Document:

Exhibit 10.2

 Exhibit 10.2 
 FORM OF ADMINISTRATION AND TRANSFER AGENCY SERVICES AGREEMENT 
 THIS ADMINISTRATION AND
TRANSFER AGENCY SERVICES AGREEMENT (the “Agreement”) is made as of                     , 2008 by and among BROWN BROTHERS
HARRIMAN & CO., a limited partnership organized under the laws of the State of New York (the “Administrator”), PROSHARES TRUST II, a statutory trust organized under the laws of the State of Delaware (the
“ Trust” for itself and on behalf of each of its series listed on Appendix A to this Agreement, (each a “Fund” and collectively, the “Funds)”), and PROSHARE CAPITAL MANAGEMENT LLC, the
Sponsor of the Funds (the “Sponsor”). 
 WITNESSETH: 
 WHEREAS, each Fund is operated as a commodity pool under the Commodity Exchange Act; 
 WHEREAS, PROSHARE CAPITAL MANAGEMENT LLC, is the Sponsor of the Funds (the “Sponsor”) and the Sponsor has exclusive
responsibility for the management and control of the business and affairs of the Trust and each Fund; and 
 WHEREAS, the Trust
and the Sponsor desire to retain the Administrator to render certain services to the Trust and the Funds, and the Administrator is willing to render such services. 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows: 
 1. Appointment of Administrator. The Trust and the Sponsor hereby employ and appoint the Administrator to act as administrative agent on the terms set forth in this Agreement, and the Administrator
accepts such appointment. 
 2. Delivery of Documents. The Trust and the Sponsor will on a continuing basis provide, or make available to, the
Administrator: 
 2.1 copies of the Trust’s most recent registration statement under the Securities Act of 1933; 
 2.2 copies of all agreements between the Trust and its service providers, including without limitation, sponsor and distribution agreements; 

 

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

  

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

  

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

  

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Trust and the Administrator. The foregoing fees and disbursements shall be billed to the Trust by the Administrator and shall be paid promptly by wire
transfer or other appropriate means to the Administrator. 
 7. Standard of Care. The Administrator shall be held to the exercise of
reasonable care and diligence in carrying out the provisions of this Agreement, provided that the Administrator shall not thereby be required to take any action which is in contravention of any applicable law, rule or regulation or any order or
judgment of any court of competent jurisdiction. 
 8. General Limitations on Liability. The Administrator shall incur no liability with
respect to any telecommunications, equipment or power failures, or any failures to perform or delays in performance by postal or courier services or third-party information providers (including without limitation those listed on Appendix D).

 8.1 The Administrator shall also incur no liability under this Agreement if the Administrator or any agent or entity utilized by the
Administrator shall be prevented, forbidden or delayed from performing, or omits to perform, any act or thing which this Agreement provides shall be performed or omitted to be performed, by reason of causes or events beyond its control, including
but not limited to: 
 8.1.1 any Sovereign Event. A “Sovereign Event” shall mean any nationalization; expropriation;
devaluation; revaluation; confiscation; seizure; cancellation; destruction; strike; act of war, terrorism, insurrection or revolution; or any other act or event beyond the Administrator’s control; 
 8.1.2 any provision of any present or future law, regulation or order of the United States or any state thereof, or of any foreign country
or political subdivision thereof, or of any securities depository or clearing agency; and 
 8.1.3 any provision of any order
or judgment of any court of competent jurisdiction. 
 8.2 The Administrator shall not be held accountable or liable for any losses, damages
or expenses the Funds or any unit holder or shareholder or former unit holder shareholder of the Funds or any other person may suffer or incur arising from acts, omissions, errors or delays of the Administrator in the performance of its obligations
and duties as provided in Section 3 hereof, including without limitation any error of judgment or mistake of law, except a damage, loss or expense directly resulting from the Administrator’s willful malfeasance, bad faith or negligence in
the performance of such Administrator’s obligations and duties. 
  

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

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

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

  

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in the performance of such obligations and duties. The provisions of this Section 10 shall survive the termination of this Agreement. 
  

	11.	Reliance by the Administrator on Opinions of Counsel and Opinions of Certified Public Accountants. 

 The Administrator may consult with its counsel in any case where so doing appears to the Administrator to be necessary or desirable. The Administrator
shall not be considered to have engaged in any misconduct or to have acted negligently and shall be without liability in acting upon the advice of such counsel. 
 The Administrator may consult with a certified public accountant in any case where so doing appears to the Administrator to be necessary or desirable. The Administrator shall not be considered to have engaged in any
misconduct or to have acted negligently and shall be without liability in acting upon the advice of such certified public accountant. 
 12.
Termination of Agreement. This Agreement may be terminated by either party in accordance with the provisions of this Section. The provisions of this Agreement and any other rights or obligations incurred or accrued by any party
hereto prior to termination of this Agreement shall survive any termination of this Agreement. 
 12.1 Term, Notice and Effect.
This Agreement shall have an initial term of one (1) year from the date hereof. Thereafter, this Agreement shall automatically renew for successive one (1) year periods. Either party may terminate this Agreement at any time upon
seventy-five (75) days prior written notice to the other party at its address set forth in Section 19 hereof. Should the Trust wish to terminate this Agreement within the initial term, the Trust shall be responsible to the Administrator
for the account minimum fees (per the fee schedule referenced in Section 6 above) attributed to the remainder of the initial term. For the avoidance of doubt, the preceding sentence shall be applicable only if the total fees collected by the
Administrator under this Agreement have not exceeded the total account minimum fees (less the initial six-month relationship discount of fifty (50) percent) set for the initial term; and the account minimum fees attributed to the remainder of
the initial term shall not be greater than the difference between the total fees collected by the Administrator and the total account minimum fees set for the initial term. Notwithstanding the foregoing provisions, either party may terminate this
Agreement at any time upon thirty (30) days written notice to the other party in the event that the either party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy,
insolvency, or other similar law now or hereafter in effect. 
  

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 12.2. Upon termination of the Agreement in accordance with this Section 12, the Sponsor may request
the Administrator to promptly deliver to the Sponsor or to any designated third party all records created and maintained by the Administrator pursuant to Section 3.1 of this Agreement, as well as any Fund records maintained but not created by
the Administrator. If such request is provided in writing by the Sponsor to the Trust within seventy-five (75) days of the date of termination of the Agreement, the Administrator shall provide to the Sponsor a certification that all records
created by the Administrator pursuant to its obligations under Section 3.1 of this Agreement are accurate and complete. After seventy-five (75) days of the date of termination of this Agreement, no such certification will be provided to
the Sponsor by the Administrator and the Administrator is under no further obligation to ensure that records created by the Administrator pursuant to Section 3.1 of this Agreement are maintained in a form that is accurate or complete.

 13. Confidentiality. The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all
information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant
to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly
available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any Regulatory Authority, any auditor of the parties hereto, or by judicial or
administrative process or otherwise by Applicable Law. 
 14. Tape-recording. The Trust authorizes the Administrator to tape record, to
the extent permitted by federal and state law, any and all telephonic or other oral instructions given to the Administrator by or on behalf of the Funds, including from any Authorized Person. This authorization will remain in effect until and unless
revoked by the Trust in writing. The Sponsor agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law. 
 15. Entire Agreement; Amendment. This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or
written agreements heretofore in effect between the parties with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by the party against which enforcement of the
amendment 

  

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

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 21. Counterparts. This Agreement may be executed in any number of counterparts each of which shall
be deemed to be an original. This Agreement shall become effective when one or more counterparts have been signed and delivered by each of the parties. A photocopy or telefax of the Agreement shall be acceptable evidence of the existence of the
Agreement and the Administrator shall be protected in relying on the photocopy or telefax until the Administrator has received the original of the Agreement. 
 22. Authorization. The Trust and Sponsor hereby represent and warrant that they have authorized the execution and delivery of this Agreement and that an authorized officer of each have signed this Agreement, Appendices A, B,
C, D and the fee schedule hereto. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their duly
authorized officers as of the date first written above. 
 The undersigned acknowledges that (I/we) have received a copy of this document . 
  

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

  

									
	PROSHARES TRUST II	 		 	 PROSHARE CAPITAL
 MANAGEMENT
LLC

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

  

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 APPENDIX A 
 ADMINISTRATION AND TRANSFER AGENCY SERVICES AGREEMENT 
 Dated as of
                    , 2008 
 The following is a list of
Funds for which the Administrator shall serve under an Administration and Transfer Agency Services Agreement dated as of
                        , 2008: 
  

			
	 Name:
	  	Ticker:
	ProShares Ultra DJ-AIG Commodity	  	UCD
	ProShares UltraShort DJ-AIG Commodity	  	CMD
	ProShares Ultra DJ-AIG Crude Oil	  	USF
	ProShares UltraShort DJ-AIG Crude Oil	  	OLS
	ProShares Ultra Gold	  	ULD
	ProShares UltraShort Gold	  	UGL
	ProShares Ultra Silver	  	AGQ
	ProShares UltraShort Silver	  	ZSL
	ProShares Ultra Euro	  	ULE
	ProShares UltraShort Euro	  	EXZ
	ProShares Ultra Yen	  	YCL
	ProShares UltraShort Yen	  	YCS

  

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

  

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 APPENDIX B 
 TO ADMINISTRATION AND TRANSFER AGENCY SERVICES AGREEMENT 
 ADMINISTRATIVE SERVICES OF THE ADMINISTRATIVE
AGENT 
 Dated as of                     ,
2008 
 Fund Accounting Services 
 The Administrator will provide the following fund accounting services to the Funds on any Business Day: transaction processing and review, custodial reconciliation, securities pricing, investment accounting, position
reporting, and other agreed upon services. 
 Transaction Processing and Review. The Administrator shall input and reconcile the
Funds’ investment activity includes but is not limited to: 
  

	 	•	 	 Investments, including tax lots 

  

	 	•	 	 Income 

  

	 	•	 	 Dividends 

  

	 	•	 	 Principal paydowns 

  

	 	•	 	 Capital activity 

  

	 	•	 	 Expense accruals 

  

	 	•	 	 Cash activity 

  

	 	•	 	 Corporate Actions, including, but not limited to reorganizations 

  

	 	•	 	 The Administrator shall receive SWAP valuations from ProShares and will compare them to the SWAp valuations the Administrator receives from brokers.

