Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056733
Chunk: 9

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 9
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 APPROPRIATE FOR ALL INVESTORS. THE GEARED FUNDS USE LEVERAGE ARE RISKIER THAN SIMILARLY BENCHMARKED EXCHANGE-TRADED FUNDS THAT DO NOT USE LEVERAGE. AN INVESTOR SHOULD ONLY CONSIDER AN INVESTMENT IN A GEARED FUND IF HE OR SHE UNDERSTANDS THE CONSEQUENCES OF SEEKING DAILY INVESTMENT RESULTS. THE RETURN OF A FUND FOR A PERIOD LONGER THAN A SINGLE DAY IS THE RESULT OF ITS RETURN FOR EACH DAY COMPOUNDED OVER THE PERIOD AND USUALLY WILL DIFFER IN AMOUNT AND POSSIBLY EVEN DIRECTION FROM THE FUND’S STATED MULTIPLE TIMES THE RETURN OF THE GEARED FUND’S BENCHMARK FOR THE SAME PERIOD. THESE DIFFERENCES CAN BE SIGNIFICANT. THE FUNDS’ INVESTMENTS MAY BE ILLIQUID AND/OR HIGHLY VOLATILE AND THE FUNDS MAY EXPERIENCE LARGE LOSSES FROM BUYING, SELLING OR HOLDING SUCH INVESTMENTS. AN INVESTOR IN ANY OF THE FUNDS COULD POTENTIALLY LOSE THE FULL PRINCIPAL VALUE OF HIS/HER INVESTMENT WITHIN A SINGLE DAY. SHAREHOLDERS WHO INVEST IN THE FUNDS SHOULD CONSIDER ACTIVELY MONITORING AND/OR PERIODICALLY REBALANCING THEIR INVESTMENTS (WHICH WILL POSSIBLY TRIGGER TRANSACTION COSTS AND TAX CONSE QUENCES) IN LIGHT OF THEIR INVESTMENT GOALS AND RISK TOLERANCE. THE RETURN OF A GEARED FUND FOR PERIODS LONGER THAN A DAY IS THE PRODUCT OF A SERIES OF DAILY LEVERAGED RETURNS FOR EACH TRADING DAY DURING THAT PERIOD. IF YOU HOLD GEARED FUND SHARES FOR ANY PERIOD OTHER THAN A DAY, IT IS IMPORTANT FOR YOU TO UNDERSTAND THE RISKS AND LONG-TERM PERFORMANCE OF A DAILY OBJECTIVE FUND. YOU SHOULD KNOW THAT OVER YOUR HOLDING PERIOD: • YOUR RETURN MAY BE HIGHER OR LOWER THAN THE DAILY TARGET, AND THIS DIFFERENCE MAY BE SIGNIFICANT. • FACTORS THAT CONTRIBUTE TO RETURNS THAT ARE WORSE THAN THE DAILY TARGET INCLUDE SMALLER BENCHMARK GAINS OR LOSSES AND HIGHER BENCHMARK VOLATILITY, AS WELL AS LONGER HOLDING PERIODS WHEN THESE FACTORS APPLY. • FACTORS THAT CONTRIBUTE TO RETURNS THAT ARE