Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065647
Chunk: 16

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 16
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 the shareholder.

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RISK FACTOR SUMMARY Risks Specific to the Geared Funds • There is no guarantee that any Fund will achieve its investment objective. • The use of leveraged or inverse positions increases risk and could result in the total loss of an investor’s investment within a given day. • Each Fund’s returns over periods longer than a day will likely differ in amount and possibly even direction from the Fund’s daily target for such period. • Intraday price performance of Geared Fund shares will likely differ from the Fund’s stated daily multiple times the performance of its benchmark for such day. Risks Related to All Funds • The assets that the Funds invest in can be highly volatile and the Funds may experience sudden and large losses when buying, selling or holding such instruments; you can lose all of your investment within a single day. • The Funds generally are intended to be used as a trading tool for short-term investment horizons and investors holding shares of the Funds over longer-term periods may be subject to increased risk of loss. • The Funds are benchmarked to the Index. They are not benchmarked to the VIX. The Index and each Fund should be expected to perform very differently from the VIX over all periods of time. • The level of the VIX has historically reverted to a long-term mean (i.e., average) level and any increase or decrease in the level of the VIX may be subject to significant and unexpected reversals. • The value of the Shares of each Fund is based on 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 Fund. • Each Fund seeks to achieve its investment objective even during periods when the performance of the Index is flat or when the Index is moving in a manner that may cause the value of the Fund to decline. • The potential negative impact from rolling futures positions; there have been extended periods in the past where the investment strategies utilized by the Funds have caused significant and sustained losses. • The number of underlying components included in a Fund’s benchmark may impact the volatility of such benchmark, which could adversely affect an investment in the Shares. • Possible illiquid markets may cause or exacerbate losses; the large size of the positions the Funds may acquire increases these risks. • Changes implemented by the Index provider that affect the composition and valuation of the Index could negatively impact the performance of the Index and therefore the performance of the