Company: EUO
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001193125-25-026199
Chunk: 24

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-1
Chunk 24
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 to gold or silver bullion may cause tracking error and subject the Precious Metals Funds to the effects of contango and backwardation as described herein. • Russia’s invasion of Ukraine may continue have a severe adverse effect and bring volatility on certain commodities markets, particularly natural gas markets. Despite a price surge following the start of the invasion, natural gas prices are currently below the level they had prior to the start of the invasion. This decrease in natural gas prices is due to several factors, including a shift in sources for energy supplies, warmer than average winter months, energy conservation efforts, and reduced consumption. • Currency exchange rates may be susceptible to distortion, manipulation and their values may fluctuate drastically. • VIX futures contracts can be highly volatile and the Fund may experience sudden and large losses when buying, selling or holding such instruments. • Climate change and greenhouse gas restrictions could negatively affect the Natural Gas Funds’ investment returns.

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RISK FACTORS Investing in the Funds involves significant risks not applicable to other types of investments. The assets that the Funds invest in can be highly volatile. The Funds may experience sudden and large losses. You could potentially lose the full principal value of your investment within a given day. Before you decide to purchase any Shares, you should consider carefully the risks described below together with all of the other information included in this Prospectus, as well as information found in documents incorporated by reference in this Prospectus. These risk factors may be amended, supplemented or superseded from time to time by risk factors contained in any periodic report, prospectus supplement, post-effective amendment or in other reports filed with the SEC in the future. Investments linked to commodity or currency markets can be highly volatile compared to investments in traditional securities and the Funds may experience sudden and large losses. These markets may fluctuate widely based on a variety of factors including but not limited to changes in overall market movements, political and economic events, wars, acts of terrorism, periods of recession and/or sustained elevated inflation, natural disasters (including disease, epidemics and pandemics) and changes in interest rates or inflation rates. High volatility may have an adverse impact on the performance of the Funds. An investor in any of the Funds could potentially lose the full principal value of his or her investment within a given day. Risks Specific to the Geared Funds The use of leveraged or inverse leveraged positions increases risk and could result in the total loss of an investor’s investment within a given day. Each of the Geared Funds utilizes leverage in seeking to achieve its investment objective and