Company: EUO
Filing Date: 2025-02-13
Form Type: S-3
Source: 0001193125-25-026203
Chunk: 26

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-3
Chunk 26
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| Bloomberg Commodity Balanced WTI Crude Oil SubindexSM* | 37.30%                                                           |
| Bloomberg Gold SubindexSM                              | 16.27%                                                           |
| Bloomberg Silver SubindexSM                            | 33.92%                                                           |

* Prior to September 17, 2020, each Oil Fund’s benchmark was the Prior Oil Benchmark. Effective September 17, 2020, each Oil Fund’s benchmark is the Bloomberg Commodity Balanced WTI Crude Oil Index SM . The Oil Fund’s current benchmark tracks longer-dated futures contracts than the Prior Oil Benchmark. The performance of the Oil Funds should be expected to deviate to a greater extent from the “spot” price of WTI crude oil (which neither Oil Fund seeks to track) than if the Oil Funds had exposure to a shorter-dated futures contract or continued to use the Prior Oil Benchmark as its benchmark. WTI crude oil futures contracts (and thus each Oil Fund) typically perform very differently from the “spot” price of WTI crude oil and their performance will differ in amount, and possibly even direction, from the performance of the “spot” price of WTI crude oil. Historical average volatility does not predict future volatility, which may be significantly higher or lower than historical averages. Fund performance for periods other than a day can be estimated given any set of assumptions for the following factors: a) benchmark volatility; b) benchmark performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The more extreme these factors are, and the more they occur together, the more the return will tend to deviate from the Daily Target. The tables below illustrate the impact of two factors that affect a geared fund’s performance: benchmark volatility and benchmark return. Benchmark volatility is a statistical measure of the magnitude of fluctuations in the returns of a benchmark and is calculated as the standard deviation of the natural logarithms of one plus the benchmark return (calculated daily), multiplied by the square root of the number of trading days per year (assumed to be 252). The tables show estimated fund returns for a number of combinations of benchmark volatility and benchmark return over a one-year period. To isolate the impact of daily leveraged or inverse leveraged exposure, these tables assume: a) no fund expenses or transaction costs; b) borrowing/lending rates of zero percent (to obtain required leveraged or inverse leveraged exposure) and cash reinvestment rates of zero percent; and c) the fund consistently maintaining