Company: EUO
Filing Date: 2025-02-13
Form Type: S-3
Source: 0001193125-25-026201
Chunk: 18

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-3
Chunk 18
---
 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. While a ceasefire agreement between Israel and Hamas has been reached, 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 Fund’s 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.

-8

RISK FACTOR SUMMARY Risks Specific to the Geared Funds • There is no guarantee that any Fund will achieve its investment objective. • The use of leveraged or inverse positions increases risk and could result in the total loss of an investor’s investment within a given day. • Each Fund’s returns over periods longer than a day will likely differ in amount and possibly even direction from the Fund’s daily target for such period. • Intraday price performance of Geared Fund shares will likely differ from the Fund’s stated daily multiple times the performance of its benchmark for such day. Risks Related to All Funds • The assets that the Funds invest in can be highly volatile and the Funds may experience sudden and large losses when buying, selling or holding such instruments; you can lose all of your investment within a single day. • The Funds generally are intended to be used as a trading tool for short-term investment horizons and investors holding shares of the Funds over longer-term periods may be subject to increased risk of loss. • The Funds are benchmarked to the Index. They are not benchmarked to the VIX. The Index and each Fund should be expected to perform very differently from the VIX over all periods of time. • The level of the VIX has historically reverted to a long-term mean (i.e., average) level and any increase or