Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 23

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 23
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 may be higher or lower than the Daily Target, and this difference may be significant. •Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply. •Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply. •The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target. For periods longer than a day, you will lose money if the 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 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 given day. Each of the Ultra Fund and UltraShort Fund uses leverage and should produce returns for a given day that are more volatile than that of its benchmark. For example, the return for a given day of an Ultra Fund with a 2x multiple should be approximately two times as volatile for a given day as the return of a fund with an objective of matching the performance of the same benchmark. The return for a given day of an UltraShort Fund with a -2x multiple should be approximately two times as volatile for a given day as the inverse of the return of a fund with an objective of matching the performance of the same benchmark. The Geared Funds are not appropriate for all investors and present different risks than other funds. The Geared Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results for a single day. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund