NOTE 1 - ORGANIZATION ProShares Trust II (the Trust) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a Fund and collectively, the Funds). As of December 31, 2018, the following twenty series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a Matching VIX Fund and collectively, the Matching VIX Funds); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a Geared VIX Fund and collectively, the Geared VIX Funds); (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraPro 3x Short Crude Oil ETF, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares UltraPro 3x Crude Oil ETF, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a Leveraged Fund and collectively, the Leveraged Funds); and (iv) ProShares Short Euro (the Short Euro Fund). Each of the Funds listed above issues common units of beneficial interest (Shares), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund are listed on the NYSE Arca, Inc. (NYSE Arca). The Leveraged Funds, the Short Euro Fund and the Geared VIX Funds, are collectively referred to as the Geared Funds in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the VIX Funds in these Notes to Financial Statements. The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the Sponsor) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen. Groups of Funds are collectively referred to in several different ways. References to Short Funds, UltraShort Funds, UltraPro Short Funds, Ultra Funds or UltraPro Funds refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds benchmarks. References to Commodity Index Funds, Commodity Funds and Currency Funds refer to the different Funds according to their general benchmark categories without distinguishing among the Funds investment objectives or Fund-specific benchmarks. References to VIX Funds refer to the different Funds based upon their investment objective and their general benchmark categories. Effective as of close of business on February 27, 2018, the investment objective of ProShares Ultra VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF changed. ProShares Ultra VIX Short-Term Futures ETF changed its investment objective to seek daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the performance of the S&amp;P 500 VIX Short-Term Futures Index for a single day. Prior to the close of business on February 27, 2018, the Funds investment objective was to seek results, before fees and expenses, that correspond to two times (2x) the performance of the Index for a single day. ProShares Short VIX Short-Term Futures ETF changed its investment objective to seek daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the performance of the S&amp;P 500 VIX Short-Term Futures Index for a single day. Prior to the close of business on February 27, 2018, the Funds investment objective was to seek results, before fees and expenses, that correspond to the inverse (-1x) of the Index for a single day. Each Short Fund seeks daily investment results, before fees and expenses, that correspond to either one-half the inverse (-0.5x) or the inverse (-1x) of the daily performance of its corresponding benchmark. 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 UltraPro Short Fund seeks daily investment results, before fees and expenses, that correspond to three times the inverse (-3x) of the daily performance of its corresponding benchmark. Each Ultra Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each UltraPro Fund seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both over a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Funds net asset value (NAV) to the Funds next NAV calculation. The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -1x, -2x, -3x, 1.5x, 2x or 3x) of the period return of the corresponding benchmark and will likely differ significantly. Share Splits and Reverse Share Splits The table below includes Share splits and reverse Share splits for the Funds during the years ended December 31, 2016, 2017, and 2018. The ticker symbols for these Funds did not change, and each Fund continues to trade on the NYSE Arca. Fund Execution Date (Prior to Opening of Trading) Type of Split Date Trading Resumed at Post- Split Price ProShares UltraShort Bloomberg Natural Gas July 20, 2016 3-for-1 Share split July 25, 2016 ProShares VIX Short-Term Futures ETF July 25, 2016 1-for-5 reverse Share split July 25, 2016 ProShares Ultra VIX Short-Term Futures ETF July 25, 2016 1-for-5 reverse Share split July 25, 2016 ProShares UltraShort Bloomberg Crude Oil January 11, 2017 2-for-1 Share split January 12, 2017 ProShares Ultra Bloomberg Crude Oil January 11, 2017 1-for-2 reverse Share split January 12, 2017 ProShares Ultra VIX Short-Term Futures ETF January 11, 2017 1-for-5 reverse Share split January 12, 2017 ProShares Short VIX Short-Term Futures ETF July 12, 2017 2-for-1 Share split July 17, 2017 ProShares VIX Short-Term Futures ETF July 14, 2017 1-for-4 reverse Share split July 17, 2017 ProShares Ultra VIX Short-Term Futures ETF July 14, 2017 1-for-4 reverse Share split July 17, 2017 ProShares Ultra Bloomberg Natural Gas March 19, 2018 1-for-5 reverse Share split March 20, 2018 ProShares UltraPro 3x Short Crude Oil ETF March 19, 2018 1-for-4 reverse Share split March 20, 2018 ProShares Short VIX Short-Term Futures ETF September 17, 2018 1-for-4 reverse Share split September 18, 2018 ProShares Ultra VIX Short-Term Futures ETF September 17, 2018 1-for-5 reverse Share split September 18, 2018 The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholders investment at the time of the reverse split. The splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the splits did not change the aggregate net asset value of a shareholders investment at the time of the split.