal income tax
information reporting requirements in respect of such Shareholder’s Shares. 
 (d) The Trust shall make the election
under Section 754 of the Code in accordance with applicable regulations thereunder, subject to the reservation of the right to seek to revoke any such election upon the Sponsor’s determination that such revocation is in the best interests
of the Shareholders. Notwithstanding any other provision herein contained, for the purposes of computing the adjustments under Section 743(b) of the Code, the Sponsor shall be authorized (but not required) to adopt a convention whereby the
price paid by a transferee of a Share will be deemed to be the lowest quoted closing price of the Shares on any Exchange on which such Shares are traded during the calendar month in which such transfer is deemed to occur. 
 (e) Except as otherwise provided herein, the Sponsor shall determine whether the Trust should make any other elections permitted by the
Code. 
 (f) The Sponsor shall designate one Shareholder as the Tax Matters Partner (as defined in the Code). The Tax Matters
Partner is authorized and required to represent the Trust (at the Trust’s expense) in connection with all examinations of the Trust’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend
Trust funds for professional services and costs associated therewith. Each Shareholder agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably required by the Tax Matters Partner to conduct such
proceedings. 
 (g) Notwithstanding any other provision of this Agreement, the Sponsor is authorized to take any action that
may be required to cause the Trust and other Subsidiaries of the Trust to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including pursuant to Sections 1441, 1442, 1445 and
1446 of the Code. To the extent that the Trust is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Shareholder (including by reason of Section 1446 of
the Code), the Sponsor may treat the amount withheld as a distribution of cash pursuant to Article IV, Section 7 or Article X, Section 1 in the amount of such withholding from such Shareholder. Any increase or decrease in 

  

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withholding tax incurred by the Trust or any Subsidiary of the Trust resulting from the identity, nationality, residence or status of a Shareholder shall be
allocable to and reduce the distributions of such Shareholder. 
 Section 6. LEGAL TITLE. Legal title to all of the Trust
Estate of each Fund shall be vested in the Trust as a separate legal entity; provided, however, that where applicable law in any jurisdiction requires any part of the Trust Estate to be vested otherwise, the Sponsor may cause legal
title to the Trust Estate or any portion thereof to be held by or in the name of the Sponsor or any other Person (other than a Shareholder on the Trustee) as nominee. 
 ARTICLE III 
 THE SPONSOR; THE TRUSTEE 
 Section 1. MANAGEMENT OF THE TRUST. Pursuant to Sections 3806(a) and 3806(b)(7) of the Delaware Trust Statute, the business and
affairs of the Trust shall be managed by the Sponsor in lieu of the Trustee with such powers of delegation as may be permitted by law. The Sponsor shall have power to conduct the business of the Trust and carry on its operations in any and all of
its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, in any and all commonwealths, territories, dependencies, colonies, or possessions of
the United States of America, and in any foreign jurisdiction and to do all such other things and execute all such instruments as it deems necessary, proper or desirable in order to promote the interests of the Trust although such things are not
herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Sponsor in good faith shall be conclusive. In construing the provisions of this Trust Agreement, the presumption shall be in favor of a grant of
power to the Sponsor. The enumeration of any specific power in this Trust Agreement shall not be construed as limiting the aforesaid power. The powers of the Sponsor may be exercised without order of or resort to any court. 
 Section 2. AUTHORITY OF SPONSOR. In addition to and not in limitation of any rights and powers conferred by law or other provisions of
this Trust Agreement, the Sponsor shall have and may exercise on behalf of the Trust, all powers and rights necessary, proper, convenient or advisable to effectuate and carry out the purposes, business and objectives of the Trust, which shall
include, without limitation, the following: 
 (a) To enter into, execute, deliver and maintain, and to cause the Trust to
perform its obligations under, contracts, agreements and any or all other documents and instruments, and to do and perform all such things as may be in furtherance of Trust purposes or necessary or appropriate for the offer and sale of the Shares
and the conduct of Trust activities. 
 (b) To establish, maintain, deposit into, sign checks and/or otherwise draw upon
accounts on behalf of the Trust with appropriate banking and savings institutions, and execute and/or accept any instrument or agreement incidental to the Trust’s business and in furtherance of its purposes, any such instrument or agreement so
executed or accepted by the Sponsor in the Sponsor’s name shall be deemed executed and accepted on behalf of the Trust by the Sponsor. 
  

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 (c) To deposit, withdraw, pay, retain and distribute each Trust Estate or any portion
thereof in any manner consistent with the provisions of this Trust Agreement. 
 (d) To supervise the preparation and filing
of the Registration Statement, the Prospectus and any supplements and amendments thereto. 
 (e) To pay or authorize the
payment of distributions to the Shareholders and expenses of each Fund. 
 (f) To make any elections on behalf of the Trust
under the Code, or any other applicable U.S. federal or state tax law as the Sponsor shall determine to be in the best interests of the Trust. 
 (g) In the sole discretion of the Sponsor, to admit an Affiliate or Affiliates of the Sponsor as additional Sponsors. 
 (h) To adopt disclosure and financial reporting information gathering and control policies and procedures. 
 (i) To make any necessary determination or decision in connection with the preparation of the Trust’s financial statements and amendments thereto, and the Prospectus. 
 (j) To prepare, file and distribute, if applicable, any periodic reports or updates that may be required under the Securities Exchange Act
of 1934, the CEA, or the rules and regulations thereunder. 
 (k) Execute, file, record and/or publish all certificates,
statements and other documents and do any and all other things as may be appropriate for the formation, qualification and operation of the Trust and for the conduct of its business in all appropriate jurisdictions. 
 (l) Appoint and remove independent public accountants to audit the accounts of the Trust. 
 (m) Employ attorneys to represent the Trust. 
 (n) Adopt, implement or amend, from time to time, such disclosure and financial reporting information gathering and control policies and procedures as are necessary or desirable to ensure compliance with applicable
disclosure and financial reporting obligations under any applicable securities laws. 
 (o) Enter into a Distribution
Agreement with the Distributor and discharge the duties and responsibilities of the Trust and the Sponsor thereunder. 
 (p)
For each Fund, enter into an Authorized Participant Agreement with each Authorized Participant and discharge the duties and responsibilities of the Fund and the Sponsor thereunder. 
  

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 (q) For each Fund, in connection with purchase of a Creation Unit , receive Creation Unit
Capital Contributions from Authorized Participants. 
 (r) For each Fund, receive from Authorized Participants and process or
cause the Distributor or Administrator, as applicable, to process properly submitted Redemption Orders. 
 (s) Cause the Trust
to enter into one or more custodian agreements, including with the Sponsor, on terms and conditions acceptable to the Sponsor. 
 (t) Authorize the Trust, for the Trust or any Fund or Class, to enter into one or more administration, transfer agency and accounting agreements and agreements for such other services necessary or appropriate to carry out the business and
affairs of the Trust with any party or parties on terms and conditions acceptable to the Sponsor, including but not limited to agreements with legal counsel and an independent registered public accounting firm. 
 (u) For each Fund, receive a Redemption Order from a redeeming Authorized Participant through the Depository, and thereupon cancel or
cause to be cancelled, the Shares to be redeemed in connection with the Redemption Order. 
 (v) Interact with the Depository
as required. 
 (w) Enter into the Sponsor Agreement on terms and conditions acceptable to the Sponsor. 
 (x) Prosecute, defend, settle or compromise actions or claims at law or in equity as may be necessary or proper to enforce or protect the
Trust’s interests. The Sponsor shall satisfy any judgment, decree or decision of any court, board or authority having jurisdiction or any settlement of any suit or claim prior to judgment or final decision thereon, first, out of any insurance
proceeds available therefor, next, out of the Funds’ assets on a pro rata basis. 
 (y) Delegate those of its duties
hereunder as it shall determine from time to time to one or more officers of the Trust, the Administrator, Distributor, Commodity Trading Advisors, Commodity Pool Operators or other Persons. 
 (z) In general, to carry on any other business in connection with or incidental to any of the foregoing powers, to do everything
necessary, suitable or proper for the accomplishment of any purpose or the attainment of any object or the furtherance of any power herein set forth, either alone or in association with others, and to do every other act or thing incidental or
appurtenant to or growing out of or connected with the aforesaid business or purposes, objects or powers. 
 The foregoing clauses shall be
construed both as objects and powers, and the foregoing enumeration of specific powers shall not be held to limit or restrict in any manner the general powers of the Sponsor. Any action by one or more of the Sponsor hereunder shall be deemed an
action on behalf of the Trust or the applicable Series or Class, and not an action in an individual capacity. 
  

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 Section 3. PAYMENT OF EXPENSES BY THE TRUST. The Sponsor is authorized to pay or cause
to be paid out of the principal or income of the Trust any expenses of the Trust. 
 Section 4. TRUSTEE TERM; RESIGNATION.

 (a) Wilmington Trust Company has been appointed and hereby agrees to serve as the Trustee of the Trust solely for
purposes of satisfying the requirements of Section 3807 of the Delaware Trust Statute. The Trust shall have only one trustee unless otherwise determined by the Sponsor. The Trustee shall serve until such time as the Sponsor removes the Trustee or
the Trustee resigns and a successor Trustee is appointed by the Sponsor in accordance with the terms of Section 7 of this Article. 
 (b) The Trustee may resign at any time upon the giving of at least sixty days’ advance written notice to the Trust; provided, that such resignation shall not become effective unless and until a
successor Trustee shall have been appointed by the Sponsor in accordance with Section 7 of this Article or by the Court of Chancery of the State of Delaware. If the Sponsor does not appoint a successor Trustee within such sixty day period, the
Trustee may apply, at the expense of the Trust, to the Court of Chancery of the State of Delaware for the appointment of a successor Trustee. 
 Section 5. POWERS OF TRUSTEE. Notwithstanding any other provision of this Trust Agreement, the Trustee shall not be entitled to exercise any of the powers, nor shall the Trustee have any of the duties and
responsibilities, of the Sponsor described in this Trust Agreement. The Trustee shall be a Trustee for the sole and limited purpose of fulfilling the requirements of Section 3807 of the Delaware Trust Statute. The Trustee shall have only the
rights, obligations and liabilities specifically provided for herein and shall have no implied rights, duties, obligations and liabilities with respect to the business and affairs of the Trust or any Fund. The Trustee shall have the power and
authority to execute and file certificates as required by the Delaware Trust Statute and to accept service of process on the Trust in the State of Delaware. The Trustee shall provide prompt notice to the Sponsor of its performance of any of the
foregoing. The Sponsor shall reasonably keep the Trustee informed of any actions taken by the Sponsor with respect to the Trust that would reasonably be expected to affect the rights, obligations or liabilities of the Trustee hereunder or under the
Delaware Trust Statute. 
 Section 6. COMPENSATION AND EXPENSES OF THE TRUSTEE. The Trustee shall be entitled to receive
from the Sponsor or an Affiliate of the Sponsor (including the Trust) reasonable compensation for its services hereunder as set forth in a separate fee agreement and shall be entitled to be reimbursed by the Sponsor or an Affiliate of the Sponsor
(including the Trust) for reasonable out-of-pocket expenses incurred by it in the performance of its duties hereunder, including without limitation, the reasonable compensation, out-of-pocket expenses and disbursements of counsel and such other
agents as the Trustee may employ in connection with the exercise and performance of its rights and duties hereunder. 
 Section 7.
SUCCESSOR TRUSTEE. Upon the resignation or removal of the Trustee, the Sponsor shall appoint a successor Trustee by delivering a written instrument to the outgoing Trustee. Any successor Trustee must satisfy the requirements of
Section 3807 of the Delaware Trust Statute. Any resignation or removal of the Trustee and appointment of a successor Trustee shall not become effective until a written acceptance of appointment is delivered by the successor Trustee to the
outgoing Trustee and the Sponsor and any fees and expenses due to the 

  