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

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

  

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

  

	 	•	 	 Trade settlements 

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

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

  

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

  

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

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

	 	•	 	 Amortization/accretion at the individual tax lot level 

  

	 	•	 	 Determine realized and unrealized capital gains/losses 

  

	 	•	 	 General ledger entries 

  

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	 	•	 	 Daily accruing of expenses, and other expense related transactions 

  

	 	•	 	 Book value calculations 

  

	 	•	 	 Trade Date + 1 and/or Trade Date accounting 

  

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

 

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

 The below matrix reflects mutually agreed upon NAV valuation deadlines: 
  

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

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

	 	•	 	 The Administrator shall create and transmit NAV and IIV data files on a daily basis to the FTP site(s) designated by the Trust 

 Financial Reporting Services 
  

	 	•	 	 The Administrator shall coordinate prepare, and review: 

  

	 	•	 	 Within a 30 day period following the end of the Funds’ required monthly reporting period, an Account Statement in compliance with the requirements of the U.S.
Commodity Futures Trading Commission (“CFTC”) Rule §4.22(a), including a Statement of Income (Loss) and a Statement of Changes in Net Asset Value; The administrator shall coordinate the filing of the Account Statements with the NFA.

  

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

  

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	 	•	 	 Prepare and coordinate filing 8-K with SEC, prepare file for upload to website. 

  

	 	•	 	 Prepare and review the Fund’s Financial Statements: for transmission to service provider in connection with their preparation of Quarterly Reports on form 10-Q
and Annual Reports on form 10-K (Quarterly/Annual): 

  

	 	•	 	 Statement of Financial Condition 

  

	 	•	 	 Statement of Investments 

  

	 	•	 	 Statement of Operations 

  

	 	•	 	 Change in Net Assets 

  

	 	•	 	 Cash Flows 

  

	 	•	 	 Notes to Financial Statements 

  

	 	•	 	 Review of other financial data included in 10-Qs and 10-Ks 

  

	 	•	 	 Any other info that may be required by rule or regulation 

  

	 	•	 	 In connection with the preparation of each Annual Report on Form 10-K, the Administrator shall coordinate the audit of the Funds by their independent public
accountant (e.g., manage open items lists, host weekly audit meeting, etc.). Inform the Sponsor of new accounting rules/regulations that could affect the Funds 

 The Administrator shall assist the Funds and/or the Sponsor in preparing the Funds’ press releases with respect to interim statements and quarterly
results and transmitting such press releases to the New York Stock Exchange (the “NYSE”) and such other entities as requested by the Funds and/or the Sponsor. 
 Assistant Treasurer Services 
 The Administrator shall perform the following services as
requested by the Sponsor’s Principal Financial Officer (or person performing such function): 
  

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

  

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

  

	 	•	 	 Establish fund allocation methodology if necessary 

  

	 	•	 	 Prepare a monthly expense pro forma for the Funds 

  

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

  

	 	•	 	 Monitor expense reduction relating to Organization and Offering costs. 

  

	 	•	 	 Provide financial information for the prospectus and other regulatory filings 

  

	 	•	 	 Prepare and review monthly performance calculations 

 Corporate Secretary Services 
 The Administrator shall: 
  

	 	•	 	 Subject to and in accordance with Section 3.1 of the Agreement, maintain files of registration statements, Fund contracts, compliance materials and other Fund
documents that are prepared by BBH or furnished to BBH by the Fund, as required by U.S. Securities and Exchange Commission (“SEC”), CFTC, NFA and NYSE rules adopted thereunder, as they may be amended from time to time, and other
requirements; 

  

 15 

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

	 	•	 	 Prepare, update and maintain a calendar for all SEC, CFTC, NFA and NYSE regulatory matters in the form of in a form to be agreed upon by the parties from time to
time; provided that the Funds and/or the Sponsor shall notify the Administrator of additional regulatory matters to be added to such calendar as soon as practicable 

  

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

  

	 	•	 	 Within a 90 day production cycle, or shorter time period as required by the SEC and communicated to the Administrator by the Funds or the Sponsor, prepare an Annual
Report on Form 10-K for the Funds fiscal year. The preparation of the Form 10-K includes the coordination of all printer and author edits, the review of printer drafts and the review of final printer invoices. BBH, in consultation with the Funds or
the Sponsor, shall facilitate delivery of the filing to the printer. 

  

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

  

	 	•	 	 Apply for all portfolio Tax I.D. numbers and CUSIP numbers; 

  

	 	•	 	 At the request of the Fund Sponsor, review materials and reports prepared by Fund auditors, and materials prepared by Fund counsel which are submitted to BBH;

  

	 	•	 	 Assist in coordinating seed money and establish control accounts for new funds; 

  

	 	•	 	 At the request of the Sponsor, assist with the preparation and or review of regulatory filings/notices in consideration of changes to the structure of existing
Funds; 

  

	 	•	 	 At the request of the Sponsor, review any update or amendment to the Funds’ registration statement on Form S-1, prepared by Fund counsel, coordinate the review
and filing of such document with the SEC, and review for compliance with applicable rules. 

  

	 	•	 	 Advise on product development issues. 

  

	 	•	 	 Proactively communicate and notify the Trust regarding regulatory initiatives and/or rules. 

  

	 	•	 	 Subject to and in accordance with Section 3.1 of the Agreement, maintain and distribute electronic copies of all Fund agreements 

 

	 	•	 	 At the request of the Sponsor, assist with the coordination of the requests for information/documentation from the SEC, CFTC, NFA and NYSE Arca.

