ProShares Trust II (NYSE: UCO)

ProShares Trust II is a Delaware statutory trust formed on October 9 2007 and organized into separate series each a Fund and collectively the Funds. The Trust operates as a sponsor of exchange traded funds that provide leveraged inverse and matching exposure to various benchmarks including volatility commodities currencies and precious metals. As of December 31 2025 sixteen series of the Trust have commenced investment operations and issue common units of beneficial interest known as Shares which represent fractional undivided beneficial interest in and ownership of only that specific Fund. The Trust is not an investment company registered under the Investment Company Act of 1940 as amended.

ProShares Trust II generates revenue primarily through management fees paid by each Fund to the Sponsor ProShare Capital Management LLC. Each Geared Fund pays the Sponsor a Management Fee monthly in arrears equal to 0.95 per annum of its average daily NAV. Each Matching VIX Fund pays the Sponsor a Management Fee monthly in arrears equal to 0.85 per annum of its average daily NAV. No other management fee is paid by the Funds. The Sponsor also pays licensing fees to S&P for the use of the VIX Futures Indexes and to Bloomberg for the Bloomberg Commodity Index SM and its subindexes which serve as benchmarks for the Commodity Index Funds.

ProShares Trust II operates through the following segments: Matching VIX Funds Geared VIX Funds and Leveraged Funds.

• The Matching VIX Funds consist of ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF. Each Matching VIX Fund seeks investment results before fees and expenses that match the performance of the S&P 500 VIX Short-Term Futures Index or the S&P 500 VIX Mid-Term Futures Index respectively. These Funds acquire exposure through Financial Instruments such as futures contracts swap agreements and forward contracts to approximate the corresponding VIX Futures Index at the time of NAV calculation.

• The Geared VIX Funds consist of ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF. Each Geared VIX Fund seeks daily investment results before fees and expenses that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. The ProShares Short VIX Short-Term Futures ETF seeks daily investment results that correspond to one-half the inverse (-0.5x) of the daily performance of its benchmark. The ProShares Ultra VIX Short-Term Futures ETF seeks daily investment results that correspond to one and one-half times (1.5x) the daily performance of its corresponding benchmark. These Funds acquire exposure through Financial Instruments to approximate their respective leveraged or inverse leveraged exposure at the time of NAV calculation.

• The Leveraged Funds consist of ProShares UltraShort Bloomberg Crude Oil ProShares UltraShort Bloomberg Natural Gas ProShares UltraShort Gold ProShares UltraShort Silver ProShares UltraShort Euro ProShares UltraShort Yen ProShares Ultra Bloomberg Crude Oil ProShares Ultra Bloomberg Natural Gas ProShares Ultra Gold ProShares Ultra Silver ProShares Ultra Euro and ProShares Ultra Yen. Each UltraShort Fund seeks daily investment results before fees and expenses that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each Ultra Fund other than the ProShares Ultra VIX Short-Term Futures ETF seeks daily investment results before fees and expenses that correspond to two times (2x) the daily performance of its corresponding benchmark. These Funds acquire exposure through Financial Instruments including futures contracts swap agreements and forward contracts to approximate their respective leveraged or inverse leveraged exposure at the time of NAV calculation. The benchmarks for these Funds are based on Bloomberg Commodity Index SM subindexes for commodities currencies and precious metals.

ProShares Trust II operates in the exchange traded fund industry specifically within the niche of leveraged inverse and matching exposure products. The Trust competes with other sponsors of geared and inverse ETFs such as Direxion Investments and Horizons ETFs. Its competitive advantages include the Sponsor's registration as a commodity pool operator with the CFTC the use of a mathematical approach to investing that determines the type quantity and mix of Financial Instruments to produce returns consistent with each Fund's objective and the Trust's structure as a Delaware statutory trust allowing for separate series each with its own investment objective and benchmark.

ProShares Trust II serves Authorized Participants who are entities that have entered into an Authorized Participant Agreement with one or more of the Funds. These Authorized Participants create and redeem Shares in Creation Units which are blocks of 50,000 Shares for Geared Funds and 25,000 Shares for Matching VIX Funds. Authorized Participants may then offer Shares to the public from time to time at per-Share market prices that vary based on trading price NAV and supply and demand. The Shares of each Fund other than the Matching VIX Funds and the Geared VIX Funds are listed on the NYSE Arca Inc. The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange.