Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056733
Chunk: 39

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 39
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 Russian oil, liquified natural gas, and coal. Despite a price surge following the start of the invasion, crude oil prices are currently below the level they had prior to the start of the invasion. This decrease in crude oil prices is due to several factors, including a shift in sources for energy supplies, warmer than average winter months, energy conserve efforts, and reduced consumption. The year over year average daily trading volume for the WTI crude oil futures contracts held in the Bloomberg Commodity Balanced WTI Crude Oil Index has declined by approximately 15% since the Russian invasion. The year over year average daily trading volume for shares of the UltraShort Crude Oil Fund has increased approximately 854% since the Russian invasion. The year over year average daily trading volume for shares of the Ultra Crude Oil Fund has declined approximately 23% since the Russian invasion began. As of February 28, 2023, the WTI crude oil futures contracts held in the Bloomberg Commodity Balanced WTI Crude Oil Index are relatively flat. The invasion’s impact on other commodities markets, such as the gold and silver markets, has been less significant. In the case of gold and silver markets, none of Russia, Ukraine or Israel is a meaningful exporter of gold and silver, and metals can easily be diverted to alternative export markets. As of the date of this prospectus, gold prices are at or near historically high levels. Spot gold was up about 20% during 2024. 2024 year over year average daily trading volume for the front month gold futures contract increased 23% compared to 2023. The year over year average daily trading volume for shares of the Ultra Gold Fund has increased approximately 70% compared to 2023. Spot silver was up 22% in 2024, peaking in October. Silver experienced volatility at the end of the third quarter, with prices pulling back towards year-end. 2024 year over year average daily trading volume for the front month silver futures contract increased 18% compared to 2023. The year over year average daily trading volume for shares of the Ultra Silver Fund increased 90% compared to 2023. As of January 2025, gold futures and silver futures are in slight contango. The front end of the futures curve was in contango for all of 2024. See “Potential negative impact from rolling futures positions; there have been extended periods in the past where the investment strategies utilized by the Funds have caused significant and sustained losses. See “Potential