# ProShares Trust II > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/ProShares Trust II). ## Overview ProShares Trust II is a Delaware statutory trust that sponsors a family of exchange-traded funds organized as separate series. Its funds provide leveraged, inverse, and volatility-linked exposure through futures, swaps, forward contracts, and related financial instruments, with shares listed on U.S. exchanges. ## Products & services • Leveraged commodity ETFs • Inverse commodity ETFs • VIX futures ETFs • Gold, silver, crude oil, and natural gas funds • Currency-linked leveraged ETFs - **Leveraged Funds** (45%) — ETFs designed to deliver amplified daily exposure to commodity and currency benchmarks. - **Geared VIX Funds** (20%) — Funds providing short or leveraged exposure to short-term VIX futures. - **Matching VIX Funds** (15%) — ETFs seeking exposure linked to VIX futures index performance. - **Commodity Index Funds** (20%) — Funds tied to commodity benchmarks such as crude oil, natural gas, gold, and silver. - Leveraged commodity ETFs - Inverse commodity ETFs - VIX futures ETFs - Gold, silver, crude oil, and natural gas funds - Currency-linked leveraged ETFs ## Customers The funds are bought by investors seeking tactical exposure to commodities, currencies, or volatility rather than direct ownership of the underlying assets. The shareholder base includes retail traders, financial advisors, and institutional users that use the ETFs for hedging, speculation, or short-term portfolio positioning. - **Retail ETF investors** (primary) — Buy listed shares for short-term directional exposure to commodities, currencies, or VIX. - **Financial advisors** (secondary) — Use the funds as portfolio tools for hedging or tactical allocation. - **Institutional traders and hedgers** (secondary) — Use the funds for volatility management, trading, or risk transfer. - **Authorized Participants** (primary) — Create and redeem fund shares in large blocks to support ETF liquidity. - Retail investors seeking leveraged or inverse market exposure - Financial advisors using ETFs for tactical allocation - Institutions hedging commodity or volatility risk - Active traders seeking intraday exchange-traded exposure - Authorized Participants creating and redeeming Creation Units ## Geography ProShares Trust II is organized in the United States and its shares trade on U.S. exchanges, including NYSE Arca and Cboe BZX. The funds reference global commodity and currency markets, so performance is tied to U.S. trading venues as well as international futures and foreign exchange markets. - U.S.-domiciled trust organized as a Delaware statutory trust - Shares listed on NYSE Arca and Cboe BZX - Underlying exposure spans global futures and currency markets - Counterparties include major U.S. and international banks - Operational and regulatory framework is U.S.-based ## Strategy The trust’s core strategy is to offer exchange-traded vehicles that deliver daily leveraged, inverse, or volatility-linked exposure to specific benchmarks. Its structure relies on futures, swaps, and forward contracts, with creation and redemption mechanisms intended to keep market prices close to NAV. - **Maintain efficient ETF creation and redemption** (short-term) — Keeps share prices aligned with NAV and supports liquidity. - **Preserve benchmark-linked exposure** (medium-term) — The funds are designed to deliver specific daily exposure profiles. - **Manage derivative counterparty and execution relationships** (medium-term) — Performance and operational continuity depend on futures, swap, and forward counterparties. - Provide tactical exposure through listed ETF shares - Use derivatives to replicate leveraged and inverse index exposure - Maintain liquidity through Authorized Participant creation/redemption - List funds on major U.S. exchanges for accessibility - Track commodity and volatility benchmarks with daily reset mechanics ## Risks The funds are exposed to market volatility, derivative pricing risk, and the possibility that leveraged or inverse daily returns diverge from longer-term expectations. They also face regulatory, exchange, and counterparty risks because their portfolios depend on futures exchanges, clearing organizations, and approved swap counterparties. - **Leveraged and inverse exposure decay** [high] — Daily reset mechanics can cause performance to differ from the underlying benchmark over time. - **Commodity and volatility market swings** [high] — Fund values depend on futures prices that can move sharply and unpredictably. - **Regulatory and exchange restrictions** [medium] — CFTC, CEA, and exchange rules can limit positions, trading, or creation activity. - **Counterparty and clearing risk** [high] — Swaps and forwards depend on banks and clearing organizations honoring obligations. - **Cybersecurity and service-provider disruption** [medium] — Operational failures at the sponsor, administrator, or vendors could interrupt fund services. - Leveraged and inverse returns can diverge from longer-term index moves - VIX and commodity futures can be highly volatile and illiquid - Regulatory limits may restrict creation units or trading activity - Counterparty failure could disrupt swaps, forwards, or cleared trades - Cybersecurity or service-provider failures could impair fund operations ## Accounting The funds measure futures, swaps, and forward contracts at fair value, so reported results can change materially with market moves even before positions are closed. Management fees are based on each fund’s NAV, and realized and unrealized gains or losses from derivatives are central to reported performance, making valuation and trade-date accounting especially important. - **Fair value measurement of derivatives** — Large period-to-period volatility in reported results - **NAV-based management fees** — Operating expenses fluctuate with fund size - **Trade-date accounting for financial instruments** — Can influence quarter-end comparability - **Derivative gain/loss recognition** — Reported income is highly sensitive to market direction - Fair value marks on futures, swaps, and forward contracts drive earnings - Realized and unrealized gains can swing sharply with market prices - Management fees are calculated as a percentage of NAV - Brokerage commissions and exchange fees affect fund operating results - Estimates and valuation judgments matter for derivative pricing --- *Last updated: 2026-04-29T04:49:43.892837+00:00*