 14 

 
outgoing Trustee are paid or waived by the outgoing Trustee. Following compliance with the preceding sentence, the successor Trustee shall become fully
vested with all of the rights, powers, duties and obligations of the outgoing Trustee under this Trust Agreement, with like effect as if originally named as Trustee, and the outgoing Trustee shall be discharged of its duties and obligations under
this Trust Agreement. 
 Section 8. LIABILITY OF TRUSTEE. Except as otherwise provided in this Article III, in
accepting the trust continued hereby, Wilmington Trust Company acts solely as Trustee hereunder and not in its individual capacity, and all Persons having any claim against Wilmington Trust Company by reason of the transactions contemplated by this
Trust Agreement and any other agreement to which the Trust or any Fund is a party shall look only to the appropriate Fund Trust Estate for payment or satisfaction thereof. In particular, but not by way of limitation: 
 (a) The Trustee shall have no liability or responsibility for the validity or sufficiency of this Trust Agreement or for the form,
character, genuineness, sufficiency, value or validity of any Trust Estate or the Shares. 
 (b) The Trustee shall not be
liable for any actions taken or omitted to be taken by it in accordance with the instructions of the Sponsor. 
 (c) The
Trustee shall not have any liability for the acts or omissions of the Sponsor. 
 (d) The Trustee shall not have any duty or
obligation to supervise the performance of any obligations of the Sponsor. 
 (e) No provision of this Trust Agreement shall
require the Trustee to act or expend or risk its own funds or otherwise incur any financial liability in the performance of any of its rights or powers hereunder if the Trustee shall have reasonable grounds for believing that such action, repayment
of such funds or adequate indemnity against such risk or liability is not reasonably assured or provided to it. 
 (f) Under
no circumstances shall the Trustee be liable for indebtedness evidenced by or other obligations of the Trust or any Fund arising under this Trust Agreement or any other agreements to which the Trust is a party. 
 (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Trust Agreement, or to appear
in, institute, conduct or defend any action or litigation under this Trust Agreement or any other agreements to which the Trust or any Fund is a party, at the request, order or direction of the Sponsor or any Shareholders unless the Sponsor or such
Shareholders have offered to Wilmington Trust Company (in its capacity as Trustee and individually) security or indemnity satisfactory to it against the costs, expenses and liabilities that may be incurred by Wilmington Trust Company (including,
without limitation, the reasonable fees and expenses of its counsel) therein or thereby. 
 (h) The Trustee shall not be
required to take any action hereunder or otherwise if the Trustee shall have reasonably determined, or shall have been advised by counsel, that such action is likely to result in liability on the part of the Trustee or is contrary to the terms
hereof or is otherwise contrary to law. 
  

 15 

 (i) Whenever the Trustee is unable to decide between alternative courses of action
permitted or required by the terms of this Trust Agreement, or is unsure as to the application, intent, interpretation or meaning of any provision of this Trust Agreement, the Trustee shall promptly give notice (in such form as shall be appropriate
under the circumstances) to the Sponsor requesting instruction as to the course of action to be adopted, and, to the extent the Trustee acts in good faith in accordance with any such instruction received, the Trustee shall not be liable on account
of such action to any Person. If the Trustee shall not have received appropriate instructions within ten calendar days of sending such notice (or within such shorter period of time as reasonably may be specified in such notice or may be necessary
under the circumstances) it may, but shall be under no duty to, take or refrain from taking such action which is consistent, in its view, with this Trust Agreement, and the Trustee shall have no liability to any Person for any such action or
inaction. 
 (j) The Trustee shall have no liability whatsoever to any Person except for its own willful misconduct or gross
negligence. 
 ARTICLE IV 
 SHARES 
 Section 1. DIVISION OF BENEFICIAL INTEREST. 
 (a) The beneficial interests in the Trust shall at all times be divided into an unlimited number of Shares, without par value. The Sponsor
may authorize the division of Shares into separate Series (which may be referred to as “Funds”) and the division of Series into separate classes of Shares (each a “Class”). The different Series shall be established and
designated, and the variations in the relative rights and preferences as among the different Series and Classes shall be fixed and determined by the Sponsor. 
 (b) Unless the Sponsor determines otherwise, no Share shall have any priority or preference over any other Share of the same Class of a
Series with respect to dividends or distributions upon termination of the Trust or of such Class or Series. Unless the Sponsor determines otherwise, all dividends and distributions shall be made ratably among all Shareholders of a particular Class
of a Series from the assets held with respect to such Series according to the number of Shares of such Class of such Series held of record by such Shareholder on the record date for any dividend or distribution or on the date of termination, as the
case may be. Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust or any Series. The Sponsor may from time to time divide or combine the Shares of any particular Series
into a greater or lesser number of Shares of that Series. 
 (c) The Sponsor may issue Shares of any Fund or Class thereof for
such consideration and on such terms as it may determine (or for no consideration), all without action or approval of the Shareholders thereof. All Shares when so issued on the terms determined by the Sponsor shall be fully paid and non-assessable.
Every Shareholder and Beneficial Owner, by virtue of having purchased or otherwise acquired an interest in a Share, shall be deemed to have expressly consented and agreed to be bound by the terms of this Trust Agreement. Shareholders shall not have
any preemptive rights to acquire additional Shares except as otherwise determined by the Sponsor. 
  

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 Section 2. OWNERSHIP OF SHARES. The ownership of Shares shall be recorded on the books
of the Trust or a transfer or similar agent for the Trust, which books shall separately record the Shares of each Series and Class. No certificates evidencing the ownership of Shares shall be issued except as the Sponsor may otherwise determine from
time to time. The record books of the Trust as kept by the Trust or any transfer or similar agent, as the case may be, shall be conclusive as to who are the Shareholders of each Series and Class and as to the number of Shares of each Series and
Class held from time to time by each Shareholder. 
 Section 3. STATUS OF SHARES AND LIMITATION OF PERSONAL LIABILITY.

 (a) The death, incapacity, dissolution, termination or bankruptcy of a Shareholder during the existence of the Trust shall
not operate to dissolve or terminate the Trust or any Series or Class thereof, nor entitle the representative of such Shareholder to an accounting or to take any action in court or elsewhere against the Trust, the Sponsor or the Trustee, but
entitles such representative only to the rights of such Shareholder under this Trust. Ownership of Shares shall not entitle the Shareholder to any title in or to the whole or any part of the Trust Estate or right to call for a partition or division
of the same or for an accounting. 
 (b) The Shareholders shall be entitled to the same limitation of personal liability
extended to stockholders of private corporations for profit organized under the general corporation law of Delaware and no Shareholders shall be liable for claims against, or debts of the Trust or the applicable Fund. 
 Section 4. ESTABLISHMENT AND DESIGNATION OF SERIES OR CLASS. 
 (a) The establishment and designation of any Series or Class of Shares shall be effective upon the adoption by the Sponsor of a written
instrument that sets forth such establishment and designation, whether directly in such instrument or by reference to, or approval of, another document that sets forth each such Series or Class of Shares including in a Registration Statement. The
relative rights and preferences of each Series and Class of Shares thereof shall be as set forth herein and as set forth in such Registration Statement, except to the extent otherwise provided in the instrument establishing such Series or Class of
Shares. Each Series established pursuant to this Section 4 shall be considered separate from each other Series as set forth in this Article IV. 
 (b) Shares of each Series or Class established pursuant to this Section 4, except to the extent otherwise provided in the instrument establishing such Series or Class, shall have the following relative rights and
preferences: 
 (i) The Trust Estate of each Fund shall be held in separate and distinct records (directly or indirectly,
including through a nominee or otherwise) and accounted for in such separate and distinct records separately from the other assets of the Trust and every other Series and are referred to as “assets belonging to” that Series. The assets
belonging to a Series shall belong only to that Series for all purposes, and to no other Series, and shall be subject only 

  

 17 

 
to the rights of creditors of that Series. Any assets, income, earnings, profits, and proceeds thereof, funds, or payments which are not readily identifiable
as belonging to any particular Series shall be allocated between and among one or more Series as the Sponsor deems fair and equitable. Each such allocation shall be conclusive and binding upon the Shareholders of all Series for all purposes, and
such assets, earnings, income, profits or funds, or payments and proceeds thereof shall be referred to as assets belonging to that Series. The assets belonging to a Series shall be so recorded upon the books of the Trust, and shall be held in trust
for the benefit of the Shareholders of that Series. The assets belonging to a Series shall be charged with the liabilities of that Series and all expenses, costs, charges and reserves attributable to that Series, except that liabilities, expenses,
costs, charges and reserves allocated solely to a particular Class, if any, shall be borne by that Class. 
 (ii) The debts,
liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Series shall be enforceable against the assets of such Series only, and not against the assets of the Trust generally or of any other
Series and, unless otherwise provided by the Sponsor, none of the debts, liabilities, obligations, expenses incurred, contracted for or otherwise existing with respect to the Trust generally or any other Series shall be enforceable against the
assets of such Series. Any general liabilities, expenses, costs, charges or reserves of the Trust which are not readily identifiable as being held with respect to any particular Series shall be allocated and charged by the Sponsor to and among any
one or more of the Series in such manner and on such basis as the Sponsor in its sole discretion deems fair and equitable. Notice of the contractual limitation on liabilities among Series described in the first sentence of this paragraph may, in the
Sponsor’s discretion, be set forth in the certificate of trust of the Trust (whether originally or by amendment) as filed or to be filed in the Office of the Secretary of State of the State of Delaware pursuant to the Delaware Trust Statute,
and upon the giving of such notice in the certificate of trust, the statutory provisions of Section 3804 of the Delaware Trust Statute relating to limitations on liabilities among Series (and the statutory effect under Section 3804 of the
Delaware Trust Statute of setting forth such notice in the certificate of trust) shall become applicable to the Trust and each Series. Any person extending credit to, contracting with or having any claim against any Series may look only to the
assets of that Series to satisfy or enforce any debt, with respect to that Series. No Shareholder or former Shareholder of any Series shall have a claim on or any right to any assets allocated or belonging to any other Series, except to the extent
that such Shareholder or former Shareholder has such a claim or right hereunder as a Shareholder or former Shareholder of such other Series. 
 (c) Notwithstanding any other provisions of this Trust Agreement, no distribution including, without limitation, any distribution paid upon termination of the Trust or of any Series or Class with respect to, nor any
redemption or repurchase of, the Shares of any Series or Class shall be effected by the Trust other than from the assets held with respect to such Series, nor shall any Shareholder of any particular Series otherwise have any right or claim against
the assets held with respect to any other Series except to the extent that such Shareholder has such a right or claim hereunder as a Shareholder of such other Series. The Sponsor shall have full discretion to determine which items shall be treated
as income and which items as capital; and each such determination and allocation shall be conclusive and binding upon the Shareholders. Any Shares of a Series acquired, through purchase, exchange or otherwise, by another Series shall not be deemed
cancelled, unless the Sponsor affirmatively determines otherwise. 
  

 18 

 (d) Except to the extent otherwise provided in the instrument establishing such Series,
all the Shares of each particular Series shall represent an equal proportionate interest in the assets held with respect to that Series (subject to the liabilities held with respect to that Series and such rights and preferences as may have been
established and designated with respect to Classes of Shares within such Series). 
 (e) Except to the extent otherwise
provided in the instrument establishing such Series, any fractional Share of a Series shall carry proportionately all the rights and obligations of a whole Share of that Series, including rights with respect to voting, receipt of dividends and
distributions, redemption of Shares and termination of the Trust. 
 (f) The Sponsor shall have the authority to provide that
the holders of Shares of any Series shall have the right to exchange said Shares for Shares of one or more other Series of Shares in conformity with such requirements and procedures as may be established by the Sponsor. 
 Section 5. ESTABLISHMENT OF INITIAL FUNDS OF THE TRUST. 
 (a) Without limiting the authority of the Sponsor set forth in Section 4 to establish and designate any further Series without
requiring an amendment of this Trust Agreement, the Sponsor hereby establishes and designates fourteen initial Series (the “Initial Funds”) as follows: 
 Ultra DJ-AIG Commodity ProShares 
 UltraShort DJ-AIG Commodity ProShares 
 Ultra DJ-AIG Agriculture ProShares 
 UltraShort
DJ-AIG Agriculture ProShares 
 Ultra DJ-AIG Crude Oil ProShares 
 UltraShort DJ-AIG Crude Oil ProShares 
 Ultra Gold ProShares 
 UltraShort Gold ProShares 
 Ultra Silver
ProShares 
 UltraShort Silver ProShares 
 Ultra Euro ProShares 
 UltraShort Euro ProShares 
 Ultra Yen ProShares 
 UltraShort Yen ProShares 
 (b) The relative rights and preferences of the Initial Funds shall be as set forth in the Registration Statement for such Funds.

  

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 Section 6. OFFER OF SHARES, PROCEDURES FOR CREATION AND ISSUANCE OF CREATION UNITS. 

 (a) Subject to the Sponsor establishing alternative procedures from time to time in its sole discretion, the procedures
relating to the creation and issuance of Creation Units will be set forth in the Authorized Participant Agreements and Authorized Participant Handbooks for each Fund (which may be amended from time to time in accordance with the provisions of the
Authorized Participant Agreements and any such amendment will not constitute an amendment of this Trust Agreement), and will govern the Trust with respect to the creation and issuance of Creation Units. The number of Creation Units which may be
issued by each Fund is limited only by the number of outstanding shares of a Fund or the Trust, as the case may be, that are registered for sale with the SEC. Unless the Sponsor determines otherwise, certificates for Creation Units will not be
issued. 
 (b) Rejection. For each Fund, the Sponsor shall have the absolute right, but shall have no obligation, to
reject any Creation Unit Capital Contribution: 
 Section 7. DISTRIBUTIONS. 
 (a) Distributions on Shares may be paid with such frequency as the Sponsor may determine, which may be daily or otherwise, to the
Shareholders, from such of the income and capital gains, accrued or realized, from each Trust Estate, after providing for actual and accrued liabilities. Except to the extent the Sponsor otherwise determines, all distributions on Shares thereof
shall be distributed pro rata to the Shareholders in proportion to the total outstanding Shares held by such Shareholders at the date and time of record established for the payment of such distribution. Such distributions may be made in cash or
Shares as determined by the Sponsor or pursuant to any program that the Sponsor may have in effect at the time for the election by each Shareholder of the mode of the making of such distribution to that Shareholder. Nothing in this Section 8
shall obligate the Sponsor to cause the Trust to make any distributions. 
 Section 8. ALLOCATIONS FOR CAPITAL ACCOUNT
PURPOSES. For purposes of maintaining the Capital Accounts and in determining the rights of the Shareholders among themselves, the Trust’s Net Income and Net Loss shall be allocated among the Shareholders in each fiscal year or other
applicable period (or portion thereof) as provided herein below. 
 (a) Net Income and Net Loss. After giving effect to the
allocations set forth in this Article IV, Section 8(c), 8(d) and 8(e), Net Income or Net Loss for each fiscal year or other applicable period shall be allocated to the Shareholders in accordance with their respective Percentage Interests.

 (b) Allocation upon Termination. With respect to all Article IV, Section 8(a) allocations following a Liquidation
Date, such allocations shall be made after Capital Account balances have been adjusted by all other allocations provided under this Article IV, Section 8 and after giving effect to all distributions during such fiscal year or other applicable
period; provided, however, that solely for purposes of this Article IV, Section 8(b), Capital Accounts shall not be adjusted for distributions made pursuant to Article X, Section 1. 
  

 20 

 (c) Mandatory Allocations. Notwithstanding any other provision of this Article IV,
Section 8, the following special allocations shall be made for such taxable period: 
 (i) Trust Minimum Gain Chargeback.
Notwithstanding any other provision of this Article IV Section 8, if there is a net decrease in Trust Minimum Gain during any Trust fiscal year or other applicable period, then, subject to the exceptions set forth in Treasury Regulation
Sections 1.704-2(f)(2), (3), (4) and (5), each Shareholder shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods) in an amount equal to such Shareholder’s share of Trust Minimum Gain, as
determined in accordance with Treasury Regulation Section 1.704-2(g). This Article IV, Section 8(c)(i) is intended to comply with the Trust Minimum Gain chargeback requirement in Treasury Regulation Section 1.704-2(f) and shall be
interpreted consistently therewith. 
 (ii) Chargeback of Shareholder Minimum Gain. Notwithstanding the other provisions of
this Article IV, Section 8 (other than Article IV, Section 8(c)(i)), if there is a net decrease in Shareholder Minimum Gain attributable to a Shareholder Nonrecourse Debt during any Trust fiscal year or other applicable period, then,
subject to the exception set forth in Treasury Regulation Section 1.704-2(i)(4), each Shareholder with a share of Shareholder Minimum Gain attributable to such Shareholder Nonrecourse Debt, determined in accordance with Treasury Regulation
Section 1.704-2(i)(5), shall be allocated items of Trust income and gain for such period (and, if necessary, subsequent periods) in the manner and amounts provided in Treasury Regulation Sections 1.704-2(i)(4). This Article IV,
Section 8(c)(ii) is intended to comply with the chargeback of items of income and gain requirement in Treasury Regulation Section 1.704-2(i)(4) and shall be interpreted consistently therewith. 
 (iii) Qualified Income Offset. Notwithstanding any other provision of this Article IV, Section 8 (other than Article IV,
Section 8(c)(i) and (ii)), in the event any Shareholder unexpectedly receives any adjustments, allocations or distributions described in Treasury Regulation Sections 1.704-1(b)(2)(ii)(d)(4), (5), or (6) that cause an increase in an
Adjusted Capital Account deficit of such Shareholder, items of Trust income and gain shall be specially allocated to such Shareholder in an amount and manner sufficient to eliminate, to the extent required by the Treasury Regulations promulgated
under Section 704(b) of the Code, the deficit balance in its Adjusted Capital Account. This Article IV, Section 8(c)(iii) is intended to qualify and be construed as a “qualified income offset” within the meaning of Treasury
Regulation Section 1.704-1(b)(2)(ii)(d) and shall be interpreted consistently therewith. 
 (iv) No Excess Deficit. To
the extent that any Shareholder has or would have, as a result of an allocation of Net Loss (or item thereof), an Adjusted Capital Account deficit, such amount of Net Loss (or item thereof) shall be allocated to the other Shareholders in accordance
with this Article IV, Section 8, but in a manner which will not produce an Adjusted Capital Account deficit as to any such Shareholder. To the extent such allocation would result in all Shareholders having Adjusted Capital Account deficits,
such Net Loss (or item thereof) shall be allocated in accordance with Article IV, Section 8(a). Any allocations of Net Loss (or item thereof) pursuant to this Article IV, Section 8(c)(iv) shall be reversed with a corresponding amount of
Net Profits in subsequent years. 
 (v) Nonrecourse Deductions. Nonrecourse Deductions for any taxable period shall be
allocated to the Shareholders in accordance with their respective Percentage Interests. If the Sponsor determines that the Trust’s Nonrecourse Deductions should be allocated in a different ratio to satisfy the safe harbor requirements of the
Treasury Regulations promulgated under Section 704(b) of the Code, the Sponsor is authorized, upon notice to the other Shareholders, to revise the prescribed ratio to the numerically closest ratio that does satisfy such requirements.

  

 21 

 (vi) Shareholder Nonrecourse Deductions. Shareholder Nonrecourse Deductions for any
taxable period shall be allocated 100% to the Shareholder that bears the economic risk of loss with respect to the Shareholder Nonrecourse Debt to which such Shareholder Nonrecourse Deductions are attributable in accordance with Treasury Regulation
Section 1.704-2(i). 
 (vii) Nonrecourse Liabilities. Nonrecourse Liabilities of the Trust described in Treasury
Regulation Section 1.752-3(a)(3) shall be allocated among the Shareholders in a manner chosen by the Sponsor and consistent with such Treasury Regulation. 
 (viii) Code Section 754 Adjustments. To the extent an adjustment to the adjusted tax basis of any Trust asset pursuant to
Section 734(b) or 743(b) of the Code is required, pursuant to Treasury Regulation Section 1.704-1(b)(2)(iv)(m), to be taken into account in determining Capital Accounts, the amount of such adjustment to the Capital Accounts shall be
treated as an item of gain (if the adjustment increases the basis of the asset) or loss (if the adjustment decreases such basis), and such item of gain or loss shall be specially allocated to the Shareholders in a manner consistent with the manner
in which their Capital Accounts are required to be adjusted pursuant to such Section of the Treasury Regulations. 
 (ix)
Curative Allocation. 
 (A) The Required Allocations are intended to comply with certain requirements of the Treasury
Regulations. It is the intent of the Shareholders that, to the extent possible, all Required Allocations shall be offset either with other Required Allocations or with special allocations of other items of Trust income, gain, loss or deduction
pursuant to this Article IV, Section 8 (c)(ix). Therefore, notwithstanding any other provision of this Article IV, Section 8 (other than the Required Allocations), the Sponsor shall make such offsetting special allocations of Trust income,
gain, loss or deduction in whatever manner it determines appropriate so that, after such offsetting allocations are made, each Shareholder’s Capital Account balance is, to the extent possible, equal to the Capital Account balance such
Shareholder would have had if the Required Allocations were not part of this Agreement and all Trust items were allocated pursuant to the economic agreement among the Shareholders. 
 (B) The Sponsor shall, with respect to each fiscal year or other applicable period, (1) apply the provisions of Article IV,
Section 8(c)(ix)(A) in whatever order is most likely to minimize the economic distortions that might otherwise result from the Required Allocations, and (2) divide all allocations pursuant to Article IV, Section 8 (c)(ix)(A) among the
Shareholders in a manner that is likely to minimize such economic distortions. 
  

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 Section 9. ALLOCATIONS FOR TAX PURPOSES. 
 (a) Except as otherwise provided herein, for federal income tax purposes, each item of income, gain, loss and deduction shall be allocated
among the Shareholders in the same manner as its correlative item of “book” income, gain, loss or deduction is allocated pursuant to Article IV, Section 8. 
 (b) In accordance with Sections 704(b) and 704(c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction
with respect to any property contributed to the Trust shall solely for federal income tax purposes, be allocated among the Shareholders so as to take into account any variation between the adjusted basis of such property to the Trust for federal
income tax purposes and the initial Gross Asset Value. If the Gross Asset Value of any Trust asset is adjusted as described in the definition of Gross Asset Value, subsequent allocations of income, gain, loss and deduction with respect to such Trust
asset shall take into account any variation between the adjusted basis of such Trust Asset for federal income tax purposes and its Gross Asset Value in the same manner as under Section 704(c) of the Code and the Treasury Regulations thereunder.
In furtherance of the foregoing, the Trust shall employ any method under Section 704(c) of the Code selected by the Sponsor. The Sponsor, in an attempt to eliminate book-tax disparities, expects items of income, gain, or loss will be allocated
for U.S. federal income tax purposes among the Members under the principles of the remedial method of Treasury Regulations Section 1.704-3(d). Allocations pursuant to this Section 9(b) are solely for purposes of federal, state, and local
taxes and shall not affect, or in any way be taken into account in computing, any Shareholder’s Capital Account or share of Net Income, Net Loss, other items, or distributions pursuant to any provision of this Agreement. 
 (c) For the proper administration of the Trust and for the preservation of uniformity of the Shares (or any class or classes thereof), the
Sponsor shall (i) adopt such conventions as it deems appropriate in determining the amount of depreciation, amortization and cost recovery deductions; (ii) make special allocations for federal income tax purposes of income (including gross
income) or deductions; (iii) amend the provisions of this Agreement as appropriate (x) to reflect the proposal or promulgation of Treasury Regulations under Section 704(b) or Section 704(c) of the Code or (y) otherwise to
preserve or achieve uniformity of the Shares (or any class or classes thereof); and (iv) adopt and employ such methods for (A) the maintenance of Capital Accounts for book and tax purposes, (B) the determination and allocation of
adjustments under Sections 704(c), 734 and 743 of the Code, (C) the determination and allocation of taxable income, tax loss and items thereof under this Agreement and pursuant to the Code, (D) the determination of the identities and tax
classification of Shareholders, (E) the provision of tax information and reports to the Shareholders, (F) the adoption of reasonable conventions and methods for the valuation of assets and the determination of tax basis, (G) the
allocation of asset values and tax basis, (H) the adoption and maintenance of accounting methods, (I) the recognition of the transfer of Shares, (J) tax compliance and other tax-related requirements, including the use of computer
software, and to use filing and reporting procedures similar to those employed by publicly-traded partnerships and limited liability companies, as it determines in its sole discretion are necessary and appropriate to execute the provisions of this
Agreement and to comply with federal, state and local tax law, and to achieve uniformity of Shares within a class. The Sponsor may adopt such conventions, make such allocations and make such amendments to this Agreement as provided in this Article
IV, Section 9(c) only if such conventions, allocations or amendments would not have a material adverse effect on the Shareholders, the holders of any class or classes of Shares issued and Outstanding or the Trust, and if such allocations are
consistent with the principles of Section 704 of the Code. 
  

