10-Q

Large Accelerated Filer

Accelerated Filer

Non-Accelerated
Filer

Smaller Reporting Company

Emerging Growth Company

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Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.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 three months ended March 31, 2026.All or partial amount pledged as collateral for foreign currency forward contracts.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 June 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.Percentages are annualized.Represents 7-day effective yield as of June 30, 2026.Affiliated company as defined under the Investment Company Act of 1940.The amount 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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Silver

2026-06-30 0001415311

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

2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Euro

2026-06-30 0001415311

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

2026-06-30 0001415311

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

2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil

2026-06-30 0001415311

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

2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Yen

2026-06-30 0001415311

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

2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | Proshares Ultra Euro

2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil

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

2026-06-30 0001415311

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

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 3.773% due 09/08/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 3.660% due 07/30/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.773% due 09/08/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.760% due 09/24/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.770% due 09/17/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.806% due 07/09/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.678% due 07/14/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.673% due 08/06/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.763% due 09/24/26

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U.S. Government Agencies Short-term Debt Securities | Proshares Ultra Euro | U.S. Treasury Bills 3.656% due 07/30/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 3.763% due 09/24/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultrashort Bloomberg Crude Oil | U.S. Treasury Bills 3.806% due 07/09/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 3.773% due 09/08/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.677% due 07/14/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Silver | U.S. Treasury Bills 3.760% due 09/24/26

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Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA YEN | 35% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL | 34% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA VIX SHORT TERM FUTURES ETF | 36% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA SILVER | 22% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT SILVER | 22% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT GOLD | 27% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT EURO | 28% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS | 32% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA BLOOMBERG NATURAL GAS | 33% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA BLOOMBERG CRUDE OIL | 22% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA GOLD | 28% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES VIX SHORT TERM FUTURES ETF | 33% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT YEN | 23% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES VIX MID TERM FUTURES ETF | 37% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES SHORT VIX SHORT TERM FUTURES ETF | 34% of shareholders equity

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES SHORT VIX SHORT TERM FUTURES ETF | ProShares Genius Money Market ETF 3.54% cost $75,046,500

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES VIX MID TERM FUTURES ETF | ProShares Genius Money Market ETF 3.52% cost $15,006,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT YEN | ProShares Genius Money Market ETF 3.54% cost $7,002,800

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES VIX SHORT TERM FUTURES ETF | ProShares Genius Money Market ETF 3.54% cost $65,037,250

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA GOLD | ProShares Genius Money Market ETF 3.54% cost $180,072,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA BLOOMBERG CRUDE OIL | ProShares Genius Money Market ETF 3.54% cost $70,028,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA BLOOMBERG NATURAL GAS | ProShares Genius Money Market ETF 3.54% cost $100,049,500

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS | ProShares Genius Money Market ETF 3.54% cost $45,018,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT EURO | ProShares Genius Money Market ETF 3.54% cost $10,004,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT GOLD | ProShares Genius Money Market ETF 3.54% cost $30,014,500

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT SILVER | ProShares Genius Money Market ETF 3.54% cost $20,015,950

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA SILVER | ProShares Genius Money Market ETF 3.54% cost $280,112,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA VIX SHORT TERM FUTURES ETF | ProShares Genius Money Market ETF 3.52% cost $105,058,700

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL | ProShares Genius Money Market ETF 3.54% cost $300,255,420

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA YEN | ProShares Genius Money Market ETF 3.54% cost $11,004,400

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA YEN | Total Investments in Securities cost $17,984,373

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL | Total Investments in Securities cost $579,203,503

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA SILVER | Total Investments in Securities cost $1,219,845,563

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT SILVER | Total Investments in Securities cost $64,642,809

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT GOLD | Total Investments in Securities cost $69,871,690

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT EURO | Total Investments in Securities cost $19,975,389

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS | Total Investments in Securities cost $45,018,000

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA BLOOMBERG NATURAL GAS | Total Investments in Securities cost $199,694,450

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA BLOOMBERG CRUDE OIL | Total Investments in Securities cost $318,672,399

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRA GOLD | Total Investments in Securities cost $578,579,049

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES ULTRASHORT YEN | Total Investments in Securities cost $16,974,189

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES VIX MID TERM FUTURES ETF | Total Investments in Securities cost $24,970,100

2026-06-30 0001415311

Affiliated Investments Exchange Traded Fund | PROSHARES SHORT VIX SHORT TERM FUTURES ETF | Total Investments in Securities cost $119,694,205

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Silver | U.S. Treasury Bills 3.760% due 09/24/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Yen | U.S. Treasury Bills 3.656% due 07/30/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Gold | U.S. Treasury Bills 3.639% due 08/06/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Euro

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.677% due 07/14/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.674% due 07/30/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.667% due 08/06/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.773% due 09/08/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.770% due 09/17/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 3.760% due 09/24/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 3.773% due 09/08/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 3.633% due 08/06/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 3.763% due 09/24/26

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U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Yen | U.S. Treasury Bills 3.656% due 07/30/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.773% due 09/08/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.760% due 09/24/26

2026-01-01 2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.770% due 09/17/26

2026-01-01 2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.763% due 09/24/26

2026-01-01 2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.806% due 07/09/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.678% due 07/14/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 3.673% due 08/06/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 3.645% due 08/06/26

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U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 3.660% due 07/30/26

2026-01-01 2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 3.642% due 08/06/26

2026-01-01 2026-06-30 0001415311

U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 3.773% due 09/08/26

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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 June 30, 2026.

☐	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 August

, 2026, the registrant had 131,511,975 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).		1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.		1
Item 3. Quantitative and Qualitative Disclosures About Market Risk.		44
Item 4. Controls and Procedures.		58

Part II. OTHER INFORMATION
Item 1. Legal Proceedings.		60
Item 1A. Risk Factors.		60
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.		60
Item 3. Defaults Upon Senior Securities.		61
Item 4. Mine Safety Disclosures.		61
Item 5. Other Information.		61
Item 6. Exhibits.		62

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		2
ProShares Ultra Bloomberg Crude Oil		7
ProShares Ultra Bloomberg Natural Gas		12
ProShares Ultra Euro		17
ProShares Ultra Gold		22
ProShares Ultra Silver		27
ProShares Ultra VIX Short-Term Futures ETF		32
ProShares Ultra Yen		37
ProShares UltraShort Bloomberg Crude Oil		42
ProShares UltraShort Bloomberg Natural Gas		47
ProShares UltraShort Euro		52
ProShares UltraShort Gold		57
ProShares UltraShort Silver		62
ProShares UltraShort Yen		67
ProShares VIX Mid-Term Futures ETF		72
ProShares VIX Short-Term Futures ETF		77
ProShares Trust II		82
Notes to Financial Statements		86

F-1

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $44,647,705 and $59,898,070, respectively)	$	44,645,753	$	59,907,798
Affiliated investments (cost $75,046,500 and $–, respectively)		75,045,000		—
Cash		14,257,532		87,603,058
Segregated cash balances with brokers for futures contracts		86,217,117		93,632,448
Receivable on open futures contracts		1,590,334		1,909,294
Receivable for dividends from affiliates		59,293		—
Interest receivable		303,760		340,241

Total assets		222,118,789		243,392,839

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		386,535		851,049
Brokerage commissions and futures account fees payable		5,609		6,400
Payable to Sponsor		179,403		184,353

Total liabilities		571,547		1,041,802

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		221,547,242		242,351,037

Total liabilities and shareholders’ equity	$	222,118,789	$	243,392,839

Shares outstanding		3,868,614		4,368,614

Net asset value per share	$	57 .27	$	55 .48

Market value per share (Note 2)	$	57 .26	$	55 .38

See accompanying notes to financial statements.

F-2

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(20% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.705% due 09/10/26	$	25,000,000	$	24,819,295
3.763% due 09/24/26		20,000,000		19,826,458

Total short-term U.S. government and agency obligations (cost $44,647,705)			$	44,645,753


	Shares
Affiliated Investments
Exchange Traded Fund
(34% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $75,046,500)		750,000		75,045,000

Total Investments in Securities (cost $119,694,205)			$	119,690,753

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires July 2026		3,674	$	65,950,872	$	10,054,253
VIX Futures - Cboe, expires August 2026		2,368		44,871,232		1,876,976

					$	11,931,229

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

See accompanying notes to financial statements.

F-3

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Investment Income
Interest	$	1,082,679		$	3,664,726	$	2,304,724		$	5,820,643
Dividends from affiliates (Note 5)		583,084			—		790,653			—

Total income		1,665,763			3,664,726		3,095,377			5,820,643

Expenses
Management fee		541,259			973,113		1,031,026			1,528,502
Brokerage commissions		99,757			205,533		199,725			332,745
Futures account fees		16,359			27,459		30,217			53,156

Total expenses		657,375			1,206,105		1,260,968			1,914,403

Net investment income (loss)		1,008,388			2,458,621		1,834,409			3,906,240

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		32,396,869			2,005		13,691,256			(17,634,848	)
Short-term U.S. government and agency obligations		—			455		—			455
Affiliated investments		—			—		5,000			—
Payment from affiliate (Note 5)		24,192			—		34,394			—

Net realized gain (loss)		32,421,061			2,460		13,730,650			(17,634,393	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		15,231,904			13,636,368		(3,768,368	)		13,401,093
Short-term U.S. government and agency obligations		(1,904	)		855		(11,680	)		(6,808	)
Affiliated investments		(19,500	)		—		(1,500	)		—

Change in net unrealized appreciation (depreciation)		15,210,500			13,637,223		(3,781,548	)		13,394,285

Net realized and unrealized gain (loss)		47,631,561			13,639,683		9,949,102			(4,240,108	)

Net income (loss)	$	48,639,949		$	16,098,304	$	11,783,511		$	(333,868	)

See accompanying notes to financial statements.

F-4

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	183,969,223		$	232,107,856		$	242,351,037		$	266,090,233

Addition of 500,000, 16,400,000, 1,000,000 and 18,650,000 shares, respectively		24,974,155			607,449,230			48,766,747			713,832,219
Redemption of 650,000, 14,900,000, 1,500,000 and 17,400,000 shares, respectively		(36,036,085	)		(575,729,990	)		(81,354,053	)		(699,663,184	)

Net addition (redemption) of (150,000), 1,500,000, (500,000) and 1,250,000 shares, respectively		(11,061,930	)		31,719,240			(32,587,306	)		14,169,035

Net investment income (loss)		1,008,388			2,458,621			1,834,409			3,906,240
Net realized gain (loss)		32,421,061			2,460			13,730,650			(17,634,393	)
Change in net unrealized appreciation (depreciation)		15,210,500			13,637,223			(3,781,548	)		13,394,285

Net income (loss)		48,639,949			16,098,304			11,783,511			(333,868	)

Shareholders’ equity, end of period	$	221,547,242		$	279,925,400		$	221,547,242		$	279,925,400

See accompanying notes to financial statements.

F-5

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	11,783,511		$	(333,868	)
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		(179,078,390	)		(303,335,606	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		195,000,000			330,000,455
Cost of affiliated investments purchased		(85,050,500	)		—
Proceeds from affiliated investments sold		10,009,000			—
Net amortization and accretion on short-term U.S. government and agency obligations		(671,245	)		(1,733,327	)
Net realized (gain) loss on investments		(5,000	)		(455	)
Change in unrealized (appreciation) depreciation on investments		13,180			6,808
Decrease (Increase) in receivable on open futures contracts		318,960			(1,065,631	)
Decrease (Increase) in receivable for dividends from affiliates		(59,293	)		—
Decrease (Increase) in interest receivable		36,481			(217,468	)
Increase (Decrease) in payable to Sponsor		(4,950	)		(413	)
Increase (Decrease) in brokerage commissions and futures account fees payable		(791	)		(2,318	)
Increase (Decrease) in payable on open futures contracts		(464,514	)		(1,011,830	)

Net cash provided by (used in) operating activities		(48,173,551	)		22,306,347

Cash flow from financing activities
Proceeds from addition of shares		48,766,747			713,832,219
Payment on shares redeemed		(81,354,053	)		(699,663,184	)

Net cash provided by (used in) financing activities		(32,587,306	)		14,169,035

Net increase (decrease) in cash		(80,760,857	)		36,475,382
Cash, beginning of period		181,235,506			241,154,040

Cash, end of period	$	100,474,649		$	277,629,422

See accompanying notes to financial statements.

F-6

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $248,644,399 and $149,544,793, respectively)	$	248,639,306	$	149,575,489
Affiliated investments (cost $70,028,000 and $–, respectively)		70,049,000		—
Cash		50,510,916		101,024,953
Segregated cash balances with brokers for futures contracts		15,179,228		38,125,720
Segregated cash balances with brokers for swap agreements		—		109,128,769
Unrealized appreciation on swap agreements		391,156		—
Due from counterparty		3,496,381		—
Receivable on open futures contracts		256,600		602,246
Receivable for dividends from affiliates		110,873		—
Interest receivable		171,450		368,065

Total assets		388,804,910		398,825,242

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		2,895,283
Payable on open futures contracts		861,657		1,426,673
Payable to Sponsor		282,284		314,178
Unrealized depreciation on swap agreements		75,696,856		11,151,121

Total liabilities		76,840,797		15,787,255

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		311,964,113		383,037,987

Total liabilities and shareholders’ equity	$	388,804,910	$	398,825,242

Shares outstanding		9,593,096		19,843,096

Net asset value per share	$	32 .52	$	19 .30

Market value per share (Note 2)	$	32 .95	$	19 .32

See accompanying notes to financial statements.

F-7

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(80% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.806% due 07/09/26 †	$	20,000,000	$	19,983,888
3.678% due 07/14/26 †		10,000,000		9,987,054
3.673% due 08/06/26 †		85,000,000		84,692,300
3.773% due 09/08/26		30,000,000		29,788,113
3.706% due 09/10/26 †		40,000,000		39,710,872
3.770% due 09/17/26 †		55,000,000		54,563,850
3.763% due 09/24/26 †		10,000,000		9,913,229

Total short-term U.S. government and agency obligations (cost $248,644,399)			$	248,639,306


	Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $70,028,000)		700,000		70,049,000

Total Investments in Securities (cost $318,672,399)			$	318,688,306

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires September 2026		525	$	36,366,750	$	(5,237,470	)
WTI Crude Oil - NYMEX, expires December 2026		566		38,686,100		1,696,621
WTI Crude Oil - NYMEX, expires June 2027		585		38,996,100		(105,078	)

					$	(3,645,927	)

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	%		07/06/26	$	62,978,759	$	(2,576,150	)
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.35			07/06/26		163,484,486		(32,233,988	)
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.25			07/06/26		207,445,344		(40,886,718	)
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index		0.30			07/06/26		75,936,938		391,156

								$	(75,305,700	)

Total Unrealized Appreciation								$	391,156

Total Unrealized Depreciation								$	(75,696,856	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

^	The positions and counterparties herein are as of June 30, 2026. 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 June 30, 2026, 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-8

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	2,632,705		$	3,240,612		$	4,551,207		$	6,745,716
Dividends from affiliates (Note 5)		1,114,675			—			1,803,495			—

Total income		3,747,380			3,240,612			6,354,702			6,745,716

Expenses
Management fee		1,016,255			951,694			2,134,963			1,916,607
Brokerage commissions		56,298			61,348			166,497			107,916

Total expenses		1,072,553			1,013,042			2,301,460			2,024,523

Net investment income (loss)		2,674,827			2,227,570			4,053,242			4,721,193

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		68,072,675			(14,353,923	)		108,222,340			(3,195,195	)
Swap agreements		77,435,368			(14,238,283	)		260,277,893			(9,880,150	)
Short-term U.S. government and agency obligations		—			322			—			322
Affiliated investments		(32,428	)		—			(49,228	)		—
Payment from affiliate (Note 5)		48,424			—			77,510			—

Net realized gain (loss)		145,524,039			(28,591,884	)		368,528,515			(13,075,023	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(74,612,147	)		(8,595,750	)		43,180			(7,581,547	)
Swap agreements		(113,381,322	)		(32,742,289	)		(64,154,579	)		(34,191,987	)
Short-term U.S. government and agency obligations		(8,360	)		2,253			(35,789	)		(26,602	)
Affiliated investments		60,660			—			21,000			—

Change in net unrealized appreciation (depreciation)		(187,941,169	)		(41,335,786	)		(64,126,188	)		(41,800,136	)

Net realized and unrealized gain (loss)		(42,417,130	)		(69,927,670	)		304,402,327			(54,875,159	)

Net income (loss)	$	(39,742,303	)	$	(67,700,100	)	$	308,455,569		$	(50,153,966	)

See accompanying notes to financial statements.

F-9

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	602,898,547		$	432,463,827		$	383,037,987		$	523,420,064

Addition of 8,000,000, 9,200,000, 23,350,000 and 14,900,000 shares, respectively		330,095,494			196,937,660			850,023,608			342,452,798
Redemption of 13,950,000, 6,450,000, 33,600,000 and 15,250,000 shares, respectively		(581,287,625	)		(141,207,874	)		(1,229,553,051	)		(395,225,383	)

Net addition (redemption) of (5,950,000), 2,750,000, (10,250,000) and (350,000) shares, respectively		(251,192,131	)		55,729,786			(379,529,443	)		(52,772,585	)

Net investment income (loss)		2,674,827			2,227,570			4,053,242			4,721,193
Net realized gain (loss)		145,524,039			(28,591,884	)		368,528,515			(13,075,023	)
Change in net unrealized appreciation (depreciation)		(187,941,169	)		(41,335,786	)		(64,126,188	)		(41,800,136	)

Net income (loss)		(39,742,303	)		(67,700,100	)		308,455,569			(50,153,966	)

Shareholders’ equity, end of period	$	311,964,113		$	420,493,513		$	311,964,113		$	420,493,513

See accompanying notes to financial statements.

F-10

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	308,455,569		$	(50,153,966	)
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		(621,111,085	)		(656,357,446	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		525,000,000			710,000,322
Cost of affiliated investments purchased		(250,204,460	)		—
Proceeds from affiliated investments sold		180,127,232			—
Net amortization and accretion on short-term U.S. government and agency obligations		(2,988,521	)		(3,877,211	)
Net realized (gain) loss on investments		49,228			(322	)
Change in unrealized (appreciation) depreciation on investments		64,169,368			34,218,589
Decrease (Increase) in due from counterparty		(3,496,381	)		—
Decrease (Increase) in receivable on open futures contracts		345,646			2,157,183
Decrease (Increase) in receivable for dividends from affiliates		(110,873	)		—
Decrease (Increase) in interest receivable		196,615			33,780
Increase (Decrease) in payable to Sponsor		(31,894	)		(103,457	)
Increase (Decrease) in payable on open futures contracts		(565,016	)		454,017

Net cash provided by (used in) operating activities		199,835,428			36,371,489

Cash flow from financing activities
Proceeds from addition of shares		850,023,608			341,328,074
Payment on shares redeemed		(1,232,448,334	)		(394,599,683	)

Net cash provided by (used in) financing activities		(382,424,726	)		(53,271,609	)

Net increase (decrease) in cash		(182,589,298	)		(16,900,120	)
Cash, beginning of period		248,279,442			385,855,334

Cash, end of period	$	65,690,144		$	368,955,214

See accompanying notes to financial statements.

F-11

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $99,644,950 and $234,217,281, respectively)	$	99,638,000	$	234,273,034
Affiliated investments (cost $100,049,500 and $–, respectively)		100,070,000		—
Cash		26,058,117		141,320,716
Segregated cash balances with brokers for futures contracts		91,564,728		199,013,298
Receivable from capital shares sold		—		28,186,350
Receivable on open futures contracts		16,259,564		—
Receivable for dividends from affiliates		90,830		—
Interest receivable		269,558		581,253

Total assets		333,950,797		603,374,651

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		26,284,256		—
Payable on open futures contracts		—		67,963,288
Brokerage commissions and futures account fees payable		7,625		14,860
Payable to Sponsor		250,930		417,836

Total liabilities		26,542,811		68,395,984

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		307,407,986		534,978,667

Total liabilities and shareholders’ equity	$	333,950,797	$	603,374,651

Shares outstanding (Note 1)		11,111,144		11,861,524

Net asset value per share (Note 1)	$	27.67	$	45.10

Market value per share (Note 1) (Note 2)	$	27.44	$	45.80

See accompanying notes to financial statements.

F-12

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(32% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.645% due 08/06/26	$	100,000,000	$	99,638,000

Total short-term U.S. government and agency obligations (cost $99,644,950)			$	99,638,000


	Shares
Affiliated Investments
Exchange Traded Fund
(33% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $100,049,500)		1,000,000		100,070,000

Total Investments in Securities (cost $199,694,450)			$	199,708,000

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires September 2026		19,249	$	614,813,060	$	4,878,818

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

See accompanying notes to financial statements.

F-13

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	2,019,001		$	2,079,577		$	4,792,683		$	4,980,630
Dividends from affiliates (Note 5)		1,044,838			—			1,478,171			—

Total income		3,063,839			2,079,577			6,270,854			4,980,630

Expenses
Management fee		948,756			548,526			1,992,507			1,251,579
Brokerage commissions		439,496			288,858			852,057			571,013
Futures account fees		31,025			18,071			78,240			116,609

Total expenses		1,419,277			855,455			2,922,804			1,939,201

Net investment income (loss)		1,644,562			1,224,122			3,348,050			3,041,429

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(57,395,045	)		(12,342,109	)		14,982,770			210,263,119
Swap agreements		(5	)		—			(5	)		—
Short-term U.S. government and agency obligations		22			(224	)		9,550			(224	)
Affiliated investments		(27,412	)		—			(27,412	)		—
Payment from affiliate (Note 5)		44,515			—			63,275			—

Net realized gain (loss)		(57,377,925	)		(12,342,333	)		15,028,178			210,262,895

Change in net unrealized appreciation (depreciation) on
Futures contracts		31,126,328			(84,894,683	)		136,975,690			(127,006,905	)
Short-term U.S. government and agency obligations		(6,820	)		(309	)		(62,703	)		(26,980	)
Affiliated investments		40,000			—			20,500			—

Change in net unrealized appreciation (depreciation)		31,159,508			(84,894,992	)		136,933,487			(127,033,885	)

Net realized and unrealized gain (loss)		(26,218,417	)		(97,237,325	)		151,961,665			83,229,010

Net income (loss)	$	(24,573,855	)	$	(96,013,203	)	$	155,309,715		$	86,270,439

See accompanying notes to financial statements.

F-14

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	378,628,694		$	232,237,503		$	534,978,667		$	396,081,499

Addition of 18,475,000, 6,575,000, 45,225,000 and 9,225,000 shares, respectively (Note 1)		497,479,345			689,968,536			1,440,168,864			1,029,287,052
Redemption of 19,175,380, 4,325,000, 45,975,380 and 9,225,000 shares, respectively (Note 1)		(544,126,198	)		(491,435,042	)		(1,823,049,260	)		(1,176,881,196	)

Net addition (redemption) of (700,380), 2,250,000, (750,380) and – shares, respectively (Note 1)		(46,646,853	)		198,533,494			(382,880,396	)		(147,594,144	)

Net investment income (loss)		1,644,562			1,224,122			3,348,050			3,041,429
Net realized gain (loss)		(57,377,925	)		(12,342,333	)		15,028,178			210,262,895
Change in net unrealized appreciation (depreciation)		31,159,508			(84,894,992	)		136,933,487			(127,033,885	)

Net income (loss)		(24,573,855	)		(96,013,203	)		155,309,715			86,270,439

Shareholders’ equity, end of period	$	307,407,986		$	334,757,794		$	307,407,986		$	334,757,794

See accompanying notes to financial statements.

