ProShares Trust II

Ongoing geopolitical events, such as Russia’s continued military actions against Ukraine which started in February 2022, the Israel-Hamas conflict, and the Houthi movement’s attacks on marine vessels in the Red Sea have had, and may continue to have, an impact oncertain commodities markets, particularly the market for natural gas, commodity futures markets, including futures on natural gas, and the pricesof the Natural Gas Funds. Historically, Russia is a significant global exporter of natural gas. The front end of the natural gas futures curve was incontango for most of 2024 until December, when it shifted into backwardation. The natural gas front month future settled at a low of under $2 in February of 2024. Natural gas rallied throughout the rest of 2024 culminating in a high of $4 at year-end mostly due to weather related forecasts. While a ceasefire agreement between Israel and Hamas has been reached, there is no guarantee that the parties will continue to comply with theterms of the agreement and the agreement does not mean the conflict will be resolved. The possibility of a continued and prolonged conflict between Hamas and Israel, and the potential expansion of the conflict in the surrounding areas and the involvement of other nations in such conflict, could further destabilize the Middle East region and introduce new uncertainties in global markets, including the natural gas markets. This may increase or decrease volatility of the Fund’s shares.