Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 16

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 16
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                                                       0.00 |
| ProShares UltraShort Yen                   | 0.00%                                             |                        $45.00 |                                                       0.00 |

* The breakeven analysis set forth in this table assumes that the Shares have a constant NAV equal to the amount shown. The amount approximates the NAV of such shares based on recent NAV history as of January 31, 2025, rounded to the nearest $5. The actual NAV of each Fund differs and is likely to change on a daily basis. The numbers in this chart have been rounded to the nearest 0.01.

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Current Developments Ongoing geopolitical events, such as Russia’s continued military actions against Ukraine which started in February 2022, the Israel-Hamas conflict, and the Houthi movement’s attacks on marine vessels in the Red Sea and U.S. responses have had, and may continue to have, an impact on certain commodities markets, particularly the market for natural gas, commodity futures markets, including futures on natural gas, and the prices of the Natural Gas Funds. Historically, Russia is a significant global exporter of natural gas. The front end of the natural gas futures curve was in contango for most of 2024 until December, when it shifted into backwardation. The natural gas front month future settled at a low of under $2 in February of 2024. Natural gas rallied throughout the rest of 2024 culminating in a high of $4 at year-end mostly due to weather related forecasts. While a ceasefire agreement between Israel and Hamas was reached in January 2025, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of a continued and prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the natural gas markets. This may increase or decrease volatility of the Funds’ shares. Important Tax Information Please note that each Fund will distribute to each shareholder a Schedule K-1 that will contain information regarding the shareholder’s share of income and expense items of the Fund. Schedule K-1 is a complex form and shareholders may find that preparing tax returns may require additional time or may require the assistance of an accountant or other tax preparer, at an additional expense to the shareholder.

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RISK FACTOR SUMMARY Risks Related