Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056731
Chunk: 20

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 20
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 value of, and realized gain or loss from, the Financial Instruments and other assets held by the Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in Shares of the Fund. • Each Fund seeks to achieve its investment objective even during periods when the performance of the Index is flat or when the Index is moving in a manner that may cause the value of the Fund to decline. • The potential negative impact from rolling futures positions; there have been extended periods in the past where the investment strategies utilized by the Funds have caused significant and sustained losses. • The number of underlying components included in a Fund’s benchmark may impact the volatility of such benchmark, which could adversely affect an investment in the Shares. • Possible illiquid markets may cause or exacerbate losses; the large size of the positions the Funds may acquire increases these risks. • Changes implemented by the Index provider that affect the composition and valuation of the Index could negatively impact the performance of the Index and therefore the performance of the Funds. • The CBOE can make changes to the methodology and calculation of the VIX that could affect the value of VIX futures contracts and, consequently, the value of the Index and the Funds. • The Index may underperform other asset classes and may underperform other indices or benchmarks based upon the same underlying reference asset.

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• Financial markets, including the Index and the Financial Instruments used by a Fund, and Fund Shares may be subject to unusual trading activity, volatility, and potential fraud and/or manipulation by third parties, which could have a negative impact on the performance of the Index and the Fund or the liquidity and price of Fund Shares. • A Fund may change its investment objective, benchmark and investment strategies, and/or may terminate, at any time without shareholder approval. • There may be circumstances that could prevent or make it impractical for a Fund to operate in a manner consistent with its investment objective and investment strategies. • Historical correlation trends between the Index and other asset classes may not continue or may reverse, limiting or eliminating any potential diversification or other benefit from owning a Fund. • Index changes and market transactions, including the daily rebalancing of futures contracts by the Funds, may have a significant impact on the trading, liquidity and price of the futures contracts underlying the Index and, in turn, a significant impact on the performance of the Index and the Funds and the trading, liquidity and price of Fund Shares. • The lack of active trading markets for the Shares may result in losses upon the sale of such