Company: EUO
Filing Date: 2025-02-13
Form Type: S-3
Source: 0001193125-25-026201
Chunk: 21

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-3
Chunk 21
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 risk limits for the Fund.

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• Derivatives may expose the Funds to counterparty credit risk, liquidity risk, and other risks, which could result in significant loss to the Funds. Options use may be costly and may not protect a Fund, and changes to options pricing and valuation models may adversely affect the Funds. • In a rising rate environment, the Funds may not be able to fully invest at prevailing rates until any current investments in U.S. Treasury securities mature in order to avoid selling those investments at a loss. • Shareholders’ tax liability may exceed cash distributions on the Shares. • Investors in the Funds may be exposed to various tax risks, as described in further detail herein. • Natural disasters and public health disruptions, may have a significant negative impact on the performance of each Fund; the risks and other information described herein could become outdated as a result of such events. • In response to Russia’s ongoing invasion of Ukraine that started in February 2022 and the current conflict between those two countries, the U.S. and other countries, as well as the European Union, have issued broad-ranging economic sanctions designed to impose severe pressure on Russia’s economy. Currently, such sanctions, and the conflict generally, have caused adverse effects on regional and global economic and commodity markets, may result in increased volatility, and could have a negative impact on the performance of a Fund and its or the liquidity and price of Fund Shares. • The Israel-Hamas conflict and the Houthi movement’s attacks on marine vessels in the Red Sea may have an impact on certain commodities markets, particularly the market for natural gas, commodity futures markets, including futures on natural gas, and the prices of the Natural Gas Funds. While a ceasefire agreement has been reached, there is no guarantee that the parties will continue to comply with the terms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of continued and prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the oil and natural gas markets.

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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