Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 35

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 35
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 based on a variety of factors including changes in overall market movements, political and economic events and policies, wars, acts of terrorism, natural disasters (including disease, epidemics and pandemics), changes in interest rates or inflation rates. High volatility may have an adverse impact on the performance of the Funds. The UltraFund’s leverage factor (1.5x) increases the potential for loss on an investment in this Fund. An investor in any of the Funds could potentially lose the full principal of his or her investment within a single day. Generally, a VIX of over 20 indicates a high degree of volatility. For the year 2024, the ProShares VIX Mid-Term Futures ETF was in contango for approximately 94% of the year, and backwardation approximately 6% of the time. However, there is no certainty that such levels will persist or if other economic or political developments contribute to volatility and investor uncertainty. The VIX Futures Fund is benchmarked to the VIX Mid-Term Futures Index. It is not benchmarked to the VIX or actual realized volatility of the S&P 500. As a result, the Index and the VIX Futures Fund should be expected to perform very differently from the VIX over all periods of time. The performance of the VIX Mid-Term Futures Index is based on the value of the VIX mid-term futures contracts that comprise the Index. While there is a relationship between the performance of the Index and future levels of the VIX, the performance of the Index is not directly linked to the performance of the VIX, to the realized volatility of the S&P 500 ® or to the options that underlie the calculation of the VIX. As a result, the Index and the VIX Futures Fund should be expected to perform very differently from the VIX over all periods of time. In many cases, the Index (and thus the VIX Futures Fund) will underperform the VIX. Further, the performance of the Index and the VIX Futures Fund should not be expected to represent the realized volatility of the S&P 500 ® . The VIX seeks to measure the market’s current expectation of 30-day volatility of the S&P 500 ® Index, as reflected by the prices of S&P 500 ® options. The market’s current expectation of the possible rate and magnitude of movements in an index is commonly referred to as the

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“implied volatility” of the index. Because S&P 500 ® options derive value from the possibility