 Upon review and approval of each form 10-K and 10-Q by the Sponsor’s Principal Financial Officer (or such person
performing such functions), the Administrator shall Edgarize and file, or caused to be Edgarized and filed, such reports with the SEC, CFTC 

  

 16 

 
and/or NFA, as required, including any applicable executive officer certifications or other exhibits to such reports. The Administrator shall also provide a
file that can be uploaded to the Sponsors Website. 
 The Administrator also shall prepare and file, or cause to be filed, the following
regulatory notices/forms/reports: 
  

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

  

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

  

	 	•	 	 With the NYSE, such notices/forms as agreed to among the Funds, the Sponsor and the Administrator 

 Portfolio Compliance Services 
 BBH will provide compliance services to the Trust and the Sponsor as set forth below. BBH’s provision of compliance services is designed to assist the Trust and the Sponsor but is not intended as an assumption by BBH of the Trust or
the Sponsor’s fiduciary duties and legal responsibilities to the Funds or their shareholders. 
  

	 	•	 	 Provide the Sponsor or the Trust sub-certifications for Sarbanes-Oxley attestation with respect to any Form 10-Ks, Form 10-Qs which include any applicable executive
officer certifications; and ; 

 Subject to and in accordance with Section 3.1 of the Administrative Agency Agreement,
oversee and maintain required books and records for each Fund, as required by all applicable statutes, rules and regulations 
 Portfolio
Compliance: 
  

	 	•	 	 Prepare quarterly reports for the Fund’s management listing any known material compliance violations that occurred with respect to BBH’s procedures;

  

	 	•	 	 Monitor and test each Fund’s compliance with such investment restrictions and other requirements, as may be agreed to among the Funds’ Sponsor, BBH and
each Fund as necessary to meet industry regulations (e.g., issuer or industry diversification, etc.); 

 Transfer
Agency Services 
 The Administrator shall perform the following transfer agency services: 
 I. Issuance and Redemption of Unit Baskets. It is agreed and understood that the Funds, and the Administrator on the Funds’ behalf, shall issue and redeem Share
Baskets of the Funds in blocks of 50,000 Units (“Creation Baskets” and “Redemption Baskets,” respectively) to and from such persons as are identified by the Funds as “Authorized Purchasers” or “Authorized
Participants.” 
  

	 	A.	 Pursuant to such purchase orders that the Administrator as the Index Receipt Agent shall receive from SEI Investments Distribution Company.
(“Distributor”) and pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Funds, the Administrator shall transfer appropriate trade instructions to the Funds’ custodian, Brown Brothers
Harriman & Co. (“Custodian”) and pursuant to 

  

 17 

	 	 
such orders register the appropriate number of book entry only the Funds’ Units in the name of The Depository Trust Company (“DTC”) or its
nominee as a unit holder (each a “Authorized Participant”) of the Funds and deliver the Basket of Units of the Funds. 

  

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

  

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

  

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

  

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

  

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

  

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

  

	 	H.	Periodic assistance on Investor domestic and international tax inquires and access to the Network Management reports and updates. 

 II. Recordkeeping. 
  

	 	A.	 A. The Administrator shall record the issuance of the Funds’ Creation Baskets and maintain, pursuant to Rule 17Ad-14(e) under the Securities Exchange Act of
1934, as amended, a record of the total number of the Funds’ Creation Baskets that are authorized, issued and outstanding based upon data provided to the Administrator by the Funds or the Sponsor. The Administrator shall also provide the Funds
on a regular basis with the total number of the Funds’ Units authorized, issued and 

  

 18 

	 	 
outstanding; provided however that the Administrator shall not be responsible for monitoring the issuance of such Units or compliance with any laws relating
to the validity of the issuance or the legality of the sale of such Units. 

  

	 	B.	Subject to and in accordance with Section 3.1 of the Agreement, the Administrator shall create and maintain such books and record which the Trust or Administrator is, or may
be, required to create and maintain in accordance with all laws, rules, and regulations applicable to Administrator as transfer agent. Administrator agrees to make all books and records available for inspection and use by the Trust or by the SEC at
reasonable times, and to otherwise keep confidential. Administrator shall maintain such books and records for at least six years or for such other period of time as Administrator and Trust may mutually agree or as required by all applicable laws,
rules, and regulations. Administrator further agrees that all such books and records shall be the property of the Trust. 

  

	 	C.	Upon reasonable notice by the Trust, Administrator shall make available during regular business hours all records and other data created and maintained by Administrator as Transfer
Agent for reasonable audit and inspections by the Trust or any person retained by the Trust. 

  

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

  

 19 

 APPENDIX C 
 ADMINISTRATION AND TRANSFER AGENCY SERVICES AGREEMENT 
 List of Authorized Persons are attached as a two
Certificates of Incumbency and Authority provided by Louis M. Mayberg, Principal Executive Officer of ProShares Trust II dated
                                         
       , 2008. 
  

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

  

 20 

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

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

  

 21Exhibit 10.4

 Exhibit 10.4 
 FORM OF DISTRIBUTION AGREEMENT 
 THIS DISTRIBUTION AGREEMENT (this “Agreement”) is made as of this
     day of November 2008 between ProShares Trust II (the “Trust”), a Delaware statutory trust, and SEI Investments Distribution Co. (the “Distributor”), a Pennsylvania corporation (the
Trust and the Distributor shall be collectively referred to herein as the “parties” or individually as “party”). 
 WHEREAS, the Trust is comprised of one or more separate series (each, a “Fund” and collectively, the “Funds”); and 
 WHEREAS, each Fund has registered with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933 (the “1933 Act”) to issue common units of fractional undivided beneficial interest
(“Shares”); and 
 WHEREAS, the Distributor is registered as a broker-dealer with the SEC under the Securities Exchange Act of 1934 (the
“1934 Act”), and is a member of FINRA and will continue as such during the entire term of the Agreement; 
 NOW, THEREFORE, in consideration
of the mutual covenants hereinafter contained, the Trust and Distributor hereby agree as follows: 
 ARTICLE 1 Sale of Shares. The Trust grants
to the Distributor the right to sell Shares at the net asset value per Share, plus any applicable sales charges in accordance with the current prospectus, as agent and on behalf of the Trust, during the term of this Agreement and subject to the
registration requirements of the 1933 Act, the rules and regulations of the SEC and the laws governing the sale of securities in the various states (“Blue Sky Laws”). In its capacity as distributor of the Shares, all activities of
Distributor and its partners, agents, and employees shall, at its own expense, comply with all applicable laws, rules and regulations, including, without limitation, all rules and regulations promulgated by the SEC thereunder and all rules and
regulations adopted by any national securities association registered under the 1934 Act of which Distributor is a member. The Distributor will not maintain a secondary market in the Shares. 
 ARTICLE 2 Solicitation of Sales. In consideration of these rights granted to the Distributor, the Distributor agrees to use all reasonable efforts in
connection with the distribution of Shares of the Trust on a continuous basis; provided, however, that the Distributor shall not be prevented from entering into like arrangements with other issuers. In particular, the Distributor shall enter into
Authorized Participant Agreements with persons who are participants in the system for book-entry of the Depository Trust Company (“DTC”), as authorized by the Adviser (as defined below) (“Authorized Participants”),
consistent with applicable law and the registration statement and prospectus and statement of additional information of the Trust, to create and redeem Shares, consistent with the protocol described in Sections 1(f) and 2(g) of the Services
Agreement, of even date herewith, among ProShare Capital Management LLC (the “Adviser”) and the Distributor (the “Services Agreement”). The Distributor, together with its affiliated companies, shall provide such
additional specific services as are listed in Appendix A hereto, including without limitation generating and transmitting confirmations of purchase order acceptances to the purchasers of Shares. If and whenever the determination of net asset value
is suspended and until such suspension is terminated, no further orders for Shares will be processed by Distributor except such unconditional orders as may have been placed with Distributor before it had knowledge of the suspension. In addition,
Distributor shall accede to any suspension by the Trust of sales of Shares (and Distributor’s authority to process orders for Shares), upon due notice to Distributor if, in the judgment of the Trust, it is in the best interests of the Trust to
do so. Suspension shall continue until such time as may be determined by the Trust. No Shares shall be offered by the Trust or the Fund under any of the provisions of this Agreement and no orders for the purchase or sale of such Shares hereunder
shall be accepted by the Fund if and so long as the effectiveness of the registration statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current
prospectus as required by Section 10 of said Act is not on file with the SEC; provided, however, that nothing contained in this Paragraph shall in any way restrict 

  

 1 

 
or have any application to or bearing upon the Fund’s obligation to redeem or repurchase any Shares from any shareholder in accordance with the
provisions of the Fund’s prospectus or charter documents. In the event of a suspension of the sale of Shares or the suspension of the determination of net asset value, Distributor shall have no liability for processing orders before receiving
due notice from the Trust regarding any such suspension. 
 Distributor shall, in connection with the foregoing processes, maintain appropriate telephone
facsimile and/or access to direct computer communication links with the Trust’s transfer agent. 
 ARTICLE 3 Authorized Representations.
The Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in the current registration statements and prospectuses of the Trust filed with the SEC or contained in shareholder
reports or other material that may be prepared by or on behalf of the Trust for the Distributor’s use. The Distributor may prepare and distribute sales literature and other material as it may deem appropriate, provided that such literature and
materials have been prepared in accordance with applicable rules and regulations. 
 ARTICLE 4 Registration of Shares. The Trust agrees that it
will take all action necessary to register Shares under the federal securities laws (and state securities laws, in the Trust’s discretion), and to pay all fees associated with said registration, so that there will be available for sale the
number of Shares the Distributor may reasonably be expected to sell. The Trust shall make available to the Distributor such number of copies of its currently effective prospectus and statement of additional information as the Distributor may
reasonably request to fulfill its obligations hereunder. The Trust shall furnish to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request for use in connection with the
distribution of Shares of the Trust. The costs associated with the drafting, typesetting, printing and mailing the prospectus or other information, financial statements or other papers shall be borne by the Trust or the Adviser. The Trust shall not
pay any of the costs of advertising or promotion for the sale of the Shares, except as such payments may be made pursuant to a distribution and/or shareholder servicing plan adopted by the Trust (hereinafter, a “Plan”), or as
otherwise provided herein. 
 ARTICLE 5 Delivery of Prospectus. The Distributor shall deliver copies of the prospectus of the Trust to
purchasers of Shares from the Trust, except where such delivery is not required by applicable law. In addition, the Distributor shall: (i) ensure that all requests to the Distributor for prospectuses are fulfilled (by providing information
regarding such fulfillment requests to the relevant party designated by the Adviser); and (ii) provide the New York Stock Exchange Archipelago (“NYSE Arca”) (and any other national stock exchange on which the Shares may
be listed) with copies of prospectuses to be provided to purchasers in the secondary market (by providing information regarding delivery of prospectuses to the relevant exchange to the relevant party designated by the Adviser). 
 ARTICLE 6 Expenses. The Distributor shall bear the following costs and expenses relating to the distribution of Shares of the Funds: (i) the costs of
processing and maintaining records of creations of Shares; (ii) the costs of maintaining the records required of a broker-dealer under the 1934 Act; (iii) the expenses of maintaining its registration or qualification as a broker or dealer
under federal or state laws; and (iv) all other expenses incurred in connection with the distribution services contemplated herein, except as specifically provided in this Agreement or the Services Agreement. The Distributor will not be
responsible for losses to the Trust relating to the sale of Shares insofar as such losses are not the result of Distributor’s error or negligence. 
 ARTICLE 7 Privacy. In accordance with Regulation S-P (“Regulation S-P”), nonpublic personal financial information relating to consumers or customers of the Trust provided by, or at the direction of the Trust
to the Distributor, or collected or retained by the Distributor in the course of performing its duties shall be considered confidential information. Distributor agrees that it shall not use such confidential information for any purpose other than to
carry out its obligations under this Agreement, and further agrees that it shall not give, sell, or in any way transfer or disclose such confidential information to any person or entity, other than (i) affiliates of the Distributor who have
entered into contractual arrangements with the Trust, and then only to the extent necessary to carry out the obligations under such contractual arrangements; (ii) at the discretion of the Trust; (iii) if requested by a court or regulatory
entity or as otherwise required by law; or (iv) subject to (i) above, as 