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 (d) All items of income, gain, loss, deduction and credit recognized by the Trust for
federal income tax purposes and allocated to the Shareholders in accordance with the provisions hereof shall be determined without regard to any election under Section 754 of the Code that may be made by the Trust; provided, however, that such
allocations, once made, shall be adjusted (in the manner determined by the Sponsor) to take into account those adjustments permitted or required by Sections 734 and 743 of the Code. 
 (e) In the event the Trust becomes listed on a Exchange or other major exchange, unless the Sponsor determines otherwise, each item of
Trust income, gain, loss and deduction shall, for federal income tax purposes, be determined on an annual basis and prorated on a monthly basis and shall be allocated to the Shareholders as of the opening of such Exchange on the first business day
of each month; provided, however, such items for the period beginning on the closing date and ending on the last day of the month in which the option closing date or the expiration of the over-allotment option occurs shall be allocated to the
Shareholders as of the opening of such Exchange on the first Business Day of the next succeeding month; and provided, further, that gain or loss on a sale or other disposition of any assets of the Trust or any other extraordinary item of income or
loss realized and recognized other than in the ordinary course of business, as determined by the Sponsor, shall be allocated to the Shareholders as of the opening of Exchange on the first business day of the month in which such gain or loss is
recognized for federal income tax purposes. The Sponsor may revise, alter or otherwise modify such methods of allocation to the extent permitted or required by Section 706 of the Code and the regulations or rulings promulgated thereunder.

 (f) Allocations that would otherwise be made to a Shareholder under the provisions of this Article IV shall instead be made
to the beneficial owner of Shares held by a nominee in any case in which the nominee has furnished the identity of such owner to the Trust in accordance with Section 6031(c) of the Code or any other method determined by the Sponsor. 

ARTICLE V 
 OFFICERS

 Section 1. OFFICERS. 
 (a) The Sponsor may appoint officers, who shall be agents of the Trust with such titles and duties as the Sponsor shall specify. Any number of offices may be held by the same person. 
 (b) The appointment of officers of the Trust pursuant to that certain Appointment of Officers, dated as of July 9, 2008, by the
Sponsor and the Trustee, is hereby ratified. 
 Section 2. APPOINTMENT OF OFFICERS. The officers of the Trust shall be
appointed by the Sponsor, and each shall serve at the pleasure of the Sponsor, subject to the rights, if any, an officer may have under any contract of employment. 
  

 24 

 Section 3. REMOVAL AND RESIGNATION OF OFFICERS. Subject to the rights, if any, of an
officer under any contract of employment, any officer may be removed, either with or without cause, by the Sponsor. Any officer may resign at any time by giving written notice to the Trust. Any resignation shall take effect at the date of the
receipt of that notice or at any later time specified in that notice; and unless otherwise specified in that notice, the acceptance of the resignation shall not be necessary to make it effective. Any resignation is without prejudice to the rights,
if any, of the Trust under any contract to which the officer is a party. 
 Section 4. AUTHORITY TO ACT. Subject to the
supervision and oversight of the Sponsor, the officers of the Trust are delegated the authority to act on behalf of the Trust consistent with the parameters and powers of their position as outlined from time to time by the Sponsor, including to
prepare, negotiate, deliver and execute documents, agreements, plans, registration statements, any and all applications for exemptive orders, and any amendments or supplements thereto, that the officers or any of them believe, with advice of
counsel, are necessary or desirable for the Trust. 
 ARTICLE VI 
 LIMITATION OF LIABILITY, FIDUCIARY DUTY AND INDEMNITY 
 Section 1.
LIABILITY OF COVERED PERSONS. A Covered Person shall have no liability to the Trust, any Fund or to any Shareholder or Beneficial Owner or other Covered Person for any loss suffered by the Trust or any Fund which arises out of any action
or inaction of such Covered Person if such Covered Person, in good faith, determined that such course of conduct was in the best interest of the Trust or the applicable Fund and such course of conduct did not constitute gross negligence or willful
misconduct of such Covered Person. Subject to the foregoing, neither the Sponsor nor any other Covered Person shall be personally liable for the return or repayment of all or any portion of the capital or profits of any Shareholder or assignee
thereof, it being expressly agreed that any such return of capital or profits made pursuant to this Trust Agreement shall be made solely from the assets of the applicable Fund without any rights of contribution from the Sponsor or any other Covered
Person. 
 Section 2. FIDUCIARY DUTY OF COVERED PERSONS. 
 (a) To the extent that, at law or in equity, a Covered Person has duties (including fiduciary duties) and liabilities relating thereto to
the Trust, the Funds, the Shareholders or to any other Person, a Covered Person acting under this Trust Agreement shall not be liable to the Trust, the Funds, the Shareholders or to any other Person for its good faith reliance on the provisions of
this Trust Agreement. The provisions of this Trust Agreement, to the extent that they restrict or eliminate the duties (including fiduciary duties) and liabilities of a Covered Person otherwise existing at law or in equity are agreed by the parties
hereto and the Shareholders to replace such other duties and liabilities of such Covered Person. 
 (b) Unless otherwise
expressly provided herein: 
 (i) whenever a conflict of interest exists or arises between the Sponsor or any of its
Affiliates, on the one hand, and the Trust, the Trustee or any Shareholder or any other Person, on the other hand; or 
  

 25 

 (ii) whenever this Trust Agreement or any other agreement contemplated herein or therein
provides that the Sponsor shall act in a manner that is, or provides terms that are, fair and reasonable to the Trust, any Shareholder or any other Person, 
 the Sponsor shall resolve such conflict of interest, take such action or provide such terms, considering in each case the relative interest of each party (including its own interest) to such conflict, agreement, transaction or situation and
the benefits and burdens relating to such interests, any customary or accepted industry practices, and any applicable generally accepted accounting practices or principles. In the absence of bad faith by the Sponsor, the resolution, action or terms
so made, taken or provided by the Sponsor shall not constitute a breach of this Trust Agreement or any other agreement contemplated herein or of any duty or obligation of the Sponsor at law or in equity or otherwise. 
 (c) The Sponsor and any Affiliate of the Sponsor may engage in or possess an interest in other profit-seeking or business ventures of any
nature or description, independently or with others, whether or not such ventures are competitive with the Trust and the doctrine of corporate opportunity, or any analogous doctrine, shall not apply to the Sponsor. If the Sponsor acquires knowledge
of a potential transaction, agreement, arrangement or other matter that may be an opportunity for the Trust, it shall have no duty to communicate or offer such opportunity to the Trust, and the Sponsor shall not be liable to the Trust or to the
Shareholders for breach of any fiduciary or other duty by reason of the fact that the Sponsor pursues or acquires for, or directs such opportunity to another Person or does not communicate such opportunity or information to the Trust. Neither the
Trust nor any Shareholder shall have any rights or obligations by virtue of this Trust Agreement or the trust relationship created hereby in or to such independent ventures or the income or profits or losses derived therefrom, and the pursuit of
such ventures, even if competitive with the activities of the Trust, shall not be deemed wrongful or improper. Except to the extent expressly provided herein, the Sponsor may engage or be interested in any financial or other transaction with the
Trust, the Shareholders or any Affiliate of the Trust or the Shareholders. 
 Section 3. COMPENSATION TO THE SPONSOR. The
Sponsor shall be entitled to compensation for its services as Sponsor of the Trust as set forth in the Sponsor Agreement. 
 Section 4. OTHER BUSINESS OF SHAREHOLDERS. Except as otherwise specifically provided herein, any of the Shareholders and any shareholder, officer, director, employee or other person holding a legal or beneficial interest
in an entity which is a Shareholder, may engage in or possess an interest in other business ventures of every nature and description, independently or with others, and the pursuit of such ventures, even if competitive with the business of the Trust,
shall not be deemed wrongful or improper. 
 Section 5. INDEMNIFICATION OF COVERED PERSONS. 
 (a) For the purpose of this Section, “Covered Person” includes any Person who is or was a Trustee, Sponsor or officer of the
Trust. 
  

 26 

 (b) The Trust (or, in furtherance on Article IV Section 4(b)(ii), any Fund
separately to the extent the matter in question relates to a Fund or is otherwise disproportionate) shall indemnify and hold harmless each Covered Person against all claims, losses, liabilities and expenses, including but not limited to amounts paid
in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees reasonably incurred by any Covered Person, in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal,
before any court or administrative or legislative body, in which such Covered Person may be or may have been involved as a party or otherwise or with which such Covered Person may be or may have been threatened, while in office or thereafter, by
reason of any alleged act or omission as a Covered Person or by reason of his or her being or having been such a Covered Person except with respect to any matter as to which such Covered Person shall have been finally adjudicated in any such action,
suit or other proceeding not to have acted in good faith in the reasonable belief that such Covered Person’s action was in the best interests of the Trust and except that no Covered Person shall be indemnified against any liability to the Trust
or its Shareholders by reason of willful misconduct or gross negligence of such Covered Person. 
 (c) Expenses, including
counsel fees, so incurred by any such Covered Person (but excluding amounts paid in satisfaction of judgments, in compromise or as fines or penalties) shall be paid from time to time by the Trust in advance of the final disposition of any such
action, suit or proceeding upon receipt of an undertaking by or on behalf of such Covered Person to repay amounts so paid to the Trust if it is ultimately determined that indemnification of such expenses is not authorized under this Section.

