Company: EUO
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001193125-25-026199
Chunk: 108

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-1
Chunk 108
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 Investment Objectives Investment Objective of the Matching Fund: The VIX Futures Fund, which is also referred to herein as the “Matching Fund”, seeks investment results, before fees and expenses, that match the performance of the Mid-Term VIX Futures Index. If the VIX Futures Fund is successful in meeting its objective, its value (before fees and expenses) should gain approximately as much on a percentage basis as the level of the Mid-Term VIX Futures Index when the index rises (assuming there were no Creation Unit redemptions). Conversely, its value (before fees

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and expenses) should lose approximately as much on a percentage basis as the level of the Mid-Term VIX Futures Index when the index falls (assuming there were no Creation Units issued). The VIX Futures Fund acquires exposure through VIX futures contracts. The VIX Futures Fund seeks to achieve its stated investment objective over time, not just for a single day. The VIX Futures Fund is benchmarked to the Mid-Term VIX Futures Index, which is comprised of VIX futures contracts and seeks to offer exposure to market volatility through publicly traded futures markets. The VIX Futures Fund is not benchmarked to the VIX, which is calculated based on the prices of put and call options on the S&P 500. The VIX is a theoretical calculation and cannot be traded on a spot basis. As such, the VIX Futures Fund can be expected to perform very differently from the VIX. Investment Objective of the Geared Funds : Each Geared Fund is designed to provide multiple (2x) or inverse multiple (-2x), as applicable, results on a daily basis. Each Geared Fund, however, is unlikely to provide a simple multiple (2x) or inverse multiple (-2x), as applicable, of its benchmark’s performance over periods longer than a given day. The return of a Geared Fund for a period longer than a given day is the result of its return for each day compounded over the period and usually will differ in amount, and possibly even direction, from the multiple (2x) or inverse multiple (-2x), as applicable, of the return of its benchmark for the same period. These differences can be significant. A Geared Fund’s return for periods longer than one day is primarily a function of the following: a) benchmark performance; b) benchmark volatility; c) period of time; d) financing rates associated with leverage or inverse exposure; e) other Fund expenses; and f) daily rebal