Company: EUO
Filing Date: 2025-02-13
Form Type: S-3
Source: 0001193125-25-026203
Chunk: 20

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-3
Chunk 20
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 are not directly linked to the “spot” price of crude oil. Oil futures contracts may perform very differently from the spot price of crude oil. • In response to Russia’s ongoing invasion of Ukraine and the ongoing conflict between those two countries, the U.S. and other countries, as well as the European Union, have issued broad-ranging economic sanctions designed to impose severe pressure on Russia’s economy. Initially, the prices of crude oil surged in response to fears over supply issues. 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. Such sanctions, and the conflict generally, may have adverse effects on regional and global economic markets, and may result in increased volatility and could have a negative impact on the performance of a Fund and its or the liquidity and price of Fund Shares. • Hamas’ attack against Israel in October 2023 and the Houthi movement’s attack on marine vessels in the Red Sea, have had, and may continue to have, an impact on certain commodities markets, particularly the market for natural gas, commodity futures markets, including futures on natural gas, and the prices of the Natural Gas Funds. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The potential for a continued and prolonged conflict between Hamas and Israel, and the potential involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the natural gas markets. • Climate change and greenhouse gas restrictions could negatively affect the Oil 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