 Section 6. OTHER CONTRACTUAL RIGHTS. Nothing contained in Section 5 shall affect any right to indemnification to
which persons other than Sponsor and officers of this Trust may be separately entitled by contract or otherwise. 
 ARTICLE VII

 SHAREHOLDERS’ VOTING POWERS AND MEETINGS 
 Section 1. VOTING POWERS. 
 (a) Except as required under applicable
Federal law or under the rules or regulations of an Exchange, the Shareholders shall have no voting rights hereunder (including with respect to mergers, consolidations or conversions of the Trust or transfers to or domestication in any jurisdiction
by the Trust or any other matters that under the Delaware Trust Statute default voting rights are provided to holders of beneficial interests.) The Shareholders shall have the right to vote on other matters only as the Sponsor may consider desirable
and so authorize in its sole discretion. To the extent that federal or Delaware law is amended, modified or interpreted by rule, regulation, order, or no-action letter to (on a mandatory basis) expand, eliminate or limit Shareholders’ right to
vote on any specific matter, the Shareholders’ right to vote shall be deemed to be amended, modified or interpreted in accordance therewith without further approval by the Sponsor or the Shareholders. 
 (b) On each matter, if any, submitted to a vote of Shareholders, unless the Sponsor determines otherwise, all Shares of all Series and
Classes shall vote together as a single class; provided, however, that: (i) as to any matter with respect to which a separate vote of any Series or Class is required by applicable law or is required by attributes applicable to any Series or
Class, such requirements as to a separate vote by that Series or Class shall apply; (ii) unless 

  

 27 

 
the Sponsor determine that this clause (ii) shall not apply in a particular case, to the extent that a matter referred to in clause (i) above
affects more than one Series or Class and the interests of each such Series or Class in the matter are identical, then the Shares of all such affected Series or Classes shall vote together as a single class; and (iii) as to any matter which
does not affect the interests of a particular Series or Class, only the holders of Shares of the one or more affected Series or Classes shall be entitled to vote. As determined by the Sponsor, in its sole discretion, without the vote or consent of
Shareholders, on any matter submitted to a vote of Shareholders either (i) each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional
vote or (ii) each dollar of Net Asset Value (number of Shares owned times Net Asset Value per share of the Trust, if no Series shall have been established or of such Series or Class, as applicable) shall be entitled to one vote on any matter on
which such Shares are entitled to vote and each fractional dollar amount shall be entitled to a proportionate fractional vote. Without limiting the power of the Trustees in any way to designate otherwise in accordance with the preceding sentence,
the Sponsor hereby establishes that each whole Share shall be entitled to one vote as to any matter on which it is entitled to vote and each fractional Share shall be entitled to a proportionate fractional vote. Shares may be voted in person or by
proxy or in any manner determined by the Sponsor. 
 Section 2. VOTING POWER AND MEETINGS. Meetings of the Shareholders
may be called by the Sponsor for such purposes as may be prescribed by law or by this Trust Agreement. 
 Section 3. PLACE OF
MEETINGS. A meeting of Shareholders shall be held at any place designated by the Sponsor or an officer of the Trust. 
 Section 4. NOTICE OF SHAREHOLDERS’ MEETING. All notices of meetings of Shareholders shall be sent or otherwise given to each Shareholder of record not less than seven nor more than one hundred and twenty days before
the date of the meeting in the manner determined by the Sponsor. The notice shall specify: (a) the place, date and hour of the meeting; and (b) the general nature of the business to be transacted. 
 Section 5. ADJOURNED MEETING; NOTICE. Any Shareholders’ meeting, whether or not a quorum is present, may be adjourned from time
to time by the Sponsor or by the vote of a majority of the Shares of the Class, Series or Trust, as the case may be, represented at that meeting, either in person or by proxy. When any meeting of Shareholders is adjourned to another time or place,
notice need not be given of the adjourned meeting at which the adjournment is taken, unless a new record date of the adjourned meeting is fixed or unless the adjournment is for more than sixty days from the date set for the original meeting, in
which case the Sponsor shall set a new record date. Notice of any such adjourned meeting shall be given to each Shareholder of record entitled to vote at the adjourned meeting. At any adjourned meeting, the Trust may transact any business which
might have been transacted at the original meeting. 
 Section 6. VOTING PROCEDURE. The Trust shall be authorized to
solicit, and a Shareholder shall be entitled to submit a proxy ballot containing the voting instructions of such Shareholder, in person, or by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or
other electronic media, provided however, that the Sponsor or 

  

 28 

 
an officer of the Trust may limit or delineate the types of media and methods by which a Shareholder may submit voting instructions. On any matter any
Shareholder may vote part of the shares in favor of the proposal and refrain from voting the remaining shares or vote them against the proposal, but if the Shareholder fails to specify the number of shares which the Shareholder is voting
affirmatively, it will be conclusively presumed that the Shareholder’s approving vote is with respect to the total shares that the Shareholder is entitled to vote on such proposal. 
 Section 7. QUORUM AND REQUIRED VOTE. Except when a larger quorum is required by applicable law or by this Trust Agreement, the
presence (in person or by ballot) of thirty-three and one-third percent (33 1/3%) of the Shares entitled to vote shall constitute a quorum at a Shareholders’ meeting. When any one or more Series or Classes is to vote as a single Class separate
from any other Shares, thirty-three and one-third percent (33 1/3%) of the Shares of each such Series or Classes entitled to vote shall constitute a quorum at a Shareholder’s meeting of that Series or Class. Any meeting of Shareholders may be
adjourned consistent with the provisions of Section 5 above, whether or not a quorum is present. When a quorum is present at any meeting, a majority of the Shares represented at the meeting shall decide any questions except when a different
vote is required by any provision of this Trust Agreement or by applicable law. 
 Section 8. ACTION BY WRITTEN CONSENT.
Any action taken by Shareholders may be taken without a meeting if Shareholders holding a majority of the Shares entitled to vote on the matter (or such larger proportion thereof as shall be required by any express provision of this Trust Agreement
or federal law) or holding a majority (or such larger proportion as aforesaid) of the Shares of any Series or Class entitled to vote separately on the matter consent to the action in writing or by other electronic means (such as via telephone or the
internet) and such written consent or a record of such electronic consent is filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders. 
 Section 9. RECORD DATES. For the purpose of determining the Shareholders of any Series or Class who are entitled to vote or act at any
meeting or any adjournment thereof, the Sponsor may from time to time fix a date, which shall be not more than one-hundred and twenty days before the date of any meeting of Shareholders, as the record date for determining the Shareholders of such
Series or Class having the right to notice of and to vote at such meeting and any adjournment thereof, and in such case only Shareholders of record on such record date shall have such right, notwithstanding any transfer of shares on the books of the
Trust after the record date. For the purpose of determining the Shareholders of any Series or Class who are entitled to receive payment of any dividend or of any other distribution, the Sponsor may from time to time fix a date, which shall be before
the date for the payment of such dividend or such other payment, as the record date for determining the Shareholders of such Series or Class having the right to receive such dividend or distribution. Without fixing a record date the Sponsor may for
voting and/or distribution purposes close the register or transfer books for one or more Series for all or any part of the period between a record date and a meeting of Shareholders or the payment of a distribution. Nothing in this Section shall be
construed as precluding the Sponsor from setting different record dates for different Series or Classes. 
  

 29 

 Section 10. WAIVER OF NOTICE BY CONSENT OF ABSENT SHAREHOLDERS. Any Shareholder may
waive notice, which waiver may be submitted by U.S. mail, overnight mail, express mail, telephone, electronic mail, telefacsimile, telegraph, internet or other electronic media. The waiver of notice need not specify either the business to be
transacted or the purpose of any meeting of Shareholders. Attendance by a person at a meeting shall also constitute a waiver of notice of that meeting, except when the person objects at the beginning of the meeting to the transaction of any business
because the meeting is not lawfully called or convened and except that attendance at a meeting is not a waiver of any right to object to the consideration of matters not included in the notice of the meeting if that objection is expressly made at
the beginning of the meeting. 
 Section 11. PROXIES. Every person entitled to vote on any matter shall have the right to
do so either in person or by one or more agents authorized by a written or electronic proxy authorized by the person and filed with the Sponsor. A proxy shall be deemed authorized if the Shareholder’s name is placed on the proxy (whether by
manual signature, typewriting, telephonic or internet transmission or otherwise) by the Shareholder or the Shareholder’s attorney-in-fact. A validly authorized proxy which does not state that it is irrevocable shall continue in full force and
effect unless (i) revoked by the person executing it before the vote pursuant to that proxy by a writing delivered to the Trust stating that the proxy is revoked or by a subsequent proxy executed by, or attendance at the meeting and voting in
person by, the person executing that proxy; or (ii) written notice of the death or incapacity of the maker of that proxy is received by the Trust before the vote pursuant to that proxy is counted; provided however, that no proxy shall be valid
after the expiration of eleven months from the date of the proxy unless otherwise provided in the proxy. 
 ARTICLE VIII 
 RECORDS AND REPORTS 
 Section 1. MAINTENANCE OF SHARE REGISTER. The Trust shall keep at its principal office or at the office of its transfer agent or registrar, if either be appointed and as determined by the Sponsor, a record of its
Shareholders, containing the names and addresses of all Shareholders and the number and series of shares held by each Shareholder. 
 Section 2. MAINTENANCE OF OTHER RECORDS. The accounting books and records and minutes of proceedings of the Shareholders and the Sponsor shall be kept at such place or places designated by the Sponsor or in the absence of
such designation, at the principal office of the Trust. The minutes shall be kept in written form and the accounting books and records shall be kept either in written form or in any other form capable of being converted into written form.

 ARTICLE IX 
 REDEMPTIONS 
 Section 1. REDEMPTION OF CREATION UNITS. 
 (a) Subject to the Sponsor establishing alternative procedures from time to time in its sole discretion, the procedures relating to the
redemption of Creation Units are fully 

  

 30 

 
set forth in Authorized Participant Agreement and Authorized Participant Handbook for each Fund (which may be amended from time to time in accordance with
the provisions of the Participant Agreement and any such amendment will not constitute an amendment of this Trust Agreement), and will govern the Trust with respect to redemption of Creation Units. 
 (b) Subject to deduction of any tax or other governmental charges due thereon, and subject to the Sponsor’s establishment of
alternative procedures the redemption distribution shall consist of cash or other assets to the extent permitted in the Registration Statement or an Authorized Participant Agreement in an amount equal to the Net Asset Value per Creation Unit of a
Fund multiplied by the number of Creation Unit(s) of such Fund requested in the Authorized Participant’s redemption order as of the time of the calculation of such Fund’s Net Asset Value per Share on the redemption order date. 

(c) The Sponsor may, in its sole discretion, suspend the right of redemption, or postpone any redemption settlement date. 

ARTICLE X 
 MISCELLANEOUS 

 Section 1. TERMINATION OF TRUST, SERIES OR CLASS. 
 (a) Unless terminated as provided herein, the Trust, and any Series or Class thereof, shall continue without limitation of time. The
Trust, or any Series or Class thereof, may be dissolved at any time and for any reason by the Sponsor with written notice to the Shareholders. 
 (b) Upon dissolution of the Trust (or any Series or Class, as the case may be), after paying or making reasonable provision for all charges, taxes, expenses, claims and liabilities of the Trust, or severally, with
respect to each Series or Class (or the applicable Series or Class, as the case may be), whether due or accrued or anticipated as may be determined by the Sponsor and otherwise complying with Section 3808 of the Delaware Trust Statute, the
Trust shall, in accordance with the Delaware Trust Statute and such procedures as the Sponsor considers appropriate, distribute the remaining assets in kind or reduce the remaining assets held, severally, with respect to each Series or Class (or the
applicable Series or Class, as the case may be), to distributable form in cash or shares or other securities, or any combination thereof, and distribute the proceeds held with respect to each Series or Class (or the applicable Series or Class, as
the case may be), to the Shareholders of that Series or Class, as a Series or Class, ratably according to the number of Shares of that Series or Class held by the several Shareholders on the date of termination. 
 (c) Upon the completion of the winding up of the Trust in accordance with the Delaware Trust Statute and this Trust Agreement, the Sponsor
shall cause the Trustee to file a certificate of cancellation with the Secretary of State of the State of Delaware in accordance with the provisions of Section 3810 of the Delaware Act and thereupon, the Trust and this Trust Agreement (other
than Article VI Section 6) shall terminate. The provisions of Article VI Section 6 shall survive the termination of the Trust. 
  

 31 

 Section 2. MERGER AND CONSOLIDATION. The Sponsor may cause (i) the Trust to be
merged into or consolidated with, converted to or to sell all or substantially all of its assets to, another trust or entity; (ii) a Series of the Trust to be consolidated with, or to sell all or substantially all of its assets to, another
Series of the Trust or another series of another trust or company; (iii) the Shares of a Class of a Series to be converted into another Class of the same Series; (iv) the Shares of the Trust or any Series to be converted into beneficial
interests in another statutory trust (or series thereof); or (v) the Shares of the Trust or any Series to be exchanged for shares in another trust or company under or pursuant to any state or federal statute to the extent permitted by law.

