Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 50

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 50
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 has been less significant. In the case of gold and silver markets, none of Russia, Ukraine or Israel is a meaningful exporter of gold and silver, and metals can easily be diverted to alternative export markets. As of the date of this prospectus, gold prices are at or near historically high levels. Spot gold was up about 20% during 2024. 2024 year over year average daily trading volume for the front month gold futures contract increased 23% compared to 2023. The year over year average daily trading volume for shares of the Ultra Gold Fund has increased approximately 70% compared to 2023. Spot silver was up 22% in 2024, peaking in October. Silver experienced volatility at the end of the third quarter, with prices pulling back towards year-end. 2024 year over year average daily trading volume for the front month silver futures contract increased 18% compared to 2023. The year over year average daily trading volume for shares of the Ultra Silver Fund increased 90% compared to 2023. As of January 2025, gold futures and silver futures are in slight contango. The front end of the futures curve was in contango for all of 2024. See “Potential negative

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impact from rolling futures positions; there have been extended periods in the past where the investment strategies utilized by the Funds have caused significant and sustained losses.” Currency exchange rates may be susceptible to distortion and manipulation. The concentration of currency trading among a small number of market participants, combined with the relative lack of transparency and regulatory oversight over the manner in which currency exchange rates are determined compared to the markets for other Financial Instruments such as exchange-traded stocks, and other factors create the potential for a small number of market participants to have a distorting effect on exchange rates, including as a result of activities designed to manipulate currency exchange rates. The value of the Euro could fluctuate drastically. The European financial markets and the value of the euro have experienced significant volatility, in part related to unemployment, budget deficits and economic downturns. In addition, several member countries of the Economic and Monetary Union (the “EMU”) of the European Union (the “EU”) have experienced credit rating downgrades, rising government debt levels and, for certain EU member countries (including Greece, Spain, Portugal, Ireland and Italy), weaknesses in sovereign debt. Following a referendum in June 2016, the United Kingdom (the “UK”) formally exited the EU on January 31, 2020 (