  

 2 

 
permitted by law. Distributor represents that it has in place and shall maintain physical, electronic, and procedural safeguards reasonably designed to
protect the security, confidentiality, and integrity of, and to prevent unauthorized access to or use of records and information related to customers of the Trust. The Trust represents to the Distributor that it has adopted a Statement of its
privacy policies and practices as required by Regulation S-P and agrees to provide Distributor with a copy of that statement annually. 
 ARTICLE 8
Indemnification of Distributor. The Trust agrees to indemnify and hold harmless the Distributor and each of its directors and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933
Act (each, a “Distributor Indemnified Party”) against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense and reasonable
counsel fees and disbursements incurred in connection therewith), based upon the 1933 Act or any other statute or common law and arising by reason of (i) any person acquiring any Shares, based upon the ground that the registration statement,
prospectus, shareholder reports or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to
make the statements made not misleading; (ii) an Authorized Participant’s failure to initially or subsequently fulfill the Trust’s creditworthiness standards; or (iii) the failure to apply or inaccurate application of the
Trust’s creditworthiness standards. However, the Trust does not agree to indemnify any Distributor Indemnified Party or hold it harmless to the extent that the statement or omission under paragraph (i) was made in reliance upon, and in
conformity with, information furnished to the Trust by or on behalf of such Distributor Indemnified Party. 
 In no case (i) is the indemnity of the
Trust to be deemed to protect any Distributor Indemnified Party against any liability to the Trust or its Shareholders to which such Distributor Indemnified Party otherwise would be subject by reason of willful misfeasance, bad faith or gross
negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement; or (ii) is the Trust to be liable to any Distributor Indemnified Party under the indemnity agreement
contained in this paragraph with respect to any claim made against such Distributor Indemnified Party unless the Distributor or the Distributor Indemnified Party, as the case may be, shall have notified the Trust 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 Distributor or such other person (or after the Distributor or the Distributor Indemnified Party shall
have received notice of service on any designated agent). However, failure to notify the Trust of any claim shall not relieve the Trust from any liability which it may have to the Distributor Indemnified Party against whom such action is brought
otherwise than on account of its indemnity agreement contained in this paragraph. 
 The Trust will also not indemnify any indemnitee with respect to any
untrue statement or omission made in the registration statement or prospectus that is subsequently corrected in such document (or an amendment thereof or supplement thereof) if a copy of the prospectus (or such amendment or supplement) was not sent
or given to the person asserting any such loss, liability, claim damage or expense at or before the written purchase confirmation to such person in any case where such delivery is required by the 1933 Act and the Trust had notified the Distributor
of the amendment or supplement prior to the sending of the confirmation. 
 The Trust 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 subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and
satisfactory to the indemnified defendants in the suit whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, the indemnified defendants in the suit shall bear the
fees and expenses of any additional counsel retained by them. If the Trust does not elect to assume the defense of a suit, it will reimburse the indemnified defendants in the suit for the reasonable fees and expenses of any counsel retained by the
indemnified defendants. 
 The Trust agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against it or any of its
officers or Trustees in connection with the issuance or sale of any of its Shares. 
  

