Company: EUO
Filing Date: 2025-03-18
Form Type: S-1/A
Source: 0001193125-25-056734
Chunk: 14

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-1/A
Chunk 14
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 “VIX”). The VIX is a non-investable index that measures the implied volatility of the S&P 500. For these purposes, “implied volatility” is a measure of the expected volatility ( i.e ., the rate and magnitude of variations in performance) of the S&P 500 over the next 30 days. The VIX does not represent the actual volatility of the S&P 500. The VIX is calculated based on the prices of a constantly changing portfolio of S&P 500 put and call options. The index underlying the VIX Futures Fund consists of mid-term VIX futures contracts. THE PERFORMANCE OF THE INDEX AND THE VIX FUTURES FUND CAN BE EXPECTED TO BE VERY DIFFERENT FROM THE ACTUAL VOLATILITY OF THE S&P 500 OR THE PERFORMANCE OF THE VIX INDEX. Unlike certain other asset classes that, in general, have historically increased in price over long periods of time, the volatility of the S&P 500 as measured by the VIX has historically reverted to a long-term average level over time. This means that the potential upside of an investment in the VIX Futures Fund may be limited. In addition, gains of the VIX Futures Fund, if any, may be subject to significant and unexpected reversals. Investors holding Shares of the VIX Futures Fund beyond short-term periods have an increased risk of losing a substantial portion of their investment. Historically, the longer an investor’s holding period in the VIX Futures Fund, the greater the potential of loss. The VIX Futures Fund generally is intended to be used only for short-term investment horizons. Overview Each Fund is listed below along with its respective benchmark. The VIX Futures Fund

| Fund Name                          | Benchmark                          |
| ProShares VIX Mid-Term Futures ETF | S&P 500®VIX Mid-Term Futures Index |

The Natural Gas Funds

| Fund Name                                  | Benchmark             |
| ProShares Ultra Bloomberg Natural Gas      | Bloomberg Natural Gas 
 SubindexSM            |
| ProShares UltraShort Bloomberg Natural Gas | Bloomberg Natural Gas 
 SubindexSM            |

The Precious Metals Funds

| Fund Name                   | Benchmark                   |
| ProShares UltraShort Silver | Bloomberg Silver SubindexSM |
| ProShares UltraShort Gold   | Bloomberg Gold SubindexSM   |

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The Currency Funds

| Fund Name                 | Benchmark                                 |
| ProShares Ultra Euro      | The U.S. dollar price of the euro         |
| ProShares UltraShort Euro |