Company: EUO
Filing Date: 2025-02-13
Form Type: S-3
Source: 0001193125-25-026203
Chunk: 11

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-3
Chunk 11
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 the Benchmark rises on a given day. Overview Each Fund is listed below along with its respective benchmark: The Oil Funds

| Fund Name                                | Benchmark*                                         |
| ProShares Ultra Bloomberg Crude Oil      | Bloomberg Commodity Balanced WTI Crude Oil IndexSM |
| ProShares UltraShort Bloomberg Crude Oil | Bloomberg Commodity Balanced WTI Crude Oil IndexSM |

* Prior to September 17, 2020 each Oil Fund’s benchmark was the Bloomberg WTI Crude Oil Subindex SM (the “Prior Oil Benchmark”). The performance of each Oil Fund prior to September 17, 2020 is based on the performance of the Prior Oil Benchmark. The Precious Metals Funds

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

Each “Ultra Fund” seeks daily investment results, before fees and expenses, that correspond to two times (2x) the performance of its benchmark for a single day. The “UltraShort Fund” seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the performance of its benchmark for a single day. The Funds do not seek to achieve their stated objective over a period greater than a single day. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation.

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Each Fund seeks to engage in daily rebalancing to position its portfolio so that its exposure to its benchmark is consistent with its daily investment objective. The impact of changes to the value of a Fund’s benchmark each day will affect whether such Fund’s portfolio needs to be rebalanced. For example, if the UltraShort Fund’s benchmark 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 UltraShort Fund’s benchmark 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 Ultra Funds, the Fund’s long exposure will need to be increased on days when such Fund’s benchmark rises (assuming there were no Creation Units redeemed) and decreased on days when such Fund’s benchmark falls (assuming there were no Creation Units issued). The time and manner in which a Fund rebalances its portfolio