F-15

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	155,309,715		$	86,270,439
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		(398,104,310	)		(387,844,619	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		534,609,251			469,917,565
Cost of affiliated investments purchased		(140,103,500	)		—
Proceeds from affiliated investments sold		40,026,588			—
Net amortization and accretion on short-term U.S. government and agency obligations		(1,923,060	)		(2,332,472	)
Net realized (gain) loss on investments		17,862			224
Change in unrealized (appreciation) depreciation on investments		42,203			26,980
Decrease (Increase) in receivable on open futures contracts		(16,259,564	)		—
Decrease (Increase) in receivable for dividends from affiliates		(90,830	)		—
Decrease (Increase) in interest receivable		311,695			288,867
Increase (Decrease) in payable to Sponsor		(166,906	)		(199,605	)
Increase (Decrease) in brokerage commissions and futures account fees payable		(7,235	)		(7,329	)
Increase (Decrease) in payable on open futures contracts		(67,963,288	)		18,396,087

Net cash provided by (used in) operating activities		105,698,621			184,516,137

Cash flow from financing activities
Proceeds from addition of shares		1,468,355,214			982,318,775
Payment on shares redeemed		(1,796,765,004	)		(1,176,881,196	)

Net cash provided by (used in) financing activities		(328,409,790	)		(194,562,421	)

Net increase (decrease) in cash		(222,711,169	)		(10,046,284	)
Cash, beginning of period		340,334,014			323,011,189

Cash, end of period	$	117,622,845		$	312,964,905

See accompanying notes to financial statements.

F-16

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $1,994,278 and $–, respectively)	$	1,994,224	$	—
Cash		3,076,855		5,185,710
Segregated cash balances with brokers for foreign currency forward contracts		—		666,667
Unrealized appreciation on foreign currency forward contracts		576		62,719
Interest receivable		8,643		15,545

Total assets		5,080,298		5,930,641

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		3,922		4,756
Unrealized depreciation on foreign currency forward contracts		126,416		29

Total liabilities		130,338		4,785

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		4,949,960		5,925,856

Total liabilities and shareholders’ equity	$	5,080,298	$	5,930,641

Shares outstanding		400,000		450,000

Net asset value per share	$	12 .37	$	13 .17

Market value per share (Note 2)	$	12 .36	$	13 .16

See accompanying notes to financial statements.

F-17

Table of Contents

PROSHARES ULTRA EURO

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(40% of shareholders’ equity)
U.S. Treasury Bills^^:
3.656% due 07/30/26†	$	2,000,000	$	1,994,224

Total short-term U.S. government and agency obligations (cost $1,994,278)			$	1,994,224

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		07/17/26		3,554,921		$	4,064,844		$	(50,804	)
Euro with UBS AG		07/17/26		5,265,502			6,020,792			(75,453	)

Total Unrealized Depreciation									$	(126,257	)

Contracts to Sell
Euro with Goldman Sachs International		07/17/26		(81,000	)	$	(92,619	)	$	576
Euro with UBS AG		07/17/26		(81,000	)		(92,619	)		(159	)

Total Unrealized Appreciation									$	417

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of June 30, 2026. 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.

See accompanying notes to financial statements.

F-18

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Investment Income
Interest	$	47,346		$	68,572	$	94,187		$	114,044

Total income		47,346			68,572		94,187			114,044

Expenses
Management fee		13,061			18,079		27,870			29,891

Total expenses		13,061			18,079		27,870			29,891

Net investment income (loss)		34,285			50,493		66,317			84,153

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(45,142	)		616,633		(224,784	)		777,150

Net realized gain (loss)		(45,142	)		616,633		(224,784	)		777,150

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		(77,992	)		415,771		(188,530	)		610,648
Short-term U.S. government and agency obligations		(54	)		—		(54	)		—

Change in net unrealized appreciation (depreciation)		(78,046	)		415,771		(188,584	)		610,648

Net realized and unrealized gain (loss)		(123,188	)		1,032,404		(413,368	)		1,387,798

Net income (loss)	$	(88,903	)	$	1,082,897	$	(347,051	)	$	1,471,951

See accompanying notes to financial statements.

F-19

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Shareholders’ equity, beginning of period	$	6,347,565		$	5,111,473	$	5,925,856		$	5,751,156

Addition of –, 200,000, 50,000 and 200,000 shares, respectively		—			2,513,699		679,857			2,513,699
Redemption of 100,000, –, 100,000 and 100,000 shares, respectively		(1,308,702	)		—		(1,308,702	)		(1,028,737	)

Net addition (redemption) of (100,000), 200,000, (50,000) and 100,000 shares, respectively		(1,308,702	)		2,513,699		(628,845	)		1,484,962

Net investment income (loss)		34,285			50,493		66,317			84,153
Net realized gain (loss)		(45,142	)		616,633		(224,784	)		777,150
Change in net unrealized appreciation (depreciation)		(78,046	)		415,771		(188,584	)		610,648

Net income (loss)		(88,903	)		1,082,897		(347,051	)		1,471,951

Shareholders’ equity, end of period	$	4,949,960		$	8,708,069	$	4,949,960		$	8,708,069

See accompanying notes to financial statements.

F-20

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(347,051	)	$	1,471,951
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		(4,974,191	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		3,000,000			—
Net amortization and accretion on short-term U.S. government and agency obligations		(20,087	)		—
Change in unrealized (appreciation) depreciation on investments		188,584			(610,648	)
Decrease (Increase) in interest receivable		6,902			(5,598	)
Increase (Decrease) in payable to Sponsor		(834	)		1,764

Net cash provided by (used in) operating activities		(2,146,677	)		857,469

Cash flow from financing activities
Proceeds from addition of shares		679,857			2,513,699
Payment on shares redeemed		(1,308,702	)		(1,028,737	)

Net cash provided by (used in) financing activities		(628,845	)		1,484,962

Net increase (decrease) in cash		(2,775,522	)		2,342,431
Cash, beginning of period		5,852,377			5,903,547

Cash, end of period	$	3,076,855		$	8,245,978

See accompanying notes to financial statements.

F-21

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $398,507,049 and $548,601,553, respectively)	$	398,489,670	$	548,706,159
Affiliated investments (cost $180,072,000 and $–, respectively)		180,126,000		—
Cash		61,461,361		379,927,481
Segregated cash balances with brokers for futures contracts		23,778,267		59,232,000
Segregated cash balances with brokers for swap agreements		—		18,097,800
Unrealized appreciation on swap agreements		—		28,676,455
Due from counterparty		8,043,678		—
Receivable from capital shares sold		6,607,322		—
Receivable for dividends from affiliates		196,040		—
Interest receivable		216,868		662,431

Total assets		678,919,206		1,035,302,326

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		4,404,882		5,589,989
Payable on open futures contracts		210,535		14,210,474
Payable to Sponsor		529,587		814,922
Unrealized depreciation on swap agreements		32,882,489		—

Total liabilities		38,027,493		20,615,385

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		640,891,713		1,014,686,941

Total liabilities and shareholders’ equity	$	678,919,206	$	1,035,302,326

Shares outstanding		14,550,000		18,150,000

Net asset value per share	$	44 .05	$	55 .91

Market value per share (Note 2)	$	43 .87	$	55 .52

See accompanying notes to financial statements.

F-22

Table of Contents

PROSHARES ULTRA GOLD

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(62% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.660% due 07/30/26 †	$	150,000,000	$	149,566,815
3.642% due 08/06/26 †		200,000,000		199,276,000
3.773% due 09/08/26		50,000,000		49,646,855

Total short-term U.S. government and agency obligations (cost $398,507,049)			$	398,489,670


	Shares
Affiliated Investments
Exchange Traded Fund
(28% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $180,072,000)		1,800,000		180,126,000

Total Investments in Securities (cost $578,579,049)			$	578,615,670

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires August 2026		911	$	367,907,350	$	(43,082,533	)

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	%		07/06/26	$	513,880,285	$	(20,923,069	)
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex		0.25			07/06/26		94,104,736		(7,586,111	)
Swap agreement with UBS AG based on Bloomberg Gold Subindex		0.25			07/06/26		304,968,995		(4,373,309	)

Total Unrealized Depreciation								$	(32,882,489	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

^	The positions and counterparties herein are as of June 30, 2026. 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 June 30, 2026, 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-23

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	5,227,533		$	5,119,975		$	13,317,296		$	8,858,522
Dividends from affiliates (Note 5)		2,546,130			—			3,978,367			—

Total income		7,773,663			5,119,975			17,295,663			8,858,522

Expenses
Management fee		2,080,734			1,197,578			5,010,657			2,061,122
Brokerage commissions		22,489			26,535			76,645			45,879

Total expenses		2,103,223			1,224,113			5,087,302			2,107,001

Net investment income (loss)		5,670,440			3,895,862			12,208,361			6,751,521

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(124,752,536	)		42,515,493			20,220,213			71,847,565
Swap agreements		(112,125,387	)		43,642,546			(28,403,646	)		72,739,060
Short-term U.S. government and agency obligations		—			77			—			77
Affiliated investments		38,202			—			124,752			—
Payment from affiliate (Note 5)		108,616			—			180,238			—

Net realized gain (loss)		(236,731,105	)		86,158,116			(7,878,443	)		144,586,702

Change in net unrealized appreciation (depreciation) on
Futures contracts		34,892,725			(33,165,219	)		(80,380,812	)		(3,032,218	)
Swap agreements		(41,208,791	)		(28,291,491	)		(61,558,944	)		(2,377,888	)
Short-term U.S. government and agency obligations		(16,408	)		2,408			(121,985	)		(19,478	)
Affiliated investments		(48,000	)		—			54,000			—

Change in net unrealized appreciation (depreciation)		(6,380,474	)		(61,454,302	)		(142,007,741	)		(5,429,584	)

Net realized and unrealized gain (loss)		(243,111,579	)		24,703,814			(149,886,184	)		139,157,118

Net income (loss)	$	(237,441,139	)	$	28,599,676		$	(137,677,823	)	$	145,908,639

See accompanying notes to financial statements.

F-24

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	1,053,863,221		$	480,619,425		$	1,014,686,941		$	289,709,332

Addition of 3,450,000, 7,250,000, 9,600,000 and 10,650,000 shares, respectively		181,911,860			250,023,550			586,508,968			346,724,313
Redemption of 6,300,000, 8,150,000, 13,200,000 and 8,950,000 shares, respectively		(357,442,229	)		(274,237,408	)		(822,626,373	)		(297,337,041	)

Net addition (redemption) of (2,850,000), (900,000), (3,600,000) and 1,700,000 shares, respectively		(175,530,369	)		(24,213,858	)		(236,117,405	)		49,387,272

Net investment income (loss)		5,670,440			3,895,862			12,208,361			6,751,521
Net realized gain (loss)		(236,731,105	)		86,158,116			(7,878,443	)		144,586,702
Change in net unrealized appreciation (depreciation)		(6,380,474	)		(61,454,302	)		(142,007,741	)		(5,429,584	)

Net income (loss)		(237,441,139	)		28,599,676			(137,677,823	)		145,908,639

Shareholders’ equity, end of period	$	640,891,713		$	485,005,243		$	640,891,713		$	485,005,243

See accompanying notes to financial statements.

F-25

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(137,677,823	)	$	145,908,639
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		(1,949,532,901	)		(865,029,856	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		2,108,000,000			870,000,077
Cost of affiliated investments purchased		(520,242,150	)		—
Proceeds from affiliated investments sold		340,294,902			—
Net amortization and accretion on short-term U.S. government and agency obligations		(8,372,595	)		(5,115,329	)
Net realized (gain) loss on investments		(124,752	)		(77	)
Change in unrealized (appreciation) depreciation on investments		61,626,929			2,397,366
Decrease (Increase) in due from counterparty		(8,043,678	)		—
Decrease (Increase) in receivable on open futures contracts		—			(1,894,169	)
Decrease (Increase) in receivable for dividends from affiliates		(196,040	)		—
Decrease (Increase) in interest receivable		445,563			(679,124	)
Increase (Decrease) in payable to Sponsor		(285,335	)		159,616
Increase (Decrease) in payable on open futures contracts		(13,999,939	)		—

Net cash provided by (used in) operating activities		(128,107,819	)		145,747,143

Cash flow from financing activities
Proceeds from addition of shares		579,901,646			346,724,313
Payment on shares redeemed		(823,811,480	)		(290,457,542	)

Net cash provided by (used in) financing activities		(243,909,834	)		56,266,771

Net increase (decrease) in cash		(372,017,653	)		202,013,914
Cash, beginning of period		457,257,281			215,158,372

Cash, end of period	$	85,239,628		$	417,172,286

See accompanying notes to financial statements.

F-26

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $939,733,563 and $967,111,002, respectively)	$	939,739,692	$	967,310,974
Affiliated investments (cost $280,112,000 and $–, respectively)		280,196,000		—
Cash		72,886,474		803,492,250
Segregated cash balances with brokers for futures contracts		88,533,257		185,737,500
Unrealized appreciation on swap agreements		2,869,644		313,913,258
Receivable from capital shares sold		17,163,549		109,152,231
Receivable on open futures contracts		9,023,582		—
Receivable for dividends from affiliates		252,772		—
Interest receivable		412,381		1,543,277

Total assets		1,411,077,351		2,381,149,490

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		7,999,929		142,327,483
Payable to Sponsor		1,138,183		1,536,740
Unrealized depreciation on swap agreements		132,065,295		—

Total liabilities		141,203,407		143,864,223

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		1,269,873,944		2,237,285,267

Total liabilities and shareholders’ equity	$	1,411,077,351	$	2,381,149,490

Shares outstanding		18,496,526		14,346,526

Net asset value per share	$	68 .65	$	155 .95

Market value per share (Note 2)	$	68 .01	$	155 .12

See accompanying notes to financial statements.

F-27

Table of Contents

PROSHARES ULTRA SILVER

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(74% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.677% due 07/14/26 †	$	250,000,000	$	249,676,350
3.674% due 07/30/26 †		60,000,000		59,826,726
3.667% due 08/06/26 †		95,000,000		94,656,100
3.773% due 09/08/26 †		70,000,000		69,505,597
3.770% due 09/17/26 †		205,000,000		203,374,350
3.760% due 09/24/26 †		265,000,000		262,700,569

Total short-term U.S. government and agency obligations (cost $939,733,563)			$	939,739,692


	Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $280,112,000)		2,800,000		280,196,000

Total Investments in Securities (cost $1,219,845,563)			$	1,219,935,692

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires September 2026		2,412	$	722,659,320	$	(55,109,618	)

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	%		07/06/26	$	776,411,607	$	(79,642,009	)
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex		1.50			07/06/26		172,913,127		(26,627,453	)
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex		0.80			07/06/26		168,043,596		(25,795,833	)
Swap agreement with UBS AG based on Bloomberg Silver Subindex		0.36			07/06/26		699,997,668		2,869,644

								$	(129,195,651	)

Total Unrealized Appreciation								$	2,869,644

Total Unrealized Depreciation								$	(132,065,295	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

^	The positions and counterparties herein are as of June 30, 2026. 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 June 30, 2026, 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-28

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	11,530,778		$	6,095,350		$	26,100,001		$	12,115,255
Dividends from affiliates (Note 5)		4,043,046			—			5,973,753			—

Total income		15,573,824			6,095,350			32,073,754			12,115,255

Expenses
Management fee		4,220,154			1,485,223			10,454,233			3,001,678
Brokerage commissions		77,234			58,272			184,682			104,828

Total expenses		4,297,388			1,543,495			10,638,915			3,106,506

Net investment income (loss)		11,276,436			4,551,855			21,434,839			9,008,749

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(298,925,767	)		45,180,695			(125,830,415	)		68,353,031
Swap agreements		(313,469,955	)		54,018,148			(127,236,007	)		85,556,599
Short-term U.S. government and agency obligations		(6,976	)		(12	)		(6,721	)		(12	)
Affiliated investments		37,049			—			164,049			—
Payment from affiliate (Note 5)		173,106			—			271,591			—

Net realized gain (loss)		(612,192,543	)		99,198,831			(252,637,503	)		153,909,618

Change in net unrealized appreciation (depreciation) on
Futures contracts		(19,713,708	)		(39,005,923	)		(474,355,017	)		19,765,588
Swap agreements		(178,429,799	)		(34,495,578	)		(443,108,909	)		46,047,534
Short-term U.S. government and agency obligations		(174	)		4,316			(193,843	)		(32,836	)
Affiliated investments		(37,500	)		—			84,000			—

Change in net unrealized appreciation (depreciation)		(198,181,181	)		(73,497,185	)		(917,573,769	)		65,780,286

Net realized and unrealized gain (loss)		(810,373,724	)		25,701,646			(1,170,211,272	)		219,689,904

Net income (loss)	$	(799,097,288	)	$	30,253,501		$	(1,148,776,433	)	$	228,698,653

See accompanying notes to financial statements.

F-29

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	1,852,945,623		$	717,992,459		$	2,237,285,267		$	562,083,293

Addition of 7,600,000, 5,000,000, 19,750,000 and 9,850,000 shares, respectively		782,658,026			198,521,933			2,758,493,582			402,233,812
Redemption of 4,850,000, 5,650,000, 15,600,000 and 11,550,000 shares, respectively		(566,632,417	)		(238,571,882	)		(2,577,128,472	)		(484,819,747	)

Net addition (redemption) of 2,750,000, (650,000), 4,150,000 and (1,700,000) shares, respectively		216,025,609			(40,049,949	)		181,365,110			(82,585,935	)

Net investment income (loss)		11,276,436			4,551,855			21,434,839			9,008,749
Net realized gain (loss)		(612,192,543	)		99,198,831			(252,637,503	)		153,909,618
Change in net unrealized appreciation (depreciation)		(198,181,181	)		(73,497,185	)		(917,573,769	)		65,780,286

Net income (loss)		(799,097,288	)		30,253,501			(1,148,776,433	)		228,698,653

Shareholders’ equity, end of period	$	1,269,873,944		$	708,196,011		$	1,269,873,944		$	708,196,011

See accompanying notes to financial statements.

F-30

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(1,148,776,433	)	$	228,698,653
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		(3,926,674,757	)		(1,253,080,617	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		3,972,231,875			1,264,975,424
Cost of affiliated investments purchased		(1,000,582,250	)		—
Proceeds from affiliated investments sold		720,634,299			—
Net amortization and accretion on short-term U.S. government and agency obligations		(18,186,400	)		(7,152,728	)
Net realized (gain) loss on investments		(157,328	)		12
Change in unrealized (appreciation) depreciation on investments		443,218,752			(46,014,698	)
Decrease (Increase) in receivable on open futures contracts		(9,023,582	)		—
Decrease (Increase) in receivable for dividends from affiliates		(252,772	)		—
Decrease (Increase) in interest receivable		1,130,896			(575,078	)
Increase (Decrease) in payable to Sponsor		(398,557	)		34,250
Increase (Decrease) in payable on open futures contracts		(134,327,554	)		635,400

Net cash provided by (used in) operating activities		(1,101,163,811	)		187,520,618

Cash flow from financing activities
Proceeds from addition of shares		2,850,482,264			402,233,812
Payment on shares redeemed		(2,577,128,472	)		(484,819,747	)

Net cash provided by (used in) financing activities		273,353,792			(82,585,935	)

Net increase (decrease) in cash		(827,810,019	)		104,934,683
Cash, beginning of period		989,229,750			491,827,274

Cash, end of period	$	161,419,731		$	596,761,957

See accompanying notes to financial statements.

F-31

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $– and $99,753,597, respectively)	$	—	$	99,775,566
Affiliated investments (cost $50,020,000 and $–, respectively)		50,030,000		—
Cash		28,834,894		20,831,598
Segregated cash balances with brokers for futures contracts		166,832,849		272,061,021
Receivable from capital shares sold		13,652,345		—
Receivable on open futures contracts		—		17,868,535
Receivable for dividends from affiliates		56,250		—
Interest receivable		516,678		633,386

Total assets		259,923,016		411,170,106

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		3,584,487
Payable on open futures contracts		12,308,291		6,790,097
Brokerage commissions and futures account fees payable		29,960		39,021
Payable to Sponsor		248,677		350,365

Total liabilities		12,586,928		10,763,970

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		247,336,088		400,406,136

Total liabilities and shareholders’ equity	$	259,923,016	$	411,170,106

Shares outstanding		9,967,347		11,167,347

Net asset value per share	$	24 .81	$	35 .86

Market value per share (Note 2)	$	24 .89	$	35 .93

See accompanying notes to financial statements.

F-32

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Shares		Value
Affiliated Investments
Exchange Traded Fund
(20% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $50,020,000)		500,000		50,030,000

Total Investments in Securities (cost $50,020,000)			$	50,030,000

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires July 2026		12,313	$	221,026,969	$	(26,368,569	)
VIX Futures - Cboe, expires August 2026		7,909		149,867,641		(6,519,048	)

					$	(32,887,617	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

See accompanying notes to financial statements.

F-33

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	1,737,367		$	2,804,863		$	3,712,951		$	5,692,389
Dividends from affiliates (Note 5)		760,092			—			1,098,093			—

Total income		2,497,459			2,804,863			4,811,044			5,692,389

Expenses
Management fee		919,269			906,425			1,772,627			1,742,735
Brokerage commissions		644,706			621,171			1,283,038			1,508,883
Futures account fees		109,212			126,256			178,377			213,163

Total expenses		1,673,187			1,653,852			3,234,042			3,464,781

Net investment income (loss)		824,272			1,151,011			1,577,002			2,227,608

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(192,491,371	)		56,045,179			(116,494,011	)		155,966,636
Short-term U.S. government and agency obligations		—			(1,849	)		52			(1,919	)
Affiliated investments		(8,777	)		—			3,223			—
Payment from affiliate (Note 5)		32,338			—			48,649			—

Net realized gain (loss)		(192,467,810	)		56,043,330			(116,442,087	)		155,964,717

Change in net unrealized appreciation (depreciation) on
Futures contracts		(56,859,023	)		(88,993,838	)		23,187,545			(69,352,758	)
Short-term U.S. government and agency obligations		—			1,101			(21,969	)		(6,618	)
Affiliated investments		(4,800	)		—			10,000			—

Change in net unrealized appreciation (depreciation)		(56,863,823	)		(88,992,737	)		23,175,576			(69,359,376	)

Net realized and unrealized gain (loss)		(249,331,633	)		(32,949,407	)		(93,266,511	)		86,605,341

Net income (loss)	$	(248,507,361	)	$	(31,798,396	)	$	(91,689,509	)	$	88,832,949

See accompanying notes to financial statements.

F-34

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	295,275,255		$	323,381,943		$	400,406,136		$	284,452,060

Addition of 19,350,000, 7,870,000, 29,950,000 and 16,940,000 shares, respectively (Note 1)		694,400,439			968,627,629			1,122,948,429			1,849,646,517
Redemption of 15,050,000, 4,430,000, 31,150,000 and 13,480,000 shares, respectively (Note 1)		(493,832,245	)		(680,802,268	)		(1,184,328,968	)		(1,643,522,618	)

Net addition (redemption) of 4,300,000, 3,440,000, (1,200,000) and 3,460,000 shares, respectively (Note 1)		200,568,194			287,825,361			(61,380,539	)		206,123,899

Net investment income (loss)		824,272			1,151,011			1,577,002			2,227,608
Net realized gain (loss)		(192,467,810	)		56,043,330			(116,442,087	)		155,964,717
Change in net unrealized appreciation (depreciation)		(56,863,823	)		(88,992,737	)		23,175,576			(69,359,376	)

Net income (loss)		(248,507,361	)		(31,798,396	)		(91,689,509	)		88,832,949

Shareholders’ equity, end of period	$	247,336,088		$	579,408,908		$	247,336,088		$	579,408,908

See accompanying notes to financial statements.

