Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 106

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 106
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 that limit losses ( i.e ., have “floors”) or are otherwise designed to prevent the Fund’s NAV from going to or below zero. Use of such options strategies will not prevent the VIX Futures Fund from losing value, and their use may not prevent the Fund’s NAV from going to or below zero. Rather, it is intended to allow the VIX Futures Fund to preserve a small portion of its value in the event of significant movements in its benchmark or Financial Instruments based on its benchmark. The VIX Futures Fund will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds) as collateral for Financial Instruments and pending investment in Financial Instruments. Investment Strategies of the UltraShort Silver Fund, the UltraShort Gold Fund, the Ultra Euro Fund, the Ultra Yen Fund and the UltraShort Yen Fund: Each of the UltraShort Silver Fund, the UltraShort Gold Fund, the Ultra Euro Fund, the Ultra Yen Fund and the UltraShort Yen Fund seeks to meet its investment objective by investing under normal market conditions in any one of, or combinations of, Financial Instruments (including swap agreements, futures contracts and forward contracts) based on the Fund’s benchmark. The types and mix of Financial Instruments in which these Funds invest may vary daily at the discretion of the Sponsor. The Funds will not invest directly in any commodity or currency. Each Fund will also hold cash or cash equivalents such as U.S. Treasury securities or other high credit quality, short-term fixed-income or similar securities (such as shares of money market funds) as collateral for Financial Instruments and pending investment in Financial Instruments. In addition, each Precious Metals Fund may, but is not required to, seek to use options strategies and/or swap agreements that limit losses ( i.e ., have “floors”) or are otherwise designed to prevent the Fund’s NAV from going to or below zero. Use of such options strategies and/or swap agreements will not prevent a Precious Metals Fund from losing value, and their use may not prevent the Fund’s NAV from going to or

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below zero. Rather, it is intended to allow a Precious Metals Fund to preserve a small portion of its value in the event of significant movements in its benchmark or Financial Instruments based on its benchmark. Investment Strategies of the Natural Gas Funds: The Natural Gas Funds seek to meet their investment objectives by investing under normal market conditions in Natural Gas futures contracts. The Natural Gas Funds will