Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 8

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 8
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 impact on Geared Fund performance and the volatility of a Geared Fund’s benchmark may be at least as important to a Geared Fund’s return as the return of the Geared Fund’s benchmark. Each Geared Fund uses leverage, If an Ultra Fund is successful in meeting its objective, it should gain approximately two times as much as its Benchmark when the Benchmark rises on a given day. Conversely, an Ultra Fund should lose approximately two times as much as its Benchmark when the Benchmark falls on a given day. The return for a single day of an UltraShort Fund with a -2x multiple should be approximately two times as volatile for a single day as the return of a fund with an objective of matching the same benchmark. If an UltraShort Fund is successful in meeting its investment objective, it should gain approximately two times as much as its Benchmark loses when the Benchmark falls on a given day. Conversely, an UltraShort Fund should lose approximately two times as much as its Benchmark gains when the Benchmark rises on a given day. Overview Each Fund is listed below along with its respective benchmark: The Oil Funds

| Fund Name                                | Benchmark*                                         |
| ProShares Ultra Bloomberg Crude Oil      | Bloomberg Commodity Balanced WTI Crude Oil IndexSM |
| ProShares UltraShort Bloomberg Crude Oil | Bloomberg Commodity Balanced WTI Crude Oil IndexSM |

* Prior to September 17, 2020 each Oil Fund’s benchmark was the Bloomberg WTI Crude Oil Subindex SM (the “Prior Oil Benchmark”). The performance of each Oil Fund prior to September 17, 2020 is based on the performance of the Prior Oil Benchmark. The Precious Metals Funds

| Fund Name              | Benchmark                   |
| ProShares Ultra Gold   | Bloomberg Gold SubindexSM   |
| ProShares Ultra Silver | Bloomberg Silver SubindexSM |

Each “Ultra Fund” seeks daily investment results, before fees and expenses, that correspond to two times (2x) the performance of its benchmark for a single day. The “UltraShort Fund” seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the performance of its benchmark for a single day. The Funds do not seek to achieve their stated objective over a period greater than a single day. A “single day” is measured from the time the Fund calculates its net asset value (“NAV”) to the time of the Fund’s next NAV calculation.

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Each Fund seeks to engage in daily rebalancing to position its portfolio