ProShares Trust II is a Delaware statutory trust that operates 16 ETFs providing leveraged, inverse, or matched exposure to commodities, currencies, and equity volatility. The funds span three categories: VIX funds (tracking VIX futures indexes to give investors exposure to forward equity market volatility), commodity funds (covering crude oil, natural gas, gold, and silver futures), and currency funds (covering the euro and Japanese yen vs. the U.S. dollar). Retail and institutional investors buy and sell these ETFs on NYSE Arca or Cboe BZX through standard brokerage accounts. Most of the funds are "geared," seeking a fixed daily multiple — 2x, -2x, 1.5x, or -0.5x — of their benchmark's daily return, making them designed for active traders rather than buy-and-hold investors. Two matching VIX funds seek 1x exposure and are more suitable for longer holding periods. The Trust earns revenue through management fees of 0.95% per annum on geared funds and 0.85% on matching VIX funds, charged on average daily NAV. Total revenue scales with aggregate AUM, which tends to spike during periods of market volatility or strong directional commodity and currency moves. The Sponsor, ProShare Capital Management, collects these fees and covers substantially all routine operating expenses. The Trust has no employees; shares are created and redeemed through authorized participants in large block units.