Company: EUO
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001193125-25-026199
Chunk: 21

Company: ProShares Trust II
Filing Date: 2025-02-13
Form: S-1
Chunk 21
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 of the benchmark could negatively impact the performance of the Funds. • The particular benchmark used by a Fund may underperform other asset classes and may underperform other indices or benchmarks based upon the same underlying Reference Asset. • A Fund may change its investment objective, benchmark and investment strategies, and/or may terminate, at any time without shareholder approval. • There may be circumstances that could prevent or make it impractical for a Fund to operate in a manner consistent with its investment objective and investment strategies. • Historical correlation trends between Fund benchmarks and other asset classes may not continue or may reverse, limiting or eliminating any potential diversification or other benefit from owning a Fund. • The lack of active trading markets for the Shares may result in losses upon the sale of such Shares. • Investors may be adversely affected by redemption or creation orders that are subject to postponement, suspension or rejection under certain circumstances. • The NAV per Share may not correspond to the market price per Share. • Investors may be adversely affected by an overstatement or understatement of a Fund’s NAV due to the valuation method employed or errors in the NAV calculation. • The liquidity of the Shares may also be affected by the withdrawal from participation of Authorized Participants, which could adversely affect the market price of the Shares. • Shareholders that are not Authorized Participants may only purchase or sell their Shares in secondary trading markets, and the conditions associated with trading in secondary markets may adversely affect investors’ investment in the Shares. • A Fund’s listing exchange may halt trading in Shares of the Fund which would adversely impact investors’ ability to sell Shares and could lead to investor losses. • Shareholders do not have the protections associated with ownership of shares in an investment company registered under the 1940 Act.

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• Regulatory and exchange daily price limits, position limits and accountability levels may cause the Sponsor to restrict the creation of Creation Units which could have a negative impact on the operation of each Fund, prevent a Fund from achieving its investment objective, and disrupt secondary market trading of Fund Shares. • The use of futures contracts may expose the Funds to liquidity and other risks, which could result in significant loss to the Funds. • Margin requirements and position limits applicable to futures contracts and the ability of and market required by swap counterparties may limit a Fund’s ability to achieve sufficient exposure and prevent a Fund from achieving its investment objective. • The insolvency of a futures commission merchant (“FCM”) or clearinghouse or the failure of an FCM or clearinghouse to properly segregate Fund assets held as margin on futures transactions may