 For the avoidance of doubt, the Sponsor, with written notice to the Shareholders, may approve and effect any of the transactions
contemplated under (i) – (v) above without any vote or other action of the Shareholders. 
 Section 3. FILING OF
COPIES, REFERENCES AND HEADINGS. The original or a copy of this Trust Agreement and of each restatement and/or amendment hereto shall be kept at the office of the Trust where it may be inspected by any Shareholder. Anyone dealing with the
Trust may rely on a certificate by an officer of the Trust as to whether or not any such restatements and/or amendments have been made and as to any matters in connection with the Trust hereunder; and, with the same effect as if it were the
original, may rely on a copy certified by an officer of the Trust to be a copy of this instrument or of any such restatements and/or amendments. In this instrument and in any such restatements and/or amendment, references to this Trust Agreement,
and all expressions like “herein”, “hereof” and “hereunder”, shall be deemed to refer to this instrument as amended or affected by any such restatements and/or amendments. Headings are placed herein for convenience of
reference only and shall not be taken as a part hereof or control or affect the meaning, construction or effect of this instrument. Whenever the singular number is used herein, the same shall include the plural; and the neuter, masculine and
feminine genders shall include each other, as applicable. This Trust Agreement may be executed in any number of counterparts each of which shall be deemed an original. 
 Section 4. APPLICABLE LAW. This Trust Agreement is created under and is to be governed by and construed and administered according to the laws of the State of Delaware and the Delaware Statutory
Trust Act, 12 Del. C. § 3801 et. seq., as amended from time to time (the “Delaware Act”). The Trust shall be a Delaware statutory trust created pursuant to the Delaware Trust Statute, and without limiting the provisions
hereof, the Trust may exercise all powers which are ordinarily exercised by such a statutory trust. 
 Section 5. PROVISIONS IN
CONFLICT WITH LAW OR REGULATIONS. 
 (a) The provisions of this Trust Agreement are severable, and if the Sponsor
determines, with the advice of counsel, that any of such provisions are in conflict with any other applicable laws and regulations, the conflicting provision(s) shall be deemed never to have constituted a part of the Trust Agreement; provided,
however, that such determination shall not affect any of the remaining provisions of the Trust Agreement or render invalid any action taken or omitted prior to such determination. 
  

 32 

 (b) If any provision of the Trust Agreement shall be held invalid or unenforceable in any
jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of the Trust Agreement in any jurisdiction.

 Section 6. STATUTORY TRUST ONLY. It is the intention of the parties hereto to create a statutory trust pursuant to the
Delaware Trust Statute. It is not the intention of the parties hereto to create a general partnership, limited partnership, joint stock association, corporation, bailment, or any form of legal relationship other than a statutory trust pursuant to
the Delaware Trust Statute. Nothing in this Trust Agreement shall be construed to make the Shareholders, either by themselves or with the Trustee and the Sponsor, partners or members of a joint stock association. 
 Section 7. CONTRACTS AND INSTRUMENTS; HOW EXECUTED. The Sponsor may authorize any officer or officers, agent or agents, to enter into
any contract or execute any instrument in the name of and on behalf of the Trust and this authority may be general or confined to specific instances; and unless so authorized or ratified by the Sponsor or within the agency power of an officer, no
officer, agent, or employee shall have any power or authority to bind the Trust by any contract or engagement or to pledge its credit or to render it liable for any purpose or for any amount. 
 Section 8. FISCAL YEAR. The fiscal year of the Trust and of each Series shall be fixed and refixed or changed from time to time by
resolution of the Sponsor. 
 Section 9. COUNTERPARTS. The Trust Agreement may be simultaneously executed in several
counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart. 
 ARTICLE XI 
 AMENDMENT

 Section 1. AMENDMENT. This Trust Agreement may be amended without Shareholder approval, and all Shareholders
purchase Shares with notice that it may be so amended except to the extent expressly required under Delaware or applicable federal law. The Sponsor may, without any Shareholder vote, amend or otherwise supplement this Trust Agreement by making an
amendment, a trust instrument supplemental hereto or an amended and restated Trust Agreement; provided, that Shareholders shall have the right to vote on any amendment if expressly required under Delaware or federal law or rules or regulations under
an Exchange, or submitted to them by the Sponsor in its sole discretion; and provided, further, that no amendment affecting the rights or duties of the Trustee shall be binding upon or effective against the Trustee unless consented to by the Trustee
in writing. 
 [SIGNATURE PAGE FOLLOWS] 
  

 33 

 IN WITNESS WHEREOF, the parties hereto do hereby make and enter into this Amended and Restated Trust
Agreement as of the date first-above written. 
  

			
	 PROSHARE CAPITAL MANAGEMENT, LLC
 as Sponsor

		
	By:	 	 
		 	Name:
		 	Title:
	
	 WILMINGTON TRUST COMPANY,
 as
Trustee

		
	By:	 	 
		 	Name:
		 	Title:

  

 34Form of Authorization participant Agreement

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

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

  

 1 

 (ii) Unless Section 2(a)(iii) applies, the Authorized Participant either (i) is
registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (“1934 Act”), and is a member in good standing of the Financial Industry Regulatory Authority (the “FINRA”), or (ii) is exempt from being,
or otherwise is not required to be, licensed as a broker-dealer or a member of FINRA, and in either case is qualified to act as a broker or dealer in the states or other jurisdictions where the nature of its business so requires. In connection with
the purchase or redemption of Creation Units and any related offers or sales of Shares, the Authorized Participant will maintain any such registrations, qualifications and membership in good standing and in full force and effect throughout the term
of this Agreement. The Authorized Participant will comply with all applicable federal laws, the laws of the states or other jurisdictions concerned, and the rules and regulations promulgated thereunder, and with the FINRA By-Laws and NASD Conduct
Rules (or of comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently renamed, repealed, rescinded, or are otherwise replaced by FINRA Conduct Rules) if it is a FINRA member, and will not offer or sell Shares in any state or
jurisdiction where they may not lawfully be offered and/or sold. 
 (iii) If the Authorized Participant is offering or selling
Shares in jurisdictions outside the several states, territories and possessions of the United States and is not otherwise required to be registered, qualified or a member of FINRA as set forth in Section 2(a)(ii) above, the Authorized
Participant will, in connection with such offers and sales, (i) observe the applicable laws of the jurisdiction in which such offer and/or sale is made, (ii) comply with the prospectus delivery and other requirements of the 1933 Act, and
the regulations promulgated thereunder, and (iii) conduct its business in accordance with the NASD Conduct Rules (or with comparable FINRA Conduct Rules, if such NASD Conduct Rules are subsequently renamed, repealed, rescinded, or are otherwise
replaced by FINRA Conduct Rules), to the extent the foregoing relates to the Authorized Participant’s transactions in, and activities with respect to, Shares. 
 (iv) The Authorized Participant has policies, procedures, and internal controls in place that are reasonably designed to comply with
applicable anti-money laundering laws and regulations, including applicable provisions of the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the “USA PATRIOT
Act”), and the regulations promulgated thereunder, if the Authorized Participant is subject to the requirements of the USA PATRIOT Act. 
 (v) The Authorized Participant acknowledges that in addition to satisfying the prospectus delivery and disclosure requirements of the 1933 Act, it and any other participant in the distribution of the Shares purchased
by the Authorized Participant may have an obligation to comply with the disclosure delivery requirements under the Commodity Exchange Act (the “CEA”). The Sponsor agrees that if it becomes aware of any new delivery or disclosure
requirement under the 1933 Act or the CEA relating to Shares, other than the current obligation to deliver the Prospectus, it shall use reasonable efforts to advise the Authorized Participant of such requirement(s). 
 (vi) The Authorized Participant agrees not to enforce against the Trust and Sponsor any patent rights with respect to the business of the
Trust. For avoidance of doubt, this provision will only be effective during time periods in which the Agreement is in effect and shall not survive termination thereof. 
 (b) The Sponsor represents and warrants that on the date hereof and at each time of purchase by the Authorized Participant of a Creation
Unit from the Trust (each such time, the “Time of Purchase”), that: 
 (i) on the effective date of the Registration
Statement and at each Time of Purchase, the Trust’s Registration Statement shall be effective and no stop order of the SEC with respect thereto shall have been issued and no proceedings for such purpose shall have been instituted or, to the
Sponsor’s knowledge, will then be contemplated by the SEC; the Registration Statement complied when it became effective and complies at the Time of Purchase in all material respects with the requirements of the 1933 Act, and the Prospectus
complied as of its date, and complies at the Time of Purchase, in all material respects with the requirements of the 1933 Act; and the conditions to the use of Form S-1 have been satisfied; the Registration Statement did not when it became 

  

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

  

 3 

 
notice of institution of proceedings for, or the entry of, a stop order suspending the effectiveness of the Registration Statement, and, if the SEC should
enter a stop order suspending the effectiveness of the Registration Statement, to use its best efforts to obtain the lifting or removal of such order as soon as possible; and 
 Section 3. Orders. 
 (a) All orders to create or redeem Creation Units shall be made in accordance with the terms of the Trust Agreement, this Agreement and the Procedures. Each party will comply with such foregoing terms and procedures to the extent applicable
to it. The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Procedures. The Sponsor may issue, or caused to be issued, additional or other procedures from time to time relating
to the manner of creating or redeeming Creation Units which are not related to the Procedures, and the Authorized Participant will comply with such procedures. of which it has received notice delivered in accordance with Section 16(c) within a
commercially reasonable time following receipt of such notice. 
 (b) The Authorized Participant acknowledges and agrees that
each order to create a Creation Unit (a “Purchase Order”) and each order to redeem a Creation Unit (a “Redemption Order”, and each Purchase Order and Redemption Order, an “Order”) may not be revoked by the Authorized
Participant upon its delivery of the Order to the Sponsor, or the Sponsor’s designee. 
 (c) The Sponsor, or its
designee, shall have the absolute right, but shall have no obligation, to reject any Purchase Order (i) determined by the Sponsor, or its designee, not to be in proper form; (ii) that the Sponsor, or its designee, has determined would have
adverse tax consequences to the Trust or to the Beneficial Owners; (iii) the acceptance or receipt of which could, in the opinion of counsel to the Sponsor be unlawful; or (iv) if circumstances outside the control of the Sponsor, or its
designee, make it for all practical purposes not feasible to process creations of Creation Units. The Sponsor shall not be liable to any person by reason of the rejection of any Purchase Order. 
 (d) The Sponsor, or its designee, shall reject any Redemption Order the fulfillment of which its counsel advises would be illegal under
applicable laws and regulations, and the Sponsor, or its designee, shall have no liability to any person for rejecting a Redemption Order in such circumstances. 
 (e) The Sponsor may, in its discretion, suspend the right of redemption, or postpone the applicable Redemption Settlement Time, for any
period during which any of the AMEX, NYSE, CME, CBOT, ICE/NYBOT, LME or NYMEX/COMEX is closed other than for customary holidays or weekend closings or when trading is suspended or restricted on such exchanges in any of the underlying commodities:
(i) for any period during which an emergency exists as a result of which the redemption distribution is not reasonably practicable; or (ii) for such other period as the Sponsor determines to be necessary for the protection of the
shareholders. The Sponsor will not be liable to any person or in any way for any loss or damages that may result from any such suspension or postponement. 
 (f) The Authorized Participant hereby consents to the use of recorded telephone lines whether or not such use is reflected in the Procedures. In the event that the Sponsor, the Trust, or any of their affiliated
persons becomes legally compelled to disclose to any third party any recording involving communications with the Authorized Participant, the Sponsor agrees to provide the Authorized Participant with reasonable advance written notice identifying the
recordings to be so disclosed, together with copies of such recordings, so that the Authorized Participant may seek a protective order or other appropriate remedy with respect to the recordings or waive its right to do so. In the event that such
protective order or other remedy is not obtained, or the Participant waives its right to seek such protective order or remedy, the Sponsor, the Trust, or any of their affiliated persons, as the case may be, agrees to furnish only that portion of the
recorded conversation that, according to legal counsel, is legally required to be furnished and will exercise its best efforts to obtain a protective order or other reliable assurance that confidential treatment will be accorded the recorded
conversation. The Sponsor, the Trust, and their affiliated persons shall not otherwise disclose to any third party any recording involving communications with the Authorized Participant without the Authorized Participant’s express written
consent, except the Sponsor and the Trust may disclose to a regulatory or self-regulatory organization, to the extent required by applicable rule or law, recordings involving communications with the Authorized Participant. 
  

