Company: EUO
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001193125-25-026199
Chunk: 114

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-1
Chunk 114
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 of the Sponsor. The impact of a benchmark’s movements each day will affect whether a Geared Fund’s portfolio needs to be rebalanced and the amount of such rebalance. • For example, if the benchmark underlying an UltraShort Fund has risen on a given day, net assets of such Fund should fall (assuming there were no Creation Units issued). As a result, inverse exposure will need to be decreased. Conversely, if the benchmark underlying an UltraShort Fund has fallen on a given day, net assets of such Fund should rise (assuming there were no Creation Unit redemptions). As a result, inverse exposure will need to be increased. • For an Ultra Fund, the Fund’s long exposure will need to be increased on days when the Fund’s benchmark rises and decreased on days when the Fund’s benchmark falls. The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ in amount, and possibly even direction, from the Geared Fund’s stated multiple times the return of the Geared Fund’s Benchmark for the same period. These differences can be significant. For periods longer than a day, you will lose money if a Geared Fund’s benchmark’s performance is flat. It is possible that you will lose money invested in an UltraShort Fund even if the value of the benchmark falls during that period or money invested in an Ultra 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 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 given 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    |
| ProShares VIX Mid-Term Futures ETF         | 0%           | 0%       | 100%       |
| ProShares Ultra Bloomberg Natural