Company: EUO
Filing Date: 2025-03-18
Form Type: S-1/A
Source: 0001193125-25-056734
Chunk: 15

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-1/A
Chunk 15
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 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, net assets of the Fund should fall (assuming there were no Creation Units Issued). As a result, the Fund’s short exposure will need to be decreased. Conversely, if the benchmark has fallen on a given day, net assets of the UltraShort Fund should rise (assuming there were no Creation Unit redemptions). As a result, the Fund’s short exposure will need to be increased. Similarly, if an Ultra Fund’s benchmark has risen on a given day, net assets of the Fund should rise. As a result, the Fund’s exposure will need to be increased. Conversely, if the benchmark has fallen on a given day, net assets of the Ultra Fund should fall.