Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 126

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 126
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 the basis of monthly returns only, and does not reflect intra-month figures. 5. “Worst Peak-to-Valley Loss” is the largest percentage decline in Net Asset Value per Share over the most recent five calendar years and year-to-date (or since inception of the Fund, if the Fund has had less than five calendar years of performance). This need not be a continuous

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decline, but can be a series of positive and negative returns where the negative returns are larger than the positive returns. Worst Peak-to-Valley Loss represents the greatest percentage decline from any month-end Net Asset Value per Share that occurs without such month-end Net Asset Value per Share being equaled or exceeded as of a subsequent month-end. A Peak-to-Valley loss that begins prior to the beginning of the most recent five calendar years and ends within the most recent five calendar year period is deemed to have occurred during such five calendar year period. 6. Based on the latest calculated net asset value, as applicable to creations and redemptions of Creation Units, with respect to each period.

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MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS Investors should consider Management’s Discussion and Analysis of Financial Condition and Results of Operations with respect to the Trust, which section is incorporated by reference to our Annual Report on Form 10-K for the year ended December 31, 2024. There has not been a material change to the financial statements or the notes to those financial statements in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024 filed on February 28, 2025. CHARGES Breakeven Table The projected twelve-month breakeven analysis for each Fund is set forth in the Breakeven Table below. For purposes of calculating the amounts in the Breakeven Table for each Fund the analysis assumes that the constant NAV per Fund is equal to the amount shown.

| Expenses(1)                                                                                                                              | Dollar Amount and Percentage ofExpenses per Fund |         |
|                                                                                                                                          |               ProShares VIX Mid-Term Futures ETF |         |
| Selling price per share                                                                                                                  |                                           $15.00 |         |
| Management fee(2)                                                                                                                        |                                            $0.13 | 0.85%   |
| Brokerage commissions and fees                                                                                                           |                                            $0.04 | 0.25%   |
| Variable create/redeem fees(3)                                                                                                           |