Company: EUO
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001193125-25-026199
Chunk: 3

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-1
Chunk 3
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 |     | ☐ |     | Smaller reporting company |     | ☒ |
| Emerging growth company |     | ☐ |     |                           |     |   |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐ ProShares UltraShort Yen

| Large accelerated filer |     | ☐ |     | Accelerated filer         |     | ☐ |
| Non-accelerated filer   |     | ☐ |     | Smaller reporting company |     | ☒ |
| Emerging growth company |     | ☐ |     |                           |     |   |

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

The registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until this Registration Statement shall become effective on such date as the Commission, acting pursuant to said Section 8(a), may determine.

The information in this Prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted. Subject to completion. February 13, 2025 PROSHARES TRUST II Common Units of Beneficial Interest

| Fund                                              | Benchmark                                 |
| ProShares VIX Mid-Term Futures ETF (VIXM)         | S&P 500®VIX Mid-Term Futures Index        |
| ProShares Ultra Bloomberg Natural Gas (BOIL)      | Bloomberg Natural Gas                     
 SubindexSM                                |
| ProShares UltraShort Bloomberg Natural Gas (KOLD) | Bloomberg Natural Gas                     
 SubindexSM                                |
| ProShares UltraShort Silver (ZSL)                 | Bloomberg Silver SubindexSM               |
| ProShares UltraShort Gold (GLL)                   | Bloomberg Gold Subindex