Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 37

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 37
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 shares of the Ultra Gold Fund has increased approximately 70% compared to 2023. Spot silver was up 22% in 2024, peaking in October. Silver experienced volatility at the end of the third quarter, with prices pulling back towards year-end. 2024 year over year average daily trading volume for the front month silver futures contract increased 18% compared to 2023. The year over year average daily trading volume for shares of the Ultra Silver Fund increased 90% compared to 2023. As of January 2025, gold futures and silver futures are in slight contango. The front end of the futures curve was in contango for all of 2024.See “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 Oil Funds are linked to an index of crude oil futures contracts, and are not directly linked to the “spot” price of crude oil. Oil futures contracts may perform very differently from the spot price of crude oil. The Oil Funds are not directly linked to the “spot” price of crude oil. The price of a futures contract reflects the expected value of the commodity upon delivery in the future, whereas the spot price of a commodity reflects the immediate delivery values of the commodity. While

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prices of swaps, futures contracts and other derivatives contracts are related to the prices of an underlying cash market ( i.e ., the “spot” market), they may not be well correlated and have typically performed very differently. Crude oil futures contracts typically perform very differently from, and commonly underperform, the spot price of crude oil due to current (and future expectations of) factors such as storage costs, geopolitical risks, war and military actions between countries and the ensuing conflicts, interest charges incurred to finance the purchase of the commodity, and expectations concerning supply and demand for the commodity. Derivatives contract prices may not be correlated to spot market prices and may be substantially lower or higher than the spot market prices for a number of reasons, including as a result of differences in derivatives contract terms or as supply, demand or other economic or regulatory factors become more pronounced in either the cash or derivatives markets. For example, contemporaneous with the onset of the COVID-19 pandemic in the U.S., crude oil markets experienced shocks to supply of and demand for crude oil, which dramatically impacted the price of crude oil and futures contracts on crude oil and caused extreme volatility of the crude oil markets.