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

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 25
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 and the volatility of the Index may be at least as important to a Geared Fund’s return for a period as the return of the Index. The Ultra Fund uses leverage and should produce returns for a given day that are more volatile than that of the Index. For example, the return for a single day of the Ultra Fund with its 1.5x multiple should be approximately one and one-half times as volatile for a single day as the return of a fund with an objective of matching the performance of the Index. The return for a given day of the Short Fund with a -0.5x multiple should be approximately half as volatile for a given day as the return of a fund with an objective of matching the performance of the Index. The Geared Funds are not appropriate for all investors and present different risks than other funds. The Ultra Fund uses leverage and is 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 or daily inverse investment results for a given day. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily. The hypothetical examples below illustrate how daily Geared Fund returns can behave for periods longer than a single day. On each day, fund XYZ performs in line with its objective (one and one-half times (1.5x) the benchmark’s daily performance before fees and expenses). Notice that over the entire seven-day period, the fund’s total return is more than one and one-half times that of the period return of the benchmark. For the seven-day period, benchmark XYZ lost 3.26% while fund XYZ lost -5.08% (versus -4.89% (or 1.5 x -3.26%)). In other scenarios, the return of a daily rebalanced fund could be greater than three times the benchmark’s return.

|              |            Index 
              XYZ |                  | Fund       
 XYZ        |         |
| Level        | DailyPerformance | DailyPerformance | Net        
 AssetValue |         |
| Start        |           100.00 |                  |            | $100.00 |
| Day 1        |            97.00 | -3.00%           | -4.50%     |  $95.50 |
| Day 2        |            99.91 | 3.00%            | 4.50%      |