10-Q

Large Accelerated Filer

Accelerated Filer

Non-Accelerated Filer

Smaller Reporting Company

Emerging Growth Company

falseQ30001415311--12-31Rates shown represent discount rate at the time of purchase.All or partial amount pledged as collateral for swap agreements.The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025.Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.See Note 1 of these Notes to Financial Statements.Percentages are annualized.Percentages are not annualized for the period ended September 30, 2025.The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.Percentages are not annualized for the period ended September 30, 2024.The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage 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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas

2025-09-30 0001415311

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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver

2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25

2025-09-30 0001415311

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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.329% due 10/07/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.182% due 10/21/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.140% due 11/04/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.203% due 11/13/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.329% due 10/07/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.182% due 10/21/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.140% due 11/04/25

2025-09-30 0001415311

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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25

2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25

2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

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2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.140% due 11/04/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25

2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.182% due 10/21/25

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.329% due 10/07/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.329% due 10/07/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.182% due 10/21/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.140% due 11/04/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.203% due 11/13/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.329% due 10/07/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.182% due 10/21/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.140% due 11/04/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.203% due 11/13/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.329% due 10/07/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.182% due 10/21/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.140% due 11/04/25

2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.203% due 11/13/25

2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25

2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

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2025-01-01 2025-09-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.203% due 11/13/25

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒	Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended September 30, 2025.

☐	Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from to .

Commission file number: 001-34200

PROSHARES TRUST II

(Exact name of registrant as specified in its charter)


Delaware		87-6284802
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

c/o ProShare Capital Management LLC

7272 Wisconsin Avenue, 21

Floor

Bethesda, Maryland 20814

(Address of principal executive offices) (Zip Code)

(240) 497-6400

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
ProShares Short VIX Short-Term Futures ETF	SVXY	Cboe BZX Exchange
ProShares Ultra Bloomberg Crude Oil	UCO	NYSE Arca
ProShares Ultra Bloomberg Natural Gas	BOIL	NYSE Arca
ProShares Ultra Euro	ULE	NYSE Arca
ProShares Ultra Gold	UGL	NYSE Arca
ProShares Ultra Silver	AGQ	NYSE Arca
ProShares Ultra VIX Short-Term Futures ETF	UVXY	Cboe BZX Exchange
ProShares Ultra Yen	YCL	NYSE Arca
ProShares UltraShort Bloomberg Crude Oil	SCO	NYSE Arca
ProShares UltraShort Bloomberg Natural Gas	KOLD	NYSE Arca
ProShares UltraShort Euro	EUO	NYSE Arca
ProShares UltraShort Gold	GLL	NYSE Arca
ProShares UltraShort Silver	ZSL	NYSE Arca
ProShares UltraShort Yen	YCS	NYSE Arca
ProShares VIX Mid-Term Futures ETF	VIXM	Cboe BZX Exchange
ProShares VIX Short-Term Futures ETF	VIXY	Cboe BZX Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act.). ☐ Yes ☒ No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☒ Yes ☐ No

As of November 4, 2025, the registrant had 164,098,328 shares of common stock, $0 par value per share, outstanding.

PROSHARES TRUST II

Table of Contents


	Page
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		1
Item 3. Quantitative and Qualitative Disclosures About Market Risk.		49
Item 4. Controls and Procedures.		62

Part II. OTHER INFORMATION
Item 1. Legal Proceedings.		64
Item 1A. Risk Factors.		64
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		64
Item 3. Defaults Upon Senior Securities.		67
Item 4. Mine Safety Disclosures.		67
Item 5. Other Information.		67
Item 6. Exhibits.		68

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index


Documents	Page
Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows:

ProShares Short VIX Short-Term Futures ETF		F-1
ProShares Ultra Bloomberg Crude Oil		F-6
ProShares Ultra Bloomberg Natural Gas		F-11
ProShares Ultra Euro		F-16
ProShares Ultra Gold		F-21
ProShares Ultra Silver		F-26
ProShares Ultra VIX Short-Term Futures ETF		F-32
ProShares Ultra Yen		F-37
ProShares UltraShort Bloomberg Crude Oil		F-42
ProShares UltraShort Bloomberg Natural Gas		F-46
ProShares UltraShort Euro		F-51
ProShares UltraShort Gold		F-56
ProShares UltraShort Silver		F-62
ProShares UltraShort Yen		F-66
ProShares VIX Mid-Term Futures ETF		F-71
ProShares VIX Short-Term Futures ETF		F-76
ProShares Trust II		F-81
Notes to Financial Statements		F-85

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $89,765,603 and $24,931,067, respectively)	$	89,767,081	$	24,937,875
Cash		78,661,691		160,200,226
Segregated cash balances with brokers for futures contracts		75,461,358		80,953,814
Receivable on open futures contracts		2,056,421		806,556
Interest receivable		503,918		438,452

Total assets		246,450,469		267,336,923

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		2,550,308		—
Payable on open futures contracts		401,524		1,011,830
Brokerage commissions and futures account fees payable		6,335		6,902
Payable to Sponsor		192,781		227,958

Total liabilities		3,150,948		1,246,690

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		243,299,521		266,090,233

Total liabilities and shareholders’ equity	$	246,450,469	$	267,336,923

Shares outstanding		4,768,614		5,318,614

Net asset value per share	$	51.02	$	50.03

Market value per share (Note 2)	$	50.94	$	50.06

See accompanying notes to financial statements.

F-1

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PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(37% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	30,000,000	$	29,979,651
4.182% due 10/21/25		10,000,000		9,977,500
4.140% due 11/04/25		50,000,000		49,809,930

Total short-term U.S. government and agency obligations (cost $89,765,603)			$	89,767,081

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025		4,007	$	70,475,116	$	6,447,295
VIX Futures - Cboe, expires November 2025		2,665		51,299,118		266,571

					$	6,713,866

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-2

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	2,269,580		$	5,814,236		$	8,090,223		$	12,580,744

Expenses
Management fee		601,947			1,173,293			2,130,449			2,616,334
Brokerage commissions		125,536			346,441			458,281			688,357
Futures account fees		17,627			24,896			70,783			24,896

Total expenses		745,110			1,544,630			2,659,513			3,329,587

Net investment income (loss)		1,524,470			4,269,606			5,430,710			9,251,157

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		46,614,443			(7,503,293	)		28,979,595			47,755,573
Short-term U.S. government and agency obligations		150			—			605			17,669

Net realized gain (loss)		46,614,593			(7,503,293	)		28,980,200			47,773,242

Change in net unrealized appreciation (depreciation) on
Futures contracts		(3,678,476	)		(4,219,681	)		9,722,617			(13,025,106	)
Short-term U.S. government and agency obligations		1,478			33,407			(5,330	)		16,790

Change in net unrealized appreciation (depreciation)		(3,676,998	)		(4,186,274	)		9,717,287			(13,008,316	)

Net realized and unrealized gain (loss)		42,937,595			(11,689,567	)		38,697,487			34,764,926

Net income (loss)	$	44,462,065		$	(7,419,961	)	$	44,128,197		$	44,016,083

See accompanying notes to financial statements.

F-3

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PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	279,925,400		$	298,712,515		$	266,090,233		$	267,184,359

Addition of –, 12,300,000, 18,650,000 and 15,050,000 shares, respectively		—			562,757,352			713,832,219			710,001,613
Redemption of 1,800,000, 9,900,000 , 19,200,000 and 12,950,000 shares, respectively		(81,087,944	)		(489,475,550	)		(780,751,128	)		(656,627,699	)

Net addition (redemption) of (1,800,000), 2,400,000, (550,000) and 2,100,000 shares, respectively		(81,087,944	)		73,281,802			(66,918,909	)		53,373,914

Net investment income (loss)		1,524,470			4,269,606			5,430,710			9,251,157
Net realized gain (loss)		46,614,593			(7,503,293	)		28,980,200			47,773,242
Change in net unrealized appreciation (depreciation)		(3,676,998	)		(4,186,274	)		9,717,287			(13,008,316	)

Net income (loss)		44,462,065			(7,419,961	)		44,128,197			44,016,083

Shareholders’ equity, end of period	$	243,299,521		$	364,574,356		$	243,299,521		$	364,574,356

See accompanying notes to financial statements.

F-4

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PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	44,128,197		$	44,016,083
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(566,948,437	)		(564,453,788	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		504,645,038			455,017,669
Net amortization and accretion on short-term U.S. government and agency obligations		(2,530,532	)		(5,374,725	)
Net realized (gain) loss on investments		(605	)		(17,669	)
Change in unrealized (appreciation) depreciation on investments		5,330			(16,790	)
Decrease (Increase) in receivable on open futures contracts		(1,249,865	)		7,274,730
Decrease (Increase) in interest receivable		(65,466	)		(424,946	)
Increase (Decrease) in payable to Sponsor		(35,177	)		86,045
Increase (Decrease) in brokerage commissions and futures account fees payable		(567	)		(5,605	)
Increase (Decrease) in payable on open futures contracts		(610,306	)		2,973,713

Net cash provided by (used in) operating activities		(22,662,390	)		(60,925,283	)

Cash flow from financing activities
Proceeds from addition of shares		713,832,219			710,001,613
Payment on shares redeemed		(778,200,820	)		(672,150,015	)

Net cash provided by (used in) financing activities		(64,368,601	)		37,851,598

Net increase (decrease) in cash		(87,030,991	)		(23,073,685	)
Cash, beginning of period		241,154,040			162,331,287

Cash, end of period	$	154,123,049		$	139,257,602

See accompanying notes to financial statements.

F-5

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $154,494,456 and $99,724,267, respectively)	$	154,501,105	$	99,751,500
Cash		59,810,718		259,419,820
Segregated cash balances with brokers for futures contracts		25,066,845		42,171,314
Segregated cash balances with brokers for swap agreements		115,548,769		84,264,200
Unrealized appreciation on swap agreements		—		38,215,610
Receivable from capital shares sold		7,833,632		—
Receivable on open futures contracts		—		2,157,183
Interest receivable		343,663		692,226

Total assets		363,104,732		526,671,853

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		2,748,471
Payable on open futures contracts		2,694,435		70,422
Payable to Sponsor		286,863		432,896
Unrealized depreciation on swap agreements		1,044,339		—

Total liabilities		4,025,637		3,251,789

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		359,079,095		523,420,064

Total liabilities and shareholders’ equity	$	363,104,732	$	526,671,853

Shares outstanding		16,043,096		19,043,096

Net asset value per share	$	22.38	$	27.49

Market value per share (Note 2)	$	22.48	$	27.50

See accompanying notes to financial statements.

F-6

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(43% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	35,000,000	$	34,976,260
4.182% due 10/21/25		20,000,000		19,955,000
4.140% due 11/04/25		50,000,000		49,809,930
4.203% due 11/13/25 †		50,000,000		49,759,915

Total short-term U.S. government and agency obligations (cost $154,494,456)			$	154,501,105

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires December 2025		841	$	52,108,360	$	1,336,613
WTI Crude Oil - NYMEX, expires June 2026		850		52,037,000		737,250
WTI Crude Oil - NYMEX, expires December 2026		855		52,172,100		(737,124	)

					$	1,336,739

Total Return Swap Agreements


	Rate Paid (Received) *			Termination Date		Notional Amount at Value **		Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35	%		10/06/25	$	50,354,875	$	(94,664	)
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35			10/06/25		218,509,682		(410,781	)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35			10/06/25		66,380,312		(124,789	)
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.25			10/06/25		165,863,610		(301,797	)
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.30			10/06/25		60,715,630		(112,308	)

Total Unrealized Depreciation								$	(1,044,339	)

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-7

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PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	2,538,935		$	6,074,652		$	9,284,651		$	17,591,301

Expenses
Management fee		919,884			1,266,843			2,836,491			4,088,647
Brokerage commissions		47,091			65,064			155,007			169,844

Total expenses		966,975			1,331,907			2,991,498			4,258,491

Net investment income (loss)		1,571,960			4,742,745			6,293,153			13,332,810

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		9,979,055			(5,588,143	)		6,783,860			22,864,139
Swap agreements		5,508,219			(61,237,840	)		(4,371,931	)		10,385,399
Short-term U.S. government and agency obligations		187			(31	)		509			13,170

Net realized gain (loss)		15,487,461			(66,826,014	)		2,412,438			33,262,708

Change in net unrealized appreciation (depreciation) on
Futures contracts		(1,945,799	)		(15,224,501	)		(9,527,346	)		1,173,176
Swap agreements		(5,067,962	)		(43,864,043	)		(39,259,949	)		(5,871,386	)
Short-term U.S. government and agency obligations		6,018			46,734			(20,584	)		1,416

Change in net unrealized appreciation (depreciation)		(7,007,743	)		(59,041,810	)		(48,807,879	)		(4,696,794	)

Net realized and unrealized gain (loss)		8,479,718			(125,867,824	)		(46,395,441	)		28,565,914

Net income (loss)	$	10,051,678		$	(121,125,079	)	$	(40,102,288	)	$	41,898,724

See accompanying notes to financial statements.

F-8

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	420,493,513		$	527,486,095		$	523,420,064		$	652,793,437

Addition of 4,250,000, 16,200,000, 19,150,000 and 25,300,000 shares, respectively		95,230,997			431,007,011			437,683,795			696,995,533
Redemption of 6,900,000, 8,550,000, 22,150,000 and 26,750,000 shares, respectively		(166,697,093	)		(244,145,772	)		(561,922,476	)		(798,465,439	)

Net addition (redemption) of (2,650,000), 7,650,000, (3,000,000) and (1,450,000) shares, respectively		(71,466,096	)		186,861,239			(124,238,681	)		(101,469,906	)

Net investment income (loss)		1,571,960			4,742,745			6,293,153			13,332,810
Net realized gain (loss)		15,487,461			(66,826,014	)		2,412,438			33,262,708
Change in net unrealized appreciation (depreciation)		(7,007,743	)		(59,041,810	)		(48,807,879	)		(4,696,794	)

Net income (loss)		10,051,678			(121,125,079	)		(40,102,288	)		41,898,724

Shareholders’ equity, end of period	$	359,079,095		$	593,222,255		$	359,079,095		$	593,222,255

See accompanying notes to financial statements.

F-9

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PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(40,102,288	)	$	41,898,724
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(1,048,965,009	)		(1,176,903,761	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		999,557,585			1,094,650,743
Net amortization and accretion on short-term U.S. government and agency obligations		(5,362,256	)		(12,824,271	)
Net realized (gain) loss on investments		(509	)		(13,170	)
Change in unrealized (appreciation) depreciation on investments		39,280,533			5,869,970
Decrease (Increase) in receivable on open futures contracts		2,157,183			(1,704,350	)
Decrease (Increase) in interest receivable		348,563			(280,249	)
Increase (Decrease) in payable to Sponsor		(146,033	)		(87,773	)
Increase (Decrease) in brokerage commissions and futures account fees payable		—			(5,682	)
Increase (Decrease) in payable on open futures contracts		2,624,013			(2,099,944	)

Net cash provided by (used in) operating activities		(50,608,218	)		(51,499,763	)

Cash flow from financing activities
Proceeds from addition of shares		429,850,163			702,250,555
Payment on shares redeemed		(564,670,947	)		(794,661,896	)

Net cash provided by (used in) financing activities		(134,820,784	)		(92,411,341	)

Net increase (decrease) in cash		(185,429,002	)		(143,911,104	)
Cash, beginning of period		385,855,334			398,178,826

Cash, end of period	$	200,426,332		$	254,267,722

See accompanying notes to financial statements.

F-10

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PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $308,808,231 and $99,724,267, respectively)	$	308,827,473	$	99,751,500
Cash		59,232,227		205,241,492
Segregated cash balances with brokers for futures contracts		182,905,059		117,769,697
Receivable from capital shares sold		—		10,966,643
Receivable on open futures contracts		17,552,221		—
Interest receivable		666,046		825,264

Total assets		569,183,026		434,554,596

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		26,559,561		—
Payable on open futures contracts		—		38,058,122
Brokerage commissions and futures account fees payable		15,482		13,669
Payable to Sponsor		397,763		401,306

Total liabilities		26,972,806		38,473,097

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		542,210,220		396,081,499

Total liabilities and shareholders’ equity	$	569,183,026	$	434,554,596

Shares outstanding		18,373,047		7,223,047

Net asset value per share	$	29.51	$	54.84

Market value per share (Note 2)	$	29.99	$	55.82

See accompanying notes to financial statements.

F-11

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PROSHARES ULTRA BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(57% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	40,000,000	$	39,972,868
4.182% due 10/21/25		20,000,000		19,955,000
4.140% due 11/04/25		100,000,000		99,619,860
4.203% due 11/13/25		150,000,000		149,279,745

Total short-term U.S. government and agency obligations (cost $308,808,231)			$	308,827,473

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires November 2025		32,831	$	1,084,407,930	$	(1,049,205	)

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-12

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	4,121,370		$	7,125,254		$	9,102,000		$	19,996,081

Expenses
Management fee		1,088,659			1,479,083			2,340,238			4,252,390
Brokerage commissions		411,698			681,738			982,711			2,170,207
Futures account fees		49,402			46,576			166,011			188,737

Total expenses		1,549,759			2,207,397			3,488,960			6,611,334

Net investment income (loss)		2,571,611			4,917,857			5,613,040			13,384,747

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(163,780,916	)		(372,130,469	)		46,482,203			(402,539,202	)
Short-term U.S. government and agency obligations		186			—			(38	)		—

Net realized gain (loss)		(163,780,730	)		(372,130,469	)		46,482,165			(402,539,202	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		28,718,499			260,225,054			(98,288,406	)		63,582,315
Short-term U.S. government and agency obligations		18,989			34,676			(7,991	)		21,069

Change in net unrealized appreciation (depreciation)		28,737,488			260,259,730			(98,296,397	)		63,603,384

Net realized and unrealized gain (loss)		(135,043,242	)		(111,870,739	)		(51,814,232	)		(338,935,818	)

Net income (loss)	$	(132,471,631	)	$	(106,952,882	)	$	(46,201,192	)	$	(325,551,071	)

See accompanying notes to financial statements.

F-13

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	334,757,794		$	540,643,821		$	396,081,499		$	729,892,808

Addition of 28,200,000, 10,350,000, 46,650,000 and 23,240,000 shares, respectively		939,940,370			549,317,432			1,969,227,422			1,667,588,651
Redemption of 17,050,000, 6,180,000, 35,500,000 and 17,250,000 shares, respectively		(600,016,313	)		(331,187,266	)		(1,776,897,509	)		(1,420,109,283	)

Net addition (redemption) of 11,150,000, 4,170,000, 11,150,000 and 5,990,000 shares, respectively		339,924,057			218,130,166			192,329,913			247,479,368

Net investment income (loss)		2,571,611			4,917,857			5,613,040			13,384,747
Net realized gain (loss)		(163,780,730	)		(372,130,469	)		46,482,165			(402,539,202	)
Change in net unrealized appreciation (depreciation)		28,737,488			260,259,730			(98,296,397	)		63,603,384

Net income (loss)		(132,471,631	)		(106,952,882	)		(46,201,192	)		(325,551,071	)

Shareholders’ equity, end of period	$	542,210,220		$	651,821,105		$	542,210,220		$	651,821,105

See accompanying notes to financial statements.

F-14

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(46,201,192	)	$	(325,551,071	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(904,354,263	)		(470,623,691	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		699,473,294			215,000,000
Net amortization and accretion on short-term U.S. government and agency obligations		(4,203,033	)		(3,693,933	)
Net realized (gain) loss on investments		38			—
Change in unrealized (appreciation) depreciation on investments		7,991			(21,069	)
Decrease (Increase) in receivable on open futures contracts		(17,552,221	)		(22,694,887	)
Decrease (Increase) in interest receivable		159,218			1,004,148
Increase (Decrease) in payable to Sponsor		(3,543	)		(137,481	)
Increase (Decrease) in brokerage commissions and futures account fees payable		1,813			(38,213	)
Increase (Decrease) in payable on open futures contracts		(38,058,122	)		(21,843,883	)

Net cash provided by (used in) operating activities		(310,730,020	)		(628,600,080	)

Cash flow from financing activities
Proceeds from addition of shares		1,980,194,065			1,671,870,576
Payment on shares redeemed		(1,750,337,948	)		(1,388,991,394	)

Net cash provided by (used in) financing activities		229,856,117			282,879,182

Net increase (decrease) in cash		(80,873,903	)		(345,720,898	)
Cash, beginning of period		323,011,189			701,114,381

Cash, end of period	$	242,137,286		$	355,393,483

See accompanying notes to financial statements.

F-15

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	6,490,293	$	5,285,126
Segregated cash balances with brokers for foreign currency forward contracts		756,667		618,421
Unrealized appreciation on foreign currency forward contracts		10,075		2,312
Interest receivable		21,478		19,473

Total assets		7,278,513		5,925,332

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		5,675		4,736
Unrealized depreciation on foreign currency forward contracts		734		169,440

Total liabilities		6,409		174,176

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		7,272,104		5,751,156

Total liabilities and shareholders’ equity	$	7,278,513	$	5,925,332

Shares outstanding		550,000		550,000

Net asset value per share	$	13.22	$	10.46

Market value per share (Note 2)	$	13.21	$	10.45

See accompanying notes to financial statements.

F-16

Table of Contents

PROSHARES ULTRA EURO

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


Foreign Currency Forward Contracts ^
	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Euro with Goldman Sachs International		10/10/25		6,075,921		$	7,138,067		$	4,568
Euro with UBS AG		10/10/25		6,478,502			7,611,024			5,135

Total Unrealized Appreciation									$	9,703

Contracts to Sell
Euro with Goldman Sachs International		10/10/25		(81,000	)	$	(95,160	)	$	372
Euro with UBS AG		10/10/25		(134,000	)		(157,425	)		(734	)

Total Unrealized Depreciation									$	(362	)

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

See accompanying notes to financial statements.

F-17

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025		2024
Investment Income
Interest	$	72,530		$	61,969	$	186,574	$	211,272

Expenses
Management fee		18,718			13,033		48,609		42,912

Total expenses		18,718			13,033		48,609		42,912

Net investment income (loss)		53,812			48,936		137,965		168,360

Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
Foreign currency forward contracts		220,691			182,638		997,841		107,862

Net realized gain (loss)		220,691			182,638		997,841		107,862

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		(434,179	)		187,048		176,469		(260,299	)

Change in net unrealized appreciation (depreciation)		(434,179	)		187,048		176,469		(260,299	)

Net realized and unrealized gain (loss)		(213,488	)		369,686		1,174,310		(152,437	)

Net income (loss)	$	(159,676	)	$	418,622	$	1,312,275	$	15,923

See accompanying notes to financial statements.

F-18

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	8,708,069		$	5,595,533		$	5,751,156		$	7,114,015

Addition of –, –, 200,000 and 100,000 shares, respectively		—			—			2,513,699			1,140,357
Redemption of 100,000, 50,000, 200,000 and 250,000 shares, respectively		(1,276,289	)		(573,946	)		(2,305,026	)		(2,830,086	)

Net addition (redemption) of (100,000), (50,000), – and (150,000) shares, respectively		(1,276,289	)		(573,946	)		208,673			(1,689,729	)

Net investment income (loss)		53,812			48,936			137,965			168,360
Net realized gain (loss)		220,691			182,638			997,841			107,862
Change in net unrealized appreciation (depreciation)		(434,179	)		187,048			176,469			(260,299	)

Net income (loss)		(159,676	)		418,622			1,312,275			15,923

Shareholders’ equity, end of period	$	7,272,104		$	5,440,209		$	7,272,104		$	5,440,209

See accompanying notes to financial statements.

F-19

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	1,312,275		$	15,923
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments		(176,469	)		260,299
Decrease (Increase) in interest receivable		(2,005	)		7,740
Increase (Decrease) in payable to Sponsor		939			(1,396	)

Net cash provided by (used in) operating activities		1,134,740			282,566

Cash flow from financing activities
Proceeds from addition of shares		2,513,699			1,140,357
Payment on shares redeemed		(2,305,026	)		(2,830,086	)

Net cash provided by (used in) financing activities		208,673			(1,689,729	)

Net increase (decrease) in cash		1,343,413			(1,407,163	)
Cash, beginning of period		5,903,547			6,785,459

Cash, end of period	$	7,246,960		$	5,378,296

See accompanying notes to financial statements.

F-20

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $607,989,455 and $74,793,200, respectively)	$	608,009,273	$	74,813,625
Cash		76,817,403		203,750,372
Segregated cash balances with brokers for futures contracts		42,967,500		11,408,000
Segregated cash balances with brokers for swap agreements		34,511,800		—
Unrealized appreciation on swap agreements		34,537,917		—
Receivable from capital shares sold		9,144,187		—
Receivable on open futures contracts		3,042,379		1,952,335
Interest receivable		831,844		371,587

Total assets		809,862,303		292,295,919

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		581,385		238,455
Unrealized depreciation on swap agreements		—		2,348,132

Total liabilities		581,385		2,586,587

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		809,280,918		289,709,332

Total liabilities and shareholders’ equity	$	809,862,303	$	292,295,919

Shares outstanding (Note 1)		17,700,000		12,400,000

Net asset value per share (Note 1)	$	45.72	$	23.36

Market value per share (Note 1) (Note 2)	$	46.06	$	23.37

See accompanying notes to financial statements.

