Company: EUO
Filing Date: 2025-03-28
Form Type: 424B3
Source: 0001193125-25-065647
Chunk: 30

Company: ProShares Trust II
Filing Date: 2025-03-28
Form: 424B3
Chunk 30
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20% of the year, not much different from historical norms. The Ultra Fund was in contango for 80% of the year and in backwardation 20% of the year, not much different from historical norms. The Short Fund was in contango for 80% of the year and in backwardation 20% of the year, not much different from historical norms. Compared to previous years impacted by COVID, there was less market volatility. However, there is no certainty that such levels will persist even if the scope and duration of the disruption caused by the COVID-19 pandemic is prolonged or if other economic or political developments contribute to volatility and investor uncertainty. Such performance is not typical and may not continue for a sustained period of time. Index changes and market transactions, including the daily rebalancing of futures contracts by the Funds, may have a significant impact on the performance of the Index and the Funds and the trading, liquidity and price of Fund Shares. Index changes and transactions by market participants in the futures contracts underlying the Index, including the daily rebalancing of such futures contracts by each Fund, may have a significant impact on the trading, liquidity and the price of such futures contracts and, in turn, a significant impact on the performance of the Index and the Funds. The trading activity associated with such transactions will contribute to the existing open interest and trading volume of the underlying futures contracts and could have a significant adverse impact on the trading and price of such contracts. This, in turn, could have a negative impact on the performance of the Index and each Fund. Each Fund has engaged, and may continue to engage, in futures transactions that may constitute holding a substantial portion (e.g., 50% or more) of the open interest and/or trading volume of the futures contracts underlying the Index. To the extent a Fund transacts in a relatively higher percentage of the open interest and/or trading volume of such futures contracts, the Fund’s activity may be more likely to have an impact, which could be significant, on the trading, liquidity and price of such contracts. This, in turn, could have a significant negative impact on the performance of the Index and the Funds, as well as the market for Fund shares, making it more difficult for investors to buy or sale Fund shares at the desired price, or at all. The Funds generally are intended to be used as trading tools for short-term investment horizons and investors holding shares of the Fund over longer-term periods may be subject to increased risk of loss. The Funds generally are intended to be