Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 14

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 14
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 crude oil markets. This may increase or decrease volatility of the Funds’ shares. Important Tax Information Please note that each Fund will distribute to each shareholder a Schedule K-1 that will contain information regarding the shareholder’s share of income and expense items of the Fund. Schedule K-1 is a complex form and shareholders may find that preparing tax returns may require additional time or may require the assistance of an accountant or other tax preparer, at an additional expense to the shareholder.

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RISK FACTOR SUMMARY Risks Related to All Funds • There is no guarantee that any Fund will achieve its investment objective. • 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 Fund’s returns over periods longer than a day will likely differ in amount and possibly even direction from the Fund’s daily target for such period. • Intraday price performance of Fund Shares will likely differ from the Fund’s stated multiple times the performance of its benchmark for such day. • Historical average volatility does not predict future volatility, which may be significantly higher or lower than historical averages. • In order to achieve a high degree of correlation with their applicable underlying benchmarks, the Funds seek to rebalance their portfolios daily to keep exposure consistent with their respective investment objectives. • Each Fund seeks to achieve its investment objective even during periods when the performance of the Fund’s benchmark is flat or when the benchmark is moving in a manner that may cause the value of the Fund to decline. • 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 below. • Potential negative impact from rolling futures positions; there have been extended periods in the past where the investment strategies utilized by the Funds have caused significant and sustained losses. • The number of underlying components included in a Fund’s benchmark may impact the volatility of such benchmark, which could adversely affect an investment in the Shares. • Possible illiquid markets may cause or exacerbate losses: the large size of the positions the Funds may acquire increases these risks. • Changes implemented by the benchmark provider that affect the composition and valuation of the benchmark could negatively impact the performance of the benchmark and therefore the performance of the Funds. • The particular benchmark used by a Fund may underperform other asset classes and may underperform other indices or benchmarks based upon the same underlying Reference Asset. • A Fund may change its investment objective, benchmark and investment strategies, and/or may terminate, at any