F-21

Table of Contents

PROSHARES ULTRA GOLD

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(75% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	75,000,000	$	74,949,127
4.182% due 10/21/25		125,000,000		124,718,750
4.140% due 11/04/25 †		310,000,000		308,821,566
4.203% due 11/13/25 †		100,000,000		99,519,830

Total short-term U.S. government and agency obligations (cost $607,989,455)			$	608,009,273


Futures Contracts Purchased
	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures—COMEX, expires December 2025		2,411	$	933,828,520	$	101,806,050


Total Return Swap Agreements ^
	Rate Paid (Received) *			Termination Date		Notional Amount at Value **		Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex		0.25	%		10/06/25	$	424,720,428	$	21,409,914
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex		0.25			10/06/25		93,079,951		4,692,107
Swap agreement with UBS AG based on Bloomberg Gold Subindex		0.25			10/06/25		167,347,561		8,435,896

Total Unrealized Appreciation								$	34,537,917

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-22

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Investment Income
Interest	$	5,843,146		$	3,315,167	$	14,701,668		$	8,148,441

Expenses
Management fee		1,426,882			628,619		3,488,004			1,611,610
Brokerage commissions		18,644			9,213		64,523			27,209

Total expenses		1,445,526			637,832		3,552,527			1,638,819

Net investment income (loss)		4,397,620			2,677,335		11,149,141			6,509,622

Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
Futures contracts		(533,759	)		1,541,465		71,313,806			16,072,123
Swap agreements		39,227,803			10,501,253		111,966,863			46,009,687
Short-term U.S. government and agency obligations		375			—		452			3,011

Net realized gain (loss)		38,694,419			12,042,718		183,281,121			62,084,821

Change in net unrealized appreciation (depreciation) on
Futures contracts		105,261,676			18,663,834		102,229,458			13,799,867
Swap agreements		39,263,937			23,264,503		36,886,049			13,633,253
Short-term U.S. government and agency obligations		18,871			29,160		(607	)		18,880

Change in net unrealized appreciation (depreciation)		144,544,484			41,957,497		139,114,900			27,452,000

Net realized and unrealized gain (loss)		183,238,903			54,000,215		322,396,021			89,536,821

Net income (loss)	$	187,636,523		$	56,677,550	$	333,545,162		$	96,046,443

See accompanying notes to financial statements.

F-23

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	485,005,243		$	216,456,025		$	289,709,332		$	191,502,023

Addition of 7,000,000, 3,400,000, 17,650,000 and 6,600,000 shares, respectively (Note 1)		265,301,111			74,000,508			612,025,424			130,539,933
Redemption of 3,400,000, 2,200,000, 12,350,000 and 6,200,000 shares, respectively (Note 1)		(128,661,959	)		(48,251,861	)		(425,999,000	)		(119,206,177	)

Net addition (redemption) of 3,600,000, 1,200,000, 5,300,000 and 400,000 shares, respectively (Note 1)		136,639,152			25,748,647			186,026,424			11,333,756

Net investment income (loss)		4,397,620			2,677,335			11,149,141			6,509,622
Net realized gain (loss)		38,694,419			12,042,718			183,281,121			62,084,821
Change in net unrealized appreciation (depreciation)		144,544,484			41,957,497			139,114,900			27,452,000

Net income (loss)		187,636,523			56,677,550			333,545,162			96,046,443

Shareholders’ equity, end of period	$	809,280,918		$	298,882,222		$	809,280,918		$	298,882,222

See accompanying notes to financial statements.

F-24

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	333,545,162		$	96,046,443
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(1,953,529,314	)		(578,835,390	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		1,429,111,536			420,003,011
Net amortization and accretion on short-term U.S. government and agency obligations		(8,778,025	)		(5,810,921	)
Net realized (gain) loss on investments		(452	)		(3,011	)
Change in unrealized (appreciation) depreciation on investments		(36,885,442	)		(13,652,133	)
Decrease (Increase) in receivable on open futures contracts		(1,090,044	)		—
Decrease (Increase) in interest receivable		(460,257	)		(85,135	)
Increase (Decrease) in payable to Sponsor		342,930			77,112
Increase (Decrease) in payable on open futures contracts		—			(125,977	)

Net cash provided by (used in) operating activities		(237,743,906	)		(82,386,001	)

Cash flow from financing activities
Proceeds from addition of shares		602,881,237			130,539,933
Payment on shares redeemed		(425,999,000	)		(114,385,981	)

Net cash provided by (used in) financing activities		176,882,237			16,153,952

Net increase (decrease) in cash		(60,861,669	)		(66,232,049	)
Cash, beginning of period		215,158,372			129,351,977

Cash, end of period	$	154,296,703		$	63,119,928

See accompanying notes to financial statements.

F-25

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $742,869,383 and $124,655,333, respectively)	$	742,885,457	$	124,689,375
Cash		157,661,178		376,597,126
Segregated cash balances with brokers for futures contracts		77,104,000		38,668,750
Segregated cash balances with brokers for swap agreements		—		76,561,398
Unrealized appreciation on swap agreements		103,878,807		—
Receivable on open futures contracts		425,541		—
Interest receivable		1,015,497		851,132

Total assets		1,082,970,480		617,367,781

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		30,265,055		—
Payable on open futures contracts		4,324,003		2,258,150
Payable to Sponsor		702,125		507,430
Unrealized depreciation on swap agreements		–		52,518,908

Total liabilities		35,291,183		55,284,488

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		1,047,679,297		562,083,293

Total liabilities and shareholders’ equity	$	1,082,970,480	$	617,367,781

Shares outstanding		13,846,526		16,746,526

Net asset value per share	$	75.66	$	33.56

Market value per share (Note 2)	$	76.24	$	33.67

See accompanying notes to financial statements.

F-26

Table of Contents

PROSHARES ULTRA SILVER

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(71% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	150,000,000	$	149,898,255
4.182% due 10/21/25		225,000,000		224,493,750
4.140% due 11/04/25 †		270,000,000		268,973,622
4.203% due 11/13/25 †		100,000,000		99,519,830

Total short-term U.S. government and agency obligations
(cost $742,869,383)			$	742,885,457


Futures Contracts Purchased

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires December 2025		4,589	$	1,070,154,800	$	143,513,534


Total Return Swap Agreements ^

	Rate Paid (Received) *			Termination Date		Notional Amount at Value **		Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex		0.25	%		10/06/25	$	470,370,599	$	47,585,640
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex		0.30			10/06/25		39,163,672		3,972,149
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex		0.30			10/06/25		265,710,383		26,949,501
Swap agreement with UBS AG based on Bloomberg Silver Subindex		0.25			10/06/25		250,085,358		25,371,517

Total Unrealized Appreciation								$	103,878,807

†	All or partial amount pledged as collateral for swap agreements.

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

^^	Rates shown represent discount rate at the time of purchase.

*	Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-27

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Investment Income
Interest	$	6,938,402	$	7,482,201		$	19,053,657		$	17,362,781

Expenses
Management fee		1,949,744		1,417,159			4,951,422			3,535,877
Brokerage commissions		50,532		45,868			155,360			130,090

Total expenses		2,000,276		1,463,027			5,106,782			3,665,967

Net investment income (loss)		4,938,126		6,019,174			13,946,875			13,696,814

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		32,707,355		(38,481,009	)		101,060,386			37,521,267
Swap agreements		105,876,163		(90,530,217	)		191,432,762			49,677,236
Short-term U.S. government and agency obligations		367		(25	)		355			4,772

Net realized gain (loss)		138,583,885		(129,011,251	)		292,493,503			87,203,275

Change in net unrealized appreciation (depreciation) on
Futures contracts		152,651,481		58,950,640			172,417,069			39,875,598
Swap agreements		110,350,181		123,441,660			156,397,715			76,866,548
Short-term U.S. government and agency obligations		14,868		53,721			(17,968	)		33,217

Change in net unrealized appreciation (depreciation)		263,016,530		182,446,021			328,796,816			116,775,363

Net realized and unrealized gain (loss)		401,600,415		53,434,770			621,290,319			203,978,638

Net income (loss)	$	406,538,541	$	59,453,944		$	635,237,194		$	217,675,452

See accompanying notes to financial statements.

F-28

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	708,196,011		$	570,829,521		$	562,083,293		$	390,146,373

Addition of 4,700,000, 4,700,000, 14,550,000 and 12,150,000 shares, respectively		275,863,693			173,955,817			678,097,505			418,736,717
Redemption of 5,900,000, 3,500,000, 17,450,000 and 10,000,000 shares, respectively		(342,918,948	)		(137,456,812	)		(827,738,695	)		(359,776,072	)

Net addition (redemption) of (1,200,000), 1,200,000, (2,900,000) and 2,150,000 shares, respectively		(67,055,255	)		36,499,005			(149,641,190	)		58,960,645

Net investment income (loss)		4,938,126			6,019,174			13,946,875			13,696,814
Net realized gain (loss)		138,583,885			(129,011,251	)		292,493,503			87,203,275
Change in net unrealized appreciation (depreciation)		263,016,530			182,446,021			328,796,816			116,775,363

Net income (loss)		406,538,541			59,453,944			635,237,194			217,675,452

Shareholders’ equity, end of period	$	1,047,679,297		$	666,782,470		$	1,047,679,297		$	666,782,470

See accompanying notes to financial statements.

F-29

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	635,237,194		$	217,675,452
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(2,540,999,184	)		(1,164,790,304	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		1,934,105,968			941,998,259
Net amortization and accretion on short-term U.S. government and agency obligations		(11,320,479	)		(11,494,331	)
Net realized (gain) loss on investments		(355	)		(4,772	)
Change in unrealized (appreciation) depreciation on investments		(156,379,747	)		(76,899,765	)
Decrease (Increase) in receivable on open futures contracts		(425,541	)		—
Decrease (Increase) in interest receivable		(164,365	)		(199,500	)
Increase (Decrease) in payable to Sponsor		194,695			161,194
Increase (Decrease) in payable on open futures contracts		2,065,853			1,158,864

Net cash provided by (used in) operating activities		(137,685,961	)		(92,394,903	)

Cash flow from financing activities
Proceeds from addition of shares		678,097,505			421,465,545
Payment on shares redeemed		(797,473,640	)		(347,614,349	)

Net cash provided by (used in) financing activities		(119,376,135	)		73,851,196

Net increase (decrease) in cash		(257,062,096	)		(18,543,707	)
Cash, beginning of period		491,827,274			279,193,929

Cash, end of period	$	234,765,178		$	260,650,222

See accompanying notes to financial statements.

F-30

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $109,556,297 and $24,931,067, respectively)	$	109,562,859	$	24,937,875
Cash		103,870,819		88,749,502
Segregated cash balances with brokers for futures contracts		428,426,270		161,872,327
Receivable on open futures contracts		12,264,407		9,002,751
Interest receivable		1,130,070		803,191

Total assets		655,254,425		285,365,646

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		6,589,621		613,972
Brokerage commissions and futures account fees payable		75,752		24,616
Payable to Sponsor		494,630		274,998

Total liabilities		7,160,003		913,586

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		648,094,422		284,452,060

Total liabilities and shareholders’ equity	$	655,254,425	$	285,365,646

Shares outstanding		62,093,643		13,693,643

Net asset value per share	$	10.44	$	20.77

Market value per share (Note 2)	$	10.44	$	20.72

See accompanying notes to financial statements.

F-31

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(17% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.182% due 10/21/25	$	20,000,000	$	19,955,000
4.140% due 11/04/25		40,000,000		39,847,944
4.203% due 11/13/25		50,000,000		49,759,915

Total short-term U.S. government and agency obligations
(cost $109,556,297)			$	109,562,859


Futures Contracts Purchased
	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025		31,952	$	561,971,776	$	(32,959,301	)
VIX Futures - Cboe, expires November 2025		21,292		409,853,966		(3,137,076	)

					$	(36,096,377	)

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-32

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	5,292,243		$	2,501,794		$	10,984,632		$	7,595,859

Expenses
Management fee		1,636,145			583,266			3,378,880			1,804,611
Brokerage commissions		1,025,774			534,432			2,534,657			1,475,584
Futures account fees		231,026			62,854			444,189			212,988

Total expenses		2,892,945			1,180,552			6,357,726			3,493,183

Net investment income (loss)		2,399,298			1,321,242			4,626,906			4,102,676

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(410,233,402	)		(36,612,575	)		(254,266,766	)		(185,028,990	)
Short-term U.S. government and agency obligations		565			317			(1,354	)		11,454

Net realized gain (loss)		(410,232,837	)		(36,612,258	)		(254,268,120	)		(185,017,536	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		19,280,389			14,558,661			(50,072,369	)		39,537,652
Short-term U.S. government and agency obligations		6,372			12,132			(246	)		12,150

Change in net unrealized appreciation (depreciation)		19,286,761			14,570,793			(50,072,615	)		39,549,802

Net realized and unrealized gain (loss)		(390,946,076	)		(22,041,465	)		(304,340,735	)		(145,467,734	)

Net income (loss)	$	(388,546,778	)	$	(20,720,223	)	$	(299,713,829	)	$	(141,365,058	)

See accompanying notes to financial statements.

F-33

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	579,408,908		$	232,135,198		$	284,452,060		$	348,555,743

Addition of 49,350,000, 19,350,000, 134,050,000 and 29,200,000 shares, respectively		705,122,888			563,820,661			2,554,769,405			854,933,354
Redemption of 18,250,000, 17,750,000, 85,650,000 and 26,021,248 shares, respectively		(247,890,596	)		(489,883,673	)		(1,891,413,214	)		(776,772,076	)

Net addition (redemption) of 31,100,000, 1,600,000, 48,400,000 and 3,178,752 shares, respectively		457,232,292			73,936,988			663,356,191			78,161,278

Net investment income (loss)		2,399,298			1,321,242			4,626,906			4,102,676
Net realized gain (loss)		(410,232,837	)		(36,612,258	)		(254,268,120	)		(185,017,536	)
Change in net unrealized appreciation (depreciation)		19,286,761			14,570,793			(50,072,615	)		39,549,802

Net income (loss)		(388,546,778	)		(20,720,223	)		(299,713,829	)		(141,365,058	)

Shareholders’ equity, end of period	$	648,094,422		$	285,351,963		$	648,094,422		$	285,351,963

See accompanying notes to financial statements.

F-34

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(299,713,829	)	$	(141,365,058	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(681,018,160	)		(259,379,827	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		598,974,544			196,346,250
Net amortization and accretion on short-term U.S. government and agency obligations		(2,582,968	)		(1,763,038	)
Net realized (gain) loss on investments		1,354			(11,454	)
Change in unrealized (appreciation) depreciation on investments		246			(12,150	)
Decrease (Increase) in receivable on open futures contracts		(3,261,656	)		7,609,527
Decrease (Increase) in interest receivable		(326,879	)		402,866
Increase (Decrease) in payable to Sponsor		219,632			(101,924	)
Increase (Decrease) in brokerage commissions and futures account fees payable		51,136			(16,496	)
Increase (Decrease) in payable on open futures contracts		5,975,649			7,629,152

Net cash provided by (used in) operating activities		(381,680,931	)		(190,662,152	)

Cash flow from financing activities
Proceeds from addition of shares		2,554,769,405			854,933,354
Payment on shares redeemed		(1,891,413,214	)		(776,772,076	)

Net cash provided by (used in) financing activities		663,356,191			78,161,278

Net increase (decrease) in cash		281,675,260			(112,500,874	)
Cash, beginning of period		250,621,829			337,411,617

Cash, end of period	$	532,297,089		$	224,910,743

See accompanying notes to financial statements.

F-35

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	47,101,523	$	39,802,626
Segregated cash balances with brokers for foreign currency forward contracts		6,771,283		8,805,479
Unrealized appreciation on foreign currency forward contracts		1,384		146,194
Interest receivable		165,535		149,992

Total assets		54,039,725		48,904,291

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		43,372		37,154
Unrealized depreciation on foreign currency forward contracts		687,017		4,361,491

Total liabilities		730,389		4,398,645

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		53,309,336		44,505,646

Total liabilities and shareholders’ equity	$	54,039,725	$	48,904,291

Shares outstanding		2,449,970		2,199,970

Net asset value per share	$	21.76	$	20.23

Market value per share (Note 2)	$	21.76	$	20.35

See accompanying notes to financial statements.

F-36

Table of Contents

PROSHARES ULTRA YEN

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


Foreign Currency Forward Contracts ^
	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International		10/10/25		8,304,233,056		$	56,218,412		$	(330,971	)
Yen with UBS AG		10/10/25		8,398,795,856			56,858,588			(322,716	)

Total Unrealized Depreciation									$	(653,687	)

Contracts to Sell
Yen with Goldman Sachs International		10/10/25		(232,040,000	)	$	(1,570,876	)	$	1,384
Yen with UBS AG		10/10/25		(721,530,000	)		(4,884,650	)		(33,330	)

Total Unrealized Depreciation									$	(31,946	)

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

See accompanying notes to financial statements.

F-37

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Investment Income
Interest	$	541,875		$	541,372	$	1,650,309		$	1,395,183

Expenses
Management fee		139,482			118,878		430,261			295,486

Total expenses		139,482			118,878		430,261			295,486

Net investment income (loss)		402,393			422,494		1,220,048			1,099,697

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(3,272,292	)		6,834,509		(201,447	)		(562,689	)

Net realized gain (loss)		(3,272,292	)		6,834,509		(201,447	)		(562,689	)

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		(1,422,005	)		2,618,114		3,529,664			(1,803,229	)

Change in net unrealized appreciation (depreciation)		(1,422,005	)		2,618,114		3,529,664			(1,803,229	)

Net realized and unrealized gain (loss)		(4,694,297	)		9,452,623		3,328,217			(2,365,918	)

Net income (loss)	$	(4,291,904	)	$	9,875,117	$	4,548,265		$	(1,266,221	)

See accompanying notes to financial statements.

F-38

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	66,461,439		$	44,510,138		$	44,505,646		$	30,205,770

Addition of –, 550,000, 1,250,000 and 1,850,000 shares, respectively		—			13,600,287			26,787,301			43,805,863
Redemption of 400,000, 600,000, 1,000,000 and 800,000 shares, respectively		(8,860,199	)		(14,751,477	)		(22,531,876	)		(19,511,347	)

Net addition (redemption) of (400,000), (50,000), 250,000 and 1,050,000 shares, respectively		(8,860,199	)		(1,151,190	)		4,255,425			24,294,516

Net investment income (loss)		402,393			422,494			1,220,048			1,099,697
Net realized gain (loss)		(3,272,292	)		6,834,509			(201,447	)		(562,689	)
Change in net unrealized appreciation (depreciation)		(1,422,005	)		2,618,114			3,529,664			(1,803,229	)

Net income (loss)		(4,291,904	)		9,875,117			4,548,265			(1,266,221	)

Shareholders’ equity, end of period	$	53,309,336		$	53,234,065		$	53,309,336		$	53,234,065

See accompanying notes to financial statements.

F-39

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	4,548,265		$	(1,266,221	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments		(3,529,664	)		1,803,229
Decrease (Increase) in interest receivable		(15,543	)		(91,187	)
Increase (Decrease) in payable to Sponsor		6,218			20,276

Net cash provided by (used in) operating activities		1,009,276			466,097

Cash flow from financing activities
Proceeds from addition of shares		26,787,301			43,805,863
Payment on shares redeemed		(22,531,876	)		(20,884,514	)

Net cash provided by (used in) financing activities		4,255,425			22,921,349

Net increase (decrease) in cash		5,264,701			23,387,446
Cash, beginning of period		48,608,105			29,977,711

Cash, end of period	$	53,872,806		$	53,365,157

See accompanying notes to financial statements.

F-40

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $34,960,911 and $–, respectively)	$	34,960,542	$	—
Cash		55,574,044		88,861,451
Segregated cash balances with brokers for futures contracts		31,149,219		31,873,660
Receivable from capital shares sold		—		3,386,356
Receivable on open futures contracts		5,944,855		—
Interest receivable		294,550		341,824

Total assets		127,923,210		124,463,291

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		6,124,308		—
Payable on open futures contracts		—		2,372,844
Payable to Sponsor		96,463		93,113

Total liabilities		6,220,771		2,465,957

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		121,702,439		121,997,334

Total liabilities and shareholders’ equity	$	127,923,210	$	124,463,291

Shares outstanding		6,955,220		7,205,220

Net asset value per share	$	17.50	$	16.93

Market value per share (Note 2)	$	17.42	$	16.92

See accompanying notes to financial statements.

F-41

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(29% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	25,000,000	$	24,983,042
4.182% due 10/21/25		10,000,000		9,977,500

Total short-term U.S. government and agency obligations (cost $34,960,911)			$	34,960,542


Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires December 2025		1,308	$	81,043,680	$	6,281,733
WTI Crude Oil - NYMEX, expires June 2026		1,325		81,116,500		4,243,366
WTI Crude Oil - NYMEX, expires December 2026		1,331		81,217,620		1,603,590

					$	12,128,689

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-42

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025			2024		2025			2024
Investment Income
Interest	$	1,262,490		$	1,865,946	$	4,373,667		$	6,398,993

Expenses
Management fee		315,179			363,340		1,090,747			1,255,680
Brokerage commissions		46,312			51,598		169,510			149,398

Total expenses		361,491			414,938		1,260,257			1,405,078

Net investment income (loss)		900,999			1,451,008		3,113,410			4,993,915

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		4,631,229			12,329,007		45,775,241			(330,018	)
Short-term U.S. government and agency obligations		—			179		(483	)		6,958

Net realized gain (loss)		4,631,229			12,329,186		45,774,758			(323,060	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(3,727,299	)		28,461,478		13,784,081			(7,530,570	)
Short-term U.S. government and agency obligations		(369	)		5,390		(369	)		(3,790	)

Change in net unrealized appreciation (depreciation)		(3,727,668	)		28,466,868		13,783,712			(7,534,360	)

Net realized and unrealized gain (loss)		903,561			40,796,054		59,558,470			(7,857,420	)

Net income (loss)	$	1,804,560		$	42,247,062	$	62,671,880		$	(2,863,505	)

See accompanying notes to financial statements.

F-43

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	135,277,470		$	177,620,038		$	121,997,334		$	188,963,592

Addition of 5,450,000, 2,250,000, 25,450,000 and 14,900,000 shares, respectively		88,618,278			37,421,194			410,876,000			253,860,259
Redemption of 6,000,000, 8,700,000, 25,700,000 and 19,050,000 shares, respectively		(103,997,869	)		(160,558,341	)		(473,842,775	)		(343,230,393	)

Net addition (redemption) of (550,000), (6,450,000), (250,000) and (4,150,000) shares, respectively		(15,379,591	)		(123,137,147	)		(62,966,775	)		(89,370,134	)

Net investment income (loss)		900,999			1,451,008			3,113,410			4,993,915
Net realized gain (loss)		4,631,229			12,329,186			45,774,758			(323,060	)
Change in net unrealized appreciation (depreciation)		(3,727,668	)		28,466,868			13,783,712			(7,534,360	)

Net income (loss)		1,804,560			42,247,062			62,671,880			(2,863,505	)

Shareholders’ equity, end of period	$	121,702,439		$	96,729,953		$	121,702,439		$	96,729,953

See accompanying notes to financial statements.

F-44

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	62,671,880		$	(2,863,505	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(343,231,033	)		(301,469,671	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		309,917,637			319,998,987
Net amortization and accretion on short-term U.S. government and agency obligations		(1,647,998	)		(3,768,036	)
Net realized (gain) loss on investments		483			(6,958	)
Change in unrealized (appreciation) depreciation on investments		369			3,790
Decrease (Increase) in receivable on open futures contracts		(5,944,855	)		90,623
Decrease (Increase) in interest receivable		47,274			128,550
Increase (Decrease) in payable to Sponsor		3,350			(49,412	)
Increase (Decrease) in brokerage commissions and futures account fees payable		—			(3,509	)
Increase (Decrease) in payable on open futures contracts		(2,372,844	)		4,402,659

Net cash provided by (used in) operating activities		19,444,263			16,463,518

Cash flow from financing activities
Proceeds from addition of shares		414,262,356			253,860,259
Payment on shares redeemed		(467,718,467	)		(343,398,535	)

Net cash provided by (used in) financing activities		(53,456,111	)		(89,538,276	)

Net increase (decrease) in cash		(34,011,848	)		(73,074,758	)
Cash, beginning of period		120,735,111			141,574,168

Cash, end of period	$	86,723,263		$	68,499,410

See accompanying notes to financial statements.

F-45

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $64,845,737 and $–, respectively)	$	64,846,501	$	—
Cash		43,984,384		177,262,462
Segregated cash balances with brokers for futures contracts		46,401,042		81,628,795
Receivable from capital shares sold		7,071,768		—
Receivable on open futures contracts		—		19,205,533
Interest receivable		370,765		405,754

Total assets		162,674,460		278,502,544

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		17,443,727
Payable on open futures contracts		3,999,443		—
Brokerage commissions and futures account fees payable		3,572		3,166
Payable to Sponsor		133,487		115,508

Total liabilities		4,136,502		17,562,401

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		158,537,958		260,940,143

Total liabilities and shareholders’ equity	$	162,674,460	$	278,502,544

Shares outstanding		4,483,712		5,983,712

Net asset value per share	$	35.36	$	43.61

Market value per share (Note 2)	$	34.79	$	42.74

See accompanying notes to financial statements.

F-46

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(41% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	25,000,000	$	24,983,043
4.182% due 10/21/25		10,000,000		9,977,500
4.140% due 11/04/25		30,000,000		29,885,958

Total short-term U.S. government and agency obligations (cost $64,845,737)			$	64,846,501


Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires November 2025		9,600	$	317,088,000	$	13,136,253

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

F-47

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	1,926,416		$	1,150,564		$	10,289,665		$	4,075,138

Expenses
Management fee		477,225			224,779			2,536,994			797,283
Brokerage commissions		167,957			156,391			1,197,519			722,643
Futures account fees		12,126			6,899			84,863			33,910

Total expenses		657,308			388,069			3,819,376			1,553,836

Net investment income (loss)		1,269,108			762,495			6,470,289			2,521,302

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		116,766,252			90,006,232			19,539,524			90,097,297
Short-term U.S. government and agency obligations		33			(2,218	)		(8,305	)		(3,961	)

Net realized gain (loss)		116,766,285			90,004,014			19,531,219			90,093,336

Change in net unrealized appreciation (depreciation) on
Futures contracts		(27,090,196	)		(55,772,673	)		39,266,757			(11,395,023	)
Short-term U.S. government and agency obligations		259			8,364			764			7,761

Change in net unrealized appreciation (depreciation)		(27,089,937	)		(55,764,309	)		39,267,521			(11,387,262	)

Net realized and unrealized gain (loss)		89,676,348			34,239,705			58,798,740			78,706,074

Net income (loss)	$	90,945,456		$	35,002,200		$	65,269,029		$	81,227,376

See accompanying notes to financial statements.

F-48

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	283,266,637		$	147,292,427		$	260,940,143		$	140,963,092

Addition of 6,050,000, 2,700,000, 71,800,000 and 16,700,000 shares, respectively		183,706,873			167,655,268			1,773,382,468			864,763,170
Redemption of 12,700,000, 3,250,000, 73,300,000 and 17,200,000 shares, respectively		(399,381,008	)		(217,256,870	)		(1,941,053,682	)		(954,260,613	)

Net addition (redemption) of (6,650,000), (550,000), (1,500,000) and (500,000) shares, respectively		(215,674,135	)		(49,601,602	)		(167,671,214	)		(89,497,443	)

Net investment income (loss)		1,269,108			762,495			6,470,289			2,521,302
Net realized gain (loss)		116,766,285			90,004,014			19,531,219			90,093,336
Change in net unrealized appreciation (depreciation)		(27,089,937	)		(55,764,309	)		39,267,521			(11,387,262	)

Net income (loss)		90,945,456			35,002,200			65,269,029			81,227,376

Shareholders’ equity, end of period	$	158,537,958		$	132,693,025		$	158,537,958		$	132,693,025

See accompanying notes to financial statements.

F-49

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	65,269,029		$	81,227,376
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(989,236,463	)		(232,607,254	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		929,395,135			189,472,679
Net amortization and accretion on short-term U.S. government and agency obligations		(5,012,714	)		(1,757,186	)
Net realized (gain) loss on investments		8,305			3,961
Change in unrealized (appreciation) depreciation on investments		(764	)		(7,761	)
Decrease (Increase) in receivable on open futures contracts		19,205,533			4,446,202
Decrease (Increase) in interest receivable		34,989			292,861
Increase (Decrease) in payable to Sponsor		17,979			(40,487	)
Increase (Decrease) in brokerage commissions and futures account fees payable		406			(9,361	)
Increase (Decrease) in payable on open futures contracts		3,999,443			(7,601,565	)

Net cash provided by (used in) operating activities		23,680,878			33,419,465

Cash flow from financing activities
Proceeds from addition of shares		1,766,310,700			871,648,583
Payment on shares redeemed		(1,958,497,409	)		(954,260,613	)

Net cash provided by (used in) financing activities		(192,186,709	)		(82,612,030	)

Net increase (decrease) in cash		(168,505,831	)		(49,192,565	)
Cash, beginning of period		258,891,257			136,172,565

Cash, end of period	$	90,385,426		$	86,980,000

See accompanying notes to financial statements.

F-50

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	29,719,293	$	36,236,198
Segregated cash balances with brokers for foreign currency forward contracts		3,911,088		4,402,112
Unrealized appreciation on foreign currency forward contracts		868		1,189,827
Interest receivable		97,822		129,971

Total assets		33,729,071		41,958,108

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		26,232		32,657
Unrealized depreciation on foreign currency forward contracts		77,707		32,777

Total liabilities		103,939		65,434

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		33,625,132		41,892,674

Total liabilities and shareholders’ equity	$	33,729,071	$	41,958,108

Shares outstanding		1,200,000		1,200,000

Net asset value per share	$	28.02	$	34.91

Market value per share (Note 2)	$	28.01	$	34.92

See accompanying notes to financial statements.

F-51

Table of Contents

PROSHARES ULTRASHORT EURO

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


Foreign Currency Forward Contracts ^

	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Euro with Goldman Sachs International		10/10/25		2,946,000		$	3,460,997		$	(22,894	)
Euro with UBS AG		10/10/25		1,242,000			1,459,117			868

Total Unrealized Depreciation									$	(22,026	)

Contracts to Sell
Euro with Goldman Sachs International		10/10/25		(33,832,263	)	$	(39,746,559	)	$	(30,619	)
Euro with UBS AG		10/10/25		(27,722,199	)		(32,568,382	)		(24,194	)

Total Unrealized Depreciation									$	(54,813	)

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

See accompanying notes to financial statements.

F-52

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	311,072		$	400,294		$	962,527		$	1,288,483

Expenses
Management fee		81,835			84,768			250,845			270,996

Total expenses		81,835			84,768			250,845			270,996

Net investment income (loss)		229,237			315,526			711,682			1,017,487

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(1,411,883	)		(1,317,854	)		(6,979,829	)		(1,360,955	)
Short-term U.S. government and agency obligations		—			—			119			4,641

Net realized gain (loss)		(1,411,883	)		(1,317,854	)		(6,979,710	)		(1,356,314	)

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		1,649,460			(1,247,585	)		(1,233,889	)		1,521,143

Change in net unrealized appreciation (depreciation)		1,649,460			(1,247,585	)		(1,233,889	)		1,521,143

Net realized and unrealized gain (loss)		237,577			(2,565,439	)		(8,213,599	)		164,829

Net income (loss)	$	466,814		$	(2,249,913	)	$	(7,501,917	)	$	1,182,316

See accompanying notes to financial statements.

F-53

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	31,567,012		$	38,226,983		$	41,892,674		$	39,367,550

Addition of 200,000, –, 550,000 and 50,000 shares, respectively		5,827,979			—			16,228,321			1,591,183
Redemption of 150,000, 100,000, 550,000 and 300,000 shares, respectively		(4,236,673	)		(3,064,562	)		(16,993,946	)		(9,228,541	)

Net addition (redemption) of 50,000, (100,000), – and (250,000) shares, respectively		1,591,306			(3,064,562	)		(765,625	)		(7,637,358	)

Net investment income (loss)		229,237			315,526			711,682			1,017,487
Net realized gain (loss)		(1,411,883	)		(1,317,854	)		(6,979,710	)		(1,356,314	)
Change in net unrealized appreciation (depreciation)		1,649,460			(1,247,585	)		(1,233,889	)		1,521,143

Net income (loss)		466,814			(2,249,913	)		(7,501,917	)		1,182,316

Shareholders’ equity, end of period	$	33,625,132		$	32,912,508		$	33,625,132		$	32,912,508

See accompanying notes to financial statements.

F-54

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(7,501,917	)	$	1,182,316
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from sales or maturities of short-term U.S. government and agency obligations		119			4,641
Net realized (gain) loss on investments		(119	)		(4,641	)
Change in unrealized (appreciation) depreciation on investments		1,233,889			(1,521,143	)
Decrease (Increase) in interest receivable		32,149			37,169
Increase (Decrease) in payable to Sponsor		(6,425	)		(6,708	)

Net cash provided by (used in) operating activities		(6,242,304	)		(308,366	)

Cash flow from financing activities
Proceeds from addition of shares		16,228,321			1,591,183
Payment on shares redeemed		(16,993,946	)		(9,228,541	)

Net cash provided by (used in) financing activities		(765,625	)		(7,637,358	)

Net increase (decrease) in cash		(7,007,929	)		(7,945,724	)
Cash, beginning of period		40,638,310			41,090,342

Cash, end of period	$	33,630,381		$	33,144,618

See accompanying notes to financial statements.

F-55

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	53,898,975	$	13,148,117
Segregated cash balances with brokers for futures contracts		2,017,900		588,800
Segregated cash balances with brokers for swap agreements		12,161,176		2,782,413
Unrealized appreciation on swap agreements		—		141,581
Interest receivable		173,607		61,820

Total assets		68,251,658		16,722,731

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		837,316		—
Payable on open futures contracts		75,629		82,309
Payable to Sponsor		48,942		15,994
Unrealized depreciation on swap agreements		4,099,058		—

Total liabilities		5,060,945		98,303

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		63,190,713		16,624,428

Total liabilities and shareholders’ equity	$	68,251,658	$	16,722,731

Shares outstanding (Note 1)		3,773,421		473,489

Net asset value per share (Note 1)	$	16.75	$	35.11

Market value per share (Note 1) (Note 2)	$	16.64	$	35.16

See accompanying notes to financial statements.

F-56

Table of Contents

PROSHARES ULTRASHORT GOLD

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires December 2025		118	$	45,703,760	$	(2,081,600	)


Total Return Swap Agreements ^

	Rate Paid (Received) *			Termination Date		Notional Amount at Value **			Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex		0.25	%		10/06/25	$	(58,656,740	)	$	(2,973,639	)
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex		0.20			10/06/25		(8,718,813	)		(441,755	)
Swap agreement with UBS AG based on Bloomberg Gold Subindex		0.25			10/06/25		(13,485,622	)		(683,664	)

Total Unrealized Depreciation									$	(4,099,058	)

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

*	Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-57

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	543,256		$	148,896		$	1,468,731		$	468,826

Expenses
Management fee		155,211			34,177			411,660			105,887
Brokerage commissions		2,719			920			14,541			3,138

Total expenses		157,930			35,097			426,201			109,025

Net investment income (loss)		385,326			113,799			1,042,530			359,801

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(2,131,476	)		(722,224	)		1,974,272			(2,348,472	)
Swap agreements		(7,008,905	)		(687,295	)		(8,711,158	)		(2,975,334	)

Net realized gain (loss)		(9,140,381	)		(1,409,519	)		(6,736,886	)		(5,323,806	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(2,544,052	)		(291,313	)		(2,202,656	)		20,023
Swap agreements		(5,507,055	)		(1,471,680	)		(4,240,639	)		(863,159	)

Change in net unrealized appreciation (depreciation)		(8,051,107	)		(1,762,993	)		(6,443,295	)		(843,136	)

Net realized and unrealized gain (loss)		(17,191,488	)		(3,172,512	)		(13,180,181	)		(6,166,942	)

Net income (loss)	$	(16,806,162	)	$	(3,058,713	)	$	(12,137,651	)	$	(5,807,141	)

See accompanying notes to financial statements.

F-58

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	76,838,176		$	16,131,791		$	16,624,428		$	11,795,779

Addition of 2,650,000, 300,000, 16,350,000 and 625,000 shares, respectively (Note 1)		51,416,393			10,718,138			359,391,795			25,250,693
Redemption of 2,300,000, 150,000, 13,050,068 and 325,000 shares, respectively (Note 1)		(48,257,694	)		(5,732,726	)		(300,687,859	)		(13,180,841	)

Net addition (redemption) of 350,000, 150,000, 3,299,932 and 300,000 shares, respectively (Note 1)		3,158,699			4,985,412			58,703,936			12,069,852

Net investment income (loss)		385,326			113,799			1,042,530			359,801
Net realized gain (loss)		(9,140,381	)		(1,409,519	)		(6,736,886	)		(5,323,806	)
Change in net unrealized appreciation (depreciation)		(8,051,107	)		(1,762,993	)		(6,443,295	)		(843,136	)

Net income (loss)		(16,806,162	)		(3,058,713	)		(12,137,651	)		(5,807,141	)

Shareholders’ equity, end of period	$	63,190,713		$	18,058,490		$	63,190,713		$	18,058,490

See accompanying notes to financial statements.

F-59

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(12,137,651	)	$	(5,807,141	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments		4,240,639			863,159
Decrease (Increase) in receivable on open futures contracts		—			(20,392	)
Decrease (Increase) in interest receivable		(111,787	)		(3,914	)
Increase (Decrease) in payable to Sponsor		32,948			1,279
Increase (Decrease) in payable on open futures contracts		(6,680	)		—

Net cash provided by (used in) operating activities		(7,982,531	)		(4,967,009	)

Cash flow from financing activities
Proceeds from addition of shares		359,391,795			25,250,693
Payment on shares redeemed		(299,850,543	)		(13,180,841	)

Net cash provided by (used in) financing activities		59,541,252			12,069,852

Net increase (decrease) in cash		51,558,721			7,102,843
Cash, beginning of period		16,519,330			11,946,483

Cash, end of period	$	68,078,051		$	19,049,326

See accompanying notes to financial statements.

F-60

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	21,848,817	$	10,846,306
Segregated cash balances with brokers for futures contracts		1,536,000		839,500
Segregated cash balances with brokers for swap agreements		12,165,917		9,082,795
Unrealized appreciation on swap agreements		—		2,954,018
Receivable on open futures contracts		285,866		8,500
Interest receivable		56,977		49,804

Total assets		35,893,577		23,780,923

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		1,548,373		—
Payable on open futures contracts		—		9,092
Payable to Sponsor		20,875		19,212
Unrealized depreciation on swap agreements		3,972,249		—

Total liabilities		5,541,497		28,304

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		30,352,080		23,752,619

Total liabilities and shareholders’ equity	$	35,893,577	$	23,780,923

Shares outstanding		1,960,264		560,264

Net asset value per share	$	15.48	$	42.40

Market value per share (Note 2)	$	15.37	$	42.00

See accompanying notes to financial statements.

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Table of Contents

PROSHARES ULTRASHORT SILVER

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


Futures Contracts Sold

	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires December 2025		95	$	22,154,000	$	(1,395,989	)


Total Return Swap Agreements ^

	Rate Paid (Received) *			Termination Date		Notional Amount at Value **			Unrealized Appreciation (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex		0.25	%		10/06/25	$	(16,586,295	)	$	(1,728,291	)
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex		0.25			10/06/25		(17,367,383	)		(1,766,648	)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex		0.30			10/06/25		(2,395,647	)		(243,755	)
Swap agreement with UBS AG based on Bloomberg Silver Subindex		0.25			10/06/25		(2,295,985	)		(233,555	)

Total Unrealized Depreciation									$	(3,972,249	)

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

*	Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.

**	For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.

See accompanying notes to financial statements.

F-62

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	202,742		$	672,005		$	607,679		$	1,650,859

Expenses
Management fee		68,100			149,940			202,348			380,119
Brokerage commissions		3,060			14,921			13,179			34,808

Total expenses		71,160			164,861			215,527			414,927

Net investment income (loss)		131,582			507,144			392,152			1,235,932

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(1,886,271	)		(343,339	)		(4,406,449	)		(2,680,569	)
Swap agreements		(4,960,701	)		6,337,066			(8,876,741	)		(1,615,822	)

Net realized gain (loss)		(6,846,972	)		5,993,727			(13,283,190	)		(4,296,391	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(2,013,669	)		(898,913	)		(1,907,904	)		(1,705,528	)
Swap agreements		(4,259,901	)		(8,621,838	)		(6,926,267	)		(4,331,001	)

Change in net unrealized appreciation (depreciation)		(6,273,570	)		(9,520,751	)		(8,834,171	)		(6,036,529	)

Net realized and unrealized gain (loss)		(13,120,542	)		(3,527,024	)		(22,117,361	)		(10,332,920	)

Net income (loss)	$	(12,988,960	)	$	(3,019,880	)	$	(21,725,209	)	$	(9,096,988	)

See accompanying notes to financial statements.

F-63

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	35,410,975		$	76,198,743		$	23,752,619		$	65,149,686

Addition of 2,100,000, 687,500, 4,750,000 and 2,937,500 shares, respectively		40,349,909			27,486,842			120,402,312			143,592,568
Redemption of 1,500,000, 1,537,500, 3,350,000 and 2,987,500 shares, respectively		(32,419,844	)		(68,442,983	)		(92,077,642	)		(167,422,544	)

Net addition (redemption) of 600,000, (850,000), 1,400,000 and (50,000) shares, respectively		7,930,065			(40,956,141	)		28,324,670			(23,829,976	)

Net investment income (loss)		131,582			507,144			392,152			1,235,932
Net realized gain (loss)		(6,846,972	)		5,993,727			(13,283,190	)		(4,296,391	)
Change in net unrealized appreciation (depreciation)		(6,273,570	)		(9,520,751	)		(8,834,171	)		(6,036,529	)

Net income (loss)		(12,988,960	)		(3,019,880	)		(21,725,209	)		(9,096,988	)

Shareholders’ equity, end of period	$	30,352,080		$	32,222,722		$	30,352,080		$	32,222,722

See accompanying notes to financial statements.

F-64

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(21,725,209	)	$	(9,096,988	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments		6,926,267			4,331,001
Decrease (Increase) in receivable on open futures contracts		(277,366	)		240,198
Decrease (Increase) in interest receivable		(7,173	)		56,956
Increase (Decrease) in payable to Sponsor		1,663			(14,490	)
Increase (Decrease) in payable on open futures contracts		(9,092	)		—

Net cash provided by (used in) operating activities		(15,090,910	)		(4,483,323	)

Cash flow from financing activities
Proceeds from addition of shares		120,402,312			144,499,593
Payment on shares redeemed		(90,529,269	)		(167,422,544	)

Net cash provided by (used in) financing activities		29,873,043			(22,922,951	)

Net increase (decrease) in cash		14,782,133			(27,406,274	)
Cash, beginning of period		20,768,601			64,596,871

Cash, end of period	$	35,550,734		$	37,190,597

See accompanying notes to financial statements.

F-65

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	21,477,909	$	21,059,078
Segregated cash balances with brokers for foreign currency forward contracts		2,487,690		2,736,018
Unrealized appreciation on foreign currency forward contracts		386,989		2,283,588
Receivable from capital shares sold		4,452,385		—
Interest receivable		83,381		76,797

Total assets		28,888,354		26,155,481

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		21,772		19,957
Unrealized depreciation on foreign currency forward contracts		57,868		55,229

Total liabilities		79,640		75,186

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		28,808,714		26,080,295

Total liabilities and shareholders’ equity	$	28,888,354	$	26,155,481

Shares outstanding		647,160		547,160

Net asset value per share	$	44.52	$	47.66

Market value per share (Note 2)	$	44.58	$	46.68

See accompanying notes to financial statements.

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Table of Contents

PROSHARES ULTRASHORT YEN

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Foreign Currency Forward Contracts


	Settlement Date		Contract Amount in Local Currency			Contract Amount in U.S. Dollars			Unrealized Appreciation (Depreciation)/ Value
Contracts to Purchase
Yen with Goldman Sachs International		10/10/25		1,489,706,000		$	10,085,086		$	(57,868	)
Yen with UBS AG		10/10/25		895,877,000			6,064,953			56,297

Total Unrealized Depreciation									$	(1,571	)

Contracts to Sell
Yen with Goldman Sachs International		10/10/25		(5,019,125,165	)	$	(33,978,724	)	$	191,111
Yen with UBS AG		10/10/25		(5,878,242,424	)		(39,794,820	)		139,581

Total Unrealized Appreciation									$	330,692

^	The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.

See accompanying notes to financial statements.

F-67

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,					Nine Months Ended September 30,
	2025		2024			2025			2024
Investment Income
Interest	$	252,079	$	449,333		$	669,840		$	1,220,993

Expenses
Management fee		65,061		93,279			172,164			256,361

Total expenses		65,061		93,279			172,164			256,361

Net investment income (loss)		187,018		356,054			497,676			964,632

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		844,126		(5,013,671	)		(452,892	)		1,109,169
Short-term U.S. government and agency obligations		—		—			91			3,541

Net realized gain (loss)		844,126		(5,013,671	)		(452,801	)		1,112,710

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		616,122		(3,366,298	)		(1,899,238	)		1,101,721

Change in net unrealized appreciation (depreciation)		616,122		(3,366,298	)		(1,899,238	)		1,101,721

Net realized and unrealized gain (loss)		1,460,248		(8,379,969	)		(2,352,039	)		2,214,431

Net income (loss)	$	1,647,266	$	(8,023,915	)	$	(1,854,363	)	$	3,179,063

See accompanying notes to financial statements.

F-68

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	20,559,703		$	47,495,032		$	26,080,295		$	24,010,010

Addition of 500,000, 300,000, 750,000 and 900,000 shares, respectively		22,025,707			12,483,356			32,873,388			37,504,826
Redemption of 350,000, 400,000, 650,000 and 700,000 shares, respectively		(15,423,962	)		(17,049,549	)		(28,290,606	)		(29,788,975	)

Net addition (redemption) of 150,000, (100,000), 100,000 and 200,000 shares, respectively		6,601,745			(4,566,193	)		4,582,782			7,715,851

Net investment income (loss)		187,018			356,054			497,676			964,632
Net realized gain (loss)		844,126			(5,013,671	)		(452,801	)		1,112,710
Change in net unrealized appreciation (depreciation)		616,122			(3,366,298	)		(1,899,238	)		1,101,721

Net income (loss)		1,647,266			(8,023,915	)		(1,854,363	)		3,179,063

Shareholders’ equity, end of period	$	28,808,714		$	34,904,924		$	28,808,714		$	34,904,924

See accompanying notes to financial statements.

F-69

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(1,854,363	)	$	3,179,063
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from sales or maturities of short-term U.S. government and agency obligations		91			3,541
Net realized (gain) loss on investments		(91	)		(3,541	)
Change in unrealized (appreciation) depreciation on investments		1,899,238			(1,101,721	)
Decrease (Increase) in interest receivable		(6,584	)		(34,604	)
Increase (Decrease) in payable to Sponsor		1,815			7,853

Net cash provided by (used in) operating activities		40,106			2,050,591

Cash flow from financing activities
Proceeds from addition of shares		28,421,003			37,504,826
Payment on shares redeemed		(28,290,606	)		(29,788,975	)

Net cash provided by (used in) financing activities		130,397			7,715,851

Net increase (decrease) in cash		170,503			9,766,442
Cash, beginning of period		23,795,096			25,242,327

Cash, end of period	$	23,965,599		$	35,008,769

See accompanying notes to financial statements.

F-70

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Cash	$	38,272,676	$	24,122,440
Segregated cash balances with brokers for futures contracts		6,226,012		3,959,399
Receivable on open futures contracts		—		557
Interest receivable		127,445		99,278

Total assets		44,626,133		28,181,674

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		73,925		50,382
Brokerage commissions and futures account fees payable		1,701		1,656
Payable to Sponsor		27,860		18,426

Total liabilities		103,486		70,464

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		44,522,647		28,111,210

Total liabilities and shareholders’ equity	$	44,626,133	$	28,181,674

Shares outstanding		2,812,403		1,937,403

Net asset value per share	$	15.83	$	14.51

Market value per share (Note 2)	$	15.82	$	14.46

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures – Cboe, expires January 2026		422	$	8,730,547	$	(463,832	)
VIX Futures – Cboe, expires February 2026		703		14,846,376		(674,131	)
VIX Futures – Cboe, expires March 2026		703		14,926,166		(393,315	)
VIX Futures – Cboe, expires April 2026		281		6,027,450		(29,900	)

					$	(1,561,178	)

See accompanying notes to financial statements.

F-72

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	322,262		$	370,229		$	820,355		$	1,992,242

Expenses
Management fee		74,709			66,736			188,230			354,943
Brokerage commissions		10,101			8,201			28,555			94,413
Futures account fees		4,599			4,605			9,723			21,146

Total expenses		89,409			79,542			226,508			470,502

Net investment income (loss)		232,853			290,687			593,847			1,521,740

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(1,349,262	)		2,713,658			4,084,920			(12,344,229	)
Short-term U.S. government and agency obligations		—			271			84			3,549

Net realized gain (loss)		(1,349,262	)		2,713,929			4,085,004			(12,340,680	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(1,372,511	)		457,557			(1,583,444	)		4,340,208
Short-term U.S. government and agency obligations		—			(2,519	)		—			—

Change in net unrealized appreciation (depreciation)		(1,372,511	)		455,038			(1,583,444	)		4,340,208

Net realized and unrealized gain (loss)		(2,721,773	)		3,168,967			2,501,560			(8,000,472	)

Net income (loss)	$	(2,488,920	)	$	3,459,654		$	3,095,407		$	(6,478,732	)

See accompanying notes to financial statements.

F-73

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	21,537,610		$	33,401,452		$	28,111,210		$	37,866,143

Addition of 1,600,000, 825,000, 2,925,000 and 9,450,000 shares, respectively		26,715,374			12,229,924			47,261,354			147,418,801
Redemption of 75,000, 575,000, 2,050,000 and 9,125,000 shares, respectively		(1,241,417	)		(10,107,196	)		(33,945,324	)		(139,822,378	)

Net addition (redemption) of 1,525,000, 250,000, 875,000 and 325,000 shares, respectively		25,473,957			2,122,728			13,316,030			7,596,423

Net investment income (loss)		232,853			290,687			593,847			1,521,740
Net realized gain (loss)		(1,349,262	)		2,713,929			4,085,004			(12,340,680	)
Change in net unrealized appreciation (depreciation)		(1,372,511	)		455,038			(1,583,444	)		4,340,208

Net income (loss)		(2,488,920	)		3,459,654			3,095,407			(6,478,732	)

Shareholders’ equity, end of period	$	44,522,647		$	38,983,834		$	44,522,647		$	38,983,834

See accompanying notes to financial statements.

F-74

Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	3,095,407		$	(6,478,732	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		—			(49,330,764	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		84			49,719,851
Net amortization and accretion on short-term U.S. government and agency obligations		—			(385,538	)
Net realized (gain) loss on investments		(84	)		(3,549	)
Decrease (Increase) in receivable on open futures contracts		557			137,945
Decrease (Increase) in interest receivable		(28,167	)		47,971
Increase (Decrease) in payable to Sponsor		9,434			(3,138	)
Increase (Decrease) in brokerage commissions and futures account fees payable		45			(977	)
Increase (Decrease) in payable on open futures contracts		23,543			474,255

Net cash provided by (used in) operating activities		3,100,819			(5,822,676	)

Cash flow from financing activities
Proceeds from addition of shares		47,261,354			147,418,801
Payment on shares redeemed		(33,945,324	)		(139,822,378	)

Net cash provided by (used in) financing activities		13,316,030			7,596,423

Net increase (decrease) in cash		16,416,849			1,773,747
Cash, beginning of period		28,081,839			37,611,189

Cash, end of period	$	44,498,688		$	39,384,936

See accompanying notes to financial statements.

F-75

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $129,526,844 and $24,931,067, respectively)	$	129,533,779	$	24,937,875
Cash		60,490,726		54,919,200
Segregated cash balances with brokers for futures contracts		138,214,552		50,955,604
Receivable on open futures contracts		2,618,122		2,613,474
Interest receivable		616,620		310,926

Total assets		331,473,799		133,737,079

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		1,712,496		—
Brokerage commissions and futures account fees payable		26,111		9,271
Payable to Sponsor		150,710		86,193

Total liabilities		1,889,317		95,464

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		329,584,482		133,641,615

Total liabilities and shareholders’ equity	$	331,473,799	$	133,737,079

Shares outstanding		10,241,252		2,966,252

Net asset value per share	$	32.18	$	45.05

Market value per share (Note 2)	$	32.30	$	45.02

See accompanying notes to financial statements.

F-76

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(39% of shareholders’ equity)
U.S. Treasury Bills ^^ :
4.329% due 10/07/25	$	20,000,000	$	19,986,434
4.182% due 10/21/25		10,000,000		9,977,500
4.140% due 11/04/25		50,000,000		49,809,930
4.203% due 11/13/25		50,000,000		49,759,915

Total short-term U.S. government and agency obligations
(cost $129,526,844)			$	129,533,779

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2025		10,829	$	190,460,452	$	(10,656,130	)
VIX Futures - Cboe, expires November 2025		7,218		138,940,726		(1,004,955	)

					$	(11,661,085	)

^^	Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

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PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	2,597,119		$	1,554,282		$	5,348,650		$	4,932,465

Expenses
Management fee		628,098			298,739			1,280,780			945,176
Brokerage commissions		160,166			109,695			448,329			189,358
Futures account fees		61,987			25,438			150,648			89,976

Total expenses		850,251			433,872			1,879,757			1,224,510

Net investment income (loss)		1,746,868			1,120,410			3,468,893			3,707,955

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(109,920,952	)		47,467,197			(33,147,346	)		(11,804,121	)
Short-term U.S. government and agency obligations		100			(1,223	)		727			3,607

Net realized gain (loss)		(109,920,852	)		47,465,974			(33,146,619	)		(11,800,514	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(1,519,372	)		5,170,981			(16,054,412	)		12,174,255
Short-term U.S. government and agency obligations		6,935			8,134			127			(3,751	)

Change in net unrealized appreciation (depreciation)		(1,512,437	)		5,179,115			(16,054,285	)		12,170,504

Net realized and unrealized gain (loss)		(111,433,289	)		52,645,089			(49,200,904	)		369,990

Net income (loss)	$	(109,686,421	)	$	53,765,499		$	(45,732,011	)	$	4,077,945

See accompanying notes to financial statements.

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PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	164,541,842		$	148,420,028		$	133,641,615		$	157,321,746

Addition of 7,000,000, 2,637,500, 14,225,000 and 4,512,500 shares, respectively		284,674,514			119,479,226			617,353,813			215,111,517
Redemption of 275,000, 2,725,000, 6,950,000 and 3,712,500 shares, respectively		(9,945,453	)		(158,267,320	)		(375,678,935	)		(213,113,775	)

Net addition (redemption) of 6,725,000, (87,500), 7,275,000 and 800,000 shares, respectively		274,729,061			(38,788,094	)		241,674,878			1,997,742

Net investment income (loss)		1,746,868			1,120,410			3,468,893			3,707,955
Net realized gain (loss)		(109,920,852	)		47,465,974			(33,146,619	)		(11,800,514	)
Change in net unrealized appreciation (depreciation)		(1,512,437	)		5,179,115			(16,054,285	)		12,170,504

Net income (loss)		(109,686,421	)		53,765,499			(45,732,011	)		4,077,945

Shareholders’ equity, end of period	$	329,584,482		$	163,397,433		$	329,584,482		$	163,397,433

See accompanying notes to financial statements.

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PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	(45,732,011	)	$	4,077,945
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(397,638,916	)		(242,444,601	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		294,724,927			239,782,389
Net amortization and accretion on short-term U.S. government and agency obligations		(1,681,061	)		(2,462,980	)
Net realized (gain) loss on investments		(727	)		(3,607	)
Change in unrealized (appreciation) depreciation on investments		(127	)		3,751
Decrease (Increase) in receivable on open futures contracts		(4,648	)		2,362,837
Decrease (Increase) in interest receivable		(305,694	)		(30,058	)
Increase (Decrease) in payable to Sponsor		64,517			12,394
Increase (Decrease) in brokerage commissions and futures account fees payable		16,840			(5,916	)
Increase (Decrease) in payable on open futures contracts		1,712,496			2,827,581

Net cash provided by (used in) operating activities		(148,844,404	)		4,119,735

Cash flow from financing activities
Proceeds from addition of shares		617,353,813			215,111,517
Payment on shares redeemed		(375,678,935	)		(213,113,775	)

Net cash provided by (used in) financing activities		241,674,878			1,997,742

Net increase (decrease) in cash		92,830,474			6,117,477
Cash, beginning of period		105,874,804			95,126,975

Cash, end of period	$	198,705,278		$	101,244,452

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF FINANCIAL CONDITION


	September 30, 2025 (unaudited)		December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $2,242,816,917 and $473,690,268, respectively)	$	2,242,894,070	$	473,819,625
Cash		914,912,676		1,765,501,542
Segregated cash balances with brokers for futures contracts		1,057,475,757		622,689,660
Segregated cash balances with brokers for foreign currency forward contracts		13,926,728		16,562,030
Segregated cash balances with brokers for swap agreements		174,387,662		172,690,806
Unrealized appreciation on swap agreements		138,416,724		41,311,209
Unrealized appreciation on foreign currency forward contracts		399,316		3,621,921
Receivable from capital shares sold		28,501,972		14,352,999
Receivable on open futures contracts		44,189,812		35,746,889
Interest receivable		6,499,218		5,627,491

Total assets		4,621,603,935		3,151,924,172

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		67,884,921		20,192,198
Payable on open futures contracts		19,871,076		44,527,123
Brokerage commissions and futures account fees payable		128,953		59,280
Payable to Sponsor		3,230,935		2,525,993
Unrealized depreciation on swap agreements		9,115,646		54,867,040
Unrealized depreciation on foreign currency forward contracts		823,326		4,618,937

Total liabilities		101,054,857		126,790,571

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		4,520,549,078		3,025,133,601

Total liabilities and shareholders’ equity	$	4,621,603,935	$	3,151,924,172

Shares outstanding (Note 1)		167,898,328		98,048,396

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Investment Income
Interest	$	35,035,517		$	39,528,194		$	97,594,828		$	106,909,661
Expenses
Management fee		9,646,879			7,995,932			25,738,122			22,614,312
Brokerage commissions		2,069,590			2,024,482			6,222,172			5,855,049
Futures account fees		376,767			171,268			926,217			571,653

Total expenses		12,093,236			10,191,682			32,886,511			29,041,014

Net investment income (loss)		22,942,281			29,336,512			64,708,317			77,868,647

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(479,137,704	)		(307,323,493	)		34,173,246			(402,765,202	)
Swap agreements		138,642,579			(135,617,033	)		281,439,795			101,481,166
Foreign currency forward contracts		(3,619,358	)		685,622			(6,636,327	)		(706,613	)
Short-term U.S. government and agency obligations		1,963			(2,730	)		(7,238	)		68,411

Net realized gain (loss)		(344,112,520	)		(442,257,634	)		308,969,476			(301,922,238	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		262,020,671			310,081,124			157,783,445			140,846,867
Swap agreements		134,779,200			92,748,602			142,856,909			79,434,255
Foreign currency forward contracts		409,398			(1,808,721	)		573,006			559,336
Short-term U.S. government and agency obligations		73,421			229,199			(52,204	)		103,742

Change in net unrealized appreciation (depreciation)		397,282,690			401,250,204			301,161,156			220,944,200

Net realized and unrealized gain (loss)		53,170,170			(41,007,430	)		610,130,632			(80,978,038	)

Net income (loss)	$	76,112,451		$	(11,670,918	)	$	674,838,949		$	(3,109,391	)

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Shareholders’ equity, beginning of period	$	3,651,955,802		$	3,121,155,340		$	3,025,133,601		$	3,282,832,126

Addition of 119,050,000, 76,550,000, 388,950,000 and 163,565,000 shares, respectively (Note 1)		2,984,794,086			2,755,933,016			10,372,706,221			6,212,835,038
Redemption of 77,150,000, 66,167,500, 319,100,068 and 153,621,248 shares, respectively (Note 1)		(2,192,313,261	)		(2,396,205,904	)		(9,552,129,693	)		(6,023,346,239	)

Net addition (redemption) of 41,900,000, 10,382,500, 69,849,932 and 9,943,752 shares, respectively (Note 1)		792,480,825			359,727,112			820,576,528			189,488,799

Net investment income (loss)		22,942,281			29,336,512			64,708,317			77,868,647
Net realized gain (loss)		(344,112,520	)		(442,257,634	)		308,969,476			(301,922,238	)
Change in net unrealized appreciation (depreciation)		397,282,690			401,250,204			301,161,156			220,944,200

Net income (loss)		76,112,451			(11,670,918	)		674,838,949			(3,109,391	)

Shareholders’ equity, end of period	$	4,520,549,078		$	3,469,211,534		$	4,520,549,078		$	3,469,211,534

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF CASH FLOWS

(unaudited)


	Nine Months Ended September 30,
	2025			2024
Cash flow from operating activities
Net income (loss)	$	674,838,949		$	(3,109,391	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations		(9,425,920,779	)		(5,040,839,051	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		7,699,905,958			4,121,998,020
Net amortization and accretion on short-term U.S. government and agency obligations		(43,119,066	)		(49,334,959	)
Net realized (gain) loss on investments		7,238			(68,411	)
Change in unrealized (appreciation) depreciation on investments		(143,377,711	)		(80,097,333	)
Decrease (Increase) in receivable on futures contracts		(8,442,923	)		(2,257,567	)
Decrease (Increase) in interest receivable		(871,727	)		828,668
Increase (Decrease) in payable to Sponsor		704,942			(76,656	)
Increase (Decrease) in brokerage commissions and futures account fees payable		69,673			(85,759	)
Increase (Decrease) in payable on futures contracts		(24,656,047	)		(12,205,145	)

Net cash provided by (used in) operating activities		(1,270,861,493	)		(1,065,247,584	)

Cash flow from financing activities
Proceeds from addition of shares		10,358,557,248			6,232,893,251
Payment on shares redeemed		(9,504,436,970	)		(5,988,506,513	)

Net cash provided by (used in) financing activities		854,120,278			244,386,738

Net increase (decrease) in cash		(416,741,215	)		(820,860,846	)
Cash, beginning of period		2,577,444,038			2,597,706,107

Cash, end of period	$	2,160,702,823		$	1,776,845,261

See accompanying notes to financial statements.

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PROSHARES TRUST II

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

NOTE 1 - ORGANIZATION

ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”). As of September 30, 2025, the following sixteen series of the Trust have commenced investment operations: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements.

The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.

Groups of Funds are collectively referred to in several different ways. References to “Short Fund,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.

The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a

single day

and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation.

The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly.

Share Splits and Reverse Share Splits

The table below includes forward and reverse Share splits for the Funds during the nine months September 30, 2025, and during the year ended December 31, 2024. The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable.

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Fund	Execution Date (Prior to Opening of Trading)	Type of Split	Date Trading Resumed at Post- Split Price
ProShares Short VIX Short-Term Futures	April 10, 2024	2-for-1 forward Share split		April 11, 2024
ProShares UltraShort Bloomberg Natural Gas	April 10, 2024	2-for-1 forward Share split		April 11, 2024
ProShares Ultra VIX Short-Term Futures	April 10, 2024	1-for-5 reverse Share split		April 11, 2024
ProShares VIX Short-Term Futures	November 6, 2024	1-for-4 reverse Share split		November 7, 2024
ProShares Ultra Bloomberg Natural Gas	November 6, 2024	1-for-5 reverse Share split		November 7, 2024
ProShares UltraShort Silver	November 6, 2024	1-for-4 reverse Share split		November 7, 2024
ProShares UltraShort Yen	November 6, 2024	2-for-1 forward Share split		November 7, 2024
ProShares Ultra Gold	June 12, 2025	4-for-1 forward Share split		June 13, 2025
ProShares UltraShort Gold	June 12, 2025	1-for-2 reverse Share split		June 13, 2025

The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split.

The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025.

Use of Estimates & Indemnifications

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote.

Basis of Presentation

Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.

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Statements of Cash Flows

The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated September 30, 2025 and 2024, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the nine months ended September 30, 2025 were typically as follows. All times are Eastern Standard Time:


	Create/Redeem	NAV Calculation	NAV
Fund	Cut-off*	Time	Calculation Date
Ultra Silver and UltraShort Silver	1:00 p.m.	1:25 p.m.	September 30, 2025
Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.	September 30, 2025
Ultra Bloomberg Crude Oil,
Ultra Bloomberg Natural Gas,
UltraShort Bloomberg Crude Oil and			September 30, 2025
UltraShort Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	September 30, 2025
Ultra Euro,			September 30, 2025
Ultra Yen,			September 30, 2025
UltraShort Euro and
UltraShort Yen	3:00 p.m.	4:00 p.m.	September 30, 2025
Short VIX Short-Term Futures ETF,			September 30, 2025
Ultra VIX Short-Term Futures ETF,			September 30, 2025
VIX Mid-Term Futures ETF and
VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m .	September 30, 2025

*	Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025.

Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value investment transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the nine months ended September 30, 2025.

Investment Valuation

Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy.

Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.

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Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Fair Value of Financial Instruments

The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows:

Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair

value

to the extent that observable inputs are not available.

In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety.

Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

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The following table summarizes the valuation of investments at September 30, 2025 using the fair value hierarchy:


	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	89,767,081	$	6,713,866		$	—		$	—		$	96,480,947
ProShares Ultra Bloomberg Crude Oil		154,501,105		1,336,739			—			(1,044,339	)		154,793,505
ProShares Ultra Bloomberg Natural Gas		308,827,473		(1,049,205	)		—			—			307,778,268
ProShares Ultra Euro		—		—			9,341			—			9,341
ProShares Ultra Gold		608,009,273		101,806,050			—			34,537,917			744,353,240
ProShares Ultra Silver		742,885,457		143,513,534			—			103,878,807			990,277,798
ProShares Ultra VIX Short-Term Futures ETF		109,562,859		(36,096,377	)		—			—			73,466,482
ProShares Ultra Yen		—		—			(685,633	)		—			(685,633	)
ProShares UltraShort Bloomberg Crude Oil		34,960,542		12,128,689			—			—			47,089,231
ProShares UltraShort Bloomberg Natural Gas		64,846,501		13,136,253			—			—			77,982,754
ProShares UltraShort Euro		—		—			(76,839	)		—			(76,839	)
ProShares UltraShort Gold		—		(2,081,600	)		—			(4,099,058	)		(6,180,658	)
ProShares UltraShort Silver		—		(1,395,989	)		—			(3,972,249	)		(5,368,238	)
ProShares UltraShort Yen		—		—			329,121			—			329,121
ProShares VIX Mid-Term Futures ETF		—		(1,561,178	)		—			—			(1,561,178	)
ProShares VIX Short-Term Futures ETF		129,533,779		(11,661,085	)		—			—			117,872,694

Combined Trust:	$	2,242,894,070	$	224,789,697		$	(424,010	)	$	129,301,078		$	2,596,560,835

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transfers into or out of Level 3 for the quarter ended September 30, 2025.

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The following table summarizes the valuation of investments at December 31, 2024 using the fair value hierarchy:


	Level I - Quoted Prices					Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	24,937,875	$	(3,008,751	)	$	—		$	—		$	21,929,124
ProShares Ultra Bloomberg Crude Oil		99,751,500		10,864,085			—			38,215,610			148,831,195
ProShares Ultra Bloomberg Natural Gas		99,751,500		97,239,201			—			—			196,990,701
ProShares Ultra Euro		—		—			(167,128	)		—			(167,128	)
ProShares Ultra Gold		74,813,625		(423,408	)		—			(2,348,132	)		72,042,085
ProShares Ultra Silver		124,689,375		(28,903,535	)		—			(52,518,908	)		43,266,932
ProShares Ultra VIX Short-Term Futures ETF		24,937,875		13,975,992			—			—			38,913,867
ProShares Ultra Yen		—		—			(4,215,297	)		—			(4,215,297	)
ProShares UltraShort Bloomberg Crude Oil		—		(1,655,392	)		—			—			(1,655,392	)
ProShares UltraShort Bloomberg Natural Gas		—		(26,130,504	)		—			—			(26,130,504	)
ProShares UltraShort Euro		—		—			1,157,050			—			1,157,050
ProShares UltraShort Gold		—		121,056			—			141,581			262,637
ProShares UltraShort Silver		—		511,915			—			2,954,018			3,465,933
ProShares UltraShort Yen		—		—			2,228,359			—			2,228,359
ProShares VIX Mid-Term Futures ETF		—		22,266			—			—			22,266
ProShares VIX Short-Term Futures ETF		24,937,875		4,393,327			—			—			29,331,202

Combined Trust:	$	473,819,625	$	67,006,252		$	(997,016	)	$	(13,555,831	)	$	526,273,030

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transfers into or out of Level 3 for the year ended December 31, 2024.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

Investment Transactions and Related Income

Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations.

Interest income is generally recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations and is reflected in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts.

Brokerage Commissions and Futures Account Fees

Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

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Federal Income Tax

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S. federal income tax purposes. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year.

Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months. On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

Recently Issued Accounting Pronouncement

In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments were issued to enhance transparency and decision usefulness of income tax disclosures related to rate reconciliation and income taxes paid information. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

Segment Reporting

Each Fund included herein is deemed to be an individual reporting segment and the officers of ProShares Trust II, collectively act as the chief operating decision maker (“CODM”). The CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s financial statements.

NOTE 3 – INVESTMENTS

Short-Term Investments

The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts.

Repurchase Agreements

The Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Sponsor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the Fund’s custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy, or the Fund may have difficulty exercising rights to the collateral. During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Sponsor.

As of September 30, 2025 and December 31, 2024, the Funds did not have any open repurchase agreements.

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Accounting for Derivative Instruments

In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective.

All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period.

Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type.

Futures Contracts

The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying Index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract.

Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction.

Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market.

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Option Contracts

An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value.

When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss).

When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof. The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss.

Each Oil Fund (ProShares UltraShort Bloomberg Crude Oil and ProShares Ultra Bloomberg Crude Oil) may, but is not required to, seek to use swap agreements or options strategies that limit losses (i.e., have “floors”) or are otherwise designed to prevent the Fund’s net asset value from going to zero. These investment strategies will not prevent an Oil Fund from losing value, and their use may not prevent a Fund’s NAV from going to zero. Rather, they are intended to allow an Oil Fund to preserve a small portion of its value in the event of significant movements in its benchmark or Financial Instruments based on its benchmark. There can be no guarantee that an Oil Fund will be able to implement such strategies, continue to use such strategies, or that such strategies will be successful. Each Oil Fund will incur additional costs as a result of using such strategies. Use of strategies designed to limit losses may also place “caps” or “ceilings” on performance and could significantly limit Fund gains, could cause a Fund to perform in a manner not consistent with its investment objective and could otherwise have a significant impact on Fund performance.

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Swap Agreements

Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments.

Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay.

The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian. The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian. Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset.

Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques.

Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds. All of the outstanding swap agreements at September 30, 2025 contractually terminate within one month but may be terminated without penalty by either party at any time. Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount.

The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

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The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of September 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries.

Forward Contracts

Certain of the Funds enter into forward contracts for the purpose of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contracts are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets.

The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.

Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in increased reporting requirements.

The Funds may collateralize OTC forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at a third party custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances.

The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings. As of September 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities.

Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin.

A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor.

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The following tables indicate the location of derivative related items on the Statements of Financial Condition as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

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Fair Value of Derivative Instruments as of September 30, 2025


		Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Fund	Statements of Financial Condition Location	Unrealized Appreciation			Statements of Financial Condition Location	Unrealized Depreciation
VIX Futures Contracts		Receivable on open futures contracts				Payable on open futures contracts
	ProShares Short VIX Short-Term Futures ETF		$	6,713,866	*		$	—
	ProShares Ultra VIX Short-Term Futures ETF			—				36,096,377	*
	ProShares VIX Mid-Term Futures ETF			—				1,561,178	*
	ProShares VIX Short-Term Futures ETF			—				11,661,085	*
Commodities Contracts		Receivables on open futures contracts and/or unrealized appreciation on swap agreements				Payable on open futures contracts and/or unrealized depreciation on swap agreements
	ProShares Ultra Bloomberg Crude Oil			2,073,863	*			1,781,463	*
	ProShares Ultra Bloomberg Natural Gas			—				1,049,205	*
	ProShares Ultra Gold			136,343,967	*			—
	ProShares Ultra Silver			247,392,341	*			—
	ProShares UltraShort Bloomberg Crude Oil			12,128,689	*			—
	ProShares UltraShort Bloomberg Natural Gas			13,136,253	*			—
	ProShares UltraShort Gold			—				6,180,658	*
	ProShares UltraShort Silver			—				5,368,238	*
Foreign Exchange Contracts		Unrealized appreciation on foreign currency forward contracts				Unrealized depreciation on foreign currency forward contracts
	ProShares Ultra Euro			10,075				734
	ProShares Ultra Yen			1,384				687,017
	ProShares UltraShort Euro			868				77,707
	ProShares UltraShort Yen			386,989				57,868

		Combined Trust:	$	418,188,295	*		$	64,521,530	*

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

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Fair Value of Derivative Instruments as of December 31, 2024


		Asset Derivatives				Liability Derivatives
Derivatives Not Accounted for as Hedging Instruments	Fund	Statements of Financial Condition Location	Unrealized Appreciation			Statements of Financial Condition Location	Unrealized Depreciation
VIX Futures Contracts		Receivable on open futures contracts				Payable on open futures contracts
	ProShares Short VIX Short-Term Futures ETF		$	482,967	*		$	3,491,718	*
	ProShares Ultra VIX Short-Term Futures ETF			15,626,836	*			1,650,844	*
	ProShares VIX Mid-Term Futures ETF			240,639	*			218,373	*
	ProShares VIX Short-Term Futures ETF			5,943,933	*			1,550,606	*
Commodities Contracts		Receivables on open futures contracts and/or unrealized appreciation on swap agreements				Payable on open futures contracts and/or unrealized depreciation on swap agreements
	ProShares Ultra Bloomberg Crude Oil			49,079,695	*			—
	ProShares Ultra Bloomberg Natural Gas			97,239,201	*			—
	ProShares Ultra Gold			—				2,771,540	*
	ProShares Ultra Silver			—				81,422,443	*
	ProShares UltraShort Bloomberg Crude Oil			1,888,681	*			3,544,073	*
	ProShares UltraShort Bloomberg Natural Gas			—				26,130,504	*
	ProShares UltraShort Gold			262,637	*			—
	ProShares UltraShort Silver			3,465,933	*			—
Foreign Exchange Contracts		Unrealized appreciation on foreign currency forward contracts				Unrealized depreciation on foreign currency forward contracts
	ProShares Ultra Euro			2,312				169,440
	ProShares Ultra Yen			146,194				4,361,491
	ProShares UltraShort Euro			1,189,827				32,777
	ProShares UltraShort Yen			2,283,588				55,229

		Combined Trust:	$	177,852,443	*		$	125,399,038	*

*	Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

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The Effect of Derivative Instruments on the Statement of Operations

For the three months ended September 30, 2025


Derivatives Not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
		ProShares Short VIX Short-Term Futures ETF	$	46,614,443		$	(3,678,476	)
		ProShares Ultra VIX Short-Term Futures ETF		(410,233,402	)		19,280,389
		ProShares VIX Mid-Term Futures ETF		(1,349,262	)		(1,372,511	)
		ProShares VIX Short-Term Futures ETF		(109,920,952	)		(1,519,372	)
Commodities Contracts	Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
		ProShares Ultra Bloomberg Crude Oil		15,487,274			(7,013,761	)
		ProShares Ultra Bloomberg Natural Gas		(163,780,916	)		28,718,499
		ProShares Ultra Gold		38,694,044			144,525,613
		ProShares Ultra Silver		138,583,518			263,001,662
		ProShares UltraShort Bloomberg Crude Oil		4,631,229			(3,727,299	)
		ProShares UltraShort Bloomberg Natural Gas		116,766,252			(27,090,196	)
		ProShares UltraShort Gold		(9,140,381	)		(8,051,107	)
		ProShares UltraShort Silver		(6,846,972	)		(6,273,570	)
Foreign Exchange Contracts	Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
		ProShares Ultra Euro		220,691			(434,179	)
		ProShares Ultra Yen		(3,272,292	)		(1,422,005	)
		ProShares UltraShort Euro		(1,411,883	)		1,649,460
		ProShares UltraShort Yen		844,126			616,122

		Combined Trust	$	(344,114,483	)	$	397,209,269

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The Effect of Derivative Instruments on the Statement of Operations

For the nine months ended September 30, 2025


Derivatives Not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
		ProShares Short VIX Short-Term Futures ETF	$	28,979,595		$	9,722,617
		ProShares Ultra VIX Short-Term Futures ETF		(254,266,766	)		(50,072,369	)
		ProShares VIX Mid-Term Futures ETF		4,084,920			(1,583,444	)
		ProShares VIX Short-Term Futures ETF		(33,147,346	)		(16,054,412	)
Commodities Contracts	Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
		ProShares Ultra Bloomberg Crude Oil		2,411,929			(48,787,295	)
		ProShares Ultra Bloomberg Natural Gas		46,482,203			(98,288,406	)
		ProShares Ultra Gold		183,280,669			139,115,507
		ProShares Ultra Silver		292,493,148			328,814,784
		ProShares UltraShort Bloomberg Crude Oil		45,775,241			13,784,081
		ProShares UltraShort Bloomberg Natural Gas		19,539,524			39,266,757
		ProShares UltraShort Gold		(6,736,886	)		(6,443,295	)
		ProShares UltraShort Silver		(13,283,190	)		(8,834,171	)
Foreign Exchange Contracts	Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
		ProShares Ultra Euro		997,841			176,469
		ProShares Ultra Yen		(201,447	)		3,529,664
		ProShares UltraShort Euro		(6,979,829	)		(1,233,889	)
		ProShares UltraShort Yen		(452,892	)		(1,899,238	)

		Combined Trust:	$	308,976,714		$	301,213,360

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The Effect of Derivative Instruments on the Statement of Operations

For the three months ended September 30, 2024


Derivatives Not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
		ProShares Short VIX Short-Term Futures ETF	$	(7,503,293	)	$	(4,219,681	)
		ProShares Ultra VIX Short-Term Futures ETF		(36,612,575	)		14,558,661
		ProShares VIX Mid-Term Futures ETF		2,713,658			457,557
		ProShares VIX Short-Term Futures ETF		47,467,197			5,170,981
Commodities Contracts	Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
		ProShares Ultra Bloomberg Crude Oil		(66,825,983	)		(59,088,544	)
		ProShares Ultra Bloomberg Natural Gas		(372,130,469	)		260,225,054
		ProShares Ultra Gold		12,042,718			41,928,337
		ProShares Ultra Silver		(129,011,226	)		182,392,300
		ProShares UltraShort Bloomberg Crude Oil		12,329,007			28,461,478
		ProShares UltraShort Bloomberg Natural Gas		90,006,232			(55,772,673	)
		ProShares UltraShort Gold		(1,409,519	)		(1,762,993	)
		ProShares UltraShort Silver		5,993,727			(9,520,751	)
Foreign Exchange Contracts	Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
		ProShares Ultra Euro		182,638			187,048
		ProShares Ultra Yen		6,834,509			2,618,114
		ProShares UltraShort Euro		(1,317,854	)		(1,247,585	)
		ProShares UltraShort Yen		(5,013,671	)		(3,366,298	)

		Combined Trust	$	(442,254,904	)	$	401,021,005

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The Effect of Derivative Instruments on the Statement of Operations

For the nine months ended September 30, 2024


Derivatives Not Accounted for as Hedging Instruments	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
VIX Futures Contracts	Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
		ProShares Short VIX Short-Term Futures ETF	$	47,755,573		$	(13,025,106	)
		ProShares Ultra VIX Short-Term Futures ETF		(185,028,990	)		39,537,652
		ProShares VIX Mid-Term Futures ETF	$	(12,344,229	)	$	4,340,208
		ProShares VIX Short-Term Futures ETF		(11,804,121	)		12,174,255
Commodities Contracts	Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
		ProShares Ultra Bloomberg Crude Oil		33,249,538			(4,698,210	)
		ProShares Ultra Bloomberg Natural Gas		(402,539,202	)		63,582,315
		ProShares Ultra Gold		62,081,810			27,433,120
		ProShares Ultra Silver		87,198,503			116,742,146
		ProShares UltraShort Bloomberg Crude Oil		(330,018	)		(7,530,570	)
		ProShares UltraShort Bloomberg Natural Gas		90,097,297			(11,395,023	)
		ProShares UltraShort Gold		(5,323,806	)		(843,136	)
		ProShares UltraShort Silver		(4,296,391	)		(6,036,529	)
Foreign Exchange Contracts	Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
		ProShares Ultra Euro		107,862			(260,299	)
		ProShares Ultra Yen		(562,689	)		(1,803,229	)
		ProShares UltraShort Euro		(1,360,955	)		1,521,143
		ProShares UltraShort Yen		1,109,169			1,101,721

		Combined Trust:	$	(301,990,649	)	$	220,840,458

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Offsetting Assets and Liabilities

Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2025.

Fair Values of Derivative Instruments as of September 30, 2025


	Assets						Liabilities
Fund	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	—	$	—	$	—	$	1,044,339	$	—	$	1,044,339
ProShares Ultra Euro
Foreign currency forward contracts		10,075		—		10,075		734		—		734
ProShares Ultra Gold
Swap agreements		34,537,917		—		34,537,917		—		—		—
ProShares Ultra Silver
Swap agreements		103,878,807		—		103,878,807		—		—		—
ProShares Ultra Yen
Foreign currency forward contracts		1,384		—		1,384		687,017		—		687,017
ProShares UltraShort Euro
Foreign currency forward contracts		868		—		868		77,707		—		77,707
ProShares UltraShort Gold
Swap agreements		—		—		—		4,099,058		—		4,099,058
ProShares UltraShort Silver
Swap agreements		—		—		—		3,972,249		—		3,972,249
ProShares UltraShort Yen
Foreign currency forward contracts		386,989		—		386,989		57,868		—		57,868

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at September 30, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

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Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2025
Fund	Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties			Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank, N.A.	$	(94,664	)	$	—		$	94,664		$	—
Goldman Sachs International		(410,781	)		—			410,781			—
Morgan Stanley & Co. International PLC		(124,789	)		124,789			—			—
Societe Generale		(301,797	)		—			301,797			—
UBS AG		(112,308	)		—			112,308			—
ProShares Ultra Euro
Goldman Sachs International		4,940			—			—			4,940
UBS AG		4,401			—			—			4,401
ProShares Ultra Gold
Citibank, N.A.		21,409,914			(19,989,067	)		(6,020	)		1,414,827
Goldman Sachs International		4,692,107			(4,376,960	)		—			315,147
UBS AG		8,435,896			(7,786,199	)		—			649,697
ProShares Ultra Silver
Citibank, N.A.		47,585,640			(47,421,157	)		(164,483	)		—
Goldman Sachs International		3,972,149			(3,972,149	)		—			—
Morgan Stanley & Co. International PLC		26,949,501			(26,675,663	)		(273,838	)		—
UBS AG		25,371,517			(25,371,517	)		—			—
ProShares Ultra Yen
Goldman Sachs International		(329,587	)		—			329,587			—
UBS AG		(356,046	)		—			356,046			—
ProShares UltraShort Euro
Goldman Sachs International		(53,513	)		—			53,513			—
UBS AG		(23,326	)		—			23,326			—
ProShares UltraShort Gold
Citibank, N.A.		(2,973,639	)		—			2,973,639			—
Goldman Sachs International		(441,755	)		—			441,755			—
UBS AG		(683,664	)		—			683,664			—
ProShares UltraShort Silver
Citibank, N.A.		(1,728,291	)		—			1,728,291			—
Goldman Sachs International		(1,766,648	)		—			1,766,648			—
Morgan Stanley & Co. International PLC		(243,755	)		—			243,755			—
UBS AG		(233,555	)		—			233,555			—
ProShares UltraShort Yen
Goldman Sachs International		133,243			(133,243	)		—			—
UBS AG		195,878			(195,878	)		—			—

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2024:

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Fair Values of Derivative Instruments as of December 31, 2024


	Assets						Liabilities
Fund	Gross Amounts of Recognized Assets presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Assets presented in the Statements of Financial Condition		Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition		Gross Amounts Offset in the Statements of Financial Condition		Net Amounts of Liabilities presented in the Statements of Financial Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements	$	38,215,610	$	—	$	38,215,610	$	—	$	—	$	—
ProShares Ultra Euro
Foreign currency forward contracts		2,312		—		2,312		169,440		—		169,440
ProShares Ultra Gold
Swap agreements		—		—		—		2,348,132		—		2,348,132
ProShares Ultra Silver
Swap agreements		—		—		—		52,518,908		—		52,518,908
ProShares Ultra Yen
Foreign currency forward contracts		146,194		—		146,194		4,361,491		—		4,361,491
ProShares UltraShort Euro
Foreign currency forward contracts		1,189,827		—		1,189,827		32,777		—		32,777
ProShares UltraShort Gold
Swap agreements		141,581		—		141,581		—		—		—
ProShares UltraShort Silver
Swap agreements		2,954,018		—		2,954,018		—		—		—
ProShares UltraShort Yen
Foreign currency forward contracts		2,283,588		—		2,283,588		55,229		—		55,229

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2024. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”

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Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024
Fund	Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition			Financial Instruments for the Benefit of (the Funds) / the Counterparties			Cash Collateral for the Benefit of (the Funds) / the Counterparties		Net Amount
ProShares Ultra Bloomberg Crude Oil
Citibank, N.A.	$	7,607,910		$	(6,395,678	)	$	—	$	1,212,232
Goldman Sachs International		12,024,863			(10,093,437	)		—		1,931,426
Morgan Stanley & Co.		3,652,992			(3,010,925	)		—		642,067
International PLC
Societe Generale		9,139,394			(7,689,268	)		—		1,450,126
UBS AG		5,790,451			(4,212,271	)		—		1,578,180
ProShares Ultra Euro
Goldman Sachs International		(84,115	)		—			84,115		—
UBS AG		(83,013	)		—			83,013		—
ProShares Ultra Gold
Citibank, N.A.		(1,008,254	)		1,008,254			—		—
Goldman Sachs International		(478,889	)		478,889			—		—
UBS AG		(860,989	)		860,989			—		—
ProShares Ultra Silver
Citibank, N.A.		(23,367,397	)		15,165,751			8,201,646		—
Goldman Sachs International		(2,057,658	)		2,057,658			—		—
Morgan Stanley & Co.		(13,960,418	)		—			13,960,418		—
International PLC
UBS AG		(13,133,435	)		13,133,435			—		—
ProShares Ultra Yen
Goldman Sachs International		(2,164,084	)		—			2,164,084		—
UBS AG		(2,051,213	)		—			2,051,213		—
ProShares UltraShort Euro
Goldman Sachs International		584,165			(507,449	)		—		76,716
UBS AG		572,885			(271,576	)		—		301,309
ProShares UltraShort Gold
Citibank, N.A.		32,589			—			—		32,589
Goldman Sachs International		42,928			—			—		42,928
UBS AG		66,064			—			—		66,064
ProShares UltraShort Silver
Citibank, N.A.		1,653,589			(1,565,508	)		—		88,081
Goldman Sachs International		907,867			(865,802	)		—		42,065
Morgan Stanley & Co.		125,172			—			—		125,172
International PLC
UBS AG		267,390			—			—		267,390
ProShares UltraShort Yen
Goldman Sachs International		1,253,912			(1,241,201	)		—		12,711
UBS AG		974,447			(954,822	)		—		19,625

NOTE 4 — AGREEMENTS

Management Fee

Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95% per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85% per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets.

The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the net assets of a Fund, and report preparation and mailing expenses.

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Non-Recurring Fees and Expenses

Each Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds.

The Administrator

BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNY Mellon”), serves as the Administrator of the Funds (the “Administrator”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) in connection therewith. Pursuant to the terms of the Administration and Accounting Agreement and under the supervision and direction of the Sponsor and the Trust, BNY Mellon prepares and files certain regulatory filings on behalf of the Funds. BNY Mellon may also perform other services for the Funds pursuant to the Administration and Accounting Agreement as mutually agreed upon by the Sponsor, the Trust and BNY Mellon from time to time. The Administrator’s fees are paid on behalf of the Funds by the Sponsor.

The Custodian

BNY Mellon serves as the Custodian of the Funds (the “Custodian”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into a custody agreement (the “Custody Agreement”) in connection therewith. Pursuant to the terms of the Custody Agreement, BNY Mellon is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BNY Mellon by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor.

The Transfer Agent

BNY Mellon serves as the Transfer Agent of the Funds (the “Transfer Agent”) for entities that have entered into an Authorized Participant Agreement with one or more of the Funds (“Authorized Participants”) and has entered into a transfer agency and service agreement (the “Transfer Agency and Service Agreement”). Pursuant to the terms of the Transfer Agency and Service Agreement, BNY Mellon is responsible for processing purchase and redemption orders and maintaining records of ownership of the Funds. The Transfer Agent Fees are paid on behalf of the Funds by the Sponsor.

The Distributor

SEI Investments Distribution Co. (“SEI”) serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds.

NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS

Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts.

Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors.

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Transaction Fees on Creation and Redemption Transactions

The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date.

Authorized Participants may pay a fixed transaction fee (typically $250) in connection with each order to create or redeem a Creation Unit in order to compensate BNY Mellon, as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10% (and a variable transaction fee to the Matching VIX Funds of up to 0.05%) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.

Transaction fees for the three and nine months ended September 30, 2025 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:


	Three Months Ended		Nine Months Ended
Fund	September 30, 2025		September 30, 2025
ProShares Short VIX Short-Term Futures ETF	$	24,452	$	460,116
ProShares Ultra Bloomberg Crude Oil		—		—
ProShares Ultra Bloomberg Natural Gas		—		—
ProShares Ultra Euro		—		—
ProShares Ultra Gold		—		—
ProShares Ultra Silver		—		—
ProShares Ultra VIX Short-Term Futures ETF		447,752		2,351,278
ProShares Ultra Yen		—		—
ProShares UltraShort Bloomberg Crude Oil		—		—
ProShares UltraShort Bloomberg Natural Gas		—		—
ProShares UltraShort Euro		—		—
ProShares UltraShort Gold		—		—
ProShares UltraShort Silver		—		—
ProShares UltraShort Yen		—		—
ProShares VIX Mid-Term Futures ETF		8,343		24,126
ProShares VIX Short-Term Futures ETF		145,387		418,193

Combined Trust:	$	625,934	$	3,253,713

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NOTE 6 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the three months ended September 30, 2025

For the Three Months Ended September 30, 2025 (unaudited)


Per Share Operating Performance	Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold			Ultra Silver
Net asset value, at June 30, 2025	$	42.62		$	22.49		$	46.35		$	13.40		$	34.40		$	47.07
Net investment income (loss)		0.28			0.10			0.18			0.09			0.28			0.34
Net realized and unrealized gain (loss)#		8.12			(0.21	)		(17.02	)		(0.27	)		11.04			28.25
Change in net asset value from operations		8.40			(0.11	)		(16.84	)		(0.18	)		11.32			28.59
Net asset value, at September 30, 2025	$	51.02		$	22.38		$	29.51		$	13.22		$	45.72		$	75.66
Market value per share, at June 30, 2025 †	$	42.60		$	22.41		$	46.08		$	13.37		$	34.66		$	47.49
Market value per share, at September 30, 2025 †	$	50.94		$	22.48		$	29.99		$	13.21		$	46.06		$	76.24
Total Return, at net asset value^		19.7	%		(0.5	)%		(36.3	)%		(1.3	)%		32.9	%		60.7	%
Total Return, at market value^		19.6	%		0.3	%		(34.9	)%		(1.2	)%		32.9	%		60.5	%
Ratios to Average Net Assets**
Expense ratio^^		1.18	%		1.00	%		1.35	%		0.95	%		0.96	%		0.97	%
Net investment income gain (loss)		2.41	%		1.62	%		2.24	%		2.73	%		2.93	%		2.41	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Three Months Ended September 30, 2025 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold
Net asset value, at June 30, 2025	$	18.69		$	23.32		$	18.02		$	25.44		$	27.45		$	22.44
Net investment income (loss)		0.05			0.15			0.12			0.20			0.19			0.12
Net realized and unrealized gain (loss)#		(8.30	)		(1.71	)		(0.64	)		9.72			0.38			(5.81	)
Change in net asset value from operations		(8.25	)		(1.56	)		(0.52	)		9.92			0.57			(5.69	)
Net asset value, at September 30, 2025	$	10.44		$	21.76		$	17.50		$	35.36		$	28.02		$	16.75
Market value per share, at June 30, 2025 †	$	18.75		$	23.23		$	18.06		$	25.61		$	27.48		$	22.26
Market value per share, at September 30, 2025 †	$	10.44		$	21.76		$	17.42		$	34.79		$	28.01		$	16.64
Total Return, at net asset value^		(44.1	)%		(6.7	)%		(2.9	)%		39.0	%		2.1	%		(25.4	)%
Total Return, at market value^		(44.3	)%		(6.3	)%		(3.5	)%		35.8	%		1.9	%		(25.2	)%
Ratios to Average Net Assets**
Expense ratio^^		1.68	%		0.95	%		1.09	%		1.31	%		0.95	%		0.97	%
Net investment income gain (loss)		1.39	%		2.74	%		2.72	%		2.53	%		2.66	%		2.36	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Three Months Ended September 30, 2025 (unaudited)


Per Share Operating Performance	UltraShort Silver			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at June 30, 2025	$	26.03		$	41.35		$	16.73		$	46.79
Net investment income (loss)		0.10			0.30			0.11			0.22
Net realized and unrealized gain (loss)#		(10.65	)		2.87			(1.01	)		(14.83	)
Change in net asset value from operations		(10.55	)		3.17			(0.90	)		(14.61	)
Net asset value, at September 30, 2025	$	15.48		$	44.52		$	15.83		$	32.18
Market value per share, at June 30, 2025 †	$	25.81		$	41.38		$	16.76		$	46.88
Market value per share, at September 30, 2025 †	$	15.37		$	44.58		$	15.82		$	32.30
Total Return, at net asset value^		(40.5	)%		7.7	%		(5.4	)%		(31.2	)%
Total Return, at market value^		(40.5	)%		7.7	%		(5.6	)%		(31.1	)%
Ratios to Average Net Assets**
Expense ratio^^		0.99	%		0.95	%		1.02	%		1.15	%
Net investment income gain (loss)		1.84	%		2.73	%		2.65	%		2.36	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.

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Selected data for a Share outstanding throughout the three months ended September 30, 2024

For the Three Months Ended September 30, 2024 (unaudited)


Per Share Operating Performance	Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold *			Ultra Silver
Net asset value, at June 30, 2024	$	61.35		$	33.51		$	77.97		$	11.19		$	19.33		$	37.44
Net investment income (loss)		0.46			0.26			0.40			0.11			0.22			0.38
Net realized and unrealized gain (loss)#		(11.65	)		(8.41	)		(19.67	)		0.79			4.55			2.72
Change in net asset value from operations		(11.19	)		(8.15	)		(19.27	)		0.90			4.77			3.10
Net asset value, at September 30, 2024	$	50.16		$	25.36		$	58.70		$	12.09		$	24.10		$	40.54
Market value per share, at June 30, 2024 †	$	61.39		$	33.50		$	78.35		$	11.17		$	19.26		$	37.09
Market value per share, at September 30, 2024 †	$	50.11		$	25.42		$	58.00		$	12.06		$	23.97		$	40.44
Total Return, at net asset value^		(18.2	)%		(24.3	)%		(24.7	)%		8.0	%		24.7	%		8.3	%
Total Return, at market value^		(18.4	)%		(24.1	)%		(26.0	)%		8.0	%		24.5	%		9.0	%
Ratios to Average Net Assets**
Expense ratio^^		1.25	%		1.00	%		1.42	%		0.95	%		0.96	%		0.98	%
Net investment income gain (loss)		3.46	%		3.56	%		3.16	%		3.57	%		4.05	%		4.03	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2024.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Three Months Ended September 30, 2024 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold *
Net asset value, at June 30, 2024	$	23.58		$	20.23		$	15.57		$	49.37		$	31.86		$	43.19
Net investment income (loss)		0.13			0.20			0.16			0.54			0.27			0.31
Net realized and unrealized gain (loss)#		1.23			4.33			3.79			4.61			(2.21	)		(9.00	)
Change in net asset value from operations		1.36			4.53			3.95			5.15			(1.94	)		(8.69	)
Net asset value, at September 30, 2024	$	24.94		$	24.76		$	19.52		$	54.52		$	29.92		$	34.50
Market value per share, at June 30, 2024 †	$	23.54		$	20.30		$	15.57		$	49.19		$	31.83		$	43.34
Market value per share, at September 30, 2024 †	$	24.93		$	24.70		$	19.48		$	55.22		$	29.92		$	34.66
Total Return, at net asset value^		5.7	%		22.4	%		25.3	%		10.4	%		(6.1	)%		(20.1	)%
Total Return, at market value^		5.9	%		21.7	%		25.1	%		12.3	%		(6.0	)%		(20.0	)%
Ratios to Average Net Assets**
Expense ratio^^		1.92	%		0.95	%		1.08	%		1.64	%		0.95	%		0.98	%
Net investment income gain (loss)		2.15	%		3.38	%		3.79	%		3.22	%		3.54	%		3.16	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2024.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Three Months Ended September 30, 2024 (unaudited)


Per Share Operating Performance	UltraShort Silver			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at June 30, 2024	$	44.88		$	47.63		$	14.29		$	43.33
Net investment income (loss)		0.36			0.38			0.14			0.38
Net realized and unrealized gain (loss)#		(7.23	)		(9.10	)		0.64			5.24
Change in net asset value from operations		(6.87	)		(8.72	)		0.78			5.62
Net asset value, at September 30, 2024	$	38.01		$	38.91		$	15.07		$	48.95
Market value per share, at June 30, 2024 †	$	45.32		$	47.56		$	14.33		$	43.40
Market value per share, at September 30, 2024 †	$	38.12		$	38.90		$	15.11		$	49.00
Total Return, at net asset value^		(15.3	)%		(18.3	)%		5.5	%		13.0	%
Total Return, at market value^		(15.9	)%		(18.2	)%		5.4	%		12.9	%
Ratios to Average Net Assets**
Expense ratio^^		1.04	%		0.95	%		1.01	%		1.23	%
Net investment income gain (loss)		3.21	%		3.63	%		3.70	%		3.19	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2024.

^^	The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.

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Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2025

For the Nine Months Ended September 30, 2025 (unaudited)


Per Share Operating Performance	Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold *			Ultra Silver
Net asset value, at December 31, 2024	$	50.03		$	27.49		$	54.84		$	10.46		$	23.36		$	33.56
Net investment income (loss)		0.79			0.38			0.75			0.25			0.77			0.93
Net realized and unrealized gain (loss)#		0.20			(5.49	)		(26.08	)		2.51			21.59			41.17
Change in net asset value from operations		0.99			(5.11	)		(25.33	)		2.76			22.36			42.10
Net asset value, at September 30, 2025	$	51.02		$	22.38		$	29.51		$	13.22		$	45.72		$	75.66
Market value per share, at December 31, 2024 †	$	50.06		$	27.50		$	55.82		$	10.45		$	23.37		$	33.67
Market value per share, at September 30, 2025 †	$	50.94		$	22.48		$	29.99		$	13.21		$	46.06		$	76.24
Total Return, at net asset value^		2.0	%		(18.6	)%		(46.2	)%		26.4	%		95.7	%		125.4	%
Total Return, at market value^		1.8	%		(18.3	)%		(46.3	)%		26.4	%		97.1	%		126.4	%
Ratios to Average Net Assets**
Expense ratio^^		1.19	%		1.00	%		1.42	%		0.95	%		0.97	%		0.98	%
Net investment income gain (loss)		2.42	%		2.11	%		2.28	%		2.70	%		3.04	%		2.68	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Nine Months Ended September 30, 2025 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold *
Net asset value, at December 31, 2024	$	20.77		$	20.23		$	16.93		$	43.61		$	34.91		$	35.11
Net investment income (loss)		0.16			0.45			0.35			0.46			0.61			0.41
Net realized and unrealized gain (loss)#		(10.49	)		1.08			0.22			(8.71	)		(7.50	)		(18.77	)
Change in net asset value from operations		(10.33	)		1.53			0.57			(8.25	)		(6.89	)		(18.36	)
Net asset value, at September 30, 2025	$	10.44		$	21.76		$	17.50		$	35.36		$	28.02		$	16.75
Market value per share, at December 31, 2024 †	$	20.72		$	20.35		$	16.92		$	42.74		$	34.92		$	35.16
Market value per share, at September 30, 2025 †	$	10.44		$	21.76		$	17.42		$	34.79		$	28.01		$	16.64
Total Return, at net asset value^		(49.7	)%		7.6	%		3.4	%		(18.9	)%		(19.7	)%		(52.3	)%
Total Return, at market value^		(49.6	)%		6.9	%		3.0	%		(18.6	)%		(19.8	)%		(52.7	)%
Ratios to Average Net Assets**
Expense ratio^^		1.79	%		0.95	%		1.10	%		1.43	%		0.95	%		0.98	%
Net investment income gain (loss)		1.30	%		2.69	%		2.71	%		2.42	%		2.70	%		2.41	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Nine Months Ended September 30, 2025 (unaudited)


Per Share Operating Performance	UltraShort Silver			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at December 31, 2024	$	42.40		$	47.66		$	14.51		$	45.05
Net investment income (loss)		0.38			0.89			0.32			0.73
Net realized and unrealized gain (loss)#		(27.30	)		(4.03	)		1.00			(13.60	)
Change in net asset value from operations		(26.92	)		(3.14	)		1.32			(12.87	)
Net asset value, at September 30, 2025	$	15.48		$	44.52		$	15.83		$	32.18
Market value per share, at December 31, 2024 †	$	42.00		$	46.68		$	14.46		$	45.02
Market value per share, at September 30, 2025 †	$	15.37		$	44.58		$	15.82		$	32.30
Total Return, at net asset value^		(63.5	)%		(6.6	)%		9.1	%		(28.6	)%
Total Return, at market value^		(63.4	)%		(4.5	)%		9.4	%		(28.3	)%
Ratios to Average Net Assets**
Expense ratio^^		1.01	%		0.95	%		1.02	%		1.25	%
Net investment income gain (loss)		1.84	%		2.75	%		2.68	%		2.30	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2025.