 4 

 Section 4. Fees. To compensate Brown Brothers Harriman & Co. for services as
Administrator in processing the creation and redemption of Creation Units and to reimburse the Trust for transaction-related expenses, an Authorized Participant is required to pay a fixed transaction fee of $500 per order to create or redeem
Creation Units and a variable transaction fee of up to 0.10% of the value of a Creation Unit. An order may include multiple Creation Units. The transaction fee may be waived or otherwise adjusted by the Sponsor and the Sponsor agrees to provide the
Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. 
 Section 5.
Authorized Persons. Concurrently with the execution of this Agreement and as requested in writing from time to time thereafter, the Authorized Participant shall deliver to the Sponsor, or its designee, a certificate, duly certified as
appropriate by its secretary or other duly authorized official, in the form of Exhibit A, setting forth the names and signatures of all persons authorized to give instructions relating to activity contemplated hereby or by any other notice, request
or instruction given on behalf of the Authorized Participant (each, an “Authorized Person”). The Sponsor may accept and rely upon such certificate as conclusive evidence of the facts set forth therein and shall consider such certificate to
be in full force and effect until the Sponsor, or its designee, receives a superseding certificate bearing a subsequent date and duly certified as described above. Upon the termination or revocation of authority of any Authorized Person by the
Authorized Participant, the Authorized Participant shall give prompt written notice of such fact to the Sponsor and such notice shall be effective upon receipt by the Sponsor. The Sponsor shall issue, or caused to be issued, to each Authorized
Person a unique personal identification number (the “PIN Number”) by which such Authorized Person shall be identified and by which instructions issued by the Authorized Participant hereunder shall be authenticated. The PIN Number shall be
kept confidential by the Authorized Participant and shall only be provided to the Authorized Person. If, after issuance, the Authorized Person’s PIN Number is changed, the new PIN Number shall become effective on a date mutually agreed upon by
the Authorized Participant and the Sponsor. 
 Section 6. Redemption. The Authorized Participant represents and warrants that it
will not initiate a Redemption Order (as described in the Procedures) with the Sponsor for the purpose of redeeming a Creation Unit unless (i) it owns outright or has the right or authority to tender for redemption the Creation Units to be
redeemed and to receive the entire proceeds of the redemption, and (ii) such Creation Units have not been loaned or pledged to another party and are not the subject of a repurchase agreement, securities lending agreement or any other
arrangement which, under the circumstances, would preclude the delivery of such Creation Units to the Sponsor on the third Business Day following the Redemption Order Date. A “Business Day” means any day other than a day when any of
American Stock Exchange, the New York Stock Exchange, the Chicago Mercantile Exchange, the Chicago Board of Trade, IntercontinentalExchange/New York Board of Trade, the London Metal Exchange or the New York Mercantile Exchange is closed for regular
trading. 
 Section 7. Role of Authorized Participant. 
 (a) The Authorized Participant acknowledges that, for all purposes of this Agreement and the Trust Agreement, the Authorized Participant
shall have no authority to act as agent for the Trust or the Sponsor in any matter or in any respect. 
 (b) The Authorized
Participant will make itself and its employees available, upon reasonable request, during normal business hours to consult with the Sponsor or its designees concerning the performance of the Authorized Participant’s responsibilities under this
Agreement. 
 (c) The Authorized Participant, as a DTC Participant, agrees that it shall be bound by all of the obligations of
a DTC Participant in addition to any obligations that it undertakes hereunder or in accordance with the Prospectus. 
 (d) The
Authorized Participant agrees, subject to any privacy, confidentiality or other obligations it may have to its customers arising under federal or state securities laws or the applicable rules of any self-regulatory organization, to assist the
Sponsor in ascertaining certain information regarding sales of Shares made by or through the Authorized Participant upon request of the Trust or the Sponsor that is necessary for 

  

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

  

 6 

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

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

 (a) The Authorized Participant represents, warrants and covenants that (i) it will not, in connection with any sale or
solicitation of a sale of Shares, make, or permit any of its representatives to make, any representations concerning the Shares or any AP Indemnified Party other than representations not inconsistent with (A) the then-current Prospectus of the
Trust, (B) printed information approved by the Sponsor as information supplemental to such Prospectus or (C) any promotional materials or sales literature furnished to the Authorized Participant by the Sponsor, and (ii) the Authorized
Participant will not furnish or cause to be furnished to any person or display or publish any information or material relating to the Shares or any AP Indemnified Party that are inconsistent with the Trust’s then-current Prospectus. Copies of
the then-current Prospectus of the Trust and any such printed supplemental information will be supplied by the Sponsor to the Authorized Participant in reasonable quantities upon request. 
 (b) Notwithstanding the foregoing or anything to the contrary in this Agreement, the Authorized Participant and its affiliates may without
the written approval of the Sponsor or the Trust prepare and circulate in the regular course of their businesses research, reports, and other similar materials that include information, opinions or recommendations relating to the Shares, provided
that such research, reports, and other similar materials comply with applicable NASD rules (or with comparable FINRA rules, if such NASD rules are subsequently repealed, rescinded, or are otherwise replaced by FINRA rules). 
 (c) The Authorized Participant hereby agrees that for the term of this Agreement the Sponsor, or its designee, may deliver the
then-current Prospectus, and any revisions, supplements or amendments thereto or recirculation thereof, to the Authorized Participant in Portable Document Format (“PDF”) via electronic mail to prospectus_NY@ny.mail.gs.com (or to
such other address as may be provided by the Authorized Participant from time to time) in lieu of delivering the Prospectus in paper form. The Authorized Participant may revoke the foregoing agreement at any time by delivering written notice to the
Sponsor, or the Sponsor’s 

  

 8 

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

(a) to advise the Authorized Participant promptly of the happening of any event during the term of this Agreement which could require
the making of any change in the Prospectus then being used so that the Prospectus would not include an untrue statement of material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances
under which they are made, not misleading, and, during such time, to prepare and furnish, at the expense of the Trust, to the Authorized Participant promptly such amendments or supplements to such Prospectus as may be necessary to reflect any such
change; 
 (b) to furnish directly or cause to be furnished to the Authorized Participant, at each time (i) the
Registration Statement or the Prospectus is amended or supplemented by the filing of a post-effective amendment, (ii) a new Registration Statement is filed to register additional Shares in reliance on Rule 429 under the 1933 Act, and
(iii) there is financial information incorporated by reference into the Registration Statement or the Prospectus, such customary documents and certificates in form and content as reasonably requested and agreed; and 
 (c) to cause the Trust to file a post-effective amendment to the Registration Statement no less frequently than once per calendar quarter
on or about the same time that the Trust files a quarterly or annual report pursuant to Section 13 or 15(d) of the 1934 Act (including the information contained in such report), until such time as the Trust’s reports filed pursuant to
Section 13 or 15(d) of the 1934 Act are incorporated by reference in the Registration Statement. 
 Section 14. Force
Majeure. No party to this Agreement shall incur any liability for any delay in performance, or for the non-performance, of any of its obligations under this Agreement by reason of any cause beyond its reasonable control. This includes any act of
God or war or terrorism, any breakdown, malfunction or failure of transmission in connection with or other unavailability of any wire, communication or computer facilities, any transport, port, or airport disruption, industrial action, acts and
regulations and rules of any governmental or supra-national bodies or authorities or regulatory or self-regulatory organization or failure of any such body, authority or organization for any reason, to perform its obligations. 
 Section 15. Ambiguous Instructions. If a Purchase Order Form or a Redemption Order Form contains order terms that differ from the information
provided in the telephone call at the time of issuance of the applicable order number, the Sponsor will use commercially reasonable efforts to contact one of the Authorized Persons of the Authorized Participant to request confirmation of the terms
of the Order. If an Authorized Person confirms the 

  

 9 

 
terms as they appear in the Order, then the Order will be accepted and processed. If an Authorized Person contradicts the Order terms, the Order will be
deemed invalid, and a corrected Order must be received by the Sponsor. If the Sponsor is not able to contact an Authorized Person, then the Order shall be accepted and processed in accordance with its terms notwithstanding any inconsistency from the
terms of the telephone information. In the event that an Order contains terms that are not complete or are illegible, the Order will be deemed invalid and the Sponsor will attempt to contact one of the Authorized Persons of the Authorized
Participant to request retransmission of the Order. 
 Section 16. Miscellaneous. 
 (a) Amendment and Modification. This Agreement, the Procedures attached as
Attachment A and the Exhibits hereto may be amended, modified or supplemented by the Trust and the Sponsor, without consent of the Authorized Participant from time to time by the following procedure. After the amendment, modification or supplement
has been agreed to, the Sponsor will mail a copy of the proposed amendment, modification or supplement to the Authorized Participant in accordance with Section 16(c) below. For the purposes of this Agreement, mail will be deemed received by the
recipient thereof on the third (3rd) day following the deposit of such mail into the United States postal system. Within fifteen
(15) calendar days after its deemed receipt, the amendment, modification or supplement will become part of this Agreement, the Attachments or the Exhibits, as the case may be, in accordance with its terms. If at any time there is any material
amendment, modification or supplement of any ProShares Trust II Authorized Participant Agreement (other than this Agreement), the Sponsor will promptly mail a copy of such amendment, modification or supplement to the Authorized Participant.

 (b) Waiver of Compliance. Any failure of any of the parties to comply with any obligation, covenant, agreement or
condition herein may be waived by the party entitled to the benefits thereof only by a written instrument signed by the party granting such waiver, but any such written waiver, or the failure to insist upon strict compliance with any obligation,
covenant, agreement or condition herein, shall not operate as a waiver of, or estoppel with respect to, any subsequent or other failure. 
 (c) Notices. Except as otherwise specifically provided in this Agreement, all notices required or permitted to be given pursuant to this Agreement shall be given in writing and delivered by personal delivery,
by postage prepaid registered or certified United States first class mail, return receipt requested, by nationally recognized overnight courier (delivery confirmation received) or by telex, telegram or telephonic facsimile or similar means of same
day delivery (transmission confirmation received), with a confirming copy regular mail, postage prepaid. For avoidance of doubt, notices may not be given or transmitted by electronic mail. Unless otherwise notified in writing, all notices to the
Trust shall be given or sent to the Sponsor. All notices shall be directed to the address or telephone or facsimile numbers indicated below the signature line of the parties on the signature page hereof. 
 (d) Successors and Assigns. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties and their respective successors and permitted assigns. 
 (e) Assignment. Neither this Agreement nor any of the
rights, interests or obligations hereunder shall be assigned by any party without the prior written consent of the other parties, which shall not be unreasonably withheld, except that any entity into which a party hereto may be merged or converted
or with which it may be consolidated or any entity resulting from any merger, conversion, or consolidation to which such party hereunder shall be a party, or any entity succeeding to all or substantially all of the business of the party, shall be
the successor of the party under this Agreement and except that the Sponsor may delegate its obligations hereunder to the Distributor or the Administrator by advance written notice to the Authorized Participant. The party resulting from any such
merger, conversion, consolidation or succession shall notify the other parties hereto of the change. Any purported assignment in violation of the provisions hereof shall be null and void. Notwithstanding the foregoing, this Agreement shall be
automatically assigned to any successor trustee or Sponsor at such time such successor qualifies as a successor trustee or Sponsor under the terms of the Trust Agreement. Furthermore, the Authorized Participant may assign its rights, interests or
obligations hereunder to an affiliate without mutual written consent of any other party. 
  

