Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 0

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 0
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Filed Pursuant to Rule 424(b)(3) Registration No. 333-284924 PROSHARES TRUST II Common Units of Beneficial Interest

| Fund                                           | Benchmark                                          |
| ProShares Ultra Bloomberg Crude Oil (UCO)      | Bloomberg Commodity Balanced WTI Crude Oil IndexSM |
| ProShares UltraShort Bloomberg Crude Oil (SCO) | Bloomberg Commodity Balanced WTI Crude Oil IndexSM |
| ProShares Ultra Gold (UGL)                     | Bloomberg Gold SubindexSM                          |
| ProShares Ultra Silver (AGQ)                   | Bloomberg Silver SubindexSM                        |

ProShares Trust II (the “Trust”) is a Delaware statutory trust organized into separate series. The Trust may from time to time offer to sell common units of beneficial interest (“Shares”) of any or all of the series of the Trust listed above (each, a “Fund” and collectively, the “Funds”) or other series of the Trust. Shares represent units of fractional undivided beneficial interest in and ownership of a series of the Trust. Each Fund’s Shares are offered on a continuous basis. The Shares of each Fund are listed for trading on NYSE Arca, Inc. (the “Exchange”) under the ticker symbol shown above next to each Fund’s name. Please note that the Trust has series other than the Funds. Each of the Funds is “geared” (each, “Fund” and collectively, the “Funds”) which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to a multiple (2x) or an inverse multiple (-2x) of the daily performance of a benchmark on a given day. (the “Daily Target”). The Funds do not seek to achieve Daily Target for any period other than a single day. A “single day” is measured from the time a Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. The NAV calculation times for the Funds typically range from 1:25 p.m. to 2:30 p.m. (Eastern Time). Please see the section entitled “Summary-Creation and Redemption Transactions” for additional details on the NAV calculation times for the Funds. In order to achieve its investment objective, each of the Funds intends to invest in financial instruments (“Financial Instruments”) in the manner and to the extent described herein. Financial Instruments are instruments whose value is derived from the value of an underlying asset, rate or benchmark (such asset, rate