 3 

 ARTICLE 9 Indemnification of Trust. The Distributor covenants and agrees that it will indemnify and hold
harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within the meaning of Section 15 of the 1933 Act (each, a “Trust Indemnified Party”), against any loss, liability,
damages, claim or expense (including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees incurred in connection therewith) based upon the 1933 Act or any other statute
or common law and arising by reason of any person acquiring any Shares, and alleging a wrongful act of the Distributor or any of its employees or alleging that the registration statement, prospectus, Shareholder reports or other information filed or
made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements not misleading, insofar as the statement
or omission was made in reliance upon and in conformity with information furnished to the Trust by or on behalf of the Distributor. 
 In no case (i) is
the indemnity of the Distributor in favor of the Trust or any Trust Indemnified Party to be deemed to protect the Trust or any Trust Indemnified Party against any liability to which the Trust or such Trust Indemnified Party would otherwise be
subject by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the Distributor to be liable under
its indemnity agreement contained in this paragraph with respect to any claim made against the Trust or any Trust Indemnified Party unless the Trust or Trust Indemnified Party, as the case may be, shall have notified the Distributor 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 Trust or upon any Trust Indemnified Party (or after the Trust or such Trust
Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve the Distributor from any liability which it may have to the Trust or any Trust Indemnified
Party against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph. 
 The Distributor 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 subject to this indemnity provision. If the Distributor elects to assume the defense of any such claim,
the defense shall be conducted by counsel chosen by the Distributor and satisfactory to the indemnified defendants in the suit whose approval shall not be unreasonably withheld. In the event that the Distributor elects to assume the defense of any
suit and retain counsel, the indemnified defendants in the suit shall bear the fees and expenses of any additional counsel retained by the indemnified defendants. If the Distributor does not elect to assume the defense of any suit, it will reimburse
the indemnified defendants in the suit for the reasonable fees and expenses of any counsel retained by them. 
 The Distributor agrees to notify the Trust
promptly of the commencement of any litigation or proceedings against it or any of its officers in connection with the issue and sale of any of the Trusts’ Shares. 
 ARTICLE 10 Consequential Damages. In no event and under no circumstances shall either party to this Agreement be liable to anyone, including, without limitation, the other party, for consequential
damages for any act or failure to act under any provision of this Agreement. 
 ARTICLE 11 Term and Termination. The term of this Agreement
shall become effective on the date of the initial public offering of Shares of the Trust (the “Effective Date”), and shall remain in effect through June 19, 2009 (the “Initial Term”). This Agreement shall
continue in effect for successive periods of three years after the Initial Term (a “Renewal Term”). This Agreement may be terminated: (i) by either party at the end of the Initial Term or the end of any Renewal Term on 90
days’ prior written notice; (ii) by either party hereto on such date as is specified in written notice given by the terminating party, in the event of a material breach of this Agreement by the other party, provided the terminating party
has notified the other party of such material breach at least 45 days prior to the specified date of termination and the breaching party has not remedied such breach by the specified date; or (iii) effective upon the liquidation of the Trust.
For purposes of this paragraph, the term “liquidation” shall mean a transaction in which the assets of the Trust are sold or otherwise disposed of and proceeds therefrom are distributed in cash to the shareholders in complete liquidation
of the interests of such shareholders in the entity. This Agreement may be terminated by the Distributor without penalty only upon termination of the Services Agreement in accordance with its terms. 
  

 4 

 ARTICLE 12 Notices. Any notice required or permitted to be given by either party to the other shall be
deemed sufficient if sent by registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice: if to the Trust, at 7501 Wisconsin
Avenue, Suite 1000, Bethesda, Maryland 20814, Attn: General Counsel; and if to the Distributor, One Freedom Valley Drive, Oaks, Pennsylvania 19456, Attn: General Counsel. 
 ARTICLE 13 Limitation of Liability. A copy of the Certificate of Trust of the Trust is on file with the Secretary of State of the State of Delaware, and notice is hereby given that this Agreement is
executed on behalf of the Trustees of the Trust as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Trust individually but binding only upon the
assets and property of the Trust. 
 Each Fund shall be regarded for all purposes hereunder as a separate party apart from each Fund. Under the context
otherwise requires, with respect to every transaction covered by this Agreement, every reference herein to the Trust shall be deemed to relate solely to the particular Fund to which such transaction relates. Under no circumstances shall the rights,
obligations or remedies with respect to a particular Fund constitute a right, obligation, or remedy applicable to any other Fund. The use of this single document to memorialize the separate agreement of each Fund is understood to be for clerical
convenience only and shall not constitute any basis for joining the Funds for any reason. 
 The Distributor shall not be liable to the Trust for any damages
arising out of (i) activities or statements of sales or wholesaler personnel who are employed and supervised by the Trust’s investment adviser or its affiliates (collectively, the “Adviser”); (ii) any act or omission
of the Trust’s transfer agent; (iii) any act or omission hereunder unless such act or omission is the result of Distributor’s bad faith, gross negligence or willful misconduct in the performance of its duties hereunder; (iv) any
misstatement or omission in the Trust’s registration statement, prospectus, shareholder report or other information filed or made public by the Trust (as from time to time amended), provided that such misstatement or omission was not made in
reliance upon, and in conformity with, information furnished to the Trust by Distributor; (v) the operation of a customer contact center or similar call center by the Adviser or one of its agents; or (vi) mistakes or errors in data
provided to Distributor by, or interruptions or delays or communications with, any other service providers to the Trust. 
 ARTICLE 14
Representations of the Distributor. 
 (a) The Distributor represents and warrants that this Agreement has been duly authorized by Distributor and,
when executed and delivered by Distributor, will constitute a legal, valid and binding obligation of Distributor, enforceable against Distributor in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting the rights and remedies of creditors and secured parties. 
 (b) The Distributor further represents and warrants that
it is a member of FINRA and agrees to abide by all of the rules and regulations of FINRA, including, without limitation, its Conduct Rules. The Distributor agrees to comply with all applicable federal and state laws, rules and regulations. The
Distributor agrees to notify Adviser immediately in the event of its expulsion or suspension by FINRA. Expulsion of the Distributor by FINRA will automatically terminate this Agreement immediately without notice. Suspension of the Distributor by
FINRA will terminate this Agreement effective immediately upon written notice of termination to the Distributor from Adviser. 
 (c) The Distributor further
represents that its anti-money laundering program (“AML Program”), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program; (ii) provides ongoing employee training; (iii) includes
an independent audit function to test the effectiveness of the AML Program; (iv) establishes internal policies, procedures, and controls that are tailored to its particular business; (v) includes a customer identification program
consistent with the rules under section 326 of the 

  

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USA PATRIOT Act; (vi) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports
and suspicious activity reports; (vii) provides for screening all new and existing customers against reports and suspicious activity reports; (viii) provides for screening all new and existing customers against the Office of Foreign Asset
Control list and any other government list that is or becomes required under the USA PATRIOT Act; and (ix) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust
acknowledges that the Authorized Participants (that is, a person authorized to purchase and redeem aggregations of a specified number of Shares of any Fund) are not “customers” for the purposes of 31 CFR 103. 
 (d) To the extent applicable, the Distributor agrees that it will comply with any applicable requirements set forth in (i) the Exchange Act Rule 19b-4 relief
provided to the NYSE Arca (SR-NYSE-2008-51) or similar relief which may be provided to any other listing exchange and with respect to which the Distributor receives adequate advance notice; and (ii) the registration statement of the Funds.

 (e) To the extent the Distributor has access to the Trust’s portfolio holdings prior to their public dissemination, the Distributor represents and
warrants that it will comply with the Trust’s portfolio holdings disclosure policy. 
 (f) The Distributor represents and warrants that it will not make
any secondary sales to brokers or dealers at a concession. 
 ARTICLE 15 Return of Records. The Distributor shall promptly upon the reasonable
demand of the Adviser and/or the Trust, turn over to the Adviser and/or the Trust files, records and documents created and maintained by the Distributor pursuant to this Agreement which are no longer needed by the Distributor in the performance of
its services or for its legal protection. If not so turned over to Adviser and/or the Trust, such documents and records will be retained by the Distributor for six years from the year of creation. At the end of such six year period, such records and
documents will be turned over to the Adviser and/or the Trust unless the Trust authorizes in writing the destruction of such records and documents. 
 ARTICLE 16 Entire Agreement; Amendments. This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or agreement or proposal with respect to the subject matter hereof.
This Agreement or any part hereof may be changed or waived only by an instrument in writing signed by the party against which enforcement of such change or waiver is sought. 
 ARTICLE 17 Governing Law. This Agreement shall be construed in accordance with the laws of the State of Delaware, without regard to choice of law provisions. 
 ARTICLE 18 Multiple Originals. This Agreement may be executed in two or more counterparts, each of which when so executed shall be deemed to be an
original, but such counterparts shall together constitute but one and the same instrument. 
 ARTICLE 19 Severability. If any part, term or
provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not be affected, and the rights and obligations of the parties shall be construed
and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid. 
 ARTICLE 20
Confidentiality. During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party’s business, trade secrets, systems, procedures, manuals, products,
contracts, personnel, and clients. As used in this Agreement, “Confidential Information” means information belonging to one of the parties which is of value to such party and the disclosure of which could result in a competitive or
other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts; inventions, improvements and other intellectual property; trade secrets; know-how;
designs, processes or formulae; 

  

 6 

 
software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or
dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly
known through lawful means; (ii) at the time of receipt the information was already actually known to the other party; or (iii) the information is disclosed to the other party without a confidential restriction by a third party who
rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties
understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. The parties further agree that they will not, without the prior written approval by the other party,
disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as approved by the other party or as
required by law. 
 ARTICLE 21 Survivability. The provisions of this Agreement relating to governing law (Article 18), indemnification
(Articles 9 and 10) and confidentiality (Article 21) shall survive the termination of this Agreement. 
 ARTICLE 22 Force Majeure.
Notwithstanding anything to the contrary contained herein, if applicable, no party shall have liability to the other party for any losses, damages, injuries, claims, cost or expenses arising as a result of either party’s inability to perform
its duties hereunder, due to acts of God, war, terrorist acts, government regulations, disaster, strikes, civil disaster, fires, floods, earthquakes, inclement weather, curtailment of transportation facilities, interruption of utility services or
any other similar acts beyond the party’s reasonable control; provided the party has exercised such reasonable diligence as the circumstances require. 
  

 7 

 IN WITNESS WHEREOF, each party has duly executed this Agreement, as of the day and year above written. 

 

									
	 PROSHARES TRUST II
	 		 	SEI INVESTMENTS DISTRIBUTION CO.
					
	 By:
	 	  
	 		 	 By:
	 	  

	 Name:
	 	Louis M. Mayberg	 		 	 Name:
	 	
	 Title:
	 	Principal Executive Officer	 		 	 Title:
	 	

  

 8 

 APPENDIX A 
 ADDITIONAL SERVICES 
  

	(1)	forward any complaints concerning the Trust received by the Distributor to the Trust, assist in resolving such complaints, and maintain a log of such complaints as required by
applicable law; 

  

	(2)	provide an order processing system pursuant to which the Authorized Participants may contact the Distributor (or its affiliates), through telephone and fax during business hours and
via the internet during all hours, and place requests to create and redeem Shares as set forth in the Services Agreement and any separately agreed-upon procedures; 

  

	(3)	assist in the preparation of quarterly materials with regard to sales and other distribution related data reasonably requested by the Adviser; 

  

	(4)	prepare materials for the Adviser supporting the annual renewal of the Distribution Agreement; 

  

	(5)	in connection with the foregoing activities, maintain an office facility for the Trust; 

  

	(6)	in connection with the foregoing activities, furnish the Trust with clerical services, stationery and office supplies; and 

  

	(7)	keep and maintain all books and records relating to its services in accordance with applicable law. 

  

 9

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