F-35

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(91,689,509	)	$	88,832,949
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		(50,824,121	)		(283,607,982	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		150,979,905			294,604,547
Cost of affiliated investments purchased		(225,163,000	)		—
Proceeds from affiliated investments sold		175,146,223			—
Net amortization and accretion on short-term U.S. government and agency obligations		(402,135	)		(1,055,094	)
Net realized (gain) loss on investments		(3,275	)		1,919
Change in unrealized (appreciation) depreciation on investments		11,969			6,618
Decrease (Increase) in receivable on open futures contracts		17,868,535			9,002,751
Decrease (Increase) in receivable for dividends from affiliates		(56,250	)		—
Decrease (Increase) in interest receivable		116,708			(219,723	)
Increase (Decrease) in payable to Sponsor		(101,688	)		120,670
Increase (Decrease) in brokerage commissions and futures account fees payable		(9,061	)		23,118
Increase (Decrease) in payable on open futures contracts		5,518,194			18,424,666

Net cash provided by (used in) operating activities		(18,607,505	)		126,134,439

Cash flow from financing activities
Proceeds from addition of shares		1,109,296,084			1,816,907,301
Payment on shares redeemed		(1,187,913,455	)		(1,643,522,618	)

Net cash provided by (used in) financing activities		(78,617,371	)		173,384,683

Net increase (decrease) in cash		(97,224,876	)		299,519,122
Cash, beginning of period		292,892,619			250,621,829

Cash, end of period	$	195,667,743		$	550,140,951

See accompanying notes to financial statements.

F-36

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $6,979,973 and $–, respectively)	$	6,979,785	$	—
Affiliated investments (cost $11,004,400 and $–, respectively)		11,006,600		—
Cash		14,124,775		43,846,101
Segregated cash balances with brokers for foreign currency forward contracts		—		5,912,013
Unrealized appreciation on foreign currency forward contracts		7,708		1,161
Receivable for dividends from affiliates		8,696		—
Interest receivable		40,189		128,447

Total assets		32,167,753		49,887,722

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		23,594		38,563
Unrealized depreciation on foreign currency forward contracts		958,033		1,183,809

Total liabilities		981,627		1,222,372

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		31,186,126		48,665,350

Total liabilities and shareholders’ equity	$	32,167,753	$	49,887,722

Shares outstanding		1,799,970		2,549,970

Net asset value per share	$	17 .33	$	19 .08

Market value per share (Note 2)	$	17 .38	$	19 .06

See accompanying notes to financial statements.

F-37

Table of Contents

PROSHARES ULTRA YEN

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(22% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.656% due 07/30/26 †	$	7,000,000	$	6,979,785

Total short-term U.S. government and agency obligations (cost $6,979,973)			$	6,979,785


	Shares
Affiliated Investments
Exchange Traded Fund
(35% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $11,004,400)		110,000		11,006,600

Total Investments in Securities (cost $17,984,373)			$	17,986,385


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		07/17/26		4,976,213,056		$	30,648,621		$	(467,958	)
Yen with UBS AG		07/17/26		5,334,459,856			32,855,072			(490,075	)

Total Unrealized Depreciation									$	(958,033	)

Contracts to Sell
Yen with Goldman Sachs International		07/17/26		(52,416,000	)	$	(322,831	)	$	2,467
Yen with UBS AG		07/17/26		(131,909,000	)		(812,431	)		5,241

Total Unrealized Appreciation									$	7,708

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of June 30, 2026. 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.

See accompanying notes to financial statements.

F-38

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Investment Income
Interest	$	219,316		$	580,313	$	519,892		$	1,108,434
Dividends from affiliates (Note 5)		120,938			—		174,435			—

Total income		340,254			580,313		694,327			1,108,434

Expenses
Management fee		91,093			153,765		203,396			290,779

Total expenses		91,093			153,765		203,396			290,779

Net investment income (loss)		249,161			426,548		490,931			817,655

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		(1,512,145	)		1,428,203		(4,432,905	)		3,070,845
Affiliated investments		1,897			—		1,897			—
Payment from affiliate (Note 5)		5,147			—		7,714			—

Net realized gain (loss)		(1,505,101	)		1,428,203		(4,423,294	)		3,070,845

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		(696,534	)		2,283,730		232,323			4,951,669
Short-term U.S. government and agency obligations		(67	)		—		(188	)		—
Affiliated investments		(2,600	)		—		2,200			—

Change in net unrealized appreciation (depreciation)		(699,201	)		2,283,730		234,335			4,951,669

Net realized and unrealized gain (loss)		(2,204,302	)		3,711,933		(4,188,959	)		8,022,514

Net income (loss)	$	(1,955,141	)	$	4,138,481	$	(3,698,028	)	$	8,840,169

See accompanying notes to financial statements.

F-39

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	45,015,244		$	61,327,343		$	48,665,350		$	44,505,646

Addition of –, 350,000, 150,000 and 1,250,000 shares, respectively		—			8,043,589			2,802,959			26,787,301
Redemption of 650,000, 300,000, 900,000 and 600,000 shares, respectively		(11,873,977	)		(7,047,974	)		(16,584,155	)		(13,671,677	)

Net addition (redemption) of (650,000), 50,000, (750,000) and 650,000 shares, respectively		(11,873,977	)		995,615			(13,781,196	)		13,115,624

Net investment income (loss)		249,161			426,548			490,931			817,655
Net realized gain (loss)		(1,505,101	)		1,428,203			(4,423,294	)		3,070,845
Change in net unrealized appreciation (depreciation)		(699,201	)		2,283,730			234,335			4,951,669

Net income (loss)		(1,955,141	)		4,138,481			(3,698,028	)		8,840,169

Shareholders’ equity, end of period	$	31,186,126		$	66,461,439		$	31,186,126		$	66,461,439

See accompanying notes to financial statements.

F-40

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(3,698,028	)	$	8,840,169
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		(31,855,014	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		25,000,000			—
Cost of affiliated investments purchased		(16,006,400	)		—
Proceeds from affiliated investments sold		5,003,897			—
Net amortization and accretion on short-term U.S. government and agency obligations		(124,959	)		—
Net realized (gain) loss on investments		(1,897	)		—
Change in unrealized (appreciation) depreciation on investments		(234,335	)		(4,951,669	)
Decrease (Increase) in receivable for dividends from affiliates		(8,696	)		—
Decrease (Increase) in interest receivable		88,258			(54,493	)
Increase (Decrease) in payable to Sponsor		(14,969	)		15,212

Net cash provided by (used in) operating activities		(21,852,143	)		3,849,219

Cash flow from financing activities
Proceeds from addition of shares		2,802,959			26,787,301
Payment on shares redeemed		(16,584,155	)		(13,671,677	)

Net cash provided by (used in) financing activities		(13,781,196	)		13,115,624

Net increase (decrease) in cash		(35,633,339	)		16,964,843
Cash, beginning of period		49,758,114			48,608,105

Cash, end of period	$	14,124,775		$	65,572,948

See accompanying notes to financial statements.

F-41

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $278,948,083 and $44,906,073, respectively)	$	278,944,830	$	44,913,599
Affiliated investments (cost $300,255,420 and $–, respectively)		300,210,000		—
Cash		59,378,220		19,951,883
Segregated cash balances with brokers for futures contracts		234,271,843		22,519,576
Receivable from capital shares sold		—		981,948
Receivable on open futures contracts		21,576,467		1,186,923
Receivable for dividends from affiliates		199,558		—
Interest receivable		727,437		124,609

Total assets		895,308,355		89,678,538

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		12,416,793		—
Payable on open futures contracts		—		139,029
Payable to Sponsor		852,745		73,119

Total liabilities		13,269,538		212,148

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		882,038,817		89,466,390

Total liabilities and shareholders’ equity	$	895,308,355	$	89,678,538

Shares outstanding (Note 1)		24,863,302		1,138,805

Net asset value per share (Note 1)	$	35 .48	$	78 .56

Market value per share (Note 1) (Note 2)	$	35 .02	$	78 .44

See accompanying notes to financial statements.

F-42

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(32% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.806% due 07/09/26	$	50,000,000	$	49,959,720
3.778% due 07/21/26		100,000,000		99,800,000
3.633% due 08/06/26		30,000,000		29,891,400
3.773% due 09/08/26		100,000,000		99,293,710

Total short-term U.S. government and agency obligations (cost $278,948,083)			$	278,944,830


	Shares
Affiliated Investments
Exchange Traded Fund
(34% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $300,255,420)		3,000,000		300,210,000

Total Investments in Securities (cost $579,203,503)			$	579,154,830

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
WTI Crude Oil - NYMEX, expires September 2026		8,124	$	562,749,480	$	140,697,627
WTI Crude Oil - NYMEX, expires December 2026		8,754		598,335,900		84,094,539
WTI Crude Oil - NYMEX, expires June 2027		9,046		603,006,360		60,234,957

					$	285,027,123

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

See accompanying notes to financial statements.

F-43

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	6,034,097		$	1,176,354		$	7,365,892		$	3,111,177
Dividends from affiliates (Note 5)		3,019,466			—			3,700,898			—

Total income		9,053,563			1,176,354			11,066,790			3,111,177

Expenses
Management fee		2,707,032			294,244			3,345,203			775,568
Brokerage commissions		444,442			62,422			563,868			123,198

Total expenses		3,151,474			356,666			3,909,071			898,766

Net investment income (loss)		5,902,089			819,688			7,157,719			2,212,411

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(233,450,154	)		32,210,113			(330,310,811	)		41,144,012
Short-term U.S. government and agency obligations		413			(483	)		411			(483	)
Affiliated investments		(71,549	)		—			(71,549	)		—
Payment from affiliate (Note 5)		128,775			—			153,254			—

Net realized gain (loss)		(233,392,515	)		32,209,630			(330,228,695	)		41,143,529

Change in net unrealized appreciation (depreciation) on
Futures contracts		329,873,520			14,026,553			273,002,005			17,511,380
Short-term U.S. government and agency obligations		(1,873	)		277			(10,779	)		—
Affiliated investments		98,000			—			(45,420	)		—

Change in net unrealized appreciation (depreciation)		329,969,647			14,026,830			272,945,806			17,511,380

Net realized and unrealized gain (loss)		96,577,132			46,236,460			(57,282,889	)		58,654,909

Net income (loss)	$	102,479,221		$	47,056,148		$	(50,125,170	)	$	60,867,320

See accompanying notes to financial statements.

F-44

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	989,256,741		$	179,185,227		$	89,466,390		$	121,997,334

Addition of 44,587,500, 2,475,000, 78,462,500 and 5,000,000 shares, respectively (Note 1)		1,260,683,650			164,503,631			2,540,536,711			322,257,722
Redemption of 49,050,503, 3,275,000, 54,738,003 and 4,925,000 shares, respectively (Note 1)		(1,470,380,795	)		(255,467,536	)		(1,697,839,114	)		(369,844,906	)

Net addition (redemption) of (4,463,003), (800,000), 23,724,497 and 75,000 shares, respectively (Note 1)		(209,697,145	)		(90,963,905	)		842,697,597			(47,587,184	)

Net investment income (loss)		5,902,089			819,688			7,157,719			2,212,411
Net realized gain (loss)		(233,392,515	)		32,209,630			(330,228,695	)		41,143,529
Change in net unrealized appreciation (depreciation)		329,969,647			14,026,830			272,945,806			17,511,380

Net income (loss)		102,479,221			47,056,148			(50,125,170	)		60,867,320

Shareholders’ equity, end of period	$	882,038,817		$	135,277,470		$	882,038,817		$	135,277,470

See accompanying notes to financial statements.

F-45

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(50,125,170	)	$	60,867,320
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		(970,118,438	)		(253,591,971	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		739,859,413			254,917,637
Cost of affiliated investments purchased		(460,471,670	)		—
Proceeds from affiliated investments sold		160,144,701			—
Net amortization and accretion on short-term U.S. government and agency obligations		(3,782,574	)		(1,326,149	)
Net realized (gain) loss on investments		71,138			483
Change in unrealized (appreciation) depreciation on investments		56,199			—
Decrease (Increase) in receivable on open futures contracts		(20,389,544	)		(548,948	)
Decrease (Increase) in receivable for dividends from affiliates		(199,558	)		—
Decrease (Increase) in interest receivable		(602,828	)		(9,078	)
Increase (Decrease) in payable to Sponsor		779,626			17,424
Increase (Decrease) in payable on open futures contracts		(139,029	)		(2,372,844	)

Net cash provided by (used in) operating activities		(604,917,734	)		57,953,874

Cash flow from financing activities
Proceeds from addition of shares		2,541,518,659			325,644,078
Payment on shares redeemed		(1,685,422,321	)		(363,536,345	)

Net cash provided by (used in) financing activities		856,096,338			(37,892,267	)

Net increase (decrease) in cash		251,178,604			20,061,607
Cash, beginning of period		42,471,459			120,735,111

Cash, end of period	$	293,650,063		$	140,796,718

See accompanying notes to financial statements.

F-46

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $– and $69,807,867, respectively)	$	—	$	69,821,093
Affiliated investments (cost $45,018,000 and $–, respectively)		45,031,500		—
Cash		52,968,760		24,344,867
Segregated cash balances with brokers for futures contracts		40,079,158		49,604,357
Receivable from capital shares sold		7,859,710		—
Receivable on open futures contracts		—		15,938,672
Receivable for dividends from affiliates		50,636		—
Interest receivable		245,315		201,070

Total assets		146,235,079		159,910,059

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		14,316,465
Payable on open futures contracts		6,140,541		1,060,496
Brokerage commissions and futures account fees payable		2,656		6,012
Payable to Sponsor		108,620		149,995

Total liabilities		6,251,817		15,532,968

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		139,983,262		144,377,091

Total liabilities and shareholders’ equity	$	146,235,079	$	159,910,059

Shares outstanding		6,233,712		4,033,712

Net asset value per share	$	22.46	$	35.79

Market value per share (Note 2)	$	22.65	$	35.27

See accompanying notes to financial statements.

F-47

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Shares
Affiliated Investments
Exchange Traded Fund
(32% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $45,018,000)		450,000		45,031,500

Total Investments in Securities (cost $45,018,000)			$	45,031,500

Futures Contracts Sold



	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Natural Gas - NYMEX, expires September 2026		8,765	$	279,954,100	$	577,621

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

See accompanying notes to financial statements.

F-48

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	811,304		$	3,919,799		$	2,624,020		$	8,363,249
Dividends from affiliates (Note 5)		443,285			—			744,332			—

Total income		1,254,589			3,919,799			3,368,352			8,363,249

Expenses
Management fee		383,335			972,550			1,100,457			2,059,769
Brokerage commissions		216,918			525,062			732,352			1,029,562
Futures account fees		9,242			26,697			37,707			72,737

Total expenses		609,495			1,524,309			1,870,516			3,162,068

Net investment income (loss)		645,094			2,395,490			1,497,836			5,201,181

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		69,502,325			124,600,984			249,344,756			(97,226,728	)
Short-term U.S. government and agency obligations		—			(8,338	)		1,718			(8,338	)
Affiliated investments		9,778			—			34,278			—
Payment from affiliate (Note 5)		18,946			—			34,702			—

Net realized gain (loss)		69,531,049			124,592,646			249,415,454			(97,235,066	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		(41,472,530	)		80,953,188			(53,365,916	)		66,356,953
Short-term U.S. government and agency obligations		(30	)		2,307			(13,226	)		505
Affiliated investments		(2,500	)		—			13,500			—

Change in net unrealized appreciation (depreciation)		(41,475,060	)		80,955,495			(53,365,642	)		66,357,458

Net realized and unrealized gain (loss)		28,055,989			205,548,141			196,049,812			(30,877,608	)

Net income (loss)	$	28,701,083		$	207,943,631		$	197,547,648		$	(25,676,427	)

See accompanying notes to financial statements.

F-49

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	206,828,508		$	573,853,468		$	144,377,091		$	260,940,143

Addition of 12,000,000, 18,750,000, 77,100,000 and 65,750,000 shares, respectively		270,402,602			423,029,768			1,484,968,891			1,589,675,595
Redemption of 15,250,000, 36,750,000, 74,900,000 and 60,600,000 shares, respectively		(365,948,931	)		(921,560,230	)		(1,686,910,368	)		(1,541,672,674	)

Net addition (redemption) of (3,250,000), (18,000,000), 2,200,000 and 5,150,000 shares, respectively		(95,546,329	)		(498,530,462	)		(201,941,477	)		48,002,921

Net investment income (loss)		645,094			2,395,490			1,497,836			5,201,181
Net realized gain (loss)		69,531,049			124,592,646			249,415,454			(97,235,066	)
Change in net unrealized appreciation (depreciation)		(41,475,060	)		80,955,495			(53,365,642	)		66,357,458

Net income (loss)		28,701,083			207,943,631			197,547,648			(25,676,427	)

Shareholders’ equity, end of period	$	139,983,262		$	283,266,637		$	139,983,262		$	283,266,637

See accompanying notes to financial statements.

F-50

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	197,547,648		$	(25,676,427	)
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		(78,678,699	)		(755,466,782	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		148,940,588			719,712,566
Cost of affiliated investments purchased		(140,056,000	)		—
Proceeds from affiliated investments sold		95,072,278			—
Net amortization and accretion on short-term U.S. government and agency obligations		(452,304	)		(4,221,261	)
Net realized (gain) loss on investments		(35,996	)		8,338
Change in unrealized (appreciation) depreciation on investments		(274	)		(505	)
Decrease (Increase) in receivable on open futures contracts		15,938,672			(19,063,819	)
Decrease (Increase) in receivable for dividends from affiliates		(50,636	)		—
Decrease (Increase) in interest receivable		(44,245	)		(184,281	)
Increase (Decrease) in payable to Sponsor		(41,375	)		134,630
Increase (Decrease) in brokerage commissions and futures account fees payable		(3,356	)		5,304
Increase (Decrease) in payable on open futures contracts		5,080,045			7,203,197

Net cash provided by (used in) operating activities		243,216,346			(77,549,040	)

Cash flow from financing activities
Proceeds from addition of shares		1,477,109,181			1,587,131,318
Payment on shares redeemed		(1,701,226,833	)		(1,523,496,529	)

Net cash provided by (used in) financing activities		(224,117,652	)		63,634,789

Net increase (decrease) in cash		19,098,694			(13,914,251	)
Cash, beginning of period		73,949,224			258,891,257

Cash, end of period	$	93,047,918		$	244,977,006

See accompanying notes to financial statements.

F-51

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,971,389 and $–, respectively)	$	9,971,121	$	—
Affiliated investments (cost $10,004,000 and $–, respectively)		10,006,000		—
Cash		14,361,335		31,282,858
Segregated cash balances with brokers for foreign currency forward contracts		—		4,541,088
Unrealized appreciation on foreign currency forward contracts		943,149		7,632
Receivable for dividends from affiliates		7,906		—
Interest receivable		45,261		95,777

Total assets		35,334,772		35,927,355

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		27,262		28,744
Unrealized depreciation on foreign currency forward contracts		44,573		400,006

Total liabilities		71,835		428,750

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		35,262,937		35,498,605

Total liabilities and shareholders’ equity	$	35,334,772	$	35,927,355

Shares outstanding		1,150,000		1,250,000

Net asset value per share	$	30.66	$	28.40

Market value per share (Note 2)	$	30.62	$	28.33

See accompanying notes to financial statements.

F-52

Table of Contents

PROSHARES ULTRASHORT EURO

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(28% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.656% due 07/30/26 †	$	10,000,000	$	9,971,121

Total short-term U.S. government and agency obligations (cost $9,971,389)			$	9,971,121


	Shares
Affiliated Investments
Exchange Traded Fund
(28% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $10,004,000)		100,000		10,006,000

Total Investments in Securities (cost $19,975,389)			$	19,977,121

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		07/17/26		480,000		$	548,852		$	(7,908	)
Euro with UBS AG		07/17/26		7,040,000			8,049,828			(36,665	)

Total Unrealized Depreciation									$	(44,573	)

Contracts to Sell
Euro with Goldman Sachs International		07/17/26		(30,041,263	)	$	(34,350,422	)	$	401,712
Euro with UBS AG		07/17/26		(39,138,199	)		(44,752,234	)		541,437

Total Unrealized Appreciation									$	943,149

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of June 30, 2026. 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.

See accompanying notes to financial statements.

F-53

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	241,908		$	303,400		$	462,021		$	651,455
Dividends from affiliates (Note 5)		88,387			—			121,823			—

Total income		330,295			303,400			583,844			651,455

Expenses
Management fee		88,784			79,062			170,057			169,010

Total expenses		88,784			79,062			170,057			169,010

Net investment income (loss)		241,511			224,338			413,787			482,445

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		272,363			(3,936,993	)		883,645			(5,567,946	)
Short-term U.S. government and agency obligations		—			119			—			119
Payment from affiliate (Note 5)		3,744			—			5,348			—

Net realized gain (loss)		276,107			(3,936,874	)		888,993			(5,567,827	)

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		688,073			(1,538,631	)		1,290,950			(2,883,349	)
Short-term U.S. government and agency obligations		(187	)		—			(268	)		—
Affiliated investments		(1,000	)		—			2,000			—

Change in net unrealized appreciation (depreciation)		686,886			(1,538,631	)		1,292,682			(2,883,349	)

Net realized and unrealized gain (loss)		962,993			(5,475,505	)		2,181,675			(8,451,176	)

Net income (loss)	$	1,204,504		$	(5,251,167	)	$	2,595,462		$	(7,968,731	)

See accompanying notes to financial statements.

F-54

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	36,987,692		$	33,912,850		$	35,498,605		$	41,892,674

Addition of 400,000, 300,000, 500,000 and 350,000 shares, respectively		11,587,376			8,827,978			14,516,429			10,400,342
Redemption of 500,000, 200,000, 600,000 and 400,000 shares, respectively		(14,516,635	)		(5,922,649	)		(17,347,559	)		(12,757,273	)

Net addition (redemption) of (100,000), 100,000, (100,000) and (50,000) shares, respectively		(2,929,259	)		2,905,329			(2,831,130	)		(2,356,931	)

Net investment income (loss)		241,511			224,338			413,787			482,445
Net realized gain (loss)		276,107			(3,936,874	)		888,993			(5,567,827	)
Change in net unrealized appreciation (depreciation)		686,886			(1,538,631	)		1,292,682			(2,883,349	)

Net income (loss)		1,204,504			(5,251,167	)		2,595,462			(7,968,731	)

Shareholders’ equity, end of period	$	35,262,937		$	31,567,012		$	35,262,937		$	31,567,012

See accompanying notes to financial statements.

F-55

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	2,595,462		$	(7,968,731	)
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		(34,832,481	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		25,000,000			119
Cost of affiliated investments purchased		(10,004,000	)		—
Net amortization and accretion on short-term U.S. government and agency obligations		(138,908	)		—
Net realized (gain) loss on investments		—			(119	)
Change in unrealized (appreciation) depreciation on investments		(1,292,682	)		2,883,349
Decrease (Increase) in receivable for dividends from affiliates		(7,906	)		—
Decrease (Increase) in interest receivable		50,516			30,624
Increase (Decrease) in payable to Sponsor		(1,482	)		(6,909	)

Net cash provided by (used in) operating activities		(18,631,481	)		(5,061,667	)

Cash flow from financing activities
Proceeds from addition of shares		14,516,429			10,400,342
Payment on shares redeemed		(17,347,559	)		(12,757,273	)

Net cash provided by (used in) financing activities		(2,831,130	)		(2,356,931	)

Net increase (decrease) in cash		(21,462,611	)		(7,418,598	)
Cash, beginning of period		35,823,946			40,638,310

Cash, end of period	$	14,361,335		$	33,219,712

See accompanying notes to financial statements.

F-56

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $39,857,190 and $–, respectively)	$	39,855,200	$	—
Affiliated investments (cost $30,014,500 and $–, respectively)		30,021,000		—
Cash		27,883,061		66,655,665
Segregated cash balances with brokers for futures contracts		9,278,684		4,192,800
Segregated cash balances with brokers for swap agreements		—		12,948,365
Unrealized appreciation on swap agreements		2,918,311		—
Receivable from capital shares sold		1,344,515		—
Receivable on open futures contracts		10,742		155,440
Receivable for dividends from affiliates		30,406		—
Interest receivable		106,179		187,856

Total assets		111,448,098		84,140,126

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		171,926		37,235
Payable to Sponsor		83,099		59,481
Unrealized depreciation on swap agreements		—		2,568,196

Total liabilities		255,025		2,664,912

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		111,193,073		81,475,214

Total liabilities and shareholders’ equity	$	111,448,098	$	84,140,126

Shares outstanding		4,136,631		3,136,631

Net asset value per share	$	26.88	$	25.98

Market value per share (Note 2)	$	26.98	$	26.15

See accompanying notes to financial statements.

F-57

Table of Contents

PROSHARES ULTRASHORT GOLD

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(36% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.639% due 08/06/26 †	$	40,000,000	$	39,855,200

Total short-term U.S. government and agency obligations (cost $39,857,190)			$	39,855,200


	Shares
Affiliated Investments
Exchange Traded Fund
(27% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $30,014,500)		300,000		30,021,000

Total Investments in Securities (cost $69,871,690)			$	69,876,200

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Gold Futures - COMEX, expires August 2026		372	$	150,232,200	$	14,999,402

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	%		07/06/26	$	(49,641,886	)	$	2,015,547
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex		0.20			07/06/26		(8,814,805	)		708,009
Swap agreement with UBS AG based on Bloomberg Gold Subindex		0.25			07/06/26		(13,634,094	)		194,755

									$	2,918,311

Total Unrealized Appreciation									$	2,918,311

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

^	The positions and counterparties herein are as of June 30, 2026. 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 June 30, 2026, 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-58

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,					Six Months Ended June 30,
	2026			2025		2026			2025
Investment Income
Interest	$	689,377		$	712,768	$	1,259,553		$	925,475
Dividends from affiliates (Note 5)		237,897			—		321,487			—

Total income		927,274			712,768		1,581,040			925,475

Expenses
Management fee		256,484			198,669		480,471			256,449
Brokerage commissions		4,828			9,743		11,873			11,822

Total expenses		261,312			208,412		492,344			268,271

Net investment income (loss)		665,962			504,356		1,088,696			657,204

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		9,904,179			5,683,372		4,210,330			4,105,748
Swap agreements		8,843,720			162,727		(501,468	)		(1,702,253	)
Affiliated investments		(3,206	)		—		(1,456	)		—
Payment from affiliate (Note 5)		9,895			—		14,029			—

Net realized gain (loss)		18,754,588			5,846,099		3,721,435			2,403,495

Change in net unrealized appreciation (depreciation) on
Futures contracts		4,902,721			3,028,045		15,854,449			341,396
Swap agreements		3,162,647			2,905,483		5,486,507			1,266,416
Short-term U.S. government and agency obligations		(1,747	)		—		(1,990	)		—
Affiliated investments		(1,000	)		—		6,500			—

Change in net unrealized appreciation (depreciation)		8,062,621			5,933,528		21,345,466			1,607,812

Net realized and unrealized gain (loss)		26,817,209			11,779,627		25,066,901			4,011,307

Net income (loss)	$	27,483,171		$	12,283,983	$	26,155,597		$	4,668,511

See accompanying notes to financial statements.

F-59

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	118,571,176		$	45,122,935		$	81,475,214		$	16,624,428

Addition of 2,200,000, 6,100,000, 13,050,000 and 6,850,000 shares, respectively (Note 1)		49,564,977			265,960,947			251,050,672			307,975,402
Redemption of 3,850,000, 5,275,034, 12,050,000 and 5,375,034 shares, respectively (Note 1)		(84,426,251	)		(246,529,689	)		(247,488,410	)		(252,430,165	)

Net addition (redemption) of (1,650,000), 824,966, 1,000,000 and 1,474,966 shares, respectively (Note 1)		(34,861,274	)		19,431,258			3,562,262			55,545,237

Net investment income (loss)		665,962			504,356			1,088,696			657,204
Net realized gain (loss)		18,754,588			5,846,099			3,721,435			2,403,495
Change in net unrealized appreciation (depreciation)		8,062,621			5,933,528			21,345,466			1,607,812

Net income (loss)		27,483,171			12,283,983			26,155,597			4,668,511

Shareholders’ equity, end of period	$	111,193,073		$	76,838,176		$	111,193,073		$	76,838,176

See accompanying notes to financial statements.

F-60

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	26,155,597		$	4,668,511
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		(84,505,721	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		45,000,000			—
Cost of affiliated investments purchased		(45,025,500	)		—
Proceeds from affiliated investments sold		15,009,544			—
Net amortization and accretion on short-term U.S. government and agency obligations		(351,469	)		—
Net realized (gain) loss on investments		1,456			—
Change in unrealized (appreciation) depreciation on investments		(5,491,017	)		(1,266,416	)
Decrease (Increase) in receivable on open futures contracts		144,698			—
Decrease (Increase) in receivable for dividends from affiliates		(30,406	)		—
Decrease (Increase) in interest receivable		81,677			(142,465	)
Increase (Decrease) in payable to Sponsor		23,618			42,128
Increase (Decrease) in payable on open futures contracts		134,691			10,779

Net cash provided by (used in) operating activities		(48,852,832	)		3,312,537

Cash flow from financing activities
Proceeds from addition of shares		249,706,157			307,975,402
Payment on shares redeemed		(247,488,410	)		(252,430,165	)

Net cash provided by (used in) financing activities		2,217,747			55,545,237

Net increase (decrease) in cash		(46,635,085	)		58,857,774
Cash, beginning of period		83,796,830			16,519,330

Cash, end of period	$	37,161,745		$	75,377,104

See accompanying notes to financial statements.

F-61

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $44,626,859 and $–, respectively)	$	44,628,208	$	—
Affiliated investments (cost $20,015,950 and $–, respectively)		20,014,000		—
Cash		10,207,398		164,887,996
Segregated cash balances with brokers for futures contracts		12,215,100		27,244,750
Segregated cash balances with brokers for swap agreements		—		37,550,350
Unrealized appreciation on swap agreements		5,523,984		—
Receivable from capital shares sold		—		2,129,315
Receivable on open futures contracts		622,245		19,170,259
Receivable for dividends from affiliates		15,812		—
Interest receivable		70,394		207,484

Total assets		93,297,141		251,190,154

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		49,772,735
Payable on open futures contracts		1,816,610		—
Payable to Sponsor		78,253		74,694
Unrealized depreciation on swap agreements		171,104		4,320,147

Total liabilities		2,065,967		54,167,576

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		91,231,174		197,022,578

Total liabilities and shareholders’ equity	$	93,297,141	$	251,190,154

Shares outstanding		2,990,818		3,701,026

Net asset value per share	$	30.50	$	53.23

Market value per share (Note 2)	$	30.79	$	53.40

See accompanying notes to financial statements.

F-62

Table of Contents

PROSHARES ULTRASHORT SILVER

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(49% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.771% due 09/17/26 †	$	25,000,000	$	24,801,750
3.760% due 09/24/26 †		20,000,000		19,826,458

Total short-term U.S. government and agency obligations (cost $44,626,859)			$	44,628,208


	Shares
Affiliated Investments
Exchange Traded Fund
(22% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $20,015,950)		200,000		20,014,000

Total Investments in Securities (cost $64,642,809)			$	64,642,208

Futures Contracts Sold


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
Silver Futures - COMEX, expires September 2026		341	$	102,167,010	$	10,415,810

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	%		07/06/26	$	(9,169,411	)	$	939,462
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex		0.75			07/06/26		(30,076,312	)		4,584,522
Swap agreement with UBS AG based on Bloomberg Silver Subindex		0.36			07/06/26		(40,951,852	)		(171,104	)

									$	5,352,880

Total Unrealized Appreciation									$	5,523,984

Total Unrealized Depreciation									$	(171,104	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

^	The positions and counterparties herein are as of June 30, 2026. 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 June 30, 2026, 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-63

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	913,905		$	227,082		$	2,165,937		$	404,937
Dividends from affiliates (Note 5)		195,906			—			270,134			—

Total income		1,109,811			227,082			2,436,071			404,937

Expenses
Management fee		312,255			72,877			866,999			134,248
Brokerage commissions		14,344			5,790			42,246			10,119

Total expenses		326,599			78,667			909,245			144,367

Net investment income (loss)		783,212			148,415			1,526,826			260,570

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		17,783,840			(778,764	)		(27,551,545	)		(2,520,178	)
Swap agreements		20,711,390			(2,548,468	)		28,272,895			(3,916,040	)
Short-term U.S. government and agency obligations		67			—			67			—
Affiliated investments		(4,662	)		—			(212	)		—
Payment from affiliate (Note 5)		8,196			—			12,301			—

Net realized gain (loss)		38,498,831			(3,327,232	)		733,506			(6,436,218	)

Change in net unrealized appreciation (depreciation) on
Futures contracts		3,969,823			891,816			19,694,661			105,765
Swap agreements		1,572,249			1,599,631			9,673,027			(2,666,366	)
Short-term U.S. government and agency obligations		(1,424	)		—			1,349			—
Affiliated investments		(1,450	)		—			(1,950	)		—

Change in net unrealized appreciation (depreciation)		5,539,198			2,491,447			29,367,087			(2,560,601	)

Net realized and unrealized gain (loss)		44,038,029			(835,785	)		30,100,593			(8,996,819	)

Net income (loss)	$	44,821,241		$	(687,370	)	$	31,627,419		$	(8,736,249	)

See accompanying notes to financial statements.

F-64

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	141,592,802		$	32,867,619		$	197,022,578		$	23,752,619

Addition of 11,650,000, 150,000, 62,490,000 and 265,000 shares, respectively (Note 1)		230,219,092			43,067,889			1,400,645,349			80,052,403
Redemption of 14,850,000, 125,000, 63,200,208 and 185,000 shares, respectively (Note 1)		(325,401,961	)		(39,837,163	)		(1,538,064,172	)		(59,657,798	)

Net addition (redemption) of (3,200,000), 25,000, (710,208) and 80,000 shares, respectively (Note 1)		(95,182,869	)		3,230,726			(137,418,823	)		20,394,605

Net investment income (loss)		783,212			148,415			1,526,826			260,570
Net realized gain (loss)		38,498,831			(3,327,232	)		733,506			(6,436,218	)
Change in net unrealized appreciation (depreciation)		5,539,198			2,491,447			29,367,087			(2,560,601	)

Net income (loss)		44,821,241			(687,370	)		31,627,419			(8,736,249	)

Shareholders’ equity, end of period	$	91,231,174		$	35,410,975		$	91,231,174		$	35,410,975

See accompanying notes to financial statements.

F-65

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	31,627,419		$	(8,736,249	)
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		(124,000,489	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		79,976,450			—
Cost of affiliated investments purchased		(140,109,950	)		—
Proceeds from affiliated investments sold		120,093,788			—
Net amortization and accretion on short-term U.S. government and agency obligations		(602,753	)		—
Net realized (gain) loss on investments		145			—
Change in unrealized (appreciation) depreciation on investments		(9,672,426	)		2,666,366
Decrease (Increase) in receivable on open futures contracts		18,548,014			(83,537	)
Decrease (Increase) in receivable for dividends from affiliates		(15,812	)		—
Decrease (Increase) in interest receivable		137,090			(39,788	)
Increase (Decrease) in payable to Sponsor		3,559			8,748
Increase (Decrease) in payable on open futures contracts		1,816,610			(9,092	)

Net cash provided by (used in) operating activities		(22,198,355	)		(6,193,552	)

Cash flow from financing activities
Proceeds from addition of shares		1,402,774,664			80,052,403
Payment on shares redeemed		(1,587,836,907	)		(59,657,798	)

Net cash provided by (used in) financing activities		(185,062,243	)		20,394,605

Net increase (decrease) in cash		(207,260,598	)		14,201,053
Cash, beginning of period		229,683,096			20,768,601

Cash, end of period	$	22,422,498		$	34,969,654

See accompanying notes to financial statements.

F-66

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,971,389 and $–, respectively)	$	9,971,121	$	—
Affiliated investments (cost $7,002,800 and $–, respectively)		7,004,200		—
Cash		13,119,238		31,050,946
Segregated cash balances with brokers for foreign currency forward contracts		—		3,552,908
Unrealized appreciation on foreign currency forward contracts		913,771		955,069
Receivable for dividends from affiliates		5,534		—
Interest receivable		36,002		97,946

Total assets		31,049,866		35,656,869

Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor		22,733		29,619
Unrealized depreciation on foreign currency forward contracts		5,836		110,834

Total liabilities		28,569		140,453

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		31,021,297		35,516,416

Total liabilities and shareholders’ equity	$	31,049,866	$	35,656,869

Shares outstanding		547,160		697,160

Net asset value per share	$	56 .70	$	50 .94

Market value per share (Note 2)	$	56 .62	$	50 .90

See accompanying notes to financial statements.

F-67

Table of Contents

PROSHARES ULTRASHORT YEN

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(32% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.656% due 07/30/26 †	$	10,000,000	$	9,971,121

Total short-term U.S. government and agency obligations (cost $9,971,389)			$	9,971,121


	Shares
Affiliated Investments
Exchange Traded Fund
(23% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $7,002,800)		70,000		7,004,200

Total Investments in Securities (cost $16,974,189)			$	16,975,321

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 UBS AG		07/17/26		49,460,000		$	304,625		$	(5,836	)

Total Unrealized Depreciation									$	(5,836	)

Contracts to Sell
Yen with Goldman Sachs International		07/17/26		(5,045,974,165	)	$	(31,078,281	)	$	465,583
Yen with UBS AG		07/17/26		(5,078,154,424	)		(31,276,480	)		448,188

Total Unrealized Appreciation									$	913,771

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

†	All or partial amount pledged as collateral for foreign currency forward contracts.

^	The positions and counterparties herein are as of June 30, 2026. 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.

See accompanying notes to financial statements.

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Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	204,564		$	208,788		$	415,903		$	417,761
Dividends from affiliates (Note 5)		61,871			—			85,276			—

Total income		266,435			208,788			501,179			417,761

Expenses
Management fee		72,367			53,166			146,367			107,103

Total expenses		72,367			53,166			146,367			107,103

Net investment income (loss)		194,068			155,622			354,812			310,658

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts		1,082,055			(1,138,324	)		2,449,668			(1,297,018	)
Short-term U.S. government and agency obligations		—			91			—			91
Payment from affiliate (Note 5)		2,621			—			3,744			—

Net realized gain (loss)		1,084,676			(1,138,233	)		2,453,412			(1,296,927	)

Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts		780,527			(710,709	)		63,700			(2,515,360	)
Short-term U.S. government and agency obligations		(187	)		—			(268	)		—
Affiliated investments		(700	)		—			1,400			—

Change in net unrealized appreciation (depreciation)		779,640			(710,709	)		64,832			(2,515,360	)

Net realized and unrealized gain (loss)		1,864,316			(1,848,942	)		2,518,244			(3,812,287	)

Net income (loss)	$	2,058,384		$	(1,693,320	)	$	2,873,056		$	(3,501,629	)

See accompanying notes to financial statements.

F-69

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	29,016,468		$	26,449,371		$	35,516,416		$	26,080,295

Addition of 150,000, 100,000, 350,000 and 250,000 shares, respectively		7,972,606			4,171,255			18,289,295			10,847,681
Redemption of 150,000, 200,000, 500,000 and 300,000 shares, respectively		(8,026,161	)		(8,367,603	)		(25,657,470	)		(12,866,644	)

Net addition (redemption) of –, (100,000), (150,000) and (50,000) shares, respectively		(53,555	)		(4,196,348	)		(7,368,175	)		(2,018,963	)

Net investment income (loss)		194,068			155,622			354,812			310,658
Net realized gain (loss)		1,084,676			(1,138,233	)		2,453,412			(1,296,927	)
Change in net unrealized appreciation (depreciation)		779,640			(710,709	)		64,832			(2,515,360	)

Net income (loss)		2,058,384			(1,693,320	)		2,873,056			(3,501,629	)

Shareholders’ equity, end of period	$	31,021,297		$	20,559,703		$	31,021,297		$	20,559,703

See accompanying notes to financial statements.

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Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	2,873,056		$	(3,501,629	)
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		(29,852,898	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		19,999,999			91
Cost of affiliated investments purchased		(7,002,800	)		—
Net amortization and accretion on short-term U.S. government and agency obligations		(118,490	)		—
Net realized (gain) loss on investments		—			(91	)
Change in unrealized (appreciation) depreciation on investments		(64,832	)		2,515,360
Decrease (Increase) in receivable for dividends from affiliates		(5,534	)		—
Decrease (Increase) in interest receivable		61,944			10,483
Increase (Decrease) in payable to Sponsor		(6,886	)		(3,129	)

Net cash provided by (used in) operating activities		(14,116,441	)		(978,915	)

Cash flow from financing activities
Proceeds from addition of shares		18,289,295			10,847,681
Payment on shares redeemed		(25,657,470	)		(12,866,644	)

Net cash provided by (used in) financing activities		(7,368,175	)		(2,018,963	)

Net increase (decrease) in cash		(21,484,616	)		(2,997,878	)
Cash, beginning of period		34,603,854			23,795,096

Cash, end of period	$	13,119,238		$	20,797,218

See accompanying notes to financial statements.

F-71

Table of Contents

PROSHARES VIX

MID-TERM

FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $9,964,100 and $–, respectively)	$	9,963,800	$	—
Affiliated investments (cost $15,006,000 and $–, respectively)		15,009,000		—
Cash		9,859,871		38,019,261
Segregated cash balances with brokers for futures contracts		5,956,285		6,491,709
Receivable from capital shares sold		—		1,143,390
Receivable on open futures contracts		—		169,802
Receivable for dividends from affiliates		11,859		—
Interest receivable		43,187		117,024

Total assets		40,844,002		45,941,186

Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts		524,121		—
Brokerage commissions and futures account fees payable		1,492		2,156
Payable to Sponsor		26,398		27,972

Total liabilities		552,011		30,128

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		40,291,991		45,911,058

Total liabilities and shareholders’ equity	$	40,844,002	$	45,941,186

Shares outstanding		2,812,403		3,012,403

Net asset value per share	$	14 .33	$	15 .24

Market value per share (Note 2)	$	14 .35	$	15 .27

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX

MID-TERM

FUTURES ETF

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Principal Amount		Value
Short-term U.S. government and agency obligations
(25% of shareholders’ equity)
U.S. Treasury Bills ^^ :
3.633% due 08/06/26	$	10,000,000	$	9,963,800

Total short-term U.S. government and agency obligations (cost $9,964,100)			$	9,963,800


	Shares
Affiliated Investments
Exchange Traded Fund
(37% of shareholders’ equity)
Proshares Genius Money Market ETF 3.52% (a)(b) (cost $15,006,000)		150,000		15,009,000

Total Investments in Securities (cost $24,970,100)			$	24,972,800

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires October 2026		394	$	8,051,587	$	(1,115,897	)
VIX Futures - Cboe, expires November 2026		647		13,377,954		(1,383,736	)
VIX Futures - Cboe, expires December 2026		648		13,416,257		(950,685	)
VIX Futures - Cboe, expires January 2027		253		5,452,125		(151,321	)

					$	(3,601,639	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

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

See accompanying notes to financial statements.

F-73

Table of Contents

PROSHARES VIX

MID-TERM

FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	263,794		$	216,994		$	656,606		$	498,093
Dividends from affiliates (Note 5)		152,911			—			219,783			—

Total income		416,705			216,994			876,389			498,093

Expenses
Management fee		111,544			49,547			241,608			113,521
Brokerage commissions		7,648			5,909			22,594			18,454
Futures account fees		5,496			2,004			9,523			5,124

Total expenses		124,688			57,460			273,725			137,099

Net investment income (loss)		292,017			159,534			602,664			360,994

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(1,150,253	)		4,726,990			(600,547	)		5,434,182
Short-term U.S. government and agency obligations		—			84			—			84
Affiliated investments		3,397			—			3,397			—
Payment from affiliate (Note 5)		6,542			—			9,751			—

Net realized gain (loss)		(1,140,314	)		4,727,074			(587,399	)		5,434,266

Change in net unrealized appreciation (depreciation) on
Futures contracts		(9,095,985	)		(1,835,417	)		(1,566,090	)		(210,933	)
Short-term U.S. government and agency obligations		(138	)		—			(300	)		—
Affiliated investments		(3,000	)		—			3,000			—

Change in net unrealized appreciation (depreciation)		(9,099,123	)		(1,835,417	)		(1,563,390	)		(210,933	)

Net realized and unrealized gain (loss)		(10,239,437	)		2,891,657			(2,150,789	)		5,223,333

Net income (loss)	$	(9,947,420	)	$	3,051,191		$	(1,548,125	)	$	5,584,327

See accompanying notes to financial statements.

F-74

Table of Contents

PROSHARES VIX

MID-TERM

FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	71,221,078		$	34,246,807		$	45,911,058		$	28,111,210

Addition of 100,000, 25,000, 1,700,000 and 1,325,000 shares, respectively		1,544,620			418,368			26,135,956			20,545,980
Redemption of 1,425,000, 900,000, 1,900,000 and 1,975,000 shares, respectively		(22,526,287	)		(16,178,756	)		(30,206,898	)		(32,703,907	)

Net addition (redemption) of (1,325,000), (875,000), (200,000) and (650,000) shares, respectively		(20,981,667	)		(15,760,388	)		(4,070,942	)		(12,157,927	)

Net investment income (loss)		292,017			159,534			602,664			360,994
Net realized gain (loss)		(1,140,314	)		4,727,074			(587,399	)		5,434,266
Change in net unrealized appreciation (depreciation)		(9,099,123	)		(1,835,417	)		(1,563,390	)		(210,933	)

Net income (loss)		(9,947,420	)		3,051,191			(1,548,125	)		5,584,327

Shareholders’ equity, end of period	$	40,291,991		$	21,537,610		$	40,291,991		$	21,537,610

See accompanying notes to financial statements.

F-75

Table of Contents

PROSHARES VIX

MID-TERM

FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(1,548,125	)	$	5,584,327
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		(29,840,825	)		—
Proceeds from sales or maturities of short-term U.S. government and agency obligations		20,000,000			84
Cost of affiliated investments purchased		(20,008,000	)		—
Proceeds from affiliated investments sold		5,005,397			—
Net amortization and accretion on short-term U.S. government and agency obligations		(123,275	)		—
Net realized (gain) loss on investments		(3,397	)		(84	)
Change in unrealized (appreciation) depreciation on investments		(2,700	)		—
Decrease (Increase) in receivable on open futures contracts		169,802			(68,227	)
Decrease (Increase) in receivable for dividends from affiliates		(11,859	)		—
Decrease (Increase) in interest receivable		73,837			33,755
Increase (Decrease) in payable to Sponsor		(1,574	)		(5,131	)
Increase (Decrease) in brokerage commissions and futures account fees payable		(664	)		(1,013	)
Increase (Decrease) in payable on open futures contracts		524,121			(50,382	)

Net cash provided by (used in) operating activities		(25,767,262	)		5,493,329

Cash flow from financing activities
Proceeds from addition of shares		27,279,346			20,127,613
Payment on shares redeemed		(30,206,898	)		(32,703,907	)

Net cash provided by (used in) financing activities		(2,927,552	)		(12,576,294	)

Net increase (decrease) in cash		(28,694,814	)		(7,082,965	)
Cash, beginning of period		44,510,970			28,081,839

Cash, end of period	$	15,816,156		$	20,998,874

See accompanying notes to financial statements.

F-76

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $– and $84,730,287, respectively)	$	—	$	84,751,266
Affiliated investments (cost $65,037,250 and $–, respectively)		65,039,000		—
Cash		46,029,690		40,959,182
Segregated cash balances with brokers for futures contracts		89,787,969		100,111,309
Receivable from capital shares sold		1,063,850		—
Receivable on open futures contracts		961,529		5,340,338
Receivable for dividends from affiliates		61,420		—
Interest receivable		363,399		301,483

Total assets		203,306,857		231,463,578

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		—		3,857,756
Payable on open futures contracts		4,524,282		—
Brokerage commissions and futures account fees payable		15,433		19,394
Payable to Sponsor		119,881		121,692

Total liabilities		4,659,596		3,998,842

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		198,647,261		227,464,736

Total liabilities and shareholders’ equity	$	203,306,857	$	231,463,578

Shares outstanding		9,341,252		8,841,252

Net asset value per share	$	21 .27	$	25 .73

Market value per share (Note 2)	$	21 .29	$	25 .64

See accompanying notes to financial statements.

F-77

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

JUNE 30, 2026

(unaudited)


	Shares
Affiliated Investments
Exchange Traded Fund
(33% of shareholders’ equity)
Proshares Genius Money Market ETF 3.54% (a)(b) (cost $65,037,250)		650,000	65,039,000

Futures Contracts Purchased


	Number of Contracts		Notional Amount at Value		Unrealized Appreciation (Depreciation)/Value
VIX Futures - Cboe, expires July 2026		6,593	$	118,348,965	$	(13,432,321	)
VIX Futures - Cboe, expires August 2026		4,234		80,230,066		(3,651,639	)

					$	(17,083,960	)

(a)	Affiliated company as defined under the Investment Company Act of 1940.

(b)	Represents 7-day effective yield as of June 30, 2026.

See accompanying notes to financial statements.

F-78

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	1,081,522		$	1,189,233		$	2,406,551		$	2,751,531
Dividends from affiliates (Note 5)		511,271			—			758,638			—

Total income		1,592,793			1,189,233			3,165,189			2,751,531

Expenses
Management fee		470,210			286,187			936,708			652,682
Brokerage commissions		108,204			117,436			189,645			288,163
Futures account fees		49,559			22,263			83,759			88,661

Total expenses		627,973			425,886			1,210,112			1,029,506

Net investment income (loss)		964,820			763,347			1,955,077			1,722,025

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(66,742,664	)		44,564,343			(32,860,343	)		76,773,606
Short-term U.S. government and agency obligations		5			627			5			627
Affiliated investments		(5,059	)		—			(559	)		—
Payment from affiliate (Note 5)		20,982			—			33,035			—

Net realized gain (loss)		(66,726,736	)		44,564,970			(32,827,862	)		76,774,233

Change in net unrealized appreciation (depreciation) on
Futures contracts		(30,185,924	)		(21,523,129	)		4,484,303			(14,535,040	)
Short-term U.S. government and agency obligations		(74	)		(200	)		(20,979	)		(6,808	)
Affiliated investments		(19,250	)		—			1,750			—

Change in net unrealized appreciation (depreciation)		(30,205,248	)		(21,523,329	)		4,465,074			(14,541,848	)

Net realized and unrealized gain (loss)		(96,931,984	)		23,041,641			(28,362,788	)		62,232,385

Net income (loss)	$	(95,967,164	)	$	23,804,988		$	(26,407,711	)	$	63,954,410

See accompanying notes to financial statements.

F-79

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	173,679,251		$	162,998,741		$	227,464,736		$	133,641,615

Addition of 6,500,000, 2,500,000, 7,650,000 and 7,225,000 shares, respectively		176,545,900			133,762,860			209,293,693			332,679,299
Redemption of 2,225,000, 2,225,000, 7,150,000 and 6,675,000 shares, respectively		(55,610,726	)		(156,024,747	)		(211,703,457	)		(365,733,482	)

Net addition (redemption) of 4,275,000, 275,000, 500,000 and 550,000 shares, respectively		120,935,174			(22,261,887	)		(2,409,764	)		(33,054,183	)

Net investment income (loss)		964,820			763,347			1,955,077			1,722,025
Net realized gain (loss)		(66,726,736	)		44,564,970			(32,827,862	)		76,774,233
Change in net unrealized appreciation (depreciation)		(30,205,248	)		(21,523,329	)		4,465,074			(14,541,848	)

Net income (loss)		(95,967,164	)		23,804,988			(26,407,711	)		63,954,410

Shareholders’ equity, end of period	$	198,647,261		$	164,541,842		$	198,647,261		$	164,541,842

See accompanying notes to financial statements.

F-80

Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(26,407,711	)	$	63,954,410
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		(69,739,499	)		(164,117,321	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		155,000,005			189,961,871
Cost of affiliated investments purchased		(110,070,000	)		—
Proceeds from affiliated investments sold		45,032,191			—
Net amortization and accretion on short-term U.S. government and agency obligations		(530,214	)		(912,856	)
Net realized (gain) loss on investments		554			(627	)
Change in unrealized (appreciation) depreciation on investments		19,229			6,808
Decrease (Increase) in receivable on open futures contracts		4,378,809			2,613,474
Decrease (Increase) in receivable for dividends from affiliates		(61,420	)		—
Decrease (Increase) in interest receivable		(61,916	)		(118,434	)
Increase (Decrease) in payable to Sponsor		(1,811	)		31,487
Increase (Decrease) in brokerage commissions and futures account fees payable		(3,961	)		(703	)
Increase (Decrease) in payable on open futures contracts		4,524,282			1,054,685

Net cash provided by (used in) operating activities		2,078,538			92,472,794

Cash flow from financing activities
Proceeds from addition of shares		208,229,843			332,679,299
Payment on shares redeemed		(215,561,213	)		(365,733,482	)

Net cash provided by (used in) financing activities		(7,331,370	)		(33,054,183	)

Net increase (decrease) in cash		(5,252,832	)		59,418,611
Cash, beginning of period		141,070,491			105,874,804

Cash, end of period	$	135,817,659		$	165,293,415

See accompanying notes to financial statements.

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Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF FINANCIAL CONDITI


	June 30, 2026 (unaudited)		December 31, 2025
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $2,133,490,927 and $2,258,570,523, respectively)	$	2,133,460,710	$	2,259,034,978
Affiliated investments (cost $1,258,686,320 and –, respectively)		1,258,857,300		—
Cash		505,018,497		2,000,384,525
Segregated cash balances with brokers for futures contracts		863,694,485		1,057,966,488
Segregated cash balances with brokers for foreign currency forward contracts		—		14,672,676
Segregated cash balances with brokers for swap agreements		—		177,725,284
Unrealized appreciation on swap agreements		11,703,095		342,589,713
Unrealized appreciation on foreign currency forward contracts		1,865,204		1,026,581
Due from counterparty		11,540,059		—
Receivable from capital shares sold		47,691,291		141,593,234
Receivable on open futures contracts		50,301,063		62,341,509
Receivable for dividends from affiliates		1,157,885		—
Interest receivable		3,576,701		5,605,894

Total assets		4,888,866,290		6,062,940,882

Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed		43,105,931		80,016,715
Payable on open futures contracts		34,944,427		234,805,824
Brokerage commissions and futures account fees payable		62,775		87,843
Payable to Sponsor		3,975,571		4,227,029
Unrealized depreciation on swap agreements		240,815,744		18,039,464
Unrealized depreciation on foreign currency forward contracts		1,134,858		1,694,678

Total liabilities		324,039,306		338,871,553

Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity		4,564,826,984		5,724,069,329

Total liabilities and shareholders’ equity	$	4,888,866,290	$	6,062,940,882

Shares outstanding (Note 1) (Note 2)		121,861,975		108,548,066

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF OPERATIONS

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Investment Income
Interest	$	34,737,195		$	31,608,406		$	72,749,424		$	62,559,311
Dividends from affiliates (Note 5)		14,923,797			—			21,519,338			—

Total income		49,660,992			31,608,406			94,268,762			62,559,311

Expenses
Management fee		14,232,592			8,240,705			29,915,149			16,091,243
Brokerage commissions		2,136,363			1,988,079			4,325,222			4,152,582
Futures account fees		220,893			222,750			417,823			549,450

Total expenses		16,589,848			10,451,534			34,658,194			20,793,275

Net investment income (loss)		33,071,144			21,156,872			59,610,568			41,766,036

Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts		(777,247,902	)		328,054,378			(222,976,007	)		513,310,950
Swap agreements		(318,604,869	)		81,036,670			132,409,662			142,797,216
Foreign currency forward contracts		(202,869	)		(3,030,481	)		(1,324,376	)		(3,016,969	)
Short-term U.S. government and agency obligations		(6,469	)		(9,131	)		5,082			(9,201	)
Affiliated investments		(62,770	)		—			186,180			—
Payment from affiliate (Note 5)		636,039			—			949,535			—

Net realized gain (loss)		(1,095,488,840	)		406,051,436			(90,749,924	)		653,081,996

Change in net unrealized appreciation (depreciation) on
Futures contracts		188,057,704			(165,477,989	)		(140,194,370	)		(104,237,226	)
Swap agreements		(328,285,016	)		(91,024,244	)		(553,662,898	)		8,077,709
Foreign currency forward contracts		694,074			450,161			1,398,443			163,608
Short-term U.S. government and agency obligations		(39,447	)		13,008			(494,672	)		(125,625	)
Affiliated investments		57,360			—			170,980			—

Change in net unrealized appreciation (depreciation)		(139,515,325	)		(256,039,064	)		(692,782,517	)		(96,121,534	)

Net realized and unrealized gain (loss)		(1,235,004,165	)		150,012,372			(783,532,441	)		556,960,462

Net income (loss)	$	(1,201,933,021	)	$	171,169,244		$	(723,921,873	)	$	598,726,498

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)


	Three Months Ended June 30,						Six Months Ended June 30,
	2026			2025			2026			2025
Shareholders’ equity, beginning of period	$	6,186,097,088		$	3,573,878,847		$	5,724,069,329		$	3,025,133,601

Addition of 134,962,500, 83,245,000, 370,377,500 and 168,680,000 shares, respectively (Note 1)		4,520,040,143			3,965,828,522			12,755,830,010			7,387,912,135
Redemption of 148,025,883, 93,155,034, 357,063,591 and 156,990,034 shares, respectively (Note 1)		(4,939,377,226	)		(4,058,920,811	)		(13,191,150,482	)		(7,359,816,432	)

Net addition (redemption) of (13,063,383), (9,910,034), 13,313,909 and 11,689,966 shares, respectively (Note 1)		(419,337,083	)		(93,092,289	)		(435,320,472	)		28,095,703

Net investment income (loss)		33,071,144			21,156,872			59,610,568			41,766,036
Net realized gain (loss)		(1,095,488,840	)		406,051,436			(90,749,924	)		653,081,996
Change in net unrealized appreciation (depreciation)		(139,515,325	)		(256,039,064	)		(692,782,517	)		(96,121,534	)

Net income (loss)		(1,201,933,021	)		171,169,244			(723,921,873	)		598,726,498

Shareholders’ equity, end of period	$	4,564,826,984		$	3,651,955,802		$	4,564,826,984		$	3,651,955,802

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF CASH FLOWS

(unaudited)


	Six Months Ended June 30,
	2026			2025
Cash flow from operating activities
Net income (loss)	$	(723,921,873	)	$	598,726,498
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		(8,583,723,819	)		(4,922,432,200	)
Proceeds from sales or maturities of short-term U.S. government and agency obligations		8,747,597,486			5,104,090,758
Cost of affiliated investments purchased		(3,170,100,180	)		—
Proceeds from affiliated investments sold		1,911,600,040			—
Net amortization and accretion on short-term U.S. government and agency obligations		(38,788,989	)		(27,726,427	)
Net realized (gain) loss on investments		(191,262	)		9,201
Change in unrealized (appreciation) depreciation on investments		552,588,147			(8,115,692	)
Decrease (Increase) in due from counterparty		(11,540,059	)		—
Decrease (Increase) in receivable on futures contracts		12,040,446			(8,950,923	)
Decrease (Increase) in receivable for dividends from affiliates		(1,157,885	)		—
Decrease (Increase) in interest receivable		2,029,193			(1,848,021	)
Increase (Decrease) in payable to Sponsor		(251,458	)		247,285
Increase (Decrease) in brokerage commissions and futures account fees payable		(25,068	)		17,059
Increase (Decrease) in payable on futures contracts		(199,861,397	)		42,734,683

Net cash provided by (used in) operating activities		(1,503,706,678	)		776,752,221

Cash flow from financing activities
Proceeds from addition of shares		12,849,731,953			7,307,503,630
Payment on shares redeemed		(13,228,061,266	)		(7,327,826,527	)

Net cash provided by (used in) financing activities		(378,329,313	)		(20,322,897	)

Net increase (decrease) in cash		(1,882,035,991	)		756,429,324
Cash, beginning of period		3,250,748,973			2,577,444,038

Cash, end of period	$	1,368,712,982		$	3,333,873,362

See accompanying notes to financial statements.

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PROSHARES TRUST II

NOTES TO FINANCIAL STATEMENTS

June 30, 2026

(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 June 30, 2026, 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 six months ended June 30, 2026, and during the year ended December 31, 2025. 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 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
ProShares UltraShort Gold	November 19, 2025	1-for-2 reverse Share split		November 20, 2025
ProShares Ultra VIX Short-Term Futures ETF	November 19, 2025	1-for-5 reverse Share split		November 20, 2025
ProShares UltraShort Silver	February 26, 2026	1-for-10 reverse Share split		February 27, 2026
ProShares Ultra Bloomberg Natural Gas	May 27, 2026	1-for-2 reverse Share split		May 28, 2026
ProShares UltraShort Bloomberg Crude Oil	May 27, 2026	1-for-4 reverse Share split		May 28, 2026

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, 2025, as filed with the SEC on February 28, 2026.

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 June 30, 2026 and 2025, 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 six months ended June 30, 2026 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.	June 30, 2026
Ultra Gold and UltraShort Gold	1:00 p.m.	1:30 p.m.	June 30, 2026
Ultra Bloomberg Crude Oil	2:00 p.m.	2:30 p.m.	June 30, 2026
Ultra Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	June 30, 2026
UltraShort Bloomberg Crude Oil	2:00 p.m.	2:30 p.m.	June 30, 2026
UltraShort Bloomberg Natural Gas	2:00 p.m.	2:30 p.m.	June 30, 2026
Ultra Euro, Ultra Yen, Ultrashort Euro	3:00 p.m.	4:00 p.m.	June 30, 2026
and Ultrashort Yen
Short VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	June 30, 2026
Ultra VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	June 30, 2026
VIX Mid-Term Futures ETF	2:00 p.m.	4:00 p.m.	June 30, 2026
VIX Short-Term Futures ETF	2:00 p.m.	4:00 p.m.	June 30, 2026

*	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 six months ended June 30, 2026.

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 six months ended June 30, 2026.

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.

Exchange traded funds are generally valued at the closing price, if available, or at the last sale price, and are typically categorized as Level 1 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

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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.

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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Table of Contents

The following table summarizes the valuation of investments at June 30, 2026 using the fair value hierarchy:


	Level I - Quoted Prices							Level II - Other Significant Observable Inputs
Fund	Short-Term U.S. Government and Agencies		Exchange Traded Fund		Futures Contracts *			Foreign Currency Forward Contracts			Swap Agreements			Total
ProShares Short VIX Short-Term Futures ETF	$	44,645,753	$	75,045,000	$	11,931,229		$	—		$	—		$	131,621,982
ProShares Ultra Bloomberg Crude Oil		248,639,306		70,049,000		(3,645,927	)		—			(75,305,700	)		239,736,679
ProShares Ultra Bloomberg Natural Gas		99,638,000		100,070,000		4,878,818			—			—			204,586,818
ProShares Ultra Euro		1,994,224		—		—			(125,840	)		—			1,868,384
ProShares Ultra Gold		398,489,670		180,126,000		(43,082,533	)		—			(32,882,489	)		502,650,648
ProShares Ultra Silver		939,739,692		280,196,000		(55,109,618	)		—			(129,195,651	)		1,035,630,423
ProShares Ultra VIX Short-Term Futures ETF		—		50,030,000		(32,887,617	)		—			—			17,142,383
ProShares Ultra Yen		6,979,785		11,006,600		—			(950,325	)		—			17,036,060
ProShares UltraShort Bloomberg Crude Oil		278,944,830		300,210,000		285,027,123			—			—			864,181,953
ProShares UltraShort Bloomberg Natural Gas		—		45,031,500		577,621			—			—			45,609,121
ProShares UltraShort Euro		9,971,121		10,006,000		—			898,576			—			20,875,697
ProShares UltraShort Gold		39,855,200		30,021,000		14,999,402			—			2,918,311			87,793,913
ProShares UltraShort Silver		44,628,208		20,014,000		10,415,810			—			5,352,880			80,410,898
ProShares UltraShort Yen		9,971,121		7,004,200		—			907,935			—			17,883,256
ProShares VIX Mid-Term Futures ETF		9,963,800		15,009,000		(3,601,639	)		—			—			21,371,161
ProShares VIX Short-Term Futures ETF		—		65,039,000		(17,083,960	)		—			—			47,955,040

Combined Trust:	$	2,133,460,710	$	1,258,857,300	$	172,418,709		$	730,346		$	(229,112,649	)	$	3,336,354,416

*	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 period ended June 30, 2026.

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The following table summarizes the valuation of investments at December 31, 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	$	59,907,798	$	15,699,597		$	—		$	—		$	75,607,395
ProShares Ultra Bloomberg Crude Oil		149,575,489		(3,689,107	)		—			(11,151,121	)		134,735,261
ProShares Ultra Bloomberg Natural Gas		234,273,034		(132,096,872	)		—			—			102,176,162
ProShares Ultra Euro		—		—			62,690			—			62,690
ProShares Ultra Gold		548,706,159		37,298,279			—			28,676,455			614,680,893
ProShares Ultra Silver		967,310,974		419,245,399			—			313,913,258			1,700,469,631
ProShares Ultra VIX Short-Term Futures ETF		99,775,566		(56,075,162	)		—			—			43,700,404
ProShares Ultra Yen		—		—			(1,182,648	)		—			(1,182,648	)
ProShares UltraShort Bloomberg Crude Oil		44,913,599		12,025,118			—			—			56,938,717
ProShares UltraShort Bloomberg Natural Gas		69,821,093		53,943,537			—			—			123,764,630
ProShares UltraShort Euro		—		—			(392,374	)		—			(392,374	)
ProShares UltraShort Gold		—		(855,047	)		—			(2,568,196	)		(3,423,243	)
ProShares UltraShort Silver		—		(9,278,851	)		—			(4,320,147	)		(13,598,998	)
ProShares UltraShort Yen		—		—			844,235			—			844,235
ProShares VIX Mid-Term Futures ETF		—		(2,035,549	)		—			—			(2,035,549	)
ProShares VIX Short-Term Futures ETF		84,751,266		(21,568,263	)		—			—			63,183,003

Combined Trust:	$	2,259,034,978	$	312,613,079		$	(668,097	)	$	324,550,249		$	2,895,530,209

*	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, 2025.

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. Gains or losses realized on sales of securities are determined using the specific identification method. 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 recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations. Interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or segregated cash balances with brokers. Dividend income is recognized on an

ex-dividend

date basis.

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. 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.

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, Exchange Traded Funds, 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 June 30, 2026 and December 31, 2025, 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.

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.

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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.

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.

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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 June 30, 2026

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.

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 June 30, 2026, 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.

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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

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 June 30, 2026, 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.

marking-to-market

and settlement, and segregation and minimum capital requirements applicable to intermediaries.

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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.

