Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065647
Chunk: 35

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 35
---
 experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. It is possible that the futures contracts held by the Funds also may similarly experience periods of extraordinary contango in the future. The value of the Shares of each Fund relates directly to the value of, and realized gain or loss from, the Financial Instruments and other assets held by such Fund. Fluctuations in the price of these Financial Instruments or assets could materially adversely affect an investment in the Shares. A number of factors may affect the price and/or liquidity of VIX futures contracts and other Financial Instruments, including, but not limited to • Prevailing market prices and forward volatility levels of the U.S. stock markets, the S&P 500, the equity securities included in the S&P 500 and prevailing market prices of options on the S&P 500, the VIX, options on the VIX, the relevant VIX futures contracts, or any other financial instruments related to the S&P 500 and the VIX or VIX futures contracts; • Interest rates and investors’ expectations concerning interest rates; • Inflation rates and investors’ expectations concerning inflation rates;

-24

• Economic, financial, political, regulatory, geographical, judicial and other events, including sanctions, trade disputes and the imposition of tariffs, changes in U.S government policy or agency staffing or agency reorganizations, exchange controls or other cross-border trade barriers, that affect the level of the Index or the market price or forward volatility of the U.S. stock markets, the equity securities included in the S&P 500, the S&P 500, the VIX or the relevant futures or option contracts on the VIX; • Supply and demand as well as hedging activities in the listed and over-the-counter (“OTC”) equity derivatives markets; • The level of margin requirements; • The position and accountability limits imposed by futures exchanges and any position or risk limits imposed by FCMs or swap counterparties; • Disruptions in trading of the S&P 500, futures contracts on the S&P 500 or options on the S&P 500; • The level of contango or backwardation in the VIX futures contracts market; • Global or regional political, economic, or financial events and situations including the impact of a new presidential administration, and investor expectations concerning such events; • Weather, natural disasters (including disease, epidemics and pandemics), and other environmental conditions; and • Investment and trading activities of mutual funds