Company: EUO
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001193125-25-026199
Chunk: 80

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-1
Chunk 80
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. There can be no guarantees that this strategy would be successful or that a Fund would achieve sufficient exposure through swap transactions to achieve its investment objective. In addition, if a Fund reaches a position limit or accountability level or becomes subject to a daily limit, its ability to issue new Creation Units or reinvest in additional commodity futures contracts may be limited to the extent these restrictions limit its ability to establish new futures positions, add to existing positions, or otherwise transact in futures. The Trust or the Sponsor may apply to the CFTC or to the relevant exchanges for relief from certain position limits or, accountability levels. There can be no guarantee that the CFTC or relevant exchange would grant such a request. If the Trust or Sponsor is unable to obtain such relief, a Fund’s ability to invest in additional futures contracts, achieve its investment objective, and issue new Creation Units would be limited as described herein. The UltraShort Natural Gas Fund experienced significantly higher than normal creation activity in mid-September 2021. The Ultra Natural Gas Fund experienced significantly higher than normal creation activity in mid-November 2021. Each Fund potentially could experience similar creation activity in the future. The VIX Futures Fund, the Shares of which are offered by this prospectus, along with ProShares VIX Short-Term Futures ETF, ProShares Ultra VIX Short-Term Futures ETF and ProShares Short VIX Short-Term Futures ETF, the shares of which are offered under a different prospectus (collectively, the “Four VIX Funds”), are subject to an aggregate VIX futures contract accountability level. During the period from January 1, 2024 to December 31, 2024, the net VIX contract positions held by the Four VIX Funds in the aggregate ranged from ___% to ___% of the VIX futures contract accountability level applicable to them (the “Accountability Level Percentage”). The Accountability Level Percentage should be expected to change on a daily basis and will be affected by, among other things, changes in the size of each of the Four VIX Funds, market conditions, investor demand for each of the Four VIX Funds, and the number and mix of long and short VIX futures contract positions held by the Four VIX Funds. There can be no guarantee or assurance that the Accountability Level Percentage will continue to be within such range in the future, and the Accountability Level Percentage may be higher or lower in the future.

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The Funds and the Sponsor are subject to extensive legal and regulatory requirements. The Funds are subject to