Company: EUO
Filing Date: 2025-03-27
Form Type: 424B3
Source: 0001193125-25-065644
Chunk: 0

Company: ProShares Trust II
Filing Date: 2025-03-27
Form: 424B3
Chunk 0
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Filed Pursuant to Rule 424(b)(3) Registration No. 333-284921 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 SubindexSM                 |
| ProShares Ultra Euro (ULE)                        | The U.S. dollar price of the euro         |
| ProShares UltraShort Euro (EUO)                   | The U.S. dollar price of the euro         |
| ProShares Ultra Yen (YCL)                         | The U.S. dollar price of the Japanese yen |
| ProShares UltraShort Yen (YCS)                    | The U.S. dollar price of the Japanese yen |

ProShares Trust II (the “Trust”) is a Delaware statutory trust organized into separate series. The Trust may from time to time offer to sell common units of beneficial interest (“Shares”) of any or all of the series of the Trust listed above (each, a “Fund” and collectively, the “Funds”) or other series of the Trust. Shares represent units of fractional undivided beneficial interest in and ownership of a series of the Trust. Each Fund’s Shares are offered on a continuous basis. With the exception of the Shares of the ProShares VIX Mid-Term Futures ETF, the Shares of each Fund are listed for trading on NYSE Arca, Inc. under the ticker symbol shown above next to each Fund’s name. The Shares of the ProShares VIX Mid-Term Futures ETF are listed for trading on Cboe BZX Exchange, Inc. (collectively with the NYSE Arca, Inc., the “Exchange”). Please note that the Trust has series other than the Funds. The ProShares VIX Mid-Term Futures ETF seeks investment results, before fees and expenses, that match the performance of the S&P 500 ® VIX Mid-Term Futures Index (the “Index”). Each of the other Funds is “geared” (each, a “Fund” and collectively, the “