Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056733
Chunk: 10

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 10
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 BETTER THAN THE DAILY TARGET INCLUDE LARGER

-4

BENCHMARK GAINS OR LOSSES AND LOWER BENCHMARK VOLATILITY, AS WELL AS LONGER HOLDING PERIODS WHEN THESE FACTORS APPLY. • THE MORE EXTREME THESE FACTORS ARE, AND THE MORE THEY OCCUR TOGETHER, THE MORE YOUR RETURN WILL TEND TO DEVIATE FROM THE DAILY TARGET. FOR PERIODS LONGER THAN A DAY, YOU WILL LOSE MONEY IF A GEARED FUND’S BENCHMARK’S PERFORMANCE IS FLAT. IT IS POSSIBLE THAT YOU WILL LOSE MONEY INVESTED IN AN ULTRA SHORT FUND EVEN IF THE VALUE OF THE BENCHMARK FALLS DURING THAT PERIOD OR MONEY INVESTED IN AN ULTRA FUND EVEN IF THE VALUE OF THE BENCHMARK RISES DURING THAT PERIOD. RETURNS MAY MOVE IN THE OPPOSITE DIRECTION OF THE BENCHMARK DURING PERIODS OF HIGHER BENCHMARK VOLATILITY, LOW BENCHMARK RETURNS, OR BOTH. IN ADDITION, DURING PERIODS OF HIGHER BENCHMARK VOLATILITY, THE BENCHMARK VOLATILITY MAY AFFECT YOUR RETURN AS MUCH OR MORE THAN THE RETURN OF THE BENCHMARK. INVESTMENT IN A GEARED FUND INVOLVES RISKS THAT ARE DIFFERENT FROM AND ADDITIONAL TO THE RISKS OF INVESTMENTS IN OTHER TYPES OF FUNDS. AN INVESTOR IN A GEARED FUND COULD POTENTIALLY LOSE THE FULL VALUE OF THEIR INVESTMENT WITHIN A SINGLE DAY. Volatility has a negative impact on Geared Fund performance and the volatility of a Geared Fund’s benchmark may be at least as important to a Geared Fund’s return as the return of the Geared Fund’s benchmark. Each Geared Fund uses leverage, If an Ultra Fund is successful in meeting its objective, it should gain approximately two times as much as its Benchmark when the Benchmark rises on a given day. Conversely, an Ultra Fund should lose approximately two times as much as its Benchmark when the Benchmark falls on a given day. The return for a single day of an UltraShort Fund with a -2x multiple should be approximately two times as volatile for a single day as the return of a fund with an objective of matching the same benchmark. If an UltraShort Fund is successful in meeting its investment objective, it should gain approximately two times as much as its Benchmark loses when the Benchmark falls on a given day. Conversely,