ProShares Trust II

# ProShares Trust II (ZSL)

ProShares Trust II is a commodity-focused exchange-traded fund incorporated in Delaware and listed on the NYSE. The fund operates as a financial instruments broker and dealer, structured to provide investors with exposure to commodity markets through a passive investment vehicle. Under normal market conditions, the fund seeks to achieve its investment objective by deploying capital across various Financial Instruments, including swap agreements, futures contracts, and forward contracts that are benchmarked to underlying commodity indices.

The fund's strategy relies on derivative instruments rather than direct physical commodity ownership. This approach allows the fund to gain systematic exposure to commodity price movements while managing the operational complexities associated with storing or transporting physical commodities. The specific commodity focus and benchmark composition are reflected in the fund's ticker symbol and prospectus documentation, which outline the precise instruments and rebalancing mechanisms employed.

As an exchange-traded fund structure, ProShares Trust II operates without traditional employees in the conventional sense, functioning instead through a network of service providers including investment advisors, custodians, administrators, and trading counterparties. The fund's geographic reach extends to investors globally through its NYSE listing, though it operates primarily as a domestic U.S. investment vehicle.