Company: EUO
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001193125-25-176892
Chunk: 11

Company: ProShares Trust II
Filing Date: 2025-08-08
Form: 10-Q
Item: Item 1A
Chunk 11
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Below, we describe new risk factors not previously included in our Annual Report on Form 10-K for the year ending December 31, 2024. Aside from these additions, there have been no other material changes to the risk factors. Please refer to the “Risk Factors” discussed in Part I, Item 1A of our Annual Report on Form 10-K for previously disclosed risk factors. 

Risks Related to Trade Disputes May Negatively Affect Each Fund. 

Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth. 

Risks of Government Regulation 

The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds. 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 

a)
 None. 

b)
 Not applicable. 

c)
 The Trust does not purchase shares directly from its shareholders. The following table summarizes the redemptions by Authorized Participants during the three months ended June 30, 2025:

 Title of Securities Registered*

Total Number ofSharesRedeemed

Average PricePer Share

 ProShares Short VIX Short-Term Futures ETF

 Common Units of Beneficial Interest

04/01/25 to 04/30/25

7,250,000

$
37.27

05/01/25 to 05/31/25

6,500,000