Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 11

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 11
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IX Mid-Term Futures Index |

The Natural Gas Funds

| Fund Name                                  | Benchmark             |
| ProShares Ultra Bloomberg Natural Gas      | Bloomberg Natural Gas 
 SubindexSM            |
| ProShares UltraShort Bloomberg Natural Gas | Bloomberg Natural Gas 
 SubindexSM            |

The Precious Metals Funds

| Fund Name                   | Benchmark                   |
| ProShares UltraShort Silver | Bloomberg Silver SubindexSM |
| ProShares UltraShort Gold   | Bloomberg Gold SubindexSM   |

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The Currency Funds

| Fund Name                 | Benchmark                                 |
| ProShares Ultra Euro      | The U.S. dollar price of the euro         |
| ProShares UltraShort Euro | The U.S. dollar price of the euro         |
| ProShares Ultra Yen       | The U.S. dollar price of the Japanese yen |
| ProShares UltraShort Yen  | The U.S. dollar price of the Japanese yen |

The VIX Futures Fund The VIX Futures Fund is sometimes referred to herein as the “Matching Fund.” This Fund offers investors the opportunity to obtain “matching” (i.e., not leveraged, inverse or inverse leveraged) exposure to its underlying benchmark, as described herein. The Geared Funds The Geared Funds currently include the following Funds: the Natural Gas Funds, the Precious Metals Funds, and the Currency Funds. The Geared Funds seek daily investment results, before fees and expenses, that correspond to the daily performance of a daily benchmark such as the multiple (2x) or inverse multiple (-2x) of the daily performance of a benchmark (the “Daily Target”) for a given day, not for any other period. The “UltraShort Funds” are designed to correspond to an inverse multiple of the daily performance of a benchmark. The “Ultra Funds” are designed to correspond to a multiple of the daily performance of a benchmark. The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a given day. For these purposes, a “day” is measured from the time a Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation. On a daily basis, each Geared Fund will seek to position its portfolio so that such Fund’s investment exposure is consistent with its investment objective. In general, changes to the level of a Geared Fund’s benchmark each day will determine whether such Fund’s portfolio needs to be repositioned. For example, if an UltraShort Fund’s benchmark has risen on a given day