Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 110

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 110
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| ProShares VIX Mid-Term Futures ETF         | 0%           | 0%       | 100%       |
| ProShares Ultra Bloomberg Natural Gas      | 0%           | 0%       | 200%       |
| ProShares UltraShort Bloomberg Natural Gas | 0%           | 0%       | -200%      |
| ProShares UltraShort Silver                | -75 to -200% | 0%       | 0 to -125% |
| ProShares UltraShort Gold                  | -75 to -200% | 0%       | 0 to -125% |
| ProShares Ultra Euro                       | 0%           | 200%     | 0%         |
| ProShares UltraShort Euro                  | 0%           | 0%       | -200%      |
| ProShares Ultra Yen                        | 0%           | 200%     | 0%         |
| ProShares UltraShort Yen Fund              | 0%           | -200%    | 0%         |

The amount of each Fund’s exposure should be expected to change from time to time at the discretion of the Sponsor based on market conditions and other factors. ProShares Ultra Bloomberg Natural Gas experienced significantly higher than normal creation activity in first quarter of 2023. The Fund potentially could experience similar creation activity in the future. During the first quarter of 2023 the Fund was heavily concentrated in one of the futures contracts contained in its benchmark (the Bloomberg Natural Gas SubindexSM). As a result of discussions with the futures exchange, the Fund obtained exposure to its benchmark during the quarter by investing in a combination of futures contracts and swap agreements that

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ranged from approximately 187% to 200% (future contracts) and 0% to approximately 13% (swap agreements). As of March 21, 2023, the Fund obtained exposure to its benchmark by investing in a combination of futures contracts (approximately 192%) and swap agreements (approximately 8%). During periods when the Fund is heavily concentrated in one of the futures contracts contained in its benchmark the Fund may engage in swap transactions. During such periods the amount of exposure that the Fund will have to futures contracts and swap agreements should be expected to change on a daily basis. The Fund’s exposure will be affected by, among other things, changes in the size of the Fund, market conditions, investor demand for the Fund, the number and mix of natural gas futures contract