Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065647
Chunk: 82

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 82
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. Conversely, if the level of the Index has fallen on a given day, net assets of the Short Fund should rise (assuming there were no Creation Unit redemptions). As a result, inverse exposure will need to be increased. ● For the Ultra Fund, the Fund’s long exposure will need to be increased on days when the Index rises (assuming there were no Creation Unit redemptions) and decreased on days when the Index falls (assuming there were no Creation Units issued). The return of a Geared Fund for a period longer than a single 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 Geared Fund’s stated multiple times the return of the Geared Fund’s Benchmark for the same period. These differences can be significant. For periods longer than a day, you will lose money if a Geared Fund’s

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benchmark’s performance is flat. It is possible that you will lose money invested in an UltraShort Fund even if the value of the benchmark falls during that period or money invested in an Ultra Fund even if the value of the benchmark rises during that period. Returns may move in the opposite direction of the benchmark during periods of higher benchmark volatility, low benchmark returns, or both. In addition, during periods of higher benchmark volatility, the benchmark volatility may affect your return as much or more than the return of the benchmark. Investment in a Geared Fund involves risks that are different from and additional to the risks of investments in other types of funds. An investor in a Geared Fund could potentially lose the full value of their investment within a single day. The amount of exposure each Fund has to a specific combination of Financial Instruments differs with each particular Fund and may be changed without shareholder approval or advance notice at any given time. Currently, the Funds anticipate that, under normal course of business and absent any unforeseen circumstances, they will be exposed to the specific Financial Instruments below as follows:

|                                            | Swaps |      | Futures |      | Options |      |
|                                            | Low   | High | Low     | High | Low     | High |
| ProShares Ultra VIX Short-Term Futures ETF | 0%    | 25%  | 125%    | 150% |         | 0%   |
| ProShares Short VIX Short-Term Futures ETF |       | 0%   |         | -50% |         | 0%   |
| ProShares VIX Short-T