Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056733
Chunk: 38

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 38
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 of and changes to legislation, imposition of regulations, or entry into trade treaties, as well as political disruptions caused by societal breakdown,

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insurrection, terrorism, pandemics, sabotage and/or war, military actions between countries and ensuing conflicts, may greatly influence commodities prices. • The recent proliferation of commodity-linked, exchange-traded products and their unknown effect on the commodity markets. • The prices, supply and demand for gold and silver may also be impacted by changes in interest rates, inflation, and other local or regional market conditions, as well as by investor confidence. There can be no assurance that either gold or silver will maintain its long-term value in terms of future purchasing power. As of the date of this prospectus, gold and silver prices are at or near historically high levels. Gold and silver prices are volatile and subject to sudden, and unpredictable price movements, including reversals. Gold and silver markets also have historically experienced extended periods of flat or declining prices. There can be no assurance that either gold or silver prices will maintain their price levels as of the date of this prospectus. Each of these factors could have a negative impact on the value of the Funds. These factors interrelate in complex ways, and the effect of one factor on the market value of a Fund may offset or enhance the effect of another factor. Geopolitical Events Such As Russia’s Invasion of Ukraine Could Have a Severe Adverse Effect on Certain Commodities Markets, Particularly Crude Oil Markets Generally, the price of the Oil Funds corresponds to U.S. market price movements of the underlying futures contracts associated with the Bloomberg Commodity Balanced WTI Crude Oil Index. Many complex factors affect the crude oil futures markets, including seasonality, the COVID-19 pandemic, Russia’s invasion of Ukraine, and overall supply and demand, among others. Ongoing geopolitical events, such as Russia’s invasion of Ukraine and the Houthi movement’s attacks on marine vessels in the Red Sea. have had, and may continue to have, an impact on certain commodities markets, particularly the market for crude oil, commodity futures markets, including futures on crude oil, and the prices of the Oil Funds. Russia is a significant global exporter of crude oil. Ukraine is a meaningful transporter of Russia’s crude oil. The Russian invasion of Ukraine initially caused a significant disruption to Russia’s energy exports when large oil companies announced that they would cease operations in Russia and traders boycotted Russian oil. On March 8, 2022, the United States announced that it would ban the import of