Fair Value of Derivative Instruments as of June 30, 2026


		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		$	11,931,229	*		$	—
	ProShares Ultra VIX Short-Term Futures ETF			—				32,887,617	*
	ProShares VIX Mid-Term Futures ETF			—				3,601,639	*
	ProShares VIX Short-Term Futures ETF			—				17,083,960	*
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			2,087,777	*			81,039,404	*
	ProShares Ultra Bloomberg Natural Gas			4,878,818	*			—
	ProShares Ultra Gold			—				75,965,022	*
	ProShares Ultra Silver			2,869,644	*			187,174,913	*
	ProShares UltraShort Bloomberg Crude Oil			285,027,123	*			—
	ProShares UltraShort Bloomberg Natural Gas			577,621	*			—
	ProShares UltraShort Gold			17,917,713	*			—
	ProShares UltraShort Silver			15,939,794	*			171,104	*
Foreign Exchange Contracts		Unrealized appreciation on foreign currency forward contracts				Unrealized depreciation on foreign currency forward contracts
	ProShares Ultra Euro			576				126,416
	ProShares Ultra Yen			7,708				958,033
	ProShares UltraShort Euro			943,149				44,573
	ProShares UltraShort Yen			913,771				5,836

		Combined Trust:	$	343,094,923	*		$	399,058,517	*

*	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, 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		$	15,699,597	*		$	—
	ProShares Ultra VIX Short-Term Futures ETF			—				56,075,162	*
	ProShares VIX Mid-Term Futures ETF			33,097	*			2,068,646	*
	ProShares VIX Short-Term Futures ETF			—				21,568,263	*
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			—				14,840,228	*
	ProShares Ultra Bloomberg Natural Gas			—				132,096,872	*
	ProShares Ultra Gold			65,974,734	*			—
	ProShares Ultra Silver			733,158,657	*			—
	ProShares UltraShort Bloomberg Crude Oil			12,025,118	*			—
	ProShares UltraShort Bloomberg Natural Gas			53,943,537	*			—
	ProShares UltraShort Gold			—				3,423,243	*
	ProShares UltraShort Silver			2,243,402	*			15,842,400	*
Foreign Exchange Contracts		Unrealized appreciation on foreign currency forward contracts				Unrealized depreciation on foreign currency forward contracts
	ProShares Ultra Euro			62,719				29
	ProShares Ultra Yen			1,161				1,183,809
	ProShares UltraShort Euro			7,632				400,006
	ProShares UltraShort Yen			955,069				110,834

		Combined Trust:	$	884,104,723	*		$	247,609,492	*

*	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 June 30, 2026


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	$	32,396,869		$	15,231,904
		ProShares Ultra VIX Short-Term Futures ETF		(192,491,371	)		(56,859,023	)
		ProShares VIX Mid-Term Futures ETF		(1,150,253	)		(9,095,985	)
		ProShares VIX Short-Term Futures ETF		(66,742,664	)		(30,185,924	)
Commodities Contracts	Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
		ProShares Ultra Bloomberg Crude Oil		145,508,043			(187,993,469	)
		ProShares Ultra Bloomberg Natural Gas		(57,395,050	)		31,126,328
		ProShares Ultra Gold		(236,877,923	)		(6,316,066	)
		ProShares Ultra Silver		(612,395,722	)		(198,143,507	)
		ProShares UltraShort Bloomberg Crude Oil		(233,450,154	)		329,873,520
		ProShares UltraShort Bloomberg Natural Gas		69,502,325			(41,472,530	)
		ProShares UltraShort Gold		18,747,899			8,065,368
		ProShares UltraShort Silver		38,495,230			5,542,072
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		(45,142	)		(77,992	)
		ProShares Ultra Yen		(1,512,145	)		(696,534	)
		ProShares UltraShort Euro		272,363			688,073
		ProShares UltraShort Yen		1,082,055			780,527

		Combined Trust	$	(1,096,055,640	)	$	(139,533,238	)

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The Effect of Derivative Instruments on the Statement of Operations

For the six months ended June 30, 2026


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	$	13,691,256		$	(3,768,368	)
		ProShares Ultra VIX Short-Term Futures ETF		(116,494,011	)		23,187,545
		ProShares VIX Mid-Term Futures ETF		(600,547	)		(1,566,090	)
		ProShares VIX Short-Term Futures ETF		(32,860,343	)		4,484,303
Commodities Contracts	Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
		ProShares Ultra Bloomberg Crude Oil		368,500,233			(64,111,399	)
		ProShares Ultra Bloomberg Natural Gas		14,982,765			136,975,690
		ProShares Ultra Gold		(8,183,433	)		(141,939,756	)
		ProShares Ultra Silver		(253,066,422	)		(917,463,926	)
		ProShares UltraShort Bloomberg Crude Oil		(330,310,811	)		273,002,005
		ProShares UltraShort Bloomberg Natural Gas		249,344,756			(53,365,916	)
		ProShares UltraShort Gold		3,708,862			21,340,956
		ProShares UltraShort Silver		721,350			29,367,688
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		(224,784	)		(188,530	)
		ProShares Ultra Yen		(4,432,905	)		232,323
		ProShares UltraShort Euro		883,645			1,290,950
		ProShares UltraShort Yen		2,449,668			63,700

		Combined Trust:	$	(91,890,721	)	$	(692,458,825	)

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The Effect of Derivative Instruments on the Statement of Operations

For the three months ended June 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	$	2,005		$	13,636,368
		ProShares Ultra VIX Short-Term Futures ETF		56,045,179			(88,993,838	)
		ProShares VIX Mid-Term Futures ETF		4,726,990			(1,835,417	)
		ProShares VIX Short-Term Futures ETF		44,564,343			(21,523,129	)
Commodities Contracts	Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
		ProShares Ultra Bloomberg Crude Oil		(28,592,206	)		(41,338,039	)
		ProShares Ultra Bloomberg Natural Gas		(12,342,109	)		(84,894,683	)
		ProShares Ultra Gold		86,158,039			(61,456,710	)
		ProShares Ultra Silver		99,198,843			(73,501,501	)
		ProShares UltraShort Bloomberg Crude Oil		32,210,113			14,026,553
		ProShares UltraShort Bloomberg Natural Gas		124,600,984			80,953,188
		ProShares UltraShort Gold		5,846,099			5,933,528
		ProShares UltraShort Silver		(3,327,232	)		2,491,447
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		616,633			415,771
		ProShares Ultra Yen		1,428,203			2,283,730
		ProShares UltraShort Euro		(3,936,993	)		(1,538,631	)
		ProShares UltraShort Yen		(1,138,324	)		(710,709	)

		Combined Trust	$	406,060,567		$	(256,052,072	)

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The Effect of Derivative Instruments on the Statement of Operations

For the six months ended June 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	$	(17,634,848	)	$	13,401,093
		ProShares Ultra VIX Short-Term Futures ETF		155,966,636			(69,352,758	)
		ProShares VIX Mid-Term Futures ETF		5,434,182			(210,933	)
		ProShares VIX Short-Term Futures ETF		76,773,606			(14,535,040	)
Commodities Contracts	Net realized gain (loss) on futures contracts and swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and swap agreements
		ProShares Ultra Bloomberg Crude Oil		(13,075,345	)		(41,773,534	)
		ProShares Ultra Bloomberg Natural Gas		210,263,119			(127,006,905	)
		ProShares Ultra Gold		144,586,625			(5,410,106	)
		ProShares Ultra Silver		153,909,630			65,813,122
		ProShares UltraShort Bloomberg Crude Oil		41,144,012			17,511,380
		ProShares UltraShort Bloomberg Natural Gas		(97,226,728	)		66,356,953
		ProShares UltraShort Gold		2,403,495			1,607,812
		ProShares UltraShort Silver		(6,436,218	)		(2,560,601	)
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		777,150			610,648
		ProShares Ultra Yen		3,070,845			4,951,669
		ProShares UltraShort Euro		(5,567,946	)		(2,883,349	)
		ProShares UltraShort Yen		(1,297,018	)		(2,515,360	)

		Combined Trust:	$	653,091,197		$	(95,995,909	)

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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 June 30, 2026.

Fair Values of Derivative Instruments as of June 30, 2026


	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	$	391,156	$	—	$	391,156	$	75,696,856	$	—	$	75,696,856
ProShares Ultra Euro
Foreign currency forward contracts		576		—		576		126,416		—		126,416
ProShares Ultra Gold
Swap agreements		—		—		—		32,882,489		—		32,882,489
ProShares Ultra Silver
Swap agreements		2,869,644		—		2,869,644		132,065,295		—		132,065,295
ProShares Ultra Yen
Foreign currency forward contracts		7,708		—		7,708		958,033		—		958,033
ProShares UltraShort Euro
Foreign currency forward contracts		943,149		—		943,149		44,573		—		44,573
ProShares UltraShort Gold
Swap agreements		2,918,311		—		2,918,311		—		—		—
ProShares UltraShort Silver
Swap agreements		5,523,984		—		5,523,984		171,104		—		171,104
ProShares UltraShort Yen
Foreign currency forward contracts		913,771		—		913,771		5,836		—		5,836

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 2026. 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

Deri

vative Instruments”.

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Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2026
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.	$	(2,576,150	)	$	2,576,150		$	—	$	—
Goldman Sachs International		(32,233,988	)		32,233,988			—		—
Societe Generale		(40,886,718	)		40,886,718			—		—
UBS AG		391,156			(391,156	)		—		—
ProShares Ultra Euro
Goldman Sachs International		(50,228	)		50,228			—		—
UBS AG		(75,612	)		75,612			—		—
ProShares Ultra Gold
Citibank, N.A.		(20,923,069	)		20,923,069			—		—
Goldman Sachs International		(7,586,111	)		7,586,111			—		—
UBS AG		(4,373,309	)		4,373,309			—		—
ProShares Ultra Silver
Citibank, N.A.		(79,642,009	)		79,642,009			—		—
Goldman Sachs International		(26,627,453	)		26,627,453			—		—
Morgan Stanley & Co. International PLC		(25,795,833	)		25,795,833			—		—
UBS AG		2,869,644			—			—		2,869,644
ProShares Ultra Yen
Goldman Sachs International		(465,491	)		465,491			—		—
UBS AG		(484,834	)		484,834			—		—
ProShares UltraShort Euro
Goldman Sachs International		393,804			(393,804	)		—		—
UBS AG		504,772			(504,772	)		—		—
ProShares UltraShort Gold
Citibank, N.A.		2,015,547			(2,015,547	)		—		—
Goldman Sachs International		708,009			(708,009	)		—		—
UBS AG		194,755			(194,755	)		—		—
ProShares UltraShort Silver
Citibank, N.A.		939,462			(939,462	)		—		—
Goldman Sachs International		4,584,522			(4,584,522	)		—		—
UBS AG		(171,104	)		171,104			—		—
ProShares UltraShort Yen
Goldman Sachs International		465,583			(271,321	)		—		194,262
UBS AG		442,352			(291,607	)		—		150,745

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available

r offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2025:

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Fair Values of Derivative Instruments as of December 31, 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	$	—	$	—	$	—	$	11,151,121	$	—	$	11,151,121
ProShares Ultra Euro
Foreign currency forward contracts		62,719		—		62,719		29		—		29
ProShares Ultra Gold
Swap agreements		28,676,455		—		28,676,455		—		—		—
ProShares Ultra Silver
Swap agreements		313,913,258		—		313,913,258		—		—		—
ProShares Ultra Yen
Foreign currency forward contracts		1,161		—		1,161		1,183,809		—		1,183,809
ProShares UltraShort Euro
Foreign currency forward contracts		7,632		—		7,632		400,006		—		400,006
ProShares UltraShort Gold
Swap agreements		—		—		—		2,568,196		—		2,568,196
ProShares UltraShort Silver
Swap agreements		—		—		—		4,320,147		—		4,320,147
ProShares UltraShort Yen
Foreign currency forward contracts		955,069		—		955,069		110,834		—		110,834

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 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 December 31, 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.	$	(1,000,501	)	$	—		$	1,000,501	$	—
Goldman Sachs International		(4,341,571	)		—			4,341,571		—
Morgan Stanley & Co. International PLC		(1,318,911	)		1,318,911			—		—
Societe Generale		(3,285,599	)		—			3,285,599		—
UBS AG		(1,204,539	)		—			1,204,539		—
ProShares Ultra Euro
Goldman Sachs International		31,315			—			—		31,315
UBS AG		31,375			—			—		31,375
ProShares Ultra Gold
Citibank, N.A.		16,272,555			(16,272,555	)		—		—
Goldman Sachs International		2,924,937			(2,924,937	)		—		—
UBS AG		9,478,963			(9,478,963	)		—		—
ProShares Ultra Silver
Citibank, N.A.		149,280,584			(149,280,584	)		—		—
Goldman Sachs International		10,108,427			(10,108,427	)		—		—
Morgan Stanley & Co. International PLC		68,581,771			(68,581,771	)		—		—
UBS AG		85,942,476			(85,942,476	)		—		—
ProShares Ultra Yen
Goldman Sachs International		(582,024	)		—			582,024		—
UBS AG		(600,624	)		—			600,624		—
ProShares UltraShort Euro
Goldman Sachs International		(202,439	)		—			202,439		—
UBS AG		(189,935	)		—			189,935		—
ProShares UltraShort Gold
Citibank, N.A.		(1,863,184	)		—			1,863,184		—
Goldman Sachs International		(276,649	)		—			276,649		—
UBS AG		(428,363	)		—			428,363		—
ProShares UltraShort Silver
Citibank, N.A.		(1,454,002	)		—			1,454,002		—
Goldman Sachs International		(4,490,093	)		—			4,490,093		—
Morgan Stanley & Co. International PLC		(619,454	)		—			619,454		—
UBS AG		2,243,402			—			—		2,243,402
ProShares UltraShort Yen
Goldman Sachs International		435,346			(281,679	)		—		153,667
UBS AG		408,889			(302,661	)		—		106,228

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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.

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.

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NOTE 5 – INVESTMENTS IN AFFILIATES

Certain Funds may invest a portion of their cash balances in the ProShares GENIUS Money Market ETF (the “Affiliated Fund”), an affiliated exchange-traded fund for purposes of Section 2(a)(3) of the Investment Company Act of 1940. The Affiliated Fund is used primarily for cash management and liquidity. Income from the Affiliated Fund is presented as “Receivable for dividends from affiliates” in the Statements of Operations, with any related receivable included in “Dividends from affiliates receivable” in the Statements of Financial Condition. The Sponsor has reimbursed the costs for acquired fund fees and expenses related to management fees associated with each Fund’s investment in the Affiliated Fund. These reimbursements are included in Payment from Affiliate on the Statements of Operations. The following table summarizes each Fund’s investment activity in the Affiliated Fund for the three and six months ended 30 June, 2026.


	Value 3/31/2026		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 06/30/2026		Dividend Income
Investments in Affiliated Money Market Funds:
ProShares Short VIX Short-Term Futures ETF	$	60,042,000	$	15,022,500	$	—		$	(19,500	)	$	—		$	75,045,000	$	583,084
ProShares Ultra Bloomberg Crude Oil		230,138,000		—		(160,117,232	)		60,660			(32,428	)		70,049,000		1,114,675
ProShares Ultra Bloomberg Natural Gas		140,084,000		—		(40,026,588	)		40,000			(27,412	)		100,070,000		1,044,838
ProShares Ultra Gold		340,238,000		—		(160,102,202	)		(48,000	)		38,202			180,126,000		2,546,130
ProShares Ultra Silver		405,283,500		200,175,250		(325,262,299	)		(37,500	)		37,049			280,196,000		4,043,046
ProShares Ultra VIX Short-Term Futures ETF		105,073,500		70,065,500		(125,095,423	)		(4,800	)		(8,777	)		50,030,000		760,092
ProShares Ultra Yen		16,011,200		—		(5,003,897	)		(2,600	)		1,897			11,006,600		120,938
ProShares UltraShort Bloomberg Crude Oil		290,174,000		170,154,250		(160,144,701	)		98,000			(71,549	)		300,210,000		3,019,466
ProShares UltraShort Bloomberg Natural Gas		80,048,000		—		(35,023,778	)		(2,500	)		9,778			45,031,500		443,285
ProShares UltraShort Euro		10,007,000		—		—			(1,000	)		—			10,006,000		88,387
ProShares UltraShort Gold		25,017,500		15,013,500		(10,005,794	)		(1,000	)		(3,206	)		30,021,000		237,897
ProShares UltraShort Silver		10,007,000		30,027,700		(20,014,588	)		(1,450	)		(4,662	)		20,014,000		195,906
ProShares UltraShort Yen		7,004,900		—		—			(700	)		—			7,004,200		61,871
ProShares VIX Mid-Term Futures ETF		20,014,000		—		(5,005,397	)		(3,000	)		3,397			15,009,000		152,911
ProShares VIX Short-Term Futures ETF		70,049,000		30,038,000		(35,023,691	)		(19,250	)		(5,059	)		65,039,000		511,271

ProShares Trust II:	$	1,809,191,600	$	530,496,700	$	(1,080,825,590	)	$	57,360		$	(62,770	)	$	1,258,857,300	$	14,923,797


	Value 12/31/2025		Purchases at Cost		Proceeds from Sales			Change in Unrealized Appreciation (Depreciation)			Realized Gain (Loss)			Value 06/30/2026		Dividend Income
Investments in Affiliated Money Market Funds:
ProShares Short VIX Short-Term Futures ETF	$	—	$	85,050,500	$	(10,009,000	)	$	(1,500	)	$	5,000		$	75,045,000	$	790,653
ProShares Ultra Bloomberg Crude Oil		—		250,204,460		(180,127,232	)		21,000			(49,228	)		70,049,000		1,803,495
ProShares Ultra Bloomberg Natural Gas		—		140,103,500		(40,026,588	)		20,500			(27,412	)		100,070,000		1,478,171
ProShares Ultra Gold		—		520,242,150		(340,294,902	)		54,000			124,752			180,126,000		3,978,367
ProShares Ultra Silver		—		1,000,582,250		(720,634,299	)		84,000			164,049			280,196,000		5,973,753
ProShares Ultra VIX Short-Term Futures ETF		—		225,163,000		(175,146,223	)		10,000			3,223			50,030,000		1,098,093
ProShares Ultra Yen		—		16,006,400		(5,003,897	)		2,200			1,897			11,006,600		174,435
ProShares UltraShort Bloomberg Crude Oil		—		460,471,670		(160,144,701	)		(45,420	)		(71,549	)		300,210,000		3,700,898
ProShares UltraShort Bloomberg Natural Gas		—		140,056,000		(95,072,278	)		13,500			34,278			45,031,500		744,332
ProShares UltraShort Euro		—		10,004,000		—			2,000			—			10,006,000		121,823
ProShares UltraShort Gold		—		45,025,500		(15,009,544	)		6,500			(1,456	)		30,021,000		321,487
ProShares UltraShort Silver		—		140,109,950		(120,093,788	)		(1,950	)		(212	)		20,014,000		270,134
ProShares UltraShort Yen		—		7,002,800		—			1,400			—			7,004,200		85,276
ProShares VIX Mid-Term Futures ETF		—		20,008,000		(5,005,397	)		3,000			3,397			15,009,000		219,783
ProShares VIX Short-Term Futures ETF		—		110,070,000		(45,032,191	)		1,750			(559	)		65,039,000		758,638

ProShares Trust II:	$	—	$	3,170,100,180	$	(1,911,600,040	)	$	170,980		$	186,180		$	1,258,857,300	$	21,519,338

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NOTE 6 – 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.

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 incurred during the three and six months ended June 30, 2026 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		Six Months Ended
Fund	June 30, 2026		June 30, 2026
ProShares Short VIX Short-Term Futures ETF	$	18,162	$	39,173
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		362,382		693,874
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		7,244		16,909
ProShares VIX Short-Term Futures ETF		105,738		167,605

Combined Trust:	$	493,526	$	917,561

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NOTE 7 – FINANCIAL HIGHLIGHTS

Selected data for a Share outstanding throughout the three months ended June 30, 2026

For the Three Months Ended June 30, 2026 (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 March 31, 2026	$	45.78		$	38.79		$	32.06		$	12.70		$	60.57		$	117.67
Net investment income (loss)		0.23			0.27			0.11			0.08			0.37			0.70
Net realized and unrealized gain (loss)#		11.26			(6.54	)		(4.50	)		(0.41	)		(16.89	)		(49.72	)
Change in net asset value from operations		11.49			(6.27	)		(4.39	)		(0.33	)		(16.52	)		(49.02	)
Net asset value, at June 30, 2026	$	57.27		$	32.52		$	27.67		$	12.37		$	44.05		$	68.65
Market value per share, at March 31, 2026 †	$	45.80		$	39.30		$	32.24		$	12.72		$	61.46		$	119.51
Market value per share, at June 30, 2026 †	$	57.26		$	32.95		$	27.44		$	12.36		$	43.87		$	68.01
Total Return, at net asset value^		25.1	%		(16.2	)%		(13.7	)%		(2.6	)%		(27.3	)%		(41.7	)%
Total Return, at market value^		25.0	%		(16.2	)%		(14.9	)%		(2.8	)%		(28.6	)%		(43.1	)%
Ratios to Average Net Assets**
Expense ratio^^		1.15	%		1.00	%		1.42	%		0.95	%		0.96	%		0.97	%
Net investment income gain (loss)		1.77	%		2.50	%		1.65	%		2.49	%		2.59	%		2.54	%

*	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 June 30, 2026.

^^	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 June 30, 2026 (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 March 31, 2026	$	52.10		$	18.37		$	33.73		$	21.81		$	29.59		$	20.49
Net investment income (loss)		0.07			0.12			0.15			0.10			0.19			0.13
Net realized and unrealized gain (loss)#		(27.36	)		(1.16	)		1.60			0.55			0.88			6.26
Change in net asset value from operations		(27.29	)		(1.04	)		1.75			0.65			1.07			6.39
Net asset value, at June 30, 2026	$	24.81		$	17.33		$	35.48		$	22.46		$	30.66		$	26.88
Market value per share, at March 31, 2026 †	$	52.30		$	18.38		$	33.28		$	21.71		$	29.60		$	20.18
Market value per share, at June 30, 2026 †	$	24.89		$	17.38		$	35.02		$	22.65		$	30.62		$	26.98
Total Return, at net asset value^		(52.4	)%		(5.7	)%		5.2	%		3.0	%		3.6	%		31.2	%
Total Return, at market value^		(52.4	)%		(5.4	)%		5.2	%		4.3	%		3.4	%		33.7	%
Ratios to Average Net Assets**
Expense ratio^^		1.73	%		0.95	%		1.11	%		1.51	%		0.95	%		0.97	%
Net investment income gain (loss)		0.85	%		2.60	%		2.07	%		1.60	%		2.58	%		2.47	%

*	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 June 30, 2026.

^^	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 June 30, 2026 (unaudited)


Per Share Operating Performance	UltraShort Silver			UltraShort Yen			VIX Mid- Term Futures ETF			VIX Short- Term Futures ETF
Net asset value, at March 31, 2026	$	22.87		$	53.03		$	17.21		$	34.28
Net investment income (loss)		0.13			0.34			0.09			0.11
Net realized and unrealized gain (loss)#		7.50			3.33			(2.97	)		(13.12	)
Change in net asset value from operations		7.63			3.67			(2.88	)		(13.01	)
Net asset value, at June 30, 2026	$	30.50		$	56.70		$	14.33		$	21.27
Market value per share, at March 31, 2026 †	$	22.51		$	52.98		$	17.15		$	34.35
Market value per share, at June 30, 2026 †	$	30.79		$	56.62		$	14.35		$	21.29
Total Return, at net asset value^		33.4	%		6.9	%		(16.7	)%		(38.0	)%
Total Return, at market value^		36.8	%		6.9	%		(16.3	)%		(38.0	)%
Ratios to Average Net Assets**
Expense ratio^^		0.99	%		0.95	%		0.95	%		1.14	%
Net investment income gain (loss)		2.38	%		2.55	%		2.23	%		1.74	%

**	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 June 30, 2026.

^^	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 June 30, 2025

For the Three Months Ended June 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 March 31, 2025	$	45.79		$	27.13		$	170.57		$	11.36		$	32.04		$	45.74
Net investment income (loss)		0.23			0.12			0.61			0.08			0.27			0.31
Net realized and unrealized gain (loss)#		(3.40	)		(4.76	)		(78.49	)		1.96			2.09			1.02
Change in net asset value from operations		(3.17	)		(4.64	)		(77.88	)		2.04			2.36			1.33
Net asset value, at June 30, 2025	$	42.62		$	22.49		$	92.69		$	13.40		$	34.40		$	47.07
Market value per share, at March 31, 2025 †	$	45.76		$	27.06		$	171.52		$	11.38		$	32.18		$	46.16
Market value per share, at June 30, 2025 †	$	42.60		$	22.41		$	92.16		$	13.37		$	34.66		$	47.49
Total Return, at net asset value^		(6.9	)%		(17.1	)%		(45.7	)%		17.9	%		7.4	%		2.9	%
Total Return, at market value^		(6.9	)%		(17.2	)%		(46.3	)%		17.5	%		7.7	%		2.9	%
Ratios to Average Net Assets**
Expense ratio^^		1.18	%		1.01	%		1.48	%		0.95	%		0.97	%		0.99	%
Net investment income gain (loss)		2.40	%		2.22	%		2.12	%		2.65	%		3.09	%		2.91	%

*	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 June 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 June 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 March 31, 2025	$	117.22		$	21.90		$	66.95		$	19.70		$	32.30		$	50.89
Net investment income (loss)		0.36			0.15			0.50			0.14			0.20			0.27
Net realized and unrealized gain (loss)#		(24.11	)		1.27			4.65			5.60			(5.05	)		(6.27	)
Change in net asset value from operations		(23.75	)		1.42			5.15			5.74			(4.85	)		(6.00	)
Net asset value, at June 30, 2025	$	93.47		$	23.32		$	72.10		$	25.44		$	27.45		$	44.89
Market value per share, at March 31, 2025 †	$	117.15		$	21.89		$	67.04		$	19.57		$	32.27		$	50.68
Market value per share, at June 30, 2025 †	$	93.75		$	23.23		$	72.24		$	25.61		$	27.48		$	44.52
Total Return, at net asset value^		(20.3	)%		6.5	%		7.7	%		29.2	%		(15.0	)%		(11.8	)%
Total Return, at market value^		(20.0	)%		6.1	%		7.8	%		30.9	%		(14.8	)%		(12.2	)%
Ratios to Average Net Assets**
Expense ratio^^		1.73	%		0.95	%		1.15	%		1.49	%		0.95	%		1.00	%
Net investment income gain (loss)		1.21	%		2.64	%		2.65	%		2.34	%		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 June 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 June 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 March 31, 2025	$	296.04		$	44.29		$	15.84		$	50.29
Net investment income (loss)		1.43			0.29			0.12			0.32
Net realized and unrealized gain (loss)#		(37.14	)		(3.23	)		0.77			(3.82	)
Change in net asset value from operations		(35.71	)		(2.94	)		0.89			(3.50	)
Net asset value, at June 30, 2025	$	260.33		$	41.35		$	16.73		$	46.79
Market value per share, at March 31, 2025 †	$	293.30		$	44.30		$	15.85		$	50.26
Market value per share, at June 30, 2025 †	$	258.10		$	41.38		$	16.76		$	46.88
Total Return, at net asset value^		(12.1	)%		(6.6	)%		5.6	%		(7.0	)%
Total Return, at market value^		(12.0	)%		(6.6	)%		5.7	%		(6.7	)%
Ratios to Average Net Assets**
Expense ratio^^		1.03	%		0.95	%		0.99	%		1.26	%
Net investment income gain (loss)		1.93	%		2.78	%		2.74	%		2.27	%

*	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 June 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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elected Data for a Share Outstanding Throughout the six months Ended June

30, 2026

For the Six Months Ended June 30, 2026 (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, 2025	$	55.48		$	19.30		$	45.10		$	13.17		$	55.91		$	155.95
Net investment income (loss)		0.44			0.29			0.26			0.15			0.72			1.36
Net realized and unrealized gain (loss)#		1.35			12.93			(17.69	)		(0.95	)		(12.58	)		(88.66	)
Change in net asset value from operations		1.79			13.22			(17.43	)		(0.80	)		(11.86	)		(87.30	)
Net asset value, at June 30, 2026	$	57.27		$	32.52		$	27.67		$	12.37		$	44.05		$	68.65
Market value per share, at December 31, 2025 †	$	55.38		$	19.32		$	45.80		$	13.16		$	55.52		$	155.12
Market value per share, at June 30, 2026 †	$	57.26		$	32.95		$	27.44		$	12.36		$	43.87		$	68.01
Total Return, at net asset value^		3.2	%		68.5	%		(38.6	)%		(6.1	)%		(21.2	)%		(56.0	)%
Total Return, at market value^		3.4	%		70.5	%		(40.1	)%		(6.1	)%		(21.0	)%		(56.2	)%
Ratios to Average Net Assets**
Expense ratio^^		1.16	%		1.02	%		1.39	%		0.95	%		0.96	%		0.97	%
Net investment income gain (loss)		1.69	%		1.80	%		1.60	%		2.26	%		2.31	%		1.95	%

*	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 June 30, 2026.

