Company: EUO
Filing Date: 2025-03-18
Form Type: S-3/A
Source: 0001193125-25-056733
Chunk: 26

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-3/A
Chunk 26
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 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                            | 33.92%                                                           |

* Prior to September 17, 2020, each Oil Fund’s benchmark was the Prior Oil Benchmark. Effective September 17, 2020, each Oil Fund’s benchmark is the Bloomberg Commodity Balanced WTI Crude Oil Index SM . The Oil Fund’s current benchmark tracks longer-dated futures contracts than the Prior Oil Benchmark. The performance of the Oil Funds should be expected to deviate to a greater extent from the “spot” price of WTI crude oil (which neither Oil Fund seeks to track) than if the Oil Funds had exposure to a shorter-dated futures contract or continued to use the Prior Oil Benchmark as its benchmark. WTI crude oil futures contracts (and thus each Oil Fund) typically perform very differently from the “spot” price of WTI crude oil and their performance will differ in amount, and possibly even direction, from the performance of the “spot” price of WTI crude oil. Historical average volatility does not