^^	The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.

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Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2024

For the Nine Months Ended September 30, 2024 (unaudited)


Per Share Operating Performance	Short VIX Short-Term Futures ETF			Ultra Bloomberg Crude Oil			Ultra Bloomberg Natural Gas			Ultra Euro			Ultra Gold *			Ultra Silver
Net asset value, at December 31, 2023	$	51.69		$	26.28		$	142.73		$	11.86		$	15.96		$	27.29
Net investment income (loss)		1.37			0.70			1.58			0.32			0.55			0.93
Net realized and unrealized gain (loss)#		(2.90	)		(1.62	)		(85.61	)		(0.09	)		7.59			12.32
Change in net asset value from operations		(1.53	)		(0.92	)		(84.03	)		0.23			8.14			13.25
Net asset value, at September 30, 2024	$	50.16		$	25.36		$	58.70		$	12.09		$	24.10		$	40.54
Market value per share, at December 31, 2023 †	$	51.70		$	26.10		$	142.20		$	11.84		$	15.97		$	27.17
Market value per share, at September 30, 2024 †	$	50.11		$	25.42		$	58.00		$	12.06		$	23.97		$	40.44
Total Return, at net asset value^		(3.0	)%		(3.5	)%		(58.9	)%		2.0	%		51.0	%		48.6	%
Total Return, at market value^		(3.1	)%		(2.6	)%		(59.2	)%		1.9	%		50.1	%		48.8	%
Ratios to Average Net Assets**
Expense ratio^^		1.21	%		0.99	%		1.47	%		0.95	%		0.97	%		0.98	%
Net investment income gain (loss)		3.36	%		3.10	%		2.99	%		3.73	%		3.84	%		3.68	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2024.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Nine Months Ended September 30, 2024 (unaudited)


Per Share Operating Performance	Ultra VIX Short-Term Futures ETF			Ultra Yen			UltraShort Bloomberg Crude Oil			UltraShort Bloomberg Natural Gas			UltraShort Euro			UltraShort Gold *
Net asset value, at December 31, 2023	$	42.17		$	27.46		$	20.75		$	48.05		$	29.16		$	52.78
Net investment income (loss)		0.48			0.61			0.49			1.27			0.82			1.06
Net realized and unrealized gain (loss)#		(17.71	)		(3.31	)		(1.72	)		5.20			(0.06	)		(19.34	)
Change in net asset value from operations		(17.23	)		(2.70	)		(1.23	)		6.47			0.76			(18.28	)
Net asset value, at September 30, 2024	$	24.94		$	24.76		$	19.52		$	54.52		$	29.92		$	34.50
Market value per share, at December 31, 2023 †	$	42.20		$	27.49		$	20.89		$	48.21		$	29.15		$	52.74
Market value per share, at September 30, 2024 †	$	24.93		$	24.70		$	19.48		$	55.22		$	29.92		$	34.66
Total Return, at net asset value^		(40.8	)%		(9.8	)%		(5.9	)%		13.5	%		2.6	%		(34.6	)%
Total Return, at market value^		(40.9	)%		(10.2	)%		(6.8	)%		14.6	%		2.6	%		(34.3	)%
Ratios to Average Net Assets**
Expense ratio^^		1.84	%		0.95	%		1.06	%		1.85	%		0.95	%		0.98	%
Net investment income gain (loss)		2.16	%		3.54	%		3.78	%		3.00	%		3.57	%		3.23	%

*	See Note 1 of these Notes to Financial Statements.

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30, 2024.

^^	The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.

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For the Nine Months Ended September 30, 2024 (unaudited)


Per Share Operating Performance	UltraShort Silver			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at December 31, 2023	$	72.56		$	34.44		$	16.74		$	61.99
Net investment income (loss)		1.17			1.11			0.41			1.27
Net realized and unrealized gain (loss)#		(35.72	)		3.36			(2.08	)		(14.31	)
Change in net asset value from operations		(34.55	)		4.47			(1.67	)		(13.04	)
Net asset value, at September 30, 2024	$	38.01		$	38.91		$	15.07		$	48.95
Market value per share, at December 31, 2023 †	$	72.96		$	34.47		$	16.75		$	62.04
Market value per share, at September 30, 2024 †	$	38.12		$	38.90		$	15.11		$	49.00
Total Return, at net asset value^		(47.6	)%		13.0	%		(10.0	)%		(21.0	)%
Total Return, at market value^		(47.8	)%		12.8	%		(9.8	)%		(21.0	)%
Ratios to Average Net Assets**
Expense ratio^^		1.04	%		0.95	%		1.13	%		1.10	%
Net investment income gain (loss)		3.09	%		3.57	%		3.64	%		3.33	%

**	Percentages are annualized.

#	The amount shown for a share outstanding throughout the period may not acc or d with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

†	Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

^	Percentages are not annualized for the period ended September 30 , 2024.

^^	The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.

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NOTE 7 – RISK

Correlation and Holding Period Risk

Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund.

The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period:

•

Your return may be higher or lower than the Daily Target, and this difference may be significant.

•

Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply.

•

Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply.

•

The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target.

For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark.

Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances.

The Matching VIX Funds seek to achieve their stated investment objective over time.

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While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers.

A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.

Counterparty Risk

Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.

Regulatory Treatment

Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities).

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Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place. The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions.

As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

Counterparty Credit Risk

The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day.

In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

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The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com.

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.

The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund.

Leverage Risk

The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day.

For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times.

Liquidity Risk

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses 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 the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

“Contango” and “Backwardation” Risk

In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds.

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds.

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Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly.

There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses.

Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts.

Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets. These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market.

Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly.

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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.

Risk 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.

NOTE 8 – SUBSEQUENT EVENTS

On November 4, 2025, the Trust announced a reverse share split (“reverse split”) on ProShares UltraShort Gold (ticker symbol “GLL”), and on ProShares Ultra VIX Short-Term Futures ETF (ticker symbol “UVXY”). The reverse splits will not change the value of a shareholder’s investment.

ProShares UltraShort Gold will execute a 1 for 2 reverse split of its shares. ProShares Ultra VIX Short-Term Futures ETF will execute a 1 for 5 reverse split of its shares. The reverse splits will be effective prior to market open on November 20, 2025, when the Funds begin trading at their post-reverse split prices. The ticker symbols for the Funds will not change, but the Funds will be issued new CUSIP numbers (74347Y680 for UVXY and 74347Y698 for GLL).

The reverse splits will increase the price per share of each fund with a proportionate decrease in the number of shares outstanding. Specifically, for ProShares Ultra VIX Short-Term Futures ETF, every five pre-reverse split shares held by a Fund shareholder will result in the receipt of one post-split share, which will be priced five times higher than the net asset value of a pre-reverse split share. For ProShares UltraShort Gold, every two pre-reverse split shares held by a Fund shareholder will result in the receipt of one-post reverse split share, which will be priced two times higher than the net asset value of a pre-reverse split share.

For shareholders who hold quantities of shares that are not an exact multiple of the applicable reverse split ratio (i.e., not a multiple of 2 or 5), the reverse split will result in the creation of a fractional share. Post-reverse split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q for the period ended September 30, 2025, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

Introduction

Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (Collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.

Each Geared Fund seeks investment results for a single day only, not for any other period. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -2x, 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period. Volatility of the benchmark may be at least as important to a Geared Fund’s return for the period as the return of the benchmark. Geared Funds that use leverage, are riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily.

Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”).

ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Bloomberg Natural Gas, ProShares Ultra Bloomberg Crude Oil, and ProShares Ultra Bloomberg Natural Gas are benchmarked to indexes designed to track the performance of commodity futures contracts, as applicable. The daily performance of these Indexes and the corresponding Funds will likely be very different in amount and possibly even direction from the daily performance of the price of the related physical commodities.

Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.

The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.

Forward and Reverse Splits

On March 20, 2024, the Trust issued a press release announcing a forward share split on ProShares Short VIX Short-Term Futures, ProShares UltraShort Bloomberg Natural Gas and a reverse share split on ProShares Ultra VIX Short-Term Futures. The Splits did not change the value of a shareholder’s investment. ProShares Short VIX Short-Term Futures executed a 2:1 Forward Split of its shares. ProShares UltraShort Bloomberg Natural Gas also executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on April 11, 2024, when the Funds begin trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on April 11, 2024, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y755 for UVXY). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On October 28, 2024, the Trust issued a press release announcing a forward share split on ProShares UltraShort Yen and a reverse share split on ProShares UltraShort Silver, ProShares VIX Short-Term Futures, ProShares Ultra Bloomberg Natural Gas. The Splits did not change the value of a shareholder’s investment. ProShares UltraShort Yen executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on November 7, 2024, when the Funds began trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Silver and ProShares VIX Short-Term Futures executed a 1:4 Reverse Split of its shares and ProShares Ultra Bloomberg Natural Gas executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on November 7, 2024, when the Fund begins trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y722 for ZSL), (74347Y730 for VIXY), (74347Y748 for BOIL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares

outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

Liquidity and Capital Resources

In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and nine months ended September 30, 2025 and 2024, each of the Funds earned interest income as follows:


Fund	Interest Income Three Months Ended September 30, 2025		Interest Income Three Months Ended September 30, 2024		Interest Income Nine Months Ended September 30, 2025		Interest Income Nine Months Ended September 30, 2024
ProShares Short VIX Short-Term Futures ETF	$	2,269,580	$	5,814,236	$	8,090,223	$	12,580,744
ProShares Ultra Bloomberg Crude Oil		2,538,935		6,074,652		9,284,651		17,591,301
ProShares Ultra Bloomberg Natural Gas		4,121,370		7,125,254		9,102,000		19,996,081
ProShares Ultra Euro		72,530		61,969		186,574		211,272
ProShares Ultra Gold		5,843,146		3,315,167		14,701,668		8,148,441
ProShares Ultra Silver		6,938,402		7,482,201		19,053,657		17,362,781
ProShares Ultra VIX Short-Term Futures ETF		5,292,243		2,501,794		10,984,632		7,595,859
ProShares Ultra Yen		541,875		541,372		1,650,309		1,395,183
ProShares UltraShort Bloomberg Crude Oil		1,262,490		1,865,946		4,373,667		6,398,993
ProShares UltraShort Bloomberg Natural Gas		1,926,416		1,150,564		10,289,665		4,075,138
ProShares UltraShort Euro		311,072		400,294		962,527		1,288,483
ProShares UltraShort Gold		543,256		148,896		1,468,731		468,826
ProShares UltraShort Silver		202,742		672,005		607,679		1,650,859
ProShares UltraShort Yen		252,079		449,333		669,840		1,220,993
ProShares VIX Mid-Term Futures ETF		322,262		370,229		820,355		1,992,242
ProShares VIX Short-Term Futures ETF		2,597,119		1,554,282		5,348,650		4,932,465

Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions.

Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person.

The large size of the positions in which a Fund 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 the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated.

Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk).

Market Risk

Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying such Fund’s benchmark at a specified date and price, should it hold such derivative contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk.

For more information, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q.

Credit Risk

When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations.

The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions.

Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund.

Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used.

The Sponsor attempts to minimize certain of these market and credit risks by normally:

•

executing and clearing trades with creditworthy counterparties, as determined by the Sponsor;

•

limiting the outstanding amounts due from counterparties to the Funds;

•

not posting margin directly with a counterparty;

•

requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds;

•

limiting the amount of margin or premium posted at a FCM; and

•

ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.

Off-Balance Sheet Arrangements and Contractual Obligations

As of November 3, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.

Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party.

Critical Accounting Policies

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates. The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used.

Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations.

The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements. The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended September 30, 2025.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value.

Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would be generally determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards.

Fair value pricing may require subjective determinations about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale).

The prices used by a Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts.

Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.

Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions in VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

Results of Operations for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

ProShares Short VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	279,925,400		$	298,712,515
NAV end of period	$	243,299,521		$	364,574,356
Percentage change in NAV		(13.1	)%		22.0	%
Shares outstanding beginning of period		6,568,614			4,868,614
Shares outstanding end of period		4,768,614			7,268,614
Percentage change in shares outstanding		(27.4	)%		49.3	%
Shares created		—			12,300,000
Shares redeemed		1,800,000			9,900,000
Per share NAV beginning of period	$	42.62		$	61.35
Per share NAV end of period	$	51.02		$	50.16
Percentage change in per share NAV		19.7	%		(18.2	)%
Percentage change in benchmark		(30.9	)%		13.7	%
Benchmark annualized volatility		38.8	%		130.9	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,568,614 outstanding Shares at June 30, 2025 to 4,768,614 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 4,868,614 outstanding Shares at June 30, 2024 to 7,268,614 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 19.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.2% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	1,524,470		$	4,269,606
Management fee		601,947			1,173,293
Brokerage commission		125,536			346,441
Futures account fees		17,627			24,896
Net realized gain (loss)		46,614,593			(7,503,293	)
Change in net unrealized appreciation (depreciation)		(3,676,998	)		(4,186,274	)
Net Income (loss)	$	44,462,065		$	(7,419,961	)

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of futures prices during the three months ended September 30, 2025.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	420,493,513		$	527,486,095
NAV end of period	$	359,079,095		$	593,222,255
Percentage change in NAV		(14.6	)%		12.5	%
Shares outstanding beginning of period		18,693,096			15,743,096
Shares outstanding end of period		16,043,096			23,393,096
Percentage change in shares outstanding		(14.2	)%		48.6	%
Shares created		4,250,000			16,200,000
Shares redeemed		6,900,000			8,550,000
Per share NAV beginning of period	$	22.49		$	33.51
Per share NAV end of period	$	22.38		$	25.36
Percentage change in per share NAV		(0.5	)%		(24.3	)%
Percentage change in benchmark		0.2	%		(12.6	)%
Benchmark annualized volatility		21.0	%		26.2	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 18,693,096 outstanding Shares at June 30, 2025 to 16,043,096 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,743,096 outstanding Shares at June 30, 2024 to 23,393,096 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 0.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.3% for the three months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 0.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 12.6% for the three months ended September 30, 2024, can be attributed to an increase in the value of WTI Crude Oil during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	1,571,960		$	4,742,745
Management fee		919,884			1,266,843
Brokerage commission		47,091			65,064
Net realized gain (loss)		15,487,461			(66,826,014	)
Change in net unrealized appreciation (depreciation)		(7,007,743	)		(59,041,810	)
Net Income (loss)	$	10,051,678		$	(121,125,079	)

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase in the value of WTI Crude Oil during the three months ended September 30, 2025.

ProShares Ultra Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	334,757,794		$	540,643,821
NAV end of period	$	542,210,220		$	651,821,105
Percentage change in NAV		62.0	%		20.6	%
Shares outstanding beginning of period		7,223,047			6,933,709
Shares outstanding end of period		18,373,047			11,103,709
Percentage change in shares outstanding		154.4	%		60.1	%
Shares created		28,200,000			10,350,000
Shares redeemed		17,050,000			6,180,000
Per share NAV beginning of period	$	46.35		$	77.97
Per share NAV end of period	$	29.51		$	58.70
Percentage change in per share NAV		(36.3	)%		(24.7	)%
Percentage change in benchmark		(18.2	)%		(10.2	)%
Benchmark annualized volatility		36.1	%		44.5	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at June 30, 2025 to 18,373,047 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 6,933,709 outstanding Shares at June 30, 2024 to 11,103,709 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 36.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.7% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 18.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 10.2% for the three months ended September 30, 2024, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	2,571,611		$	4,917,857
Management fee		1,088,659			1,479,083
Brokerage commission		411,698			681,738
Futures account fees		49,402			46,576
Net realized gain (loss)		(163,780,730	)		(372,130,469	)
Change in net unrealized appreciation (depreciation)		28,737,488			260,259,730
Net Income (loss)	$	(132,471,631	)	$	(106,952,882	)

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025.

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	8,708,069		$	5,595,533
NAV end of period	$	7,272,104		$	5,440,209
Percentage change in NAV		(16.5	)%		(2.8	)%
Shares outstanding beginning of period		650,000			500,000
Shares outstanding end of period		550,000			450,000
Percentage change in shares outstanding		(15.4	)%		(10.0	)%
Shares created		—			—
Shares redeemed		100,000			50,000
Per share NAV beginning of period	$	13.40		$	11.19
Per share NAV end of period	$	13.22		$	12.09
Percentage change in per share NAV		(1.3	)%		8.0	%
Percentage change in benchmark		(0.3	)%		3.9	%
Benchmark annualized volatility		8.6	%		5.4	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 650,000 outstanding Shares at June 30, 2025 to 550,000 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at June 30, 2024 to 450,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 1.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.0% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 0.3% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 3.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	53,812		$	48,936
Management fee		18,718			13,033
Net realized gain (loss)		220,691			182,638
Change in net unrealized appreciation (depreciation)		(434,179	)		187,048
Net Income (loss)	$	(159,676	)	$	418,622

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended September 30, 2025.

ProShares Ultra Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	485,005,243		$	216,456,025
NAV end of period	$	809,280,918		$	298,882,222
Percentage change in NAV		66.9	%		38.1	%
Shares outstanding beginning of period		14,100,000			11,200,000
Shares outstanding end of period		17,700,000			12,400,000
Percentage change in shares outstanding		25.5	%		10.7	%
Shares created		7,000,000			3,400,000
Shares redeemed		3,400,000			2,200,000
Per share NAV beginning of period	$	34.40		$	19.33
Per share NAV end of period	$	45.72		$	24.10
Percentage change in per share NAV		32.9	%		24.7	%
Percentage change in benchmark		16.4	%		12.9	%
Benchmark annualized volatility		13.7	%		14.3	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM. The increase in the Fund’s NAV also resulted in part from an increase from 14,100,000 outstanding Shares at June 30, 2025 to 17,700,000 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM. The increase in the Fund’s NAV also resulted in part from an increase from 11,200,000 outstanding Shares at June 30, 2024 to 12,400,000 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 32.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 24.7% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 16.4% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 12.9% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
Net investment income (loss)	$	4,397,620	$	2,677,335
Management fee		1,426,882		628,619
Brokerage commission		18,644		9,213
Net realized gain (loss)		38,694,419		12,042,718
Change in net unrealized appreciation (depreciation)		144,544,484		41,957,497
Net Income (loss)	$	187,636,523	$	56,677,550

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025.

*	See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	708,196,011		$	570,829,521
NAV end of period	$	1,047,679,297		$	666,782,470
Percentage change in NAV		47.9	%		16.8	%
Shares outstanding beginning of period		15,046,526			15,246,526
Shares outstanding end of period		13,846,526			16,446,526
Percentage change in shares outstanding		(8.0	)%		7.9	%
Shares created		4,700,000			4,700,000
Shares redeemed		5,900,000			3,500,000
Per share NAV beginning of period	$	47.07		$	37.44
Per share NAV end of period	$	75.66		$	40.54
Percentage change in per share NAV		60.7	%		8.3	%
Percentage change in benchmark		28.6	%		6.3	%
Benchmark annualized volatility		22.3	%		32.0	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM. The increase in the Fund’s NAV was offset by a decrease from 15,046,526 outstanding Shares at June 30, 2025 to 13,846,526 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,246,526 outstanding Shares at June 30, 2024 to 16,446,526 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 60.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 28.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 6.3% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
Net investment income (loss)	$	4,938,126	$	6,019,174
Management fee		1,949,744		1,417,159
Brokerage commission		50,532		45,868
Net realized gain (loss)		138,583,885		(129,011,251	)
Change in net unrealized appreciation (depreciation)		263,016,530		182,446,021
Net Income (loss)	$	406,538,541	$	59,453,944

ProShares Ultra VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	579,408,908		$	232,135,198
NAV end of period	$	648,094,422		$	285,351,963
Percentage change in NAV		11.9	%		22.9	%
Shares outstanding beginning of period		30,993,643			9,843,643
Shares outstanding end of period		62,093,643			11,443,643
Percentage change in shares outstanding		100.3	%		16.3	%
Shares created		49,350,000			19,350,000
Shares redeemed		18,250,000			17,750,000
Per share NAV beginning of period	$	18.69		$	23.58
Per share NAV end of period	$	10.44		$	24.94
Percentage change in per share NAV		(44.1	)%		5.7	%
Percentage change in benchmark		(30.9	)%		13.7	%
Benchmark annualized volatility		38.8	%		130.9	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 30,993,643 outstanding Shares at June 30, 2025 to 62,093,643 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 9,843,643 outstanding Shares at June 30, 2024 to 11,443,643 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark. The Fund’s per Share NAV decrease of 44.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.7% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	2,399,298		$	1,321,242
Management fee		1,636,145			583,266
Brokerage commission		1,025,774			534,432
Futures account fees		231,026			62,854
Net realized gain (loss)		(410,232,837	)		(36,612,258	)
Change in net unrealized appreciation (depreciation)		19,286,761			14,570,793
Net Income (loss)	$	(388,546,778	)	$	(20,720,223	)

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices, during the three months ended September 30, 2025.

ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	66,461,439		$	44,510,138
NAV end of period	$	53,309,336		$	53,234,065
Percentage change in NAV		(19.8	)%		19.6	%
Shares outstanding beginning of period		2,849,970			2,199,970
Shares outstanding end of period		2,449,970			2,149,970
Percentage change in shares outstanding		(14.0	)%		(2.3	)%
Shares created		—			550,000
Shares redeemed		400,000			600,000
Per share NAV beginning of period	$	23.32		$	20.23
Per share NAV end of period	$	21.76		$	24.76
Percentage change in per share NAV		(6.7	)%		22.4	%
Percentage change in benchmark		(2.6	)%		11.9	%
Benchmark annualized volatility		10.9	%		12.9	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,849,970 outstanding Shares at June 30, 2025 to 2,449,970 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 2,199,970 outstanding Shares at June 30, 2024 to 2,149,970 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 22.4% for the three months ended September 30, 2024, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 2.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 11.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	402,393		$	422,494
Management fee		139,482			118,878
Net realized gain (loss)		(3,272,292	)		6,834,509
Change in net unrealized appreciation (depreciation)		(1,422,005	)		2,618,114
Net Income (loss)	$	(4,291,904	)	$	9,875,117

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended September 30, 2025.

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	135,277,470		$	177,620,038
NAV end of period	$	121,702,439		$	96,729,953
Percentage change in NAV		(10.0	)%		(45.5	)%
Shares outstanding beginning of period		7,505,220			11,405,220
Shares outstanding end of period		6,955,220			4,955,220
Percentage change in shares outstanding		(7.3	)%		(56.6	)%
Shares created		5,450,000			2,250,000
Shares redeemed		6,000,000			8,700,000
Per share NAV beginning of period	$	18.02		$	15.57
Per share NAV end of period	$	17.50		$	19.52
Percentage change in per share NAV		(2.9	)%		25.3	%
Percentage change in benchmark		0.2	%		(12.6	)%
Benchmark annualized volatility		21.0	%		26.2	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,505,220 outstanding Shares at June 30, 2025 to 6,955,220 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,405,220 outstanding Shares at June 30, 2024 to 4,955,220 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 2.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 25.3% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	900,999		$	1,451,008
Management fee		315,179			363,340
Brokerage commission		46,312			51,598
Net realized gain (loss)		4,631,229			12,329,186
Change in net unrealized appreciation (depreciation)		(3,727,668	)		28,466,868
Net Income (loss)	$	1,804,560		$	42,247,062

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase in the value of WTI Crude Oil during the three months ended September 30, 2025.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	283,266,637		$	147,292,427
NAV end of period	$	158,537,958		$	132,693,025
Percentage change in NAV		(44.0	)%		(9.9	)%
Shares outstanding beginning of period		11,133,712			2,983,712
Shares outstanding end of period		4,483,712			2,433,712
Percentage change in shares outstanding		(59.7	)%		(18.4	)%
Shares created		6,050,000			2,700,000
Shares redeemed		12,700,000			3,250,000
Per share NAV beginning of period	$	25.44		$	49.37
Per share NAV end of period	$	35.36		$	54.52
Percentage change in per share NAV		39.0	%		10.4	%
Percentage change in benchmark		(18.2	)%		(10.2	)%
Benchmark annualized volatility		36.1	%		44.5	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,133,712 outstanding Shares at June 30, 2025 to 4,483,712 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,983,712 outstanding Shares at June 30, 2024 to 2,433,712 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 39.0% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 10.4% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	1,269,108		$	762,495
Management fee		477,225			224,779
Brokerage commission		167,957			156,391
Futures account fees		12,126			6,899
Net realized gain (loss)		116,766,285			90,004,014
Change in net unrealized appreciation (depreciation)		(27,089,937	)		(55,764,309	)
Net Income (loss)	$	90,945,456		$	35,002,200

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025.

ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	31,567,012		$	38,226,983
NAV end of period	$	33,625,132		$	32,912,508
Percentage change in NAV		6.5	%		(13.9	)%
Shares outstanding beginning of period		1,150,000			1,200,000
Shares outstanding end of period		1,200,000			1,100,000
Percentage change in shares outstanding		4.3	%		(8.3	)%
Shares created		200,000			—
Shares redeemed		150,000			100,000
Per share NAV beginning of period	$	27.45		$	31.86
Per share NAV end of period	$	28.02		$	29.92
Percentage change in per share NAV		2.1	%		(6.1	)%
Percentage change in benchmark		(0.3	)%		3.9	%
Benchmark annualized volatility		8.6	%		5.4	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,150,000 outstanding Shares at June 30, 2025 to 1,200,000 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at June 30, 2024 to 1,100,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 2.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 6.1% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	229,237		$	315,526
Management fee		81,835			84,768
Net realized gain (loss)		(1,411,883	)		(1,317,854	)
Change in net unrealized appreciation (depreciation)		1,649,460			(1,247,585	)
Net Income (loss)	$	466,814		$	(2,249,913	)

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended September 30, 2025.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	76,838,176		$	16,131,791
NAV end of period	$	63,190,713		$	18,058,490
Percentage change in NAV		(17.8	)%		11.9	%
Shares outstanding beginning of period		3,423,421			373,489
Shares outstanding end of period		3,773,421			523,489
Percentage change in shares outstanding		10.2	%		40.2	%
Shares created		2,650,000			300,000
Shares redeemed		2,300,000			150,000
Per share NAV beginning of period	$	22.44		$	43.19
Per share NAV end of period	$	16.75		$	34.50
Percentage change in per share NAV		(25.4	)%		(20.1	)%
Percentage change in benchmark		16.4	%		12.9	%
Benchmark annualized volatility		13.7	%		14.3	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 3,423,421 outstanding Shares at June 30, 2025 to 3,773,421 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 373,489 outstanding Shares at June 30, 2024 to 523,489 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 25.4% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 20.1% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	385,326		$	113,799
Management fee		155,211			34,177
Brokerage commission		2,719			920
Net realized gain (loss)		(9,140,381	)		(1,409,519	)
Change in net unrealized appreciation (depreciation)		(8,051,107	)		(1,762,993	)
Net Income (loss)	$	(16,806,162	)	$	(3,058,713	)

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of the futures prices during the three months ended September 30, 2025.

*	See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold.

ProShares UltraShort Silver

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	35,410,975		$	76,198,743
NAV end of period	$	30,352,080		$	32,222,722
Percentage change in NAV		(14.3	)%		(57.7	)%
Shares outstanding beginning of period		1,360,264			1,697,832
Shares outstanding end of period		1,960,264			847,832
Percentage change in shares outstanding		44.1	%		(50.1	)%
Shares created		2,100,000			687,500
Shares redeemed		1,500,000			1,537,500
Per share NAV beginning of period	$	26.03		$	44.88
Per share NAV end of period	$	15.48		$	38.01
Percentage change in per share NAV		(40.5	)%		(15.3	)%
Percentage change in benchmark		28.6	%		6.3	%
Benchmark annualized volatility		22.3	%		32.0	%

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 1,360,264 outstanding Shares at June 30, 2025 to 1,960,264 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,697,832 outstanding Shares at June 30, 2024 to 847,832 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 40.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 15.3% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 28.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 6.3% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	131,582		$	507,144
Management fee		68,100			149,940
Brokerage commission		3,060			14,921
Net realized gain (loss)		(6,846,972	)		5,993,727
Change in net unrealized appreciation (depreciation)		(6,273,570	)		(9,520,751	)
Net Income (loss)	$	(12,988,960	)	$	(3,019,880	)

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	20,559,703		$	47,495,032
NAV end of period	$	28,808,714		$	34,904,924
Percentage change in NAV		40.1	%		(26.5	)%
Shares outstanding beginning of period		497,160			997,160
Shares outstanding end of period		647,160			897,160
Percentage change in shares outstanding		30.2	%		(10.0	)%
Shares created		500,000			300,000
Shares redeemed		350,000			400,000
Per share NAV beginning of period	$	41.35		$	47.63
Per share NAV end of period	$	44.52		$	38.91
Percentage change in per share NAV		7.7	%		(18.3	)%
Percentage change in benchmark		(2.6	)%		11.9	%
Benchmark annualized volatility		10.9	%		12.9	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 497,160 outstanding Shares at June 30, 2025 to 647,160 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 997,160 outstanding Shares at June 30, 2024 to 897,160 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 7.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.3% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025		Three Months Ended September 30, 2024
Net investment income (loss)	$	187,018	$	356,054
Management fee		65,061		93,279
Net realized gain (loss)		844,126		(5,013,671	)
Change in net unrealized appreciation (depreciation)		616,122		(3,366,298	)
Net Income (loss)	$	1,647,266	$	(8,023,915	)

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended September 30, 2025.

ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	21,537,610		$	33,401,452
NAV end of period	$	44,522,647		$	38,983,834
Percentage change in NAV		106.7	%		16.7	%
Shares outstanding beginning of period		1,287,403			2,337,403
Shares outstanding end of period		2,812,403			2,587,403
Percentage change in shares outstanding		118.5	%		10.7	%
Shares created		1,600,000			825,000
Shares redeemed		75,000			575,000
Per share NAV beginning of period	$	16.73		$	14.29
Per share NAV end of period	$	15.83		$	15.07
Percentage change in per share NAV		(5.4	)%		5.5	%
Percentage change in benchmark		(5.0	)%		5.8	%
Benchmark annualized volatility		15.3	%		48.3	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,287,403 outstanding Shares at June 30, 2025 to 2,812,403 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,337,403 outstanding Shares at June 30, 2024 to 2,587,403 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 5.4% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.5% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 5.0% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 5.8% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	232,853		$	290,687
Management fee		74,709			66,736
Brokerage commission		10,101			8,201
Futures account fees		4,599			4,605
Net realized gain (loss)		(1,349,262	)		2,713,929
Change in net unrealized appreciation (depreciation)		(1,372,511	)		455,038
Net Income (loss)	$	(2,488,920	)	$	3,459,654

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the futures prices during the three months ended September 30, 2025.

ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
NAV beginning of period	$	164,541,842		$	148,420,028
NAV end of period	$	329,584,482		$	163,397,433
Percentage change in NAV		100.3	%		10.1	%
Shares outstanding beginning of period		3,516,252			3,425,237
Shares outstanding end of period		10,241,252			3,337,737
Percentage change in shares outstanding		191.3	%		(2.6	)%
Shares created		7,000,000			2,637,500
Shares redeemed		275,000			2,725,000
Per share NAV beginning of period	$	46.79		$	43.33
Per share NAV end of period	$	32.18		$	48.95
Percentage change in per share NAV		(31.2	)%		13.0	%
Percentage change in benchmark		(30.9	)%		13.7	%
Benchmark annualized volatility		38.8	%		130.9	%

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,516,252 outstanding Shares at June 30, 2025 to 10,241,252 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV was offset by a decrease from 3,425,237 outstanding Shares at June 30, 2024 to 3,337,737 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 31.2% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.0% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:


	Three Months Ended September 30, 2025			Three Months Ended September 30, 2024
Net investment income (loss)	$	1,746,868		$	1,120,410
Management fee		628,098			298,739
Brokerage commission		160,166			109,695
Futures account fees		61,987			25,438
Net realized gain (loss)		(109,920,852	)		47,465,974
Change in net unrealized appreciation (depreciation)		(1,512,437	)		5,179,115
Net Income (loss)	$	(109,686,421	)	$	53,765,499

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the futures prices, during the three months ended September 30, 2025.

Results of Operations for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

ProShares Short VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	266,090,233		$	267,184,359
NAV end of period	$	243,299,521		$	364,574,356
Percentage change in NAV		(8.6	)%		36.5	%
Shares outstanding beginning of period		5,318,614			5,168,614
Shares outstanding end of period		4,768,614			7,268,614
Percentage change in shares outstanding		(10.3	)%		40.6	%
Shares created		18,650,000			15,050,000
Shares redeemed		19,200,000			12,950,000
Per share NAV beginning of period	$	50.03		$	51.69
Per share NAV end of period	$	51.02		$	50.16
Percentage change in per share NAV		2.0	%		(3.0	)%
Percentage change in benchmark		(27.3	)%		(19.7	)%
Benchmark annualized volatility		79.8	%		82.9	%

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 4,768,614 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 5,168,614 outstanding Shares at December 31, 2023 to 7,268,614 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 2.0% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 3.0% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net investment income (loss)	$	5,430,710	$	9,251,157
Management fee		2,130,449		2,616,334
Brokerage commission		458,281		688,357
Futures account fees		70,783		24,896
Net realized gain (loss)		28,980,200		47,773,242
Change in net unrealized appreciation (depreciation)		9,717,287		(13,008,316	)
Net Income (loss)	$	44,128,197	$	44,016,083

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2025.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	523,420,064		$	652,793,437
NAV end of period	$	359,079,095		$	593,222,255
Percentage change in NAV		(31.4	)%		(9.1	)%
Shares outstanding beginning of period		19,043,096			24,843,096
Shares outstanding end of period		16,043,096			23,393,096
Percentage change in shares outstanding		(15.8	)%		(5.8	)%
Shares created		19,150,000			25,300,000
Shares redeemed		22,150,000			26,750,000
Per share NAV beginning of period	$	27.49		$	26.28
Per share NAV end of period	$	22.38		$	25.36
Percentage change in per share NAV		(18.6	)%		(3.5	)%
Percentage change in benchmark		(7.9	)%		(1.0	)%
Benchmark annualized volatility		26.3	%		22.0	%

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 16,043,096 outstanding Shares at September 30, 2025. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 23,393,096 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 3.5% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 7.9% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.0% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of WTI Crude Oil during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	6,293,153		$	13,332,810
Management fee		2,836,491			4,088,647
Brokerage commission		155,007			169,844
Net realized gain (loss)		2,412,438			33,262,708
Change in net unrealized appreciation (depreciation)		(48,807,879	)		(4,696,794	)
Net Income (loss)	$	(40,102,288	)	$	41,898,724

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due a greater decrease in the value of WTI Crude Oil during the nine months ended September 30, 2025.

ProShares Ultra Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	396,081,499		$	729,892,808
NAV end of period	$	542,210,220		$	651,821,105
Percentage change in NAV		36.9	%		(10.7	)%
Shares outstanding beginning of period		7,223,047			5,113,709
Shares outstanding end of period		18,373,047			11,103,709
Percentage change in shares outstanding		154.4	%		117.1	%
Shares created		46,650,000			23,240,000
Shares redeemed		35,500,000			17,250,000
Per share NAV beginning of period	$	54.84		$	142.73
Per share NAV end of period	$	29.51		$	58.70
Percentage change in per share NAV		(46.2	)%		(58.9	)%
Percentage change in benchmark		(16.4	)%		(27.1	)%
Benchmark annualized volatility		54.4	%		51.7	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at December 31, 2024 to 18,373,047 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 11,103,709 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 46.2% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 58.9% for the nine months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 16.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 27.1% for the nine months ended September 30, 2024, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	5,613,040		$	13,384,747
Management fee		2,340,238			4,252,390
Brokerage commission		982,711			2,170,207
Futures account fees		166,011			188,737
Net realized gain (loss)		46,482,165			(402,539,202	)
Change in net unrealized appreciation (depreciation)		(98,296,397	)		63,603,384
Net Income (loss)	$	(46,201,192	)	$	(325,551,071	)

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2025.

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	5,751,156		$	7,114,015
NAV end of period	$	7,272,104		$	5,440,209
Percentage change in NAV		26.4	%		(23.5	)%
Shares outstanding beginning of period		550,000			600,000
Shares outstanding end of period		550,000			450,000
Percentage change in shares outstanding		—	%		(25.0	)%
Shares created		200,000			100,000
Shares redeemed		200,000			250,000
Per share NAV beginning of period	$	10.46		$	11.86
Per share NAV end of period	$	13.22		$	12.09
Percentage change in per share NAV		26.4	%		2.0	%
Percentage change in benchmark		13.3	%		0.8	%
Benchmark annualized volatility		8.9	%		5.3	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at December 31, 2023 to 450,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 26.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 2.0% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 13.3% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 0.8% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the euro versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net investment income (loss)	$	137,965	$	168,360
Management fee		48,609		42,912
Net realized gain (loss)		997,841		107,862
Change in net unrealized appreciation (depreciation)		176,469		(260,299	)
Net Income (loss)	$	1,312,275	$	15,923

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the euro versus the U.S. dollar during the nine months ended September 30, 2025.

ProShares Ultra Gold*

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	289,709,332		$	191,502,023
NAV end of period	$	809,280,918		$	298,882,222
Percentage change in NAV		179.3	%		56.1	%
Shares outstanding beginning of period		12,400,000			12,000,000
Shares outstanding end of period		17,700,000			12,400,000
Percentage change in shares outstanding		42.7	%		3.3	%
Shares created		17,650,000			6,600,000
Shares redeemed		12,350,000			6,200,000
Per share NAV beginning of period	$	23.36		$	15.96
Per share NAV end of period	$	45.72		$	24.10
Percentage change in per share NAV		95.7	%		51.0	%
Percentage change in benchmark		44.8	%		27.2	%
Benchmark annualized volatility		18.8	%		14.3	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM. The increase in the Fund’s NAV also resulted in part from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 17,700,000 outstanding Shares at September 30, 2025. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM. The increase in the Fund’s NAV also resulted in part from an increase from 12,000,000 outstanding Shares at December 31, 2023 to 12,400,000 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 95.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 51.0% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 44.8% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 27.2% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net investment income (loss)	$	11,149,141	$	6,509,622
Management fee		3,488,004		1,611,610
Brokerage commission		64,523		27,209
Net realized gain (loss)		183,281,121		62,084,821
Change in net unrealized appreciation (depreciation)		139,114,900		27,452,000
Net Income (loss)	$	333,545,162	$	96,046,443

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in futures prices, during the nine months ended September 30, 2025.

*	See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	562,083,293		$	390,146,373
NAV end of period	$	1,047,679,297		$	666,782,470
Percentage change in NAV		86.4	%		70.9	%
Shares outstanding beginning of period		16,746,526			14,296,526
Shares outstanding end of period		13,846,526			16,446,526
Percentage change in shares outstanding		(17.3	)%		15.0	%
Shares created		14,550,000			12,150,000
Shares redeemed		17,450,000			10,000,000
Per share NAV beginning of period	$	33.56		$	27.29
Per share NAV end of period	$	75.66		$	40.54
Percentage change in per share NAV		125.4	%		48.6	%
Percentage change in benchmark		58.1	%		30.0	%
Benchmark annualized volatility		27.2	%		31.4	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM. The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 13,846,526 outstanding Shares at September 30, 2025. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM. The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,446,526 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 125.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 48.6% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 58.1% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 30.0% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net investment income (loss)	$	13,946,875	$	13,696,814
Management fee		4,951,422		3,535,877
Brokerage commission		155,360		130,090
Net realized gain (loss)		292,493,503		87,203,275
Change in net unrealized appreciation (depreciation)		328,796,816		116,775,363
Net Income (loss)	$	635,237,194	$	217,675,452

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the nine months ended September 30, 2025.

ProShares Ultra VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	284,452,060		$	348,555,743
NAV end of period	$	648,094,422		$	285,351,963
Percentage change in NAV		127.8	%		(18.1	)%
Shares outstanding beginning of period		13,693,643			8,264,892
Shares outstanding end of period		62,093,643			11,443,643
Percentage change in shares outstanding		353.4	%		38.5	%
Shares created		134,050,000			29,200,000
Shares redeemed		85,650,000			26,021,248
Per share NAV beginning of period	$	20.77		$	42.17
Per share NAV end of period	$	10.44		$	24.94
Percentage change in per share NAV		(49.7	)%		(40.8	)%
Percentage change in benchmark		(27.3	)%		(19.7	)%
Benchmark annualized volatility		79.8	%		82.9	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,693,643 outstanding Shares at December 31, 2024 to 62,093,643 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 11,443,643 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 49.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 40.8% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	4,626,906		$	4,102,676
Management fee		3,378,880			1,804,611
Brokerage commission		2,534,657			1,475,584
Futures account fees		444,189			212,988
Net realized gain (loss)		(254,268,120	)		(185,017,536	)
Change in net unrealized appreciation (depreciation)		(50,072,615	)		39,549,802
Net Income (loss)	$	(299,713,829	)	$	(141,365,058	)

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2025.

ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	44,505,646		$	30,205,770
NAV end of period	$	53,309,336		$	53,234,065
Percentage change in NAV		19.8	%		76.2	%
Shares outstanding beginning of period		2,199,970			1,099,970
Shares outstanding end of period		2,449,970			2,149,970
Percentage change in shares outstanding		11.4	%		95.5	%
Shares created		1,250,000			1,850,000
Shares redeemed		1,000,000			800,000
Per share NAV beginning of period	$	20.23		$	27.46
Per share NAV end of period	$	21.76		$	24.76
Percentage change in per share NAV		7.6	%		(9.8	)%
Percentage change in benchmark		6.4	%		(1.9	)%
Benchmark annualized volatility		10.6	%		10.4	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,449,970 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,149,970 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 7.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 9.8% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 6.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.9% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	1,220,048		$	1,099,697
Management fee		430,261			295,486
Net realized gain (loss)		(201,447	)		(562,689	)
Change in net unrealized appreciation (depreciation)		3,529,664			(1,803,229	)
Net Income (loss)	$	4,548,265		$	(1,266,221	)

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S. dollar during the nine months ended September 30, 2025.

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	121,997,334		$	188,963,592
NAV end of period	$	121,702,439		$	96,729,953
Percentage change in NAV		(0.2	)%		(48.8	)%
Shares outstanding beginning of period		7,205,220			9,105,220
Shares outstanding end of period		6,955,220			4,955,220
Percentage change in shares outstanding		(3.5	)%		(45.6	)%
Shares created		25,450,000			14,900,000
Shares redeemed		25,700,000			19,050,000
Per share NAV beginning of period	$	16.93		$	20.75
Per share NAV end of period	$	17.50		$	19.52
Percentage change in per share NAV		3.4	%		(5.9	)%
Percentage change in benchmark		(7.9	)%		(1.0	)%
Benchmark annualized volatility		26.3	%		22.0	%

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,205,220 outstanding Shares at December 31, 2024 to 6,955,220 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 4,955,220 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 5.9% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net investment income (loss)	$	3,113,410	$	4,993,915
Management fee		1,090,747		1,255,680
Brokerage commission		169,510		149,398
Net realized gain (loss)		45,774,758		(323,060	)
Change in net unrealized appreciation (depreciation)		13,783,712		(7,534,360	)
Net Income (loss)	$	62,671,880	$	(2,863,505	)

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of WTI Crude Oil, during the nine months ended September 30, 2025.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	260,940,143		$	140,963,092
NAV end of period	$	158,537,958		$	132,693,025
Percentage change in NAV		(39.2	)%		(5.9	)%
Shares outstanding beginning of period		5,983,712			2,933,712
Shares outstanding end of period		4,483,712			2,433,712
Percentage change in shares outstanding		(25.1	)%		(17.0	)%
Shares created		71,800,000			16,700,000
Shares redeemed		73,300,000			17,200,000
Per share NAV beginning of period	$	43.61		$	48.05
Per share NAV end of period	$	35.36		$	54.52
Percentage change in per share NAV		(18.9	)%		13.5	%
Percentage change in benchmark		(16.4	)%		(27.1	)%
Benchmark annualized volatility		54.4	%		51.7	%

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,983,712 outstanding Shares at December 31, 2024 to 4,483,712 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,933,712 outstanding Shares at December 31, 2023 to 2,433,712 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.9% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.5% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025		Nine Months Ended September 30, 2024
Net investment income (loss)	$	6,470,289	$	2,521,302
Management fee		2,536,994		797,283
Brokerage commission		1,197,519		722,643
Futures account fees		84,863		33,910
Net realized gain (loss)		19,531,219		90,093,336
Change in net unrealized appreciation (depreciation)		39,267,521		(11,387,262	)
Net Income (loss)	$	65,269,029	$	81,227,376

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2025.

ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	41,892,674		$	39,367,550
NAV end of period	$	33,625,132		$	32,912,508
Percentage change in NAV		(19.7	)%		(16.4	)%
Shares outstanding beginning of period		1,200,000			1,350,000
Shares outstanding end of period		1,200,000			1,100,000
Percentage change in shares outstanding		—	%		(18.5	)%
Shares created		550,000			50,000
Shares redeemed		550,000			300,000
Per share NAV beginning of period	$	34.91		$	29.16
Per share NAV end of period	$	28.02		$	29.92
Percentage change in per share NAV		(19.7	)%		2.6	%
Percentage change in benchmark		13.3	%		0.8	%
Benchmark annualized volatility		8.9	%		5.3	%

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,100,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 19.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 2.6% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	711,682		$	1,017,487
Management fee		250,845			270,996
Net realized gain (loss)		(6,979,710	)		(1,356,314	)
Change in net unrealized appreciation (depreciation)		(1,233,889	)		1,521,143
Net Income (loss)	$	(7,501,917	)	$	1,182,316

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the euro versus the U.S. dollar during the nine months ended September 30, 2025.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	16,624,428		$	11,795,779
NAV end of period	$	63,190,713		$	18,058,490
Percentage change in NAV		280.1	%		53.1	%
Shares outstanding beginning of period		473,489			223,489
Shares outstanding end of period		3,773,421			523,489
Percentage change in shares outstanding		696.9	%		134.2	%
Shares created		16,350,000			625,000
Shares redeemed		13,050,068			325,000
Per share NAV beginning of period	$	35.11		$	52.78
Per share NAV end of period	$	16.75		$	34.50
Percentage change in per share NAV		(52.3	)%		(34.6	)%
Percentage change in benchmark		44.8	%		27.2	%
Benchmark annualized volatility		18.8	%		14.2	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 473,489 outstanding Shares at December 31, 2024 to 3,773,421 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 223,489 outstanding Shares at December 31, 2023 to 523,489 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 52.3% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 34.6% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	1,042,530		$	359,801
Management fee		411,660			105,887
Brokerage commission		14,541			3,138
Net realized gain (loss)		(6,736,886	)		(5,323,806	)
Change in net unrealized appreciation (depreciation)		(6,443,295	)		(843,136	)
Net Income (loss)	$	(12,137,651	)	$	(5,807,141	)

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the futures prices during the nine months ended September 30, 2025.

*	See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold.

ProShares UltraShort Silver

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	23,752,619		$	65,149,686
NAV end of period	$	30,352,080		$	32,222,722
Percentage change in NAV		27.8	%		(50.5	)%
Shares outstanding beginning of period		560,264			897,832
Shares outstanding end of period		1,960,264			847,832
Percentage change in shares outstanding		249.9	%		(5.6	)%
Shares created		4,750,000			2,937,500
Shares redeemed		3,350,000			2,987,500
Per share NAV beginning of period	$	42.40		$	72.56
Per share NAV end of period	$	15.48		$	38.01
Percentage change in per share NAV		(63.5	)%		(47.6	)%
Percentage change in benchmark		58.1	%		30.0	%
Benchmark annualized volatility		27.2	%		31.4	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,960,264 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 897,832 outstanding Shares at December 31, 2023 to 847,832 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 63.5% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 47.6% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 58.1% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 30.0% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	392,152		$	1,235,932
Management fee		202,348			380,119
Brokerage commission		13,179			34,808
Net realized gain (loss)		(13,283,190	)		(4,296,391	)
Change in net unrealized appreciation (depreciation)		(8,834,171	)		(6,036,529	)
Net Income (loss)	$	(21,725,209	)	$	(9,096,988	)

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the nine months ended September 30, 2025.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	26,080,295		$	24,010,010
NAV end of period	$	28,808,714		$	34,904,924
Percentage change in NAV		10.5	%		45.4	%
Shares outstanding beginning of period		547,160			697,160
Shares outstanding end of period		647,160			897,160
Percentage change in shares outstanding		18.3	%		28.7	%
Shares created		750,000			900,000
Shares redeemed		650,000			700,000
Per share NAV beginning of period	$	47.66		$	34.44
Per share NAV end of period	$	44.52		$	38.91
Percentage change in per share NAV		(6.6	)%		13.0	%
Percentage change in benchmark		6.4	%		(1.9	)%
Benchmark annualized volatility		10.6	%		10.4	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 547,160 outstanding Shares at December 31, 2024 to 647,160 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 697,160 outstanding Shares at December 31, 2023 to 897,160 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.0% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	497,676		$	964,632
Management fee		172,164			256,361
Net realized gain (loss)		(452,801	)		1,112,710
Change in net unrealized appreciation (depreciation)		(1,899,238	)		1,101,721
Net Income (loss)	$	(1,854,363	)	$	3,179,063

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S. dollar during the nine months ended September 30, 2025.

ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	28,111,210		$	37,866,143
NAV end of period	$	44,522,647		$	38,983,834
Percentage change in NAV		58.4	%		3.0	%
Shares outstanding beginning of period		1,937,403			2,262,403
Shares outstanding end of period		2,812,403			2,587,403
Percentage change in shares outstanding		45.2	%		14.4	%
Shares created		2,925,000			9,450,000
Shares redeemed		2,050,000			9,125,000
Per share NAV beginning of period	$	14.51		$	16.74
Per share NAV end of period	$	15.83		$	15.07
Percentage change in per share NAV		9.1	%		(10.0	)%
Percentage change in benchmark		10.4	%		(8.8	)%
Benchmark annualized volatility		34.9	%		32.2	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,937,403 outstanding Shares at December 31, 2024 to 2,812,403 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,262,403 outstanding Shares at December 31, 2023 to 2,587,403 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 9.1% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 10.0% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 10.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 8.8% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	593,847		$	1,521,740
Management fee		188,230			354,943
Brokerage commission		28,555			94,413
Futures account fees		9,723			21,146
Net realized gain (loss)		4,085,004			(12,340,680	)
Change in net unrealized appreciation (depreciation)		(1,583,444	)		4,340,208
Net Income (loss)	$	3,095,407		$	(6,478,732	)

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase in the value of the futures prices during the nine months ended September 30, 2025.

ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
NAV beginning of period	$	133,641,615		$	157,321,746
NAV end of period	$	329,584,482		$	163,397,433
Percentage change in NAV		146.6	%		3.9	%
Shares outstanding beginning of period		2,966,252			2,537,737
Shares outstanding end of period		10,241,252			3,337,737
Percentage change in shares outstanding		245.3	%		31.5	%
Shares created		14,225,000			4,512,500
Shares redeemed		6,950,000			3,712,500
Per share NAV beginning of period	$	45.05		$	61.99
Per share NAV end of period	$	32.18		$	48.95
Percentage change in per share NAV		(28.6	)%		(21.0	)%
Percentage change in benchmark		(27.3	)%		(19.7	)%
Benchmark annualized volatility		79.8	%		82.9	%

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 10,241,252 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,337,737 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 28.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 21.0% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:


	Nine Months Ended September 30, 2025			Nine Months Ended September 30, 2024
Net investment income (loss)	$	3,468,893		$	3,707,955
Management fee		1,280,780			945,176
Brokerage commission		448,329			189,358
Futures account fees		150,648			89,976
Net realized gain (loss)		(33,146,619	)		(11,800,514	)
Change in net unrealized appreciation (depreciation)		(16,054,285	)		12,170,504
Net Income (loss)	$	(45,732,011	)	$	4,077,945

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of the futures prices during the nine months ended September 30, 2025.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative Disclosure

Exchange Rate Sensitivity, Equity Market Volatility Sensitivity, and Commodity Price Sensitivity

Each of the Funds is exposed to certain risks pertaining to the use of Financial Instruments. Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. Each of the VIX Funds is exposed to equity market volatility risk through its holdings of Financial Instruments. Each of the Commodity Funds and Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments.

The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments. As of September 30, 2025 and 2024, each of the Fund’s positions were as follows:

ProShares Short VIX Short-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.


Futures Positions as of September 30, 2025
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Short		October 2025		4,007	$	17.59		1,000	$	(70,475,116	)
VIX Futures (Cboe)		Short		November 2025		2,665		19.25		1,000		(51,299,118	)


Futures Positions as of September 30, 2024
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Short		October 2024		5,429	$	18.84		1,000	$	(102,295,932	)
VIX Futures (Cboe)		Short		November 2024		4,431		18.10		1,000		(80,190,023	)

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its position in Financial Instruments each day to have $0.50 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Bloomberg Crude Oil:

As of September 30, 2025 and 2024, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.


Futures Positions as of September 30, 2025
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Long		December 2025		841	$	61.96		1,000	$	52,108,360
WTI Crude Oil (NYMEX)		Long		June 2026		850		61.22		1,000		52,037,000
WTI Crude Oil (NYMEX)		Long		December 2026		855		61.02		1,000		52,172,100

Swap Agreements as of September 30, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Commodity Balanced WTI Crude Oil Index

Citibank, N.A.

Long

77.9690

50,354,875

Bloomberg Commodity Balanced WTI Crude Oil Index

Goldman Sachs International

Long

77.9690

218,509,682

Bloomberg Commodity Balanced WTI Crude Oil Index

Morgan Stanley & Co. International PLC

Long

77.9690

66,380,312

Bloomberg Commodity Balanced WTI Crude Oil Index

Societe Generale

Long

77.9690

165,863,610

Bloomberg Commodity Balanced WTI Crude Oil Index

UBS AG

Long

77.9690

60,715,630


Futures Positions as of September 30, 2024
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Long	December 2024		2,269	$	67.77		1,000	$	153,770,130
WTI Crude Oil (NYMEX)		Long	June 2025		2,326		66.93		1,000		155,679,180
WTI Crude Oil (NYMEX)		Long	December 2025		2,361		66.39		1,000		156,746,790

Swap Agreements as of September 30, 2024

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Commodity Balanced WTI Crude Oil Index

Citibank, N.A.

Long

80.8609

143,374,704

Bloomberg Commodity Balanced WTI Crude Oil Index

Goldman Sachs International

Long

80.8609

226,614,289

Bloomberg Commodity Balanced WTI Crude Oil Index

Morgan Stanley & Co.
International PLC

Long

80.8609

68,842,383

Bloomberg Commodity Balanced WTI Crude Oil Index

Societe Generale

Long

80.8609

172,015,554

Bloomberg Commodity Balanced WTI Crude Oil Index

UBS AG

Long

80.8609

109,053,861

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values are calculated by multiplying the number of units times the closing level of the Index. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreement is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Bloomberg Natural Gas:

As of September 30, 2025 and 2024, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Long

November 2025

32,831

3.30

10,000

1,084,407,930

Futures Positions as of September 30, 2024

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Long

November 2024

44,626

2.92

10,000

1,304,417,980

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Euro:

As of September 30, 2025 and 2024, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		10/10/25		6,075,921			1.1741	$	7,133,499
Euro	UBS AG		Long		10/10/25		6,478,502			1.1740		7,605,889
Euro	Goldman Sachs International		Short		10/10/25		(81,000	)		1.1794		(95,532	)
Euro	UBS AG		Short		10/10/25		(134,000	)		1.1693		(156,691	)


Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		10/04/24		4,874,921			1.1085	$	5,403,839
Euro	UBS AG		Long		10/04/24		5,080,502			1.1087		5,632,724
Euro	Goldman Sachs International		Short		10/04/24		(56,000	)		1.1048		(61,871	)
Euro	UBS AG		Short		10/04/24		(127,000	)		1.1116		(141,168	)

The September 30, 2025 and 2024 USD market value equals the number of euros multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Gold:

As of September 30, 2025 and 2024 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Long

December 2025

2,411

3,873.20

100

933,828,520

Swap Agreements as of September 30, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Gold Subindex

Citibank, N.A.

Long

353.9054

424,720,428

Bloomberg Gold Subindex

Goldman Sachs International

Long

353.9054

93,079,951

Bloomberg Gold Subindex

UBS AG

Long

353.9054

167,347,561

Futures Positions as of September 30, 2024

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Long

December 2024

1,004

2,659.40

100

267,003,760

Swap Agreements as of September 30, 2024

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Gold Subindex

Citibank, N.A.

Long

256.4490

142,005,537

Bloomberg Gold Subindex

Goldman Sachs International

Long

256.4490

67,448,138

Bloomberg Gold Subindex

UBS AG

Long

256.4490

121,264,368

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Silver:

As of September 30, 2025 and 2024 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Long

December 2025

4,589

46.64

5,000

1,070,154,800

Swap Agreements as of September 30, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Silver Subindex

Citibank, N.A.

Long

353.5489

470,370,599

Bloomberg Silver Subindex

Goldman Sachs International

Long

353.5489

39,163,672

Bloomberg Silver Subindex

Morgan Stanley & Co.
International PLC

Long

353.5489

265,710,383

Bloomberg Silver Subindex

UBS AG

Long

353.5489

250,085,358

Futures Positions as of September 30, 2024

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Long

December 2024

3,954

31.46

5,000

621,924,660

Swap Agreements as of September 30, 2024

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Silver Subindex

Citibank, N.A.

Long

251.8376

316,950,428

Bloomberg Silver Subindex

Goldman Sachs International

Long

251.8376

27,896,806

Bloomberg Silver Subindex

Morgan Stanley & Co.
International PLC

Long

251.8376

189,269,052

Bloomberg Silver Subindex

UBS AG

Long

251.8376

178,139,138

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra VIX Short-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.


Futures Positions as of September 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	October 2025		31,952	$	17.59		1,000	$	561,971,776
VIX Futures (Cboe)		Long	November 2025		21,292		19.25		1,000		409,853,966


Futures Positions as of September 30, 2024
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	October 2024		12,712	$	18.84		1,000	$	239,525,860
VIX Futures (Cboe)		Long	November 2024		10,409		18.10		1,000		188,376,878

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.50 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Yen:

As of September 30, 2025 and 2024, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		10/10/25		8,304,233,056			0.006810	$	56,549,383
Yen	UBS AG		Long		10/10/25		8,398,795,856			0.006808		57,181,304
Yen	Goldman Sachs International		Short		10/10/25		(232,040,000	)		0.006776		(1,572,260	)
Yen	UBS AG		Short		10/10/25		(721,530,000	)		0.006724		(4,851,320	)


Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		10/04/24		8,074,137,056			0.006967	$	56,252,032
Yen	UBS AG		Long		10/04/24		9,098,731,856			0.006991		63,607,294
Yen	Goldman Sachs International		Short		10/04/24		(604,074,000	)		0.006967		(4,208,522	)
Yen	UBS AG		Short		10/04/24		(1,280,959,000	)		0.006973		(8,932,441	)

The September 30, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Bloomberg Crude Oil:

As of September 30, 2025 and 2024, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.


Futures Positions as of September 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Short	December 2025		1,308	$	61.96		1,000	$	(81,043,680	)
WTI Crude Oil (NYMEX)		Short	June 2026		1,325		61.22		1,000		(81,116,500	)
WTI Crude Oil (NYMEX)		Short	December 2026		1,331		61.02		1,000		(81,217,620	)


Futures Positions as of September 30, 2024
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Short	December 2024		942	$	67.77		1,000	$	(63,839,340	)
WTI Crude Oil (NYMEX)		Short	June 2025		965		66.93		1,000		(64,587,450	)
WTI Crude Oil (NYMEX)		Short	December 2025		980		66.39		1,000		(65,062,200	)

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Bloomberg Natural Gas:

As of September 30, 2025 and 2024, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Short

November 2025

9,600

3.30

10,000

(317,088,000

)

Futures Positions as of September 30, 2024

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Short

November 2024

9,079

2.92

10,000

(265,379,170

)

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Euro:

As of September 30, 2025 and 2024, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		10/10/25		2,946,000			1.1826	$	3,483,891
Euro	UBS AG		Long		10/10/25		1,242,000			1.1741		1,458,249
Euro	Goldman Sachs International		Short		10/10/25		(33,832,263	)		1.1739		(39,715,940	)
Euro	UBS AG		Short		10/10/25		(27,722,199	)		1.1739		(32,544,188	)


Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		10/04/24		2,449,000			1.1163	$	2,733,800
Euro	UBS AG		Long		10/04/24		4,937,000			1.1127		5,493,208
Euro	Goldman Sachs International		Short		10/04/24		(33,971,263	)		1.1082		(37,647,518	)
Euro	UBS AG		Short		10/04/24		(32,544,199	)		1.1088		(36,083,920	)

The September 30, 2025 and 2024 USD market values equal the number of euros multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Gold:

As of September 30, 2025 and 2024 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Short

December 2025

118

3,873.20

100

(45,703,760

)


Swap Agreements as of September 30, 2025
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.		Short	$	353.9054	$	(58,656,740	)
Bloomberg Gold Subindex	Goldman Sachs International		Short		353.9054		(8,718,813	)
Bloomberg Gold Subindex	UBS AG		Short		353.9054		(13,485,622	)

Futures Positions as of September 30, 2024

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Short

December 2024

2,659.40

100

(15,158,580

)


Swap Agreements as of September 30, 2024
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.		Short	$	256.4490	$	(4,820,548	)
Bloomberg Gold Subindex	Goldman Sachs International		Short		256.4490		(6,317,878	)
Bloomberg Gold Subindex	UBS AG		Short		256.4490		(9,772,030	)

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Silver:

As of September 30, 2025 and 2024 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex^SM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Short

December 2025

46.64

5,000

(22,154,000

)


Swap Agreements as of September 30, 2025
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.		Short	$	353.5489	$	(16,586,295	)
Bloomberg Silver Subindex	Goldman Sachs International		Short		353.5489		(17,367,383	)
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC		Short		353.5489		(2,395,647	)
Bloomberg Silver Subindex	UBS AG		Short		353.5489		(2,295,985	)

Futures Positions as of September 30, 2024

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Short

December 2024

154

31.46

5,000

(24,222,660

)


Swap Agreements as of September 30, 2024
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.		Short	$	251.8376	$	(22,532,595	)
Bloomberg Silver Subindex	Goldman Sachs International		Short		251.8376		(12,371,018	)
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC		Short		251.8376		(1,706,452	)
Bloomberg Silver Subindex	UBS AG		Short		251.8376		(3,643,614	)

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Yen:

As of September 30, 2025 and 2024, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		10/10/25		1,489,706,000			0.006809	$	10,142,954
Yen	UBS AG		Long		10/10/25		895,877,000			0.006707		6,008,656
Yen	Goldman Sachs International		Short		10/10/25		(5,019,125,165	)		0.006808		(34,169,835	)
Yen	UBS AG		Short		10/10/25		(5,878,242,424	)		0.006794		(39,934,401	)


Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		10/04/24		766,460,000			0.007045	$	5,400,022
Yen	UBS AG		Long		10/04/24		1,844,169,000			0.007031		12,965,860
Yen	Goldman Sachs International		Short		10/04/24		(5,401,596,165	)		0.006961		(37,598,687	)
Yen	UBS AG		Short		10/04/24		(7,246,500,574	)		0.006960		(50,438,174	)

The September 30, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares VIX Mid-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.


Futures Positions as of September 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	January 2026		422	$	20.69		1,000	$	8,730,547
VIX Futures (Cboe)		Long	February 2026		703		21.12		1,000		14,846,376
VIX Futures (Cboe)		Long	March 2026		703		21.23		1,000		14,926,166
VIX Futures (Cboe)		Long	April 2026		281		21.45		1,000		6,027,450


Futures Positions as of September 30, 2024
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	January 2025		379	$	18.55		1,000	$	7,030,715
VIX Futures (Cboe)		Long	February 2025		689		18.85		1,000		12,987,994
VIX Futures (Cboe)		Long	March 2025		689		18.98		1,000		13,073,775
VIX Futures (Cboe)		Long	April 2025		309		19.09		1,000		5,898,347

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares VIX Short-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.


Futures Positions as of September 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	October 2025		10,829	$	17.59		1,000	$	190,460,452
VIX Futures (Cboe)		Long	November 2025		7,218		19.25		1,000		138,940,726


Futures Positions as of September 30, 2024
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	October 2024		4,851	$	18.84		1,000	$	91,404,968
VIX Futures (Cboe)		Long	November 2024		3,974		18.10		1,000		71,919,465

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Qualitative Disclosure

As described in Item 7 in the Annual Report on Form 10-K, it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark (referred to as the “Daily Target”). Each Short Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each UltraShort Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each Ultra Fund seeks daily investment results, before fees and expenses, that correspond to one and one half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of a benchmark. The Geared Funds do not seek to achieve these stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Performance over longer periods of time will be influenced not only by the cumulative period performance of the corresponding benchmark but equally by the intervening volatility of the benchmark as well as fees and expenses, including costs associated with the use of Financial Instruments such as financing costs and trading spreads. Future period returns, before fees and expenses, cannot be estimated simply by estimating the percent change in the corresponding benchmark and multiplying by negative three, negative two, negative one, negative one-half, one, one and one-half, two or three. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Primary Market Risk Exposure

The primary market risks that the Funds are exposed to depend on each Fund’s investment objective and corresponding benchmark. For example, the primary market risk that the ProShares UltraShort Bloomberg Crude Oil and the ProShares Ultra Bloomberg Crude Oil Funds are exposed to are inverse and long exposure, respectively, to the price of crude oil as measured by the return of holding and periodically rolling crude oil futures contracts (the Bloomberg Commodity Index and its sub-indexes are based on the price of rolling futures positions, rather than on the cash price for immediate delivery of the corresponding commodity).

Each Fund’s exposure to market risk is further influenced by a number of factors, including the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of each Fund’s trading strategies and other factors, could ultimately lead to a loss of all or substantially all of investors’ capital.

As described in Item 7 in the Annual Report on Form 10-K, trading in certain futures contracts or forward agreements involves each Fund entering into contractual commitments to purchase or sell a commodity underlying a Fund’s benchmark at a specified date and price, should it hold such futures contracts or forward agreements into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, it is required to make delivery of that commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity can rise is unlimited, entering into commitments to sell commodities would expose a Fund to theoretically unlimited risk.

Commodity Price Sensitivity

As further described in “Item 1A. Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. With regard to the Commodity Index Funds or the Commodity Funds, several factors may affect the price of a commodity underlying a Commodity Index Fund or a Commodity Fund, and in turn, the Financial Instruments and other assets, if any, owned by such a Fund. The impact of changes in the price of a physical commodity or of a commodity index (comprised of commodity futures contracts) will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an UltraShort Fund and daily decreases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an Ultra Fund.

Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns. For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).

Exchange Rate Sensitivity

the value of the foreign currencies or the U.S. dollar, and, in turn, the Financial Instruments and other assets, if any, owned by a Fund. The impact of changes in the price of a currency will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of a currency will negatively impact the daily performance of Shares of a Short Fund or an UltraShort Fund and daily decreases in the price of a currency will negatively impact the daily performance of Shares of an Ultra Fund.

Equity Market Volatility Sensitivity

As further described in “Item 1A. Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each VIX Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a VIX Fund. The impact of changes in the price of these assets will affect investors differently depending upon the Fund in which investors invest.

Managing Market Risks

Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x, -2x, 1.5x, or 2x), regardless of market direction or sentiment. At the close of the relevant markets each trading day (see NAV calculation times in “Note 2 - Significant Accounting Policies - Final Net Asset Value for Fiscal Period”), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective. As described in Item 7 of the Annual Report on Form 10-K, these adjustments are done through the use of various Financial Instruments. Factors common to all Funds that may require portfolio re-positioning are creation/redemption activity and index rebalances.

For Geared Funds, the impact of the index’s movements each day also affects whether the Fund’s portfolio needs to be rebalanced. For example, if the index for an Ultra Fund has risen on a given day, net assets of the Fund should rise. As a result, the Fund’s long exposure will need to be increased to the extent there are not offsetting factors such as redemption activity. Conversely, if the Index has fallen on a given day, net assets of an Ultra Fund should fall. As a result, the Fund’s long exposure will generally need to be decreased. Net assets for Short Funds and UltraShort Funds will generally decrease when the Index rises on a given day, to the extent there are not offsetting factors. As a result, the Fund’s short exposure may need to be decreased. As a result, the Fund’s short exposure may need to be increased.

The use of certain Financial Instruments introduces counterparty risk. A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to Financial Instruments entered into by the Fund. A Fund may be negatively impacted if a counterparty fails to perform its obligations. Each Fund intends to enter into swap and forward agreements only with major global financial institutions that meet certain credit quality standards and monitoring policies. Each Fund may use various techniques to minimize credit risk including early termination or reset and payment, limiting the net amount due from any individual counterparty, and generally requiring that the counterparty post collateral with respect to amounts owed to the Funds, marked to market daily.

Most Financial Instruments held by the Funds are “unfunded” meaning that the Fund will obtain exposure to the corresponding benchmark while still being in possession of its original cash assets. The cash positions that result from use of such Financial Instruments are held in a manner to minimize both interest rate and credit risk. During the reporting period, cash positions were maintained in both non-interest bearing and interest bearing demand deposit accounts. The Funds may also invest a portion of this cash in cash equivalents (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities).

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of September 30, 2025, including providing reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, of the Trust as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s or the Funds’ internal control over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

Certifications

The certifications by the Principal Executive Officer and Principal Financial Officer of the Trust required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as exhibits to this Quarterly Report on Form 10-Q, apply both to the Trust taken as a whole and each Fund, and the Principal Executive Officer and Principal Financial Officer of the Trust are certifying both as to the Trust taken as a whole and each Fund.

Part II. OTHER INFORMATION

Item 1. Legal Proceedings.

As of September 30, 2025, the Trust is not a party to any material legal proceedings.

Item 1A. Risk Factors.

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.

Risks of Government Regulation

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

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 September 30, 2025:


Title of Securities Registered*		Total Number of Shares Redeemed		Average Price Per Share
ProShares Short VIX Short-Term Futures ETF Common Units of Beneficial Interest
	07/01/25 to 07/31/25		950,000	$	43.75
	08/01/25 to 08/31/25		600,000	$	45.63
	09/01/25 to 09/30/25		250,000	$	50.28
ProShares Ultra Bloomberg Crude Oil Common Units of Beneficial Interest
	07/01/25 to 07/31/25		3,650,000	$	24.66
	08/01/25 to 08/31/25		1,450,000	$	23.66
	09/01/25 to 09/30/25		1,800,000	$	23.43
ProShares Ultra Bloomberg Natural Gas Common Units of Beneficial Interest
	07/01/25 to 07/31/25		5,650,000	$	44.71
	08/01/25 to 08/31/25		6,300,000	$	31.29
	09/01/25 to 09/30/25		5,100,000	$	29.44


ProShares Ultra Euro Common Units of Beneficial Interest
	07/01/25 to 07/31/25	50,000	$	12.57
	08/01/25 to 08/31/25	50,000	$	12.96
	09/01/25 to 09/30/25	—	$	—
ProShares Ultra Gold Common Units of Beneficial Interest
	07/01/25 to 07/31/25	2,000,000	$	35.33
	08/01/25 to 08/31/25	250,000	$	35.32
	09/01/25 to 09/30/25	1,150,000	$	42.60
ProShares Ultra Silver Common Units of Beneficial Interest
	07/01/25 to 07/31/25	1,950,000	$	53.11
	08/01/25 to 08/31/25	1,200,000	$	51.66
	09/01/25 to 09/30/25	2,750,000	$	64.48
ProShares Ultra VIX Short-Term Futures ETF Common Units of Beneficial Interest
	07/01/25 to 07/31/25	600,000	$	17.35
	08/01/25 to 08/31/25	10,600,000	$	13.85
	09/01/25 to 09/30/25	7,050,000	$	11.28
ProShares Ultra Yen Common Units of Beneficial Interest
	07/01/25 to 07/31/25	100,000	$	22.93
	08/01/25 to 08/31/25	200,000	$	22.08
	09/01/25 to 09/30/25	100,000	$	21.55
ProShares UltraShort Bloomberg Crude Oil Common Units of Beneficial Interest
	07/01/25 to 07/31/25	500,000	$	16.93
	08/01/25 to 08/31/25	4,000,000	$	17.53
	09/01/25 to 09/30/25	1,500,000	$	17.29
ProShares UltraShort Bloomberg Natural Gas Common Units of Beneficial Interest
	07/01/25 to 07/31/25	8,000,000	$	28.54
	08/01/25 to 08/31/25	2,850,000	$	35.17
	09/01/25 to 09/30/25	1,850,000	$	37.46
ProShares UltraShort Euro Common Units of Beneficial Interest
	07/01/25 to 07/31/25	—	$	—
	08/01/25 to 08/31/25	150,000	$	28.24
	09/01/25 to 09/30/25	—	$	—
ProShares UltraShort Gold Common Units of Beneficial Interest
	07/01/25 to 07/31/25	750,000	$	22.02
	08/01/25 to 08/31/25	950,000	$	21.80
	09/01/25 to 09/30/25	600,000	$	18.17
ProShares UltraShort Silver Common Units of Beneficial Interest
	07/01/25 to 07/31/25	600,000	$	24.02
	08/01/25 to 08/31/25	250,000	$	22.86
	09/01/25 to 09/30/25	650,000	$	18.47
ProShares UltraShort Yen Common Units of Beneficial Interest
	07/01/25 to 07/31/25	50,000	$	42.61
	08/01/25 to 08/31/25	50,000	$	43.89
	09/01/25 to 09/30/25	250,000	$	44.48


ProShares VIX Mid-Term Futures ETF Common Units of Beneficial Interest
	07/01/25 to 07/31/25	50,000	$	16.78
	08/01/25 to 08/31/25	—	$	—
	09/01/25 to 09/30/25	25,000	$	16.11
ProShares VIX Short-Term Futures ETF Common Units of Beneficial Interest
	07/01/25 to 07/31/25	75,000	$	44.68
	08/01/25 to 08/31/25	—	$	—
	09/01/25 to 09/30/25	200,000	$	33.11

*	The registration statement covers an indeterminate amount of securities to be offered or sold.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

No officers or trustees of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K under the Securities Act of 1933, as amended) for the three month period ended September 30, 2025.

Item 6. Exhibits.


Exhibit No.		Description of Document

31.1		Certification by Principal Executive Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)

31.2		Certification by Principal Financial Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)

32.1*		Certification by Principal Executive Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)

32.2*		Certification by Principal Financial Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)

101.INS		Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. (1)

101.SCH		Inline XBRL Taxonomy Extension Schema (1)

(1)	Filed herewith.

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PROSHARES TRUST II

/s/ Todd Johnson

By: Todd Johnson

Principal Executive Officer

Date: November 7, 2025

/s/ Edward J. Karpowicz

By: Edward J. Karpowicz

Principal Financial and Accounting Officer

Date: November 7, 2025