^^	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 Six Months Ended June 30, 2026 (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, 2025	$	35.86		$	19.08		$	78.56		$	35.79		$	28.40		$	25.98
Net investment income (loss)		0.15			0.21			0.31			0.14			0.33			0.22
Net realized and unrealized gain (loss)#		(11.20	)		(1.96	)		(43.39	)		(13.47	)		1.93			0.68
Change in net asset value from operations		(11.05	)		(1.75	)		(43.08	)		(13.33	)		2.26			0.90
Net asset value, at June 30, 2026	$	24.81		$	17.33		$	35.48		$	22.46		$	30.66		$	26.88
Market value per share, at December 31, 2025 †	$	35.93		$	19.06		$	78.44		$	35.27		$	28.33		$	26.15
Market value per share, at June 30, 2026 †	$	24.89		$	17.38		$	35.02		$	22.65		$	30.62		$	26.98
Total Return, at net asset value^		(30.8	)%		(9.2	)%		(54.8	)%		(37.2	)%		8.0	%		3.5	%
Total Return, at market value^		(30.7	)%		(8.8	)%		(55.4	)%		(35.8	)%		8.1	%		3.2	%
Ratios to Average Net Assets**
Expense ratio^^		1.73	%		0.95	%		1.11	%		1.61	%		0.95	%		0.97	%
Net investment income gain (loss)		0.85	%		2.29	%		2.03	%		1.29	%		2.31	%		2.15	%

*	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 June 30, 2026.

^^	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 Six Months Ended June 30, 2026 (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, 2025	$	53.23		$	50.94		$	15.24		$	25.73
Net investment income (loss)		0.19			0.60			0.17			0.24
Net realized and unrealized gain (loss)#		(22.92	)		5.16			(1.08	)		(4.70	)
Change in net asset value from operations		(22.73	)		5.76			(0.91	)		(4.46	)
Net asset value, at June 30, 2026	$	30.50		$	56.70		$	14.33		$	21.27
Market value per share, at December 31, 2025 †	$	53.40		$	50.90		$	15.27		$	25.64
Market value per share, at June 30, 2026 †	$	30.79		$	56.62		$	14.35		$	21.29
Total Return, at net asset value^		(42.7	)%		11.3	%		(6.0	)%		(17.3	)%
Total Return, at market value^		(42.3	)%		11.2	%		(6.0	)%		(17.0	)%
Ratios to Average Net Assets**
Expense ratio^^		1.00	%		0.95	%		0.96	%		1.10	%
Net investment income gain (loss)		1.67	%		2.30	%		2.12	%		1.77	%

**	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 June 30, 2026.

^^	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 six months Ended June 30, 2025

For the Six Months Ended June 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		$	109.67		$	10.46		$	23.36		$	33.56
Net investment income (loss)		0.51			0.28			1.46			0.16			0.48			0.59
Net realized and unrealized gain (loss)#		(7.92	)		(5.28	)		(18.44	)		2.78			10.56			12.92
Change in net asset value from operations		(7.41	)		(5.00	)		(16.98	)		2.94			11.04			13.51
Net asset value, at June 30, 2025	$	42.62		$	22.49		$	92.69		$	13.40		$	34.40		$	47.07
Market value per share, at December 31, 2024 †	$	50.06		$	27.50		$	111.64		$	10.45		$	23.37		$	33.67
Market value per share, at June 30, 2025 †	$	42.60		$	22.41		$	92.16		$	13.37		$	34.66		$	47.49
Total Return, at net asset value^		(14.8	)%		(18.2	)%		(15.5	)%		28.1	%		47.2	%		40.2	%
Total Return, at market value^		(14.9	)%		(18.5	)%		(17.5	)%		27.9	%		48.3	%		41.1	%
Ratios to Average Net Assets**
Expense ratio^^		1.19	%		1.00	%		1.47	%		0.95	%		0.97	%		0.98	%
Net investment income gain (loss)		2.43	%		2.34	%		2.31	%		2.67	%		3.11	%		2.85	%

*	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 June 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 Six Months Ended June 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	$	103.86		$	20.23		$	67.73		$	43.61		$	34.91		$	70.22
Net investment income (loss)		0.66			0.30			0.95			0.29			0.43			0.58
Net realized and unrealized gain (loss)#		(11.05	)		2.79			3.42			(18.46	)		(7.89	)		(25.91	)
Change in net asset value from operations		(10.39	)		3.09			4.37			(18.17	)		(7.46	)		(25.33	)
Net asset value, at June 30, 2025	$	93.47		$	23.32		$	72.10		$	25.44		$	27.45		$	44.89
Market value per share, at December 31, 2024 †	$	103.60		$	20.35		$	67.68		$	42.74		$	34.92		$	70.32
Market value per share, at June 30, 2025 †	$	93.75		$	23.23		$	72.24		$	25.61		$	27.48		$	44.52
Total Return, at net asset value^		(10.0	)%		15.3	%		6.5	%		(41.7	)%		(21.4	)%		(36.1	)%
Total Return, at market value^		(9.5	)%		14.2	%		6.7	%		(40.1	)%		(21.3	)%		(36.7	)%
Ratios to Average Net Assets**
Expense ratio^^		1.89	%		0.95	%		1.10	%		1.46	%		0.95	%		0.99	%
Net investment income gain (loss)		1.21	%		2.67	%		2.71	%		2.40	%		2.71	%		2.43	%

*	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 June 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 Six Months Ended June 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	$	423.96		$	47.66		$	14.51		$	45.05
Net investment income (loss)		2.89			0.59			0.21			0.55
Net realized and unrealized gain (loss)#		(166.52	)		(6.90	)		2.01			1.19
Change in net asset value from operations		(163.63	)		(6.31	)		2.22			1.74
Net asset value, at June 30, 2025	$	260.33		$	41.35		$	16.73		$	46.79
Market value per share, at December 31, 2024 †	$	420.00		$	46.68		$	14.46		$	45.02
Market value per share, at June 30, 2025 †	$	258.10		$	41.38		$	16.76		$	46.88
Total Return, at net asset value^		(38.6	)%		(13.2	)%		15.3	%		3.9	%
Total Return, at market value^		(38.6	)%		(11.4	)%		15.9	%		4.1	%
Ratios to Average Net Assets**
Expense ratio^^		1.02	%		0.95	%		1.03	%		1.34	%
Net investment income gain (loss)		1.84	%		2.76	%		2.70	%		2.24	%

*	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 June 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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NOTE 8 –

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).

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

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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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Table of Contents

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 9 – SUBSEQUENT EVENTS

Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued. Management has determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date.

F-127

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, 2025 and in this Quarterly Report on Form 10-Q for the period ended June 30, 2026, 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.

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.

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 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.

On November 4, 2025, the Trust issued a press release announcing a reverse share split on ProShares Ultra VIX Short-Term Futures and ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares and ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on November 20, 2025, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y680 for UVXY), (74347Y698 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On February 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares UltraShort Silver. The Reverse Split did not change the value of a shareholder’s investment. ProShares UltraShort Silver executed a 1:10 Reverse Split of its shares. The Reverse Split was effective at the market open on February 26, 2026, when the Fund began trading at its post-Reverse Split price. ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y672 for ZSL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On May 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares Ultra Bloomberg Natural Gas and ProShares UltraShort Bloomberg Crude Oil. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Bloomberg Natural Gas executed a 1:2 Reverse Split of its shares and ProShares UltraShort Bloomberg Crude Oil executed a 1:4 Reverse Split of its shares. The Reverse Split was effective at the market open on May 28, 2026, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y664 for BOIL), (74347Y656 for SCO). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

* See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K.

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, exchange traded 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 six months ended June 30, 2026 and 2025, each of the Funds earned interest income as follows:


Fund	Interest Income Three Months Ended June 30, 2026		Interest Income Three Months Ended June 30, 2025		Interest Income Six Months Ended June 30, 2026		Interest Income Six Months Ended June 30, 2025
ProShares Short VIX Short-Term Futures ETF	$	1,082,679	$	3,664,726	$	2,304,724	$	5,820,643
ProShares Ultra Bloomberg Crude Oil		2,632,705		3,240,612		4,551,207		6,745,716
ProShares Ultra Bloomberg Natural Gas		2,019,001		2,079,577		4,792,683		4,980,630
ProShares Ultra Euro		47,346		68,572		94,187		114,044
ProShares Ultra Gold		5,227,533		5,119,975		13,317,296		8,858,522
ProShares Ultra Silver		11,530,778		6,095,350		26,100,001		12,115,255
ProShares Ultra VIX Short-Term Futures ETF		1,737,367		2,804,863		3,712,951		5,692,389
ProShares Ultra Yen		219,316		580,313		519,892		1,108,434
ProShares UltraShort Bloomberg Crude Oil		6,034,097		1,176,354		7,365,892		3,111,177
ProShares UltraShort Bloomberg Natural Gas		811,304		3,919,799		2,624,020		8,363,249
ProShares UltraShort Euro		241,908		303,400		462,021		651,455
ProShares UltraShort Gold		689,377		712,768		1,259,553		925,475
ProShares UltraShort Silver		913,905		227,082		2,165,937		404,937
ProShares UltraShort Yen		204,564		208,788		415,903		417,761
ProShares VIX Mid-Term Futures ETF		263,794		216,994		656,606		498,093
ProShares VIX Short-Term Futures ETF		1,081,522		1,189,233		2,406,551		2,751,531

During the three and six months ended June 30, 2026 and June 30, 2025, each of the Funds earned dividend income from affiliated investments as follows:


Fund	Dividend Income Three Months Ended June 30, 2026		Dividend Income Three Months Ended June 30, 2025		Dividend Income Six Months Ended June 30, 2026		Dividend Income Six Months Ended June 30, 2025
ProShares Short VIX Short-Term Futures ETF	$	583,084	$	—	$	790,653	$	—
ProShares Ultra Bloomberg Crude Oil		1,114,675		—		1,803,495		—
ProShares Ultra Bloomberg Natural Gas		1,044,838		—		1,478,171		—
ProShares Ultra Gold		2,546,130		—		3,978,367		—
ProShares Ultra Silver		4,043,046		—		5,973,753		—
ProShares Ultra VIX Short-Term Futures ETF		760,092		—		1,098,093		—
ProShares Ultra Yen		120,938		—		174,435		—
ProShares UltraShort Bloomberg Crude Oil		3,019,466		—		3,700,898		—
ProShares UltraShort Bloomberg Natural Gas		443,285		—		744,332		—
ProShares UltraShort Euro		88,387		—		121,823		—
ProShares UltraShort Gold		237,897		—		321,487		—
ProShares UltraShort Silver		195,906		—		270,134		—
ProShares UltraShort Yen		61,871		—		85,276		—
ProShares VIX Mid-Term Futures ETF		152,911		—		219,783		—
ProShares VIX Short-Term Futures ETF		511,271		—		758,638		—

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 August 5, 2026, 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.

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 June 30, 2026.

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.

Exchange traded funds are generally valued at the closing price, if available, or at the last sale price.

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.

Investment transactions are recorded on the trade date. Gains or losses realized on sales of securities are determined using the specific identification method.

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 June 30, 2026 Compared to the Three Months Ended June 30, 2025

ProShares Short VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	183,969,223		$	232,107,856
NAV end of period	$	221,547,242		$	279,925,400
Percentage change in NAV		20.4	%		20.6	%
Shares outstanding beginning of period		4,018,614			5,068,614
Shares outstanding end of period		3,868,614			6,568,614
Percentage change in shares outstanding		(3.7	)%		29.6	%
Shares created		500,000			16,400,000
Shares redeemed		650,000			14,900,000
Per share NAV beginning of period	$	45.78		$	45.79
Per share NAV end of period	$	57.27		$	42.62
Percentage change in per share NAV		25.1	%		(6.9	)%
Percentage change in benchmark		(37.6	)%		(6.5	)%
Benchmark annualized volatility		45.9	%		114.0	%

During the three months ended June 30, 2026, 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 one-half the inverse (-0.5x) of 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 4,018,614 outstanding Shares at March 31, 2026 to 3,868,614 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,068,614 outstanding Shares at March 31, 2025 to 6,568,614 outstanding Shares at June 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-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended June 30, 2026 and 2025, 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 25.1% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 6.9% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
Net investment income (loss)	$	1,008,388	$	2,458,621
Management fee		541,259		973,113
Brokerage commission		99,757		205,533
Futures account fees		16,359		27,459
Net realized gain (loss)		32,421,061		2,460
Change in net unrealized appreciation (depreciation)		15,210,500		13,637,223
Net Income (loss)	$	48,639,949	$	16,098,304

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of futures prices during the three months ended June 30, 2026.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	602,898,547		$	432,463,827
NAV end of period	$	311,964,113		$	420,493,513
Percentage change in NAV		(48.3	)%		(2.8	)%
Shares outstanding beginning of period		15,543,096			15,943,096
Shares outstanding end of period		9,593,096			18,693,096
Percentage change in shares outstanding		(38.3	)%		17.2	%
Shares created		8,000,000			9,200,000
Shares redeemed		13,950,000			6,450,000
Per share NAV beginning of period	$	38.79		$	27.13
Per share NAV end of period	$	32.52		$	22.49
Percentage change in per share NAV		(16.2	)%		(17.1	)%
Percentage change in benchmark		(7.1	)%		(7.7	)%
Benchmark annualized volatility		37.4	%		35.6	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,543,096 outstanding Shares at March 31, 2026 to 9,593,096 outstanding Shares at June 30, 2026. 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 Bloomberg Commodity Balanced WTI Crude Oil Index^SM. By comparison, during the three months ended June 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 IndexSM. The decrease in the Fund’s NAV was offset by an increase from 15,943,096 outstanding Shares at March 31, 2025 to 18,693,096 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, 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 16.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 17.1% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 7.1% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 7.7% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of WTI Crude Oil during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	2,674,827		$	2,227,570
Management fee		1,016,255			951,694
Brokerage commission		56,298			61,348
Net realized gain (loss)		145,524,039			(28,591,884	)
Change in net unrealized appreciation (depreciation)		(187,941,169	)		(41,335,786	)
Net Income (loss)	$	(39,742,303	)	$	(67,700,100	)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of WTI Crude Oil during the three months ended June 30, 2026.

ProShares Ultra Bloomberg Natural Gas*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	378,628,694		$	232,237,503
NAV end of period	$	307,407,986		$	334,757,794
Percentage change in NAV		(18.8	)%		44.1	%
Shares outstanding beginning of period		11,811,524			1,361,524
Shares outstanding end of period		11,111,144			3,611,524
Percentage change in shares outstanding		(5.9	)%		165.3	%
Shares created		18,475,000			6,575,000
Shares redeemed		19,175,380			4,325,000
Per share NAV beginning of period	$	32.06		$	170.57
Per share NAV end of period	$	27.67		$	92.69
Percentage change in per share NAV		(13.7	)%		(45.7	)%
Percentage change in benchmark		(4.9	)%		(22.2	)%
Benchmark annualized volatility		36.0	%		60.7	%

During the three months ended June 30, 2026, 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 also resulted in part from a decrease from 11,811,524 outstanding Shares at March 31, 2026 to 11,111,144 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,361,524 outstanding Shares at March 31, 2025 to 3,611,524 outstanding Shares at June 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.

For the three months ended June 30, 2026 and 2025, 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 13.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 45.7% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 4.9% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 22.2% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	1,644,562		$	1,224,122
Management fee		948,756			548,526
Brokerage commission		439,496			288,858
Futures account fees		31,025			18,071
Net realized gain (loss)		(57,377,925	)		(12,342,333	)
Change in net unrealized appreciation (depreciation)		31,159,508			(84,894,992	)
Net Income (loss)	$	(24,573,855	)	$	(96,013,203	)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2026.

*	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 Ultra Bloomberg Natural Gas.

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	6,347,565		$	5,111,473
NAV end of period	$	4,949,960		$	8,708,069
Percentage change in NAV		(22.0	)%		70.4	%
Shares outstanding beginning of period		500,000			450,000
Shares outstanding end of period		400,000			650,000
Percentage change in shares outstanding		(20.0	)%		44.4	%
Shares created		—			200,000
Shares redeemed		100,000			—
Per share NAV beginning of period	$	12.70		$	11.36
Per share NAV end of period	$	12.37		$	13.40
Percentage change in per share NAV		(2.6	)%		17.9	%
Percentage change in benchmark		(1.1	)%		8.9	%
Benchmark annualized volatility		5.1	%		10.2	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at March 31, 2026 to 400,000 outstanding Shares at June 30, 2026. 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 June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at March 31, 2025 to 650,000 outstanding Shares at June 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 (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended June 30, 2026 and 2025, 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 2.6% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 17.9% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 1.1% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 8.9% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	34,285		$	50,493
Management fee		13,061			18,079
Net realized gain (loss)		(45,142	)		616,633
Change in net unrealized appreciation (depreciation)		(78,046	)		415,771
Net Income (loss)	$	(88,903	)	$	1,082,897

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended June 30, 2026.

ProShares Ultra Gold

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	1,053,863,221		$	480,619,425
NAV end of period	$	640,891,713		$	485,005,243
Percentage change in NAV		(39.2	)%		0.9	%
Shares outstanding beginning of period		17,400,000			15,000,000
Shares outstanding end of period		14,550,000			14,100,000
Percentage change in shares outstanding		(16.4	)%		(6.0	)%
Shares created		3,450,000			7,250,000
Shares redeemed		6,300,000			8,150,000
Per share NAV beginning of period	$	60.57		$	32.04
Per share NAV end of period	$	44.05		$	34.40
Percentage change in per share NAV		(27.3	)%		7.4	%
Percentage change in benchmark		(13.5	)%		5.2	%
Benchmark annualized volatility		24.3	%		26.3	%

During the three months ended June 30, 2026, 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 Gold Subindex^SM. The decrease in the Fund’s NAV also resulted in part from a decrease from 17,400,000 outstanding Shares at March 31, 2026 to 14,550,000 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 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 was offset by a decrease from 15,000,000 outstanding Shares at March 31, 2025 to 14,100,000 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, 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 27.3% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 13.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 5.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	5,670,440		$	3,895,862
Management fee		2,080,734			1,197,578
Brokerage commission		22,489			26,535
Net realized gain (loss)		(236,731,105	)		86,158,116
Change in net unrealized appreciation (depreciation)		(6,380,474	)		(61,454,302	)
Net Income (loss)	$	(237,441,139	)	$	28,599,676

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	1,852,945,623		$	717,992,459
NAV end of period	$	1,269,873,944		$	708,196,011
Percentage change in NAV		(31.5	)%		(1.4	)%
Shares outstanding beginning of period		15,746,526			15,696,526
Shares outstanding end of period		18,496,526			15,046,526
Percentage change in shares outstanding		17.5	%		(4.1	)%
Shares created		7,600,000			5,000,000
Shares redeemed		4,850,000			5,650,000
Per share NAV beginning of period	$	117.67		$	45.74
Per share NAV end of period	$	68.65		$	47.07
Percentage change in per share NAV		(41.7	)%		2.9	%
Percentage change in benchmark		(20.5	)%		3.7	%
Benchmark annualized volatility		51.4	%		33.6	%

During the three months ended June 30, 2026, 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 Silver Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 15,746,526 outstanding Shares at March 31, 2026 to 18,496,526 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,696,526 outstanding Shares at March 31, 2025 to 15,046,526 outstanding Shares at June 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 (2x) the daily performance of the Bloomberg Silver Subindex^SM.

For the three months ended June 30, 2026 and 2025, 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 41.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 20.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 3.7% for the three months ended June 30, 2025, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	11,276,436		$	4,551,855
Management fee		4,220,154			1,485,223
Brokerage commission		77,234			58,272
Net realized gain (loss)		(612,192,543	)		99,198,831
Change in net unrealized appreciation (depreciation)		(198,181,181	)		(73,497,185	)
Net Income (loss)	$	(799,097,288	)	$	30,253,501

ProShares Ultra VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	295,275,255		$	323,381,943
NAV end of period	$	247,336,088		$	579,408,908
Percentage change in NAV		(16.2	)%		79.2	%
Shares outstanding beginning of period		5,667,347			2,758,729
Shares outstanding end of period		9,967,347			6,198,729
Percentage change in shares outstanding		75.9	%		124.7	%
Shares created		19,350,000			7,870,000
Shares redeemed		15,050,000			4,430,000
Per share NAV beginning of period	$	52.10		$	117.22
Per share NAV end of period	$	24.81		$	93.47
Percentage change in per share NAV		(52.4	)%		(20.3	)%
Percentage change in benchmark		(37.6	)%		(6.5	)%
Benchmark annualized volatility		45.9	%		114.0	%

During the three months ended June 30, 2026, 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 5,667,347 outstanding Shares at March 31, 2026 to 9,967,347 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,758,729 outstanding Shares at March 31, 2025 to 6,198,729 outstanding Shares at June 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.

