Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 7

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 7
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ARED FUND FOR PERIODS LONGER THAN A DAY IS THE PRODUCT OF A SERIES OF DAILY LEVERAGED RETURNS FOR EACH TRADING DAY DURING THAT PERIOD. IF YOU HOLD GEARED FUND SHARES FOR ANY PERIOD OTHER THAN A DAY, IT IS IMPORTANT FOR YOU TO UNDERSTAND THE RISKS AND LONG-TERM PERFORMANCE OF A DAILY OBJECTIVE FUND. YOU SHOULD KNOW THAT OVER YOUR HOLDING PERIOD: • YOUR RETURN MAY BE HIGHER OR LOWER THAN THE DAILY TARGET, AND THIS DIFFERENCE MAY BE SIGNIFICANT. • FACTORS THAT CONTRIBUTE TO RETURNS THAT ARE WORSE THAN THE DAILY TARGET INCLUDE SMALLER BENCHMARK GAINS OR LOSSES AND HIGHER BENCHMARK VOLATILITY, AS WELL AS LONGER HOLDING PERIODS WHEN THESE FACTORS APPLY. • FACTORS THAT CONTRIBUTE TO RETURNS THAT ARE BETTER THAN THE DAILY TARGET INCLUDE LARGER

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BENCHMARK GAINS OR LOSSES AND LOWER BENCHMARK VOLATILITY, AS WELL AS LONGER HOLDING PERIODS WHEN THESE FACTORS APPLY. • THE MORE EXTREME THESE FACTORS ARE, AND THE MORE THEY OCCUR TOGETHER, THE MORE YOUR RETURN WILL TEND TO DEVIATE FROM THE DAILY TARGET. FOR PERIODS LONGER THAN A DAY, YOU WILL LOSE MONEY IF A GEARED FUND’S BENCHMARK’S PERFORMANCE IS FLAT. IT IS POSSIBLE THAT YOU WILL LOSE MONEY INVESTED IN AN ULTRA SHORT FUND EVEN IF THE VALUE OF THE BENCHMARK FALLS DURING THAT PERIOD OR MONEY INVESTED IN AN ULTRA FUND EVEN IF THE VALUE OF THE BENCHMARK RISES DURING THAT PERIOD. RETURNS MAY MOVE IN THE OPPOSITE DIRECTION OF THE BENCHMARK DURING PERIODS OF HIGHER BENCHMARK VOLATILITY, LOW BENCHMARK RETURNS, OR BOTH. IN ADDITION, DURING PERIODS OF HIGHER BENCHMARK VOLATILITY, THE BENCHMARK VOLATILITY MAY AFFECT YOUR RETURN AS MUCH OR MORE THAN THE RETURN OF THE BENCHMARK. INVESTMENT IN A GEARED FUND INVOLVES RISKS THAT ARE DIFFERENT FROM AND ADDITIONAL TO THE RISKS OF INVESTMENTS IN OTHER TYPES OF FUNDS. AN INVESTOR IN A GEARED FUND COULD POTENTIALLY LOSE THE FULL VALUE OF THEIR INVESTMENT WITHIN A SINGLE DAY. Volatility has a negative