Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 91

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 91
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 Geared Fund’s stated multiple times the return of the Geared Fund’s Benchmark for the same period. These differences can be significant. For periods longer than a day, you will lose money if a Geared Fund’s benchmark’s performance is flat. It is possible that you will lose money invested in an UltraShort Fund even if the value of the benchmark falls during that period or money invested in an Ultra Fund even if the value of the benchmark rises during that period. Returns may move in the opposite direction of the benchmark during periods of higher benchmark volatility, low benchmark returns, or both. In addition, during periods of higher benchmark volatility, the benchmark volatility may affect your return as much or more than the return of the benchmark. Investment in

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a Geared Fund involves risks that are different from and additional to the risks of investments in other types of funds. An investor in a Geared Fund could potentially lose the full value of their investment within a single day. The amount of exposure each Fund has to a specific combination of Financial Instruments differs with each particular Fund and may be changed without shareholder approval or advance notice at any given time. Currently, the Funds anticipate that, in the normal course of business and absent any unforeseen circumstances, they will be exposed to the specific Financial Instruments below as follows:

|                                          | Swaps |       | Forwards |     | Futures |       | Options |      |
|                                          | Low   | High  | Low      | Low | Low     | High  | Low     | High |
| ProShares Ultra Bloomberg Crude Oil      | 0%    | 150%  | 0%       | 0%  | 50%     | 200%  | 0%      | 0%   |
| ProShares UltraShort Bloomberg Crude Oil | 0%    | -150% | 0%       | 0%  | 50%     | -200% | 0%      | 0%   |
| ProShares Ultra Gold                     | 75%   | 200%  | 0%       | 0%  | 0%      | 125%  | 0%      | 0%   |
| ProShares Ultra Silver                   | 75%   | 200%  | 0%       | 0%  | 0%      | 125%  | 0%      | 0%   |

The amount of each Fund’s exposure should be expected to