Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056733
Chunk: 93

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 93
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 Fund even if the value of the benchmark rises during that period. Returns may move in the opposite direction of the benchmark during periods of higher benchmark volatility, low benchmark returns, or both. In addition, during periods of higher benchmark volatility, the benchmark volatility may affect your return as much or more than the return of the benchmark. Investment in

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a Geared Fund involves risks that are different from and additional to the risks of investments in other types of funds. An investor in a Geared Fund could potentially lose the full value of their investment within a single day. The amount of exposure each Fund has to a specific combination of Financial Instruments differs with each particular Fund and may be changed without shareholder approval or advance notice at any given time. Currently, the Funds anticipate that, in the normal course of business and absent any unforeseen circumstances, they will be exposed to the specific Financial Instruments below as follows:

|                                          | Swaps |       | Forwards |     | Futures |       | Options |      |
|                                          | Low   | High  | Low      | Low | Low     | High  | Low     | High |
| ProShares Ultra Bloomberg Crude Oil      | 0%    | 150%  | 0%       | 0%  | 50%     | 200%  | 0%      | 0%   |
| ProShares UltraShort Bloomberg Crude Oil | 0%    | -150% | 0%       | 0%  | 50%     | -200% | 0%      | 0%   |
| ProShares Ultra Gold                     | 75%   | 200%  | 0%       | 0%  | 0%      | 125%  | 0%      | 0%   |
| ProShares Ultra Silver                   | 75%   | 200%  | 0%       | 0%  | 0%      | 125%  | 0%      | 0%   |

The amount of each Fund’s exposure should be expected to change from time to time at the discretion of the Sponsor based on market conditions and other factors. In addition, the Sponsor has the authority to change a Fund’s investment objective, benchmark or investment strategy at any time, or to terminate the Trust or a Fund at any time, in each case, without shareholder approval or advance notice, subject to applicable regulatory requirements. Swap Agreements Each Fund may enter into swaps