Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065648
Chunk: 43

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 43
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. Concentration in fewer components may result in a greater degree of volatility in a benchmark and the Fund which corresponds to that benchmark under specific market conditions and over time. Possible illiquid markets may cause or exacerbate losses. In certain circumstances, such as the disruption of the orderly markets for the Financial Instruments in which a Fund invests, the Fund may not be able to acquire or dispose of certain holdings quickly or at prices that represent true market value in the judgment of the Sponsor. Markets for the Financial Instruments in which a Fund invests may be disrupted by a number of events, including, but not limited to economic crisis, political crisis, health crisis, natural disaster, war and military actions between countries and the ensuing conflicts, excessive volatility, new legislation or regulatory change inside or outside the U.S. Market disruptions or volatility can also make it difficult for a Fund to buy or sell a position or find a swap or forward contract counterparty willing to transact at a reasonable price and sufficient size. Illiquid markets and/or Financial Instruments may cause losses, which could be significant, for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that each Fund typically invests in Financial Instruments related to a single benchmark, which is highly concentrated. Limits imposed by counterparties, exchanges or other regulatory organizations, such as accountability levels, position limits and daily price fluctuation limits, may contribute to a lack of liquidity with respect to some Financial Instruments and have a negative impact on Fund performance. During periods of market illiquidity, including periods of market disruption and volatility, it may be difficult or impossible for a Fund to buy or sell futures contracts or other Financial Instruments or for investors to buy or sell Fund Shares at desired prices or at all.

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Fees are charged regardless of a Fund’s returns and may result in depletion of assets. The Funds are subject to the fees and expenses described herein which are payable irrespective of a Fund’s returns, as well as the effects of commissions, trading spreads, and embedded financing, borrowing costs and fees associated with swaps, forwards, futures contracts, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality, short-term fixed-income or similar securities. Additional charges may include other fees as applicable. These fees and expenses have a negative impact on Fund returns. For the