Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 26

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 26
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 Volatility 60%)

-17

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is up over the year, but the Ultra Fund (2x) is up less than two times the benchmark and the UltraShort Fund (-2x) is down less than two times the inverse of the benchmark. The historical five-year average volatility of the benchmarks utilized by the Funds ranges from 7.40% to 59.81% as of December 31, 2024, as set forth in the table below.

| Benchmark                                 | HistoricalFive-Year AverageDecember 31, 2024 |
|:------------------------------------------|:---------------------------------------------|
| S&P 500 VIX Mid-Term Futures Index        | 36.28%                                       |
| Bloomberg Natural Gas                     
 SubindexSM                                | 59.81%                                       |
| Bloomberg Silver SubindexSM               | 33.92%                                       |
| Bloomberg Gold SubindexSM                 | 16.27%                                       |
| The U.S. dollar price of the euro         | 7.40%                                        |
| The U.S. dollar price of the Japanese yen | 9.48%                                        |

Historical average volatility does not predict future volatility, which may be significantly higher or lower than historical averages. Fund performance for periods greater than a single day can be estimated given any set of assumptions for the following factors: a) benchmark volatility; b) benchmark performance; c) period of time; d) financing rates associated with leveraged exposure; and e) other Fund expenses. The more extreme these factors are, and the more they occur together, the more the return will tend to deviate from the Daily Target. The tables below illustrate the impact of two factors that affect a geared fund’s performance: benchmark volatility and benchmark return. Benchmark volatility is a statistical measure of the magnitude of fluctuations in the returns of a benchmark and is calculated as the standard deviation of the natural logarithms of one plus the benchmark return (calculated daily), multiplied by the square root of the number of trading days per year (assumed to be 252). The tables show estimated fund returns for a number of combinations of benchmark volatility and benchmark return over a one-year period. To isolate the impact of daily leveraged or inverse leveraged exposure, these tables assume: a) no fund expenses or transaction costs; b) borrowing/lending rates of zero percent (to obtain required leveraged or inverse leveraged exposure) and cash reinvestment rates of zero percent; and