Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 23

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 23
---
 FUND WILL OR IS LIKELY TO ACHIEVE GAINS OR LOSSES SIMILAR TO THOSE SHOWN OR WILL EXPERIENCE VOLATILITY SIMILAR TO THAT SHOWN. THE INFORMATION PROVIDED IN THE CHART BELOW IS FOR ILLUSTRATIVE PURPOSES ONLY. One-Year Simulation; Benchmark Flat (0%)
(Annualized Benchmark Volatility 37%) The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is flat or trendless over the year (i.e., provides a return of 0% over the course of the year), but the Ultra Fund (2x) and the UltraShort Fund (-2x) are both down.

-15

One-Year Simulation; Benchmark Down 30%
(Annualized Benchmark Volatility 37%) The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is down over the year, but the Ultra Fund (2x) is down less than two times the benchmark and the UltraShort Fund (-2x) is up less than two times the inverse of the benchmark. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS. NO REPRESENTATION IS BEING MADE THAT ANY BENCHMARK OR FUND WILL OR IS LIKELY TO ACHIEVE GAINS OR LOSSES SIMILAR TO THOSE SHOWN OR WILL EXPERIENCE VOLATILITY SIMILAR TO THAT SHOWN. THE INFORMATION PROVIDED IN THE CHART BELOW IS FOR ILLUSTRATIVE PURPOSES ONLY. One-Year Simulation; Benchmark Up 30%
(Annualized Benchmark Volatility 37%)

-16

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is up over the year, but the Ultra Fund (2x) is up less than two times the benchmark and the UltraShort Fund (-2x) is down more than two times the inverse of the benchmark. The historical five-year average volatility of the benchmarks utilized by the Funds ranges from 16.27% to 37.30% as of December 31, 2024, as set forth in the table below.

| Benchmark                                              | HistoricalFive-YearAverage VolatilityRate as ofDecember 31, 2024 |
|:-------------------------------------------------------|:-----------------------------------------------------------------|
| Bloomberg Commodity Balanced WTI Crude Oil SubindexSM* | 37.30%                                                           |
| Bloomberg Gold SubindexSM                              | 16.27%                                                           |
| Bloomberg Silver SubindexSM                            | 33.