I'm too lazy to go look out in the safe at my MBUS setup on my .22 AR but I believe there is no elevation adjustment on the rear sight.
There are two apertures on the rear, one that nests inside the other. Similar to the flip-up/down 0-2 and 300+ apertures on an M-16A2. Windage adjustable only. You adjust elevation by moving the front sight up or down.
I'd set the small aperture to 300, and check to see if the larger aperture is slightly lower by 2MOA, like the A2 configuration.
But... zero at 25 meters (not yards), and you'll have a 300 meter (not yards) zero with M855. And as long as the larger aperture is also dropped/offset by 2MOA then you'll have an effective BSZ with that one for closer shots, too.