Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 38

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 38
---
 to historic highs as measured by the VIX, which may be attributed to the COVID-19 pandemic. For the year of 2024, the ProShares VIX Mid-Term Futures ETF was in contango for 94% of the year, and in backwardation 6% of the time.

-24

The value of the Shares of the VIX Futures Fund relates directly to the 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 VIX Futures Fund. A number of factors may affect the price and/or liquidity of VIX futures contracts and other Financial Instruments, if any, owned by the VIX Futures Fund, including, but not limited to: • Prevailing market prices and forward volatility levels of the U.S. stock markets, the S&P 500, the equity securities included in the S&P 500 and prevailing market prices of options on the S&P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&P 500 and the VIX or VIX futures contracts; • Interest rates and investors’ expectations concerning interest rates; • Inflation rates and investors’ expectations concerning inflation rates; • Inflation rates may change frequently and drastically as a result of various factors, including unexpected shifts in the domestic or global economy, and a Fund’s investments may not keep pace with inflation, which may result in losses to investors; • Economic, financial, political, regulatory, geographical, judicial and other events, including sanctions, trade disputes and the imposition of tariffs, changes in U.S government policy or agency staffing or agency reorganizations, exchange controls or other cross-border trade barriers, that affect the level of the Mid-Term VIX Futures Index or the market price or forward volatility of the U.S. stock markets, the equity securities included in the S&P 500, the S&P 500, the VIX or the relevant futures or option contracts on the VIX; • Supply and demand as well as hedging activities in the listed and OTC equity derivatives markets; • The level of margin requirements; • The position and accountability limits imposed by futures exchanges and any position or risk limits imposed by Futures Commission Merchants (“FCMs”) or swap counterparties; • Disruptions in trading of the S&P 500, futures contracts on the S&P 500 or options on