Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 41

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 41
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 the behavior of a VIX futures contract may be different from traditional futures contracts whose settlement price is based on a specific tradable asset and may differ from an investor’s expectations. High volatility may have an adverse impact on the Fund. An investor could potentially lose the full principal value of his or her investment within a given day. VIX Mid-Term Futures Index changes and market transactions, including the daily rebalancing of the futures contracts by the VIX Futures Fund may have a significant impact on the performance of the Index and the Fund and the trading, liquidity and price of Fund Shares. Index changes and transactions by market participants in the futures contracts underlying the Index, including the daily rebalancing of such futures contracts by the VIX Futures Fund may have a significant impact on the trading, liquidity and price of such futures contacts and, in turn, impact on the performance of the Index and the Fund. The trading activity associated with such transactions will contribute to the existing open interest and trading volume of the underlying futures contracts and could have a significant adverse impact on the trading and price of such contracts. This, in turn, could have a negative impact on the performance of the Index and the Fund. The Fund has engaged, and may continue to engage, in futures transactions that may constitute holding a substantial portion (e.g., 50% or more) of the open interest and/or trading volume of the futures contracts underlying the Index. To the extent the Fund transactions in a relatively higher percentage of the open interest and/or trading volume of such futures contracts, the Fund’s activity may be more likely to have an impact which could be significant on the trading,

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liquidity, and price of such contracts. This in turn could have a significant negative impact on the performance of the Index and the Fund as well as the market for Fund Shares making it more difficult for investors to buy or sell Fund Shares at the desired price or at all. Potential negative impact from rolling futures positions; there have been extended periods in the past where the strategies utilized by the VIX Futures Fund have caused significant and sustained losses. The VIX Futures Fund invests in or has exposure to VIX futures contracts and is subject to risks related to rolling these positions. The contractual obligations of a buyer or seller holding a futures contract to expiration may be satisfied by settling in cash as designated in the contract specifications. Alternatively, futures contracts may be closed out prior to expiration by making an offsetting sale or purchase of an identical futures contract with a later expiration date. This process is referred to as