Company: EUO
Filing Date: 2025-03-18
Form Type: S-1/A
Source: 0001193125-25-056734
Chunk: 30

Company: ProShares Trust II
Filing Date: 2025-03-18
Form: S-1/A
Chunk 30
---
 Benchmark Flat (0%)
(Annualized Benchmark Volatility 60%) The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is flat or trendless over the year ( i.e ., provides a return of 0% over the course of the year), but the Ultra Fund (2x) and the UltraShort Fund (-2x) are both down. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS. NO REPRESENTATION IS BEING MADE THAT ANY BENCHMARK OR FUND WILL OR IS LIKELY TO ACHIEVE GAINS OR LOSSES SIMILAR TO THOSE SHOWN OR WILL EXPERIENCE VOLATILITY SIMILAR TO THAT SHOWN. THE INFORMATION PROVIDED IN THE CHART BELOW IS FOR ILLUSTRATIVE PURPOSES ONLY.

-16

One-Year Simulation; Benchmark Down 48%
(Annualized Benchmark Volatility 60%) The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is down over the year, but the Ultra Fund (2x) is down less than two times the benchmark and the UltraShort Fund (-2x) is up less than two times the inverse of the benchmark. HYPOTHETICAL PERFORMANCE RESULTS HAVE MANY INHERENT LIMITATIONS. NO REPRESENTATION IS BEING MADE THAT ANY BENCHMARK OR FUND WILL OR IS LIKELY TO ACHIEVE GAINS OR LOSSES SIMILAR TO THOSE SHOWN OR WILL EXPERIENCE VOLATILITY SIMILAR TO THAT SHOWN. THE INFORMATION PROVIDED IN THE CHART BELOW IS FOR ILLUSTRATIVE PURPOSES ONLY. One-Year Simulation; Benchmark Up 48%
(Annualized Benchmark Volatility 60%)

-17

The graph above shows a scenario where the benchmark, which exhibits day-to-day volatility, is up over the year, but the Ultra Fund (2x) is up less than two times the benchmark and the UltraShort Fund (-2x) is down less than two times the inverse of the benchmark. The historical five-year average volatility of the benchmarks utilized by the Funds ranges from 7.40% to 59.81% as of December 31, 2024, as set forth in the table below.

| Benchmark                                 | HistoricalFive-Year AverageDecember 31, 2024 |
|:------------------------------------------|:---------------------------------------------|
| S&P 500 VIX Mid-Term Futures Index        | 36.28%                                       |
| Bloomberg Natural Gas                     
 SubindexSM