 10 

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

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

 11 

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

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

  

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

  

 12 

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

			
	Name:	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 
	  
 Name:
	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 
	  
 Name:
	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 
	  
 Name:
	 	 
	E-Mail Address:	 	 
	Telephone:	 	 
	Fax:	 	 

  

			
	Certified By:	 	 
	Name:	 	 
	Title:	 	 
	Date:	 	 

  

 13 

 ATTACHMENT A 
 

 
 PROSHARES TRUST II 
 AUTHORIZED PARTICIPANT 
 PROCEDURES HANDBOOK 

 TABLE OF CONTENTS 
  

			
	 INTRODUCTION
	  	3
		
	 ULTRA PROSHARES
	  	4
		
	 SHORT PROSHARES
	  	6
		
	 PURCHASE OF CREATION UNITS
	  	8
	 Right to Reject Purchase Orders for Creation Unit Aggregations
	  	11
		
	 REDEMPTION OF SHARES 
	  	12
	 Suspension of Right to Redeem Creation Unit Aggregations
	  	15
		
	 APPENDIX 
	  	A-1
	 Appendix A – Contact Information
	  	A-2
	 Appendix B – Product Information
	  	B-1
	 Appendix C – Glossary of Terms
	  	C-1

  

 2 

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

 3 

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

							
	 Fund
	  	 Index or Benchmark
	  	 Objective
	  	 Description

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

  

 4 

							
	 Fund
	  	 Index or Benchmark
	  	 Objective
	  	 Description

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

  

 5 

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

							
	 Fund
	  	 Index or Benchmark
	  	 Objective
	  	 Description

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

  

 6 

							
	 Fund
	  	 Index or Benchmark
	  	 Objective
	  	 Description

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

  

 7 

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

			
	 Fund
	  	 Cut-off Time

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

  

 8 

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

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

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

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

 9 

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

					
	 Funds
	  	 Fixed
Transaction Fee
Per
Purchase
Order
	  	 Variable
 Transaction
 Fee

	 Ultra DJ-AIG Commodity ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 Ultra DJ-AIG Agriculture ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 Ultra DJ-AIG Crude Oil ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 Ultra Gold ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 Ultra Silver ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 Ultra Euro ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 Ultra Japanese Yen ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 UltraShort DJ-AIG Commodity ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 UltraShort DJ-AIG Agriculture ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 UltraShort DJ-AIG Crude Oil ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 UltraShort Gold ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created
	 UltraShort Silver ProShares
	  	$500 per transaction	  	Up to 10 basis points per unit created

  

 10 

					
	 Funds
	  	 Fixed
Transaction Fee
Per
Purchase
Order
	  	 Variable
 Transaction
 Fee

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

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

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

  

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

  

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

  

 11 

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

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

			
	 Fund
	  	 Cut-off Time

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

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

  

 12 

 
such date. The date on which a Redemption Order to redeem Creation Unit Aggregations is placed is referred to as the “Transmittal Date.” An AP
placing a Redemption Order for Creation Unit Aggregations of a Fund should afford sufficient time to permit proper submission of the order to SEI prior to the identified Cut-off Time on the Transmittal Date. Requests received after the Cut-off Time
will be processed the next Business Day. 
 Transmittal of Redemption Orders 
 Redemption Orders may be transmitted by an AP to SEI by telephone, facsimile or the internet. 
 By
telephone:            (800) 991-7851 
 By
facsimile:             [        ] 
 By
internet:                [        ] 
 Economic or market disruptions, or telephone or other communication failure may impede the ability to reach SEI or an AP. 
 Receipt/Delivery
of Redemption Order 
 A Redemption Order for Creation Unit Aggregations is deemed received by SEI on the Transmittal Date if (i) such request is
received by SEI not later than a Fund’s identified Cut-off Time on such Transmittal Date (or such earlier time if so designated); and (ii) all other applicable procedures set forth in this Procedures Handbook are properly followed.
Delivery of Cash will be made through DTC on a DVP basis to the AP on the third (3rd) Business Day (or earlier at the sole discretion of Sponsor) after the Redemption Order is deemed received by SEI. If delivery fails, the Redemption Order may
be cancelled. If a Redemption Order is cancelled, the AP will be required to reimburse the Fund for all costs associated with the cancellation including the cost to reposition the portfolio, provided, however, that the AP shall not be responsible
for such costs if the order was cancelled for reasons outside of its control or it was not otherwise responsible or at fault for such cancellation. The Trust will not settle partial Creation Unit Aggregations. 
  

 13 

 Transaction Fee 
 A Transaction Fee may be charged for each Creation Unit redeemed. The Transaction Fee may consist of a fixed fee and may also include a variable fee as described below. 
  

					
	 Funds
	  	Fixed
Transaction
Fee Per
Redemption
Order	  	Variable
Transaction
Fee
	 Ultra DJ-AIG Commodity ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 Ultra DJ-AIG Agriculture ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 Ultra DJ-AIG Crude Oil ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 Ultra Gold ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 Ultra Silver ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 Ultra Euro ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 Ultra Japanese Yen ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 UltraShort DJ-AIG Commodity ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 UltraShort DJ-AIG Agriculture ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed

  

 14 

					
	 Funds
	  	Fixed
Transaction
Fee Per
Redemption
Order	  	Variable
Transaction
Fee
	 UltraShort DJ-AIG Crude Oil ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 UltraShort Gold ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 UltraShort Silver ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 UltraShort Euro ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed
	 UltraShort Japanese Yen ProShares
	  	$500 per
transaction	  	Up to 10 basis points
per unit redeemed

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

 15 

 APPENDIX 
  

 A-1 

 APPENDIX A – CONTACT INFORMATION 
  

			
	PHONE NUMBERS
		
	 CREATION/REDEMPTION ORDERS
 (FOR AUTHORIZED PARTICIPANTS
 ONLY)
	  	(800) 991-7851
		
	 GENERAL PROSHARES INFORMATION
	  	(866) 776-7006
		
	 INDEX RECEIPT AGENT/TRANSFER
 AGENT/ CUSTODIAN
	  	 [  ]

  

			
	ADDRESS
		
	 All Correspondence Via U.S. Mail to:
	  	

 SEI 
 Attn:
ProShares Trust II - ETF Trading Operations 
 One Freedom Valley Drive 
 Oaks, PA 19456 
  

			
	INTERNET
	 CREATION/REDEMPTION ORDERS
 (FOR AUTHORIZED PARTICIPANTS ONLY)
	  	 [  ]

		
	 GENERAL PROSHARES INFORMATION
	  	(866) 776-7006

  

 A-2 

 APPENDIX B – PRODUCT INFORMATION 
  

									
	 	  	 Ultra DJ-AIG
 Commodity
 ProShares
	  	 Ultra DJ-AIG
 Crude Oil
 ProShares
	  	 Ultra DJ-AIG
Agriculture
 ProShares
	  	 Ultra Gold
 ProShares

	 Tickers
	  		  		  		  	
	 Amex Trading Symbol
	  		  		  		  	
	 Intraday Indicative Value (IIV)
	  		  		  		  	
	 NAV Symbol
	  		  		  		  	
	 Balancing Amount per Creation
 Unit Symbol
	  		  		  		  	
	 Shares Outstanding Symbol
	  		  		  		  	
	 Bloomberg Index Ticker
	  		  		  		  	
					
	 Other Information
	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	Not applicable
	 CUSIP #
	  		  		  		  	
	 NSCC Instruction CUSIP #
	  		  		  		  	
	 Tax ID #
	  		  		  		  	
	 Shares Per Creation Unit
	  		  		  		  	
	 Specialist
	  		  		  		  	
	 	  	 Ultra Silver
ProShares
	  	 Ultra Euro
ProShares
	  	 Ultra Japanese Yen
ProShares
	  	 
	 Tickers
	  		  		  		  	
	 Amex Trading Symbol
	  		  		  		  	
	 Intraday Indicative Value (IIV)
	  		  		  		  	
	 NAV Symbol
	  		  		  		  	
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  		  		  		  	
	 Balancing Amount per Creation Unit Symbol
	  		  		  		  	
	 Shares Outstanding Symbol
	  		  		  		  	
	 Bloomberg Index Ticker
	  		  		  		  	
					
	 Other Information
	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	
	 CUSIP #
	  		  		  		  	
	 NSCC Instruction CUSIP #
	  		  		  		  	
	 Tax ID #
	  		  		  		  	
	 Shares Per Creation Unit
	  		  		  		  	
	 Specialist
	  		  		  		  	

  

 B-1 

									
	 	  	 UltraShort DJ-AIG
Commodity
ProShares
	  	 UltraShort DJ-AIG
Crude Oil
ProShares
	  	 UltraShort DJ-AIG
Agriculture
ProShares
	  	 UltraShort Gold
 ProShares

	 Tickers
	  		  		  		  	
	 Amex Trading Symbol
	  		  		  		  	
	 Intraday Indicative Value (IIV)
	  		  		  		  	
	 NAV Symbol
	  		  		  		  	
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  		  		  		  	
	 Balancing Amount per Creation Unit Symbol
	  		  		  		  	
	 Shares Outstanding Symbol
	  		  		  		  	
	 Bloomberg Index Ticker
	  		  		  		  	
					
	 Other Information
	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	Not applicable
	 CUSIP #
	  		  		  		  	
	 NSCC Instruction CUSIP #
	  		  		  		  	
	 Tax ID #
	  		  		  		  	
	 Shares Per Creation Unit
	  		  		  		  	
	 Specialist
	  		  		  		  	
		  		  		  		  	
	 	  	 UltraShort Silver
ProShares
	  	 UltraShort Euro
ProShares
	  	 UltraShort
Japanese Yen
ProShares
	  	 
	 Tickers
	  		  		  		  	
	 Amex Trading Symbol
	  		  		  		  	
	 Intraday Indicative Value (IIV)
	  		  		  		  	
	 NAV Symbol
	  		  		  		  	
	 Div Equivalent Payment (Est. Cash Component) Symbol
	  		  		  		  	
	 Balancing Amount per Creation Unit Symbol
	  		  		  		  	
	 Shares Outstanding Symbol
	  		  		  		  	
	 Bloomberg Index Ticker
	  		  		  		  	
					
	 Other Information
	  		  		  		  	
	 NSCC Instruction Symbol
	  	Not applicable	  	Not applicable	  	Not applicable	  	
	 CUSIP #
	  		  		  		  	
	 NSCC Instruction CUSIP #
	  		  		  		  	
	 Tax ID #
	  		  		  		  	
	 Shares Per Creation Unit
	  		  		  		  	
	 Specialist
	  		  		  		  	

  

 B-2 

 APPENDIX C – GLOSSARY OF TERMS 
 “AMEX” means the American Stock Exchange (or its successor). 
 “AP” means Authorized Participant. 
 “Brown Brothers Harriman & Co.” or “BBH” means the Funds’
administrator, custodian and index receipt agent. 
 “Business Day” means any day other than a day when any of AMEX, the New York Stock Exchange,
the Chicago Mercantile Exchange, the Chicago Board of Trade, IntercontinentalExchange/New York Board of Trade, the London Metal Exchange or the NYMEX is closed for regular trading. 
 “Cash” shall mean same day funds in United States dollars. 
 “CBOT” means the Chicago Board of Trade.

 “CME” means the Chicago Mercantile Exchange. 
 “Creation” means the act of creating a Creation Unit Aggregation. 
 “Creation Unit” and “Creation Unit Aggregation”
means an aggregation of a specified number of Shares of a particular Fund of the Trust as stated in the Prospectus. 
 “Custodian” means the
Fund’s custodian, Brown Brothers Harriman & Co. 
 “Cut-off Time” means the time that a Purchase Order must be transmitted to SEI to
be deemed received. All times are Eastern Time. 
 “DJ-AIG” means Dow Jones – American International Group. 
 “DTC” means The Depository Trust Company. 
 “DTC
Participant” refers to a participant in the facilities of the Depository Trust Company. 
 “DVP” means Delivery Versus Payment. 
 “Fund” means a series of ProShares Trust II. 
 “Procedures
Handbook” means the ProShares Trust II Authorized Participant Procedures Handbook, as supplemented or amended from time to time. 
 “ICE/NYBOT” means IntercontinentalExchange/New York Board of Trade. 
  

 C-1 

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

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

 C-2

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