Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 20

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 20
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 the same 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. • In order to achieve a high degree of correlation with their applicable underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their respective investment objectives. Various market factors may adversely affect such Geared Funds’ ability to adjust exposure to requisite levels. • The Natural Gas Funds are linked to an index of natural gas futures contracts, and are not directly linked to the “spot” price of natural gas. Natural Gas futures contracts may perform very differently from the spot price of natural gas. • The Precious Metals Funds do not hold gold or silver bullion. Rather, the Precious Metals Funds use Financial Instruments to gain exposure to gold or silver bullion. Using Financial Instruments to obtain exposure to gold or silver bullion may cause tracking error and subject the Precious Metals Funds to the effects of contango and backwardation as described herein. • Russia’s invasion of Ukraine may continue have a severe adverse effect and bring volatility on certain commodities markets, particularly natural gas markets. Despite a price surge following the start of the invasion, natural gas prices are currently below the level they had prior to the start of the invasion. This decrease in natural gas prices is due to several factors, including a shift in sources for energy supplies, warmer than average winter months, energy conservation efforts, and reduced consumption. • Currency exchange rates may be susceptible to distortion, manipulation and their values may fluctuate drastically. • VIX futures contracts can be highly volatile and the Fund may experience sudden and large losses when buying, selling or holding such instruments. • Climate change and greenhouse gas restrictions could negatively affect the Natural Gas Funds’ investment returns.

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RISK FACTORS Investing in the Funds involves significant risks not applicable to other types of investments. The assets that the Funds invest in can be highly volatile. The Funds may experience sudden and large losses. You could potentially lose the full principal value of your investment within a given day. Before you decide to purchase any Shares, you should consider carefully the risks described below together with all of the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future. Investments linked to