For the three months ended June 30, 2026 and 2025, 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 52.4% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 20.3% for the three months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	824,272		$	1,151,011
Management fee		919,269			906,425
Brokerage commission		644,706			621,171
Futures account fees		109,212			126,256
Net realized gain (loss)		(192,467,810	)		56,043,330
Change in net unrealized appreciation (depreciation)		(56,863,823	)		(88,992,737	)
Net Income (loss)	$	(248,507,361	)	$	(31,798,396	)

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of futures prices, during the three months ended June 30, 2026.

*	See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.

ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	45,015,244		$	61,327,343
NAV end of period	$	31,186,126		$	66,461,439
Percentage change in NAV		(30.7	)%		8.4	%
Shares outstanding beginning of period		2,449,970			2,799,970
Shares outstanding end of period		1,799,970			2,849,970
Percentage change in shares outstanding		(26.5	)%		1.8	%
Shares created		—			350,000
Shares redeemed		650,000			300,000
Per share NAV beginning of period	$	18.37		$	21.90
Per share NAV end of period	$	17.33		$	23.32
Percentage change in per share NAV		(5.7	)%		6.5	%
Percentage change in benchmark		(2.4	)%		4.2	%
Benchmark annualized volatility		6.6	%		13.7	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,449,970 outstanding Shares at March 31, 2026 to 1,799,970 outstanding Shares at June 30, 2026. 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 June 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 Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV also resulted in part from an increase from 2,799,970 outstanding Shares at March 31, 2025 to 2,849,970 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, 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 5.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 6.5% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 2.4% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 4.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	249,161		$	426,548
Management fee		91,093			153,765
Net realized gain (loss)		(1,505,101	)		1,428,203
Change in net unrealized appreciation (depreciation)		(699,201	)		2,283,730
Net Income (loss)	$	(1,955,141	)	$	4,138,481

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended June 30, 2026.

ProShares UltraShort Bloomberg Crude Oil*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	989,256,741		$	179,185,227
NAV end of period	$	882,038,817		$	135,277,470
Percentage change in NAV		(10.8	)%		(24.5	)%
Shares outstanding beginning of period		29,326,305			2,676,305
Shares outstanding end of period		24,863,302			1,876,305
Percentage change in shares outstanding		(15.2	)%		(29.9	)%
Shares created		44,587,500			2,475,000
Shares redeemed		49,050,503			3,275,000
Per share NAV beginning of period	$	33.73		$	66.95
Per share NAV end of period	$	35.48		$	72.10
Percentage change in per share NAV		5.2	%		7.7	%
Percentage change in benchmark		(7.1	)%		(7.7	)%
Benchmark annualized volatility		37.4	%		35.6	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,326,305 outstanding Shares at March 31, 2026 to 24,863,302 outstanding Shares at June 30, 2026. 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 three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,676,305 outstanding Shares at March 31, 2025 to 1,876,305 outstanding Shares at June 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.

For the three months ended June 30, 2026 and 2025, 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 5.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 7.7% for the three months ended June 30, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	5,902,089		$	819,688
Management fee		2,707,032			294,244
Brokerage commission		444,442			62,422
Net realized gain (loss)		(233,392,515	)		32,209,630
Change in net unrealized appreciation (depreciation)		329,969,647			14,026,830
Net Income (loss)	$	102,479,221		$	47,056,148

*	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 Bloomberg Crude Oil.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	206,828,508		$	573,853,468
NAV end of period	$	139,983,262		$	283,266,637
Percentage change in NAV		(32.3	)%		(50.6	)%
Shares outstanding beginning of period		9,483,712			29,133,712
Shares outstanding end of period		6,233,712			11,133,712
Percentage change in shares outstanding		(34.3	)%		(61.8	)%
Shares created		12,000,000			18,750,000
Shares redeemed		15,250,000			36,750,000
Per share NAV beginning of period	$	21.81		$	19.70
Per share NAV end of period	$	22.46		$	25.44
Percentage change in per share NAV		3.0	%		29.2	%
Percentage change in benchmark		(4.9	)%		(22.2	)%
Benchmark annualized volatility		36.0	%		60.7	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,483,712 outstanding Shares at March 31, 2026 to 6,233,712 outstanding Shares at June 30, 2026. 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 June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,133,712 outstanding Shares at March 31, 2025 to 11,133,712 outstanding Shares at June 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.

For the three months ended June 30, 2026 and 2025, 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 3.0% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 29.2% for the three months ended June 30, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	645,094		$	2,395,490
Management fee		383,335			972,550
Brokerage commission		216,918			525,062
Futures account fees		9,242			26,697
Net realized gain (loss)		69,531,049			124,592,646
Change in net unrealized appreciation (depreciation)		(41,475,060	)		80,955,495
Net Income (loss)	$	28,701,083		$	207,943,631

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the three months ended June 30, 2026.

ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	36,987,692		$	33,912,850
NAV end of period	$	35,262,937		$	31,567,012
Percentage change in NAV		(4.7	)%		(6.9	)%
Shares outstanding beginning of period		1,250,000			1,050,000
Shares outstanding end of period		1,150,000			1,150,000
Percentage change in shares outstanding		(8.0	)%		9.5	%
Shares created		400,000			300,000
Shares redeemed		500,000			200,000
Per share NAV beginning of period	$	29.59		$	32.30
Per share NAV end of period	$	30.66		$	27.45
Percentage change in per share NAV		3.6	%		(15.0	)%
Percentage change in benchmark		(1.1	)%		8.9	%
Benchmark annualized volatility		5.1	%		10.2	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at March 31, 2026 to 1,150,000 outstanding Shares at June 30, 2026. 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. By comparison, during the three months ended June 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. The decrease in the Fund’s NAV was offset by an increase from 1,050,000 outstanding Shares at March 31, 2025 to 1,150,000 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, 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 3.6% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 15.0% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
Net investment income (loss)	$	241,511	$	224,338
Management fee		88,784		79,062
Net realized gain (loss)		276,107		(3,936,874	)
Change in net unrealized appreciation (depreciation)		686,886		(1,538,631	)
Net Income (loss)	$	1,204,504	$	(5,251,167	)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended June 30, 2026.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	118,571,176		$	45,122,935
NAV end of period	$	111,193,073		$	76,838,176
Percentage change in NAV		(6.2	)%		70.3	%
Shares outstanding beginning of period		5,786,631			886,745
Shares outstanding end of period		4,136,631			1,711,711
Percentage change in shares outstanding		(28.5	)%		93.0	%
Shares created		2,200,000			6,100,000
Shares redeemed		3,850,000			5,275,034
Per share NAV beginning of period	$	20.49		$	50.89
Per share NAV end of period	$	26.88		$	44.89
Percentage change in per share NAV		31.2	%		(11.8	)%
Percentage change in benchmark		(13.5	)%		5.2	%
Benchmark annualized volatility		24.3	%		26.3	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,786,631 outstanding Shares at March 31, 2026 to 4,136,631 outstanding Shares at June 30, 2026. 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 Gold Subindex^SM. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 886,745 outstanding Shares at March 31, 2025 to 1,711,711 outstanding Shares at June 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) the daily performance of the Bloomberg Gold Subindex^SM.

For the three months ended June 30, 2026 and 2025, 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 31.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 11.8% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
Net investment income (loss)	$	665,962	$	504,356
Management fee		256,484		198,669
Brokerage commission		4,828		9,743
Net realized gain (loss)		18,754,588		5,846,099
Change in net unrealized appreciation (depreciation)		8,062,621		5,933,528
Net Income (loss)	$	27,483,171	$	12,283,983

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the three months ended June 30, 2026.

*	See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 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 June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	141,592,802		$	32,867,619
NAV end of period	$	91,231,174		$	35,410,975
Percentage change in NAV		(35.6	)%		7.7	%
Shares outstanding beginning of period		6,190,818			111,026
Shares outstanding end of period		2,990,818			136,026
Percentage change in shares outstanding		(51.7	)%		22.5	%
Shares created		11,650,000			150,000
Shares redeemed		14,850,000			125,000
Per share NAV beginning of period	$	22.87		$	296.04
Per share NAV end of period	$	30.50		$	260.33
Percentage change in per share NAV		33.4	%		(12.1	)%
Percentage change in benchmark		(20.5	)%		3.7	%
Benchmark annualized volatility		51.4	%		33.6	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,190,818 outstanding Shares at March 31, 2026 to 2,990,818 outstanding Shares at June 30, 2026. 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 Silver Subindex^SM. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 111,026 outstanding Shares at March 31, 2025 to 136,026 outstanding Shares at June 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.

For the three months ended June 30, 2026 and 2025, 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 33.4% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 12.1% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 20.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 3.7% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
Net investment income (loss)	$	783,212	$	148,415
Management fee		312,255		72,877
Brokerage commission		14,344		5,790
Net realized gain (loss)		38,498,831		(3,327,232	)
Change in net unrealized appreciation (depreciation)		5,539,198		2,491,447
Net Income (loss)	$	44,821,241	$	(687,370	)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.

*	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 Silver.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	29,016,468		$	26,449,371
NAV end of period	$	31,021,297		$	20,559,703
Percentage change in NAV		6.9	%		(22.3	)%
Shares outstanding beginning of period		547,160			597,160
Shares outstanding end of period		547,160			497,160
Percentage change in shares outstanding		–	%		(16.7	)%
Shares created		150,000			100,000
Shares redeemed		150,000			200,000
Per share NAV beginning of period	$	53.03		$	44.29
Per share NAV end of period	$	56.70		$	41.35
Percentage change in per share NAV		6.9	%		(6.6	)%
Percentage change in benchmark		(2.4	)%		4.2	%
Benchmark annualized volatility		6.6	%		13.7	%

During the three months ended June 30, 2026, 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 the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from March 31, 2026 to June 30, 2026. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 597,160 outstanding Shares at March 31, 2025 to 497,160 outstanding Shares at June 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 the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the three months ended June 30, 2026 and 2025, 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 6.9% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 6.6% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025
Net investment income (loss)	$	194,068	$	155,622
Management fee		72,367		53,166
Net realized gain (loss)		1,084,676		(1,138,233	)
Change in net unrealized appreciation (depreciation)		779,640		(710,709	)
Net Income (loss)	$	2,058,384	$	(1,693,320	)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended June 30, 2026.

ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	71,221,078		$	34,246,807
NAV end of period	$	40,291,991		$	21,537,610
Percentage change in NAV		(43.4	)%		(37.2	)%
Shares outstanding beginning of period		4,137,403			2,162,403
Shares outstanding end of period		2,812,403			1,287,403
Percentage change in shares outstanding		(32.0	)%		(40.5	)%
Shares created		100,000			25,000
Shares redeemed		1,425,000			900,000
Per share NAV beginning of period	$	17.21		$	15.84
Per share NAV end of period	$	14.33		$	16.73
Percentage change in per share NAV		(16.7	)%		5.6	%
Percentage change in benchmark		(16.5	)%		6.1	%
Benchmark annualized volatility		15.0	%		50.3	%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,137,403 outstanding Shares at March 31, 2026 to 2,812,403 outstanding Shares at June 30, 2026. 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 the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,162,403 outstanding Shares at March 31, 2025 to 1,287,403 outstanding Shares at June 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 the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the three months ended June 30, 2026 and 2025, 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 16.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 5.6% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 16.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 6.1% for the three months ended June 30, 2025, 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 June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	292,017		$	159,534
Management fee		111,544			49,547
Brokerage commission		7,648			5,909
Futures account fees		5,496			2,004
Net realized gain (loss)		(1,140,314	)		4,727,074
Change in net unrealized appreciation (depreciation)		(9,099,123	)		(1,835,417	)
Net Income (loss)	$	(9,947,420	)	$	3,051,191

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the three months ended June 30, 2026.

ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
NAV beginning of period	$	173,679,251		$	162,998,741
NAV end of period	$	198,647,261		$	164,541,842
Percentage change in NAV		14.4	%		0.9	%
Shares outstanding beginning of period		5,066,252			3,241,252
Shares outstanding end of period		9,341,252			3,516,252
Percentage change in shares outstanding		84.4	%		8.5	%
Shares created		6,500,000			2,500,000
Shares redeemed		2,225,000			2,225,000
Per share NAV beginning of period	$	34.28		$	50.29
Per share NAV end of period	$	21.27		$	46.79
Percentage change in per share NAV		(38.0	)%		(7.0	)%
Percentage change in benchmark		(37.6	)%		(6.5	)%
Benchmark annualized volatility		45.9	%		114.0	%

During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 5,066,252 outstanding Shares at March 31, 2026 to 9,341,252 outstanding Shares at June 30, 2026. 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 June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,241,252 outstanding Shares at March 31, 2025 to 3,516,252 outstanding Shares at June 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.

For the three months ended June 30, 2026 and 2025, 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 38.0% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 7.0% for the three months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, 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 June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:


	Three Months Ended June 30, 2026			Three Months Ended June 30, 2025
Net investment income (loss)	$	964,820		$	763,347
Management fee		470,210			286,187
Brokerage commission		108,204			117,436
Futures account fees		49,559			22,263
Net realized gain (loss)		(66,726,736	)		44,564,970
Change in net unrealized appreciation (depreciation)		(30,205,248	)		(21,523,329	)
Net Income (loss)	$	(95,967,164	)	$	23,804,988

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of the futures prices, during the three months ended June 30, 2026.

Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

ProShares Short VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	242,351,037		$	266,090,233
NAV end of period	$	221,547,242		$	279,925,400
Percentage change in NAV		(8.6	)%		5.2	%
Shares outstanding beginning of period		4,368,614			5,318,614
Shares outstanding end of period		3,868,614			6,568,614
Percentage change in shares outstanding		(11.4	)%		23.5	%
Shares created		1,000,000			18,650,000
Shares redeemed		1,500,000			17,400,000
Per share NAV beginning of period	$	55.48		$	50.03
Per share NAV end of period	$	57.27		$	42.62
Percentage change in per share NAV		3.2	%		(14.8	)%
Percentage change in benchmark		(16.4	)%		5.1	%
Benchmark annualized volatility		64.2	%		94.3	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 3,868,614 outstanding Shares at June 30, 2026. 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 six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,318,614 outstanding Shares at December 31, 2024 to 6,568,614 outstanding Shares at June 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-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the six months ended June 30, 2026 and 2025, 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 3.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 14.8% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	1,834,409		$	3,906,240
Management fee		1,031,026			1,528,502
Brokerage commission		199,725			332,745
Futures account fees		30,217			53,156
Net realized gain (loss)		13,730,650			(17,634,393	)
Change in net unrealized appreciation (depreciation)		(3,781,548	)		13,394,285
Net Income (loss)	$	11,783,511		$	(333,868	)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	383,037,987		$	523,420,064
NAV end of period	$	311,964,113		$	420,493,513
Percentage change in NAV		(18.6	)%		(19.7	)%
Shares outstanding beginning of period		19,843,096			19,043,096
Shares outstanding end of period		9,593,096			18,693,096
Percentage change in shares outstanding		(51.7	)%		(1.8	)%
Shares created		23,350,000			14,900,000
Shares redeemed		33,600,000			15,250,000
Per share NAV beginning of period	$	19.30		$	27.49
Per share NAV end of period	$	32.52		$	22.49
Percentage change in per share NAV		68.5	%		(18.2	)%
Percentage change in benchmark		34.2	%		(8.1	)%
Benchmark annualized volatility		38.3	%		28.8	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 9,593,096 outstanding Shares at June 30, 2026. 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 Bloomberg Commodity Balanced WTI Crude Oil Index^SM. By comparison, during the six months ended June 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 18,693,096 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 68.5% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s rise of 34.2% for the six months ended June 30, 2026, as compared to the benchmark’s decline of 8.1% for the six months ended June 30, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	4,053,242		$	4,721,193
Management fee		2,134,963			1,916,607
Brokerage commission		166,497			107,916
Net realized gain (loss)		368,528,515			(13,075,023	)
Change in net unrealized appreciation (depreciation)		(64,126,188	)		(41,800,136	)
Net Income (loss)	$	308,455,569		$	(50,153,966	)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in the value of WTI Crude Oil during the six months ended June 30, 2026.

ProShares Ultra Bloomberg Natural Gas*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	534,978,667		$	396,081,499
NAV end of period	$	307,407,986		$	334,757,794
Percentage change in NAV		(42.5	)%		(15.5	)%
Shares outstanding beginning of period		11,861,524			3,611,524
Shares outstanding end of period		11,111,144			3,611,524
Percentage change in shares outstanding		(6.3	)%		–	%
Shares created		45,225,000			9,225,000
Shares redeemed		45,975,380			9,225,000
Per share NAV beginning of period	$	45.10		$	109.67
Per share NAV end of period	$	27.67		$	92.69
Percentage change in per share NAV		(38.7	)%		(15.5	)%
Percentage change in benchmark		(8.9	)%		2.2	%
Benchmark annualized volatility		68.5	%		61.3	%

During the six months ended June 30, 2026, 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 also resulted in part from a decrease from 11,861,524 outstanding Shares at December 31, 2025 to 11,111,144 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 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 Natural Gas Subindex^SM. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 38.7% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 15.5% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 8.9% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 2.2% for the six months ended June 30, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net investment income (loss)	$	3,348,050	$	3,041,429
Management fee		1,992,507		1,251,579
Brokerage commission		852,057		571,013
Futures account fees		78,240		116,609
Net realized gain (loss)		15,028,178		210,262,895
Change in net unrealized appreciation (depreciation)		136,933,487		(127,033,885	)
Net Income (loss)	$	155,309,715	$	86,270,439

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas, in conjunction with higher average net assets during the six months ended June 30, 2026.

*	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 Ultra Bloomberg Natural Gas.

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	5,925,856		$	5,751,156
NAV end of period	$	4,949,960		$	8,708,069
Percentage change in NAV		(16.5	)%		51.4	%
Shares outstanding beginning of period		450,000			550,000
Shares outstanding end of period		400,000			650,000
Percentage change in shares outstanding		(11.1	)%		18.2	%
Shares created		50,000			200,000
Shares redeemed		100,000			100,000
Per share NAV beginning of period	$	13.17		$	10.46
Per share NAV end of period	$	12.37		$	13.40
Percentage change in per share NAV		(6.1	)%		28.1	%
Percentage change in benchmark		(2.8	)%		13.7	%
Benchmark annualized volatility		6.2	%		9.6	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 450,000 outstanding Shares at December 31, 2025 to 400,000 outstanding Shares at June 30, 2026. 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 six months ended June 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. The increase in the Fund’s NAV also resulted in part from an increase from 550,000 outstanding Shares at December 31, 2024 to 650,000 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 6.1% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 28.1% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 2.8% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 13.7% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	66,317		$	84,153
Management fee		27,870			29,891
Net realized gain (loss)		(224,784	)		777,150
Change in net unrealized appreciation (depreciation)		(188,584	)		610,648
Net Income (loss)	$	(347,051	)	$	1,471,951

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the six months ended June 30, 2026.

ProShares Ultra Gold

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	1,014,686,941		$	289,709,332
NAV end of period	$	640,891,713		$	485,005,243
Percentage change in NAV		(36.8	)%		67.4	%
Shares outstanding beginning of period		18,150,000			12,400,000
Shares outstanding end of period		14,550,000			14,100,000
Percentage change in shares outstanding		(19.8	)%		13.7	%
Shares created		9,600,000			10,650,000
Shares redeemed		13,200,000			8,950,000
Per share NAV beginning of period	$	55.91		$	23.36
Per share NAV end of period	$	44.05		$	34.40
Percentage change in per share NAV		(21.2	)%		47.2	%
Percentage change in benchmark		(7.4	)%		24.4	%
Benchmark annualized volatility		33.9	%		21.0	%

During the six months ended June 30, 2026, 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 Gold Subindex^SM. The decrease in the Fund’s NAV also resulted in part from the decrease from 18,150,000 outstanding Shares at December 31, 2025 to 14,550,000 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 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 SubindexSM. The increase in the Fund’s NAV also resulted in part by an increase from 12,400,000 outstanding Shares at December 31, 2024 to 14,100,000 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 21.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 47.2% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 7.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 24.4% for the six months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	12,208,361		$	6,751,521
Management fee		5,010,657			2,061,122
Brokerage commission		76,645			45,879
Net realized gain (loss)		(7,878,443	)		144,586,702
Change in net unrealized appreciation (depreciation)		(142,007,741	)		(5,429,584	)
Net Income (loss)	$	(137,677,823	)	$	145,908,639

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in futures prices, during the six months ended June 30, 2026.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	2,237,285,267		$	562,083,293
NAV end of period	$	1,269,873,944		$	708,196,011
Percentage change in NAV		(43.2	)%		26.0	%
Shares outstanding beginning of period		14,346,526			16,746,526
Shares outstanding end of period		18,496,526			15,046,526
Percentage change in shares outstanding		28.9	%		(10.2	)%
Shares created		19,750,000			9,850,000
Shares redeemed		15,600,000			11,550,000
Per share NAV beginning of period	$	155.95		$	33.56
Per share NAV end of period	$	68.65		$	47.07
Percentage change in per share NAV		(56.0	)%		40.2	%
Percentage change in benchmark		(15.5	)%		22.9	%
Benchmark annualized volatility		81.0	%		33.6	%

During the six months ended June 30, 2026, 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 Silver Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 18,496,526 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 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 15,046,526 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 56.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 40.2% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 15.5% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 22.9% for the six months ended June 30, 2025, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	21,434,839		$	9,008,749
Management fee		10,454,233			3,001,678
Brokerage commission		184,682			104,828
Net realized gain (loss)		(252,637,503	)		153,909,618
Change in net unrealized appreciation (depreciation)		(917,573,769	)		65,780,286
Net Income (loss)	$	(1,148,776,433	)	$	228,698,653

The Fund’s net income decreased for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.

ProShares Ultra VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	400,406,136		$	284,452,060
NAV end of period	$	247,336,088		$	579,408,908
Percentage change in NAV		(38.2	)%		103.7	%
Shares outstanding beginning of period		11,167,347			2,738,729
Shares outstanding end of period		9,967,347			6,198,729
Percentage change in shares outstanding		(10.7	)%		126.3	%
Shares created		29,950,000			16,940,000
Shares redeemed		31,150,000			13,480,000
Per share NAV beginning of period	$	35.86		$	103.86
Per share NAV end of period	$	24.81		$	93.47
Percentage change in per share NAV		(30.8	)%		(10.0	)%
Percentage change in benchmark		(16.4	)%		5.1	%
Benchmark annualized volatility		64.2	%		94.3	%

During the six months ended June 30, 2026, 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 also resulted in part from a decrease from 11,167,347 outstanding Shares at December 31, 2025 to 9,967,347 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 6,198,729 outstanding Shares at June 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.

For the six months ended June 30, 2026 and 2025, 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 30.8% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 10.0% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	1,577,002		$	2,227,608
Management fee		1,772,627			1,742,735
Brokerage commission		1,283,038			1,508,883
Futures account fees		178,377			213,163
Net realized gain (loss)		(116,442,087	)		155,964,717
Change in net unrealized appreciation (depreciation)		23,175,576			(69,359,376	)
Net Income (loss)	$	(91,689,509	)	$	88,832,949

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.

*	See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.

ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	48,665,350		$	44,505,646
NAV end of period	$	31,186,126		$	66,461,439
Percentage change in NAV		(35.9	)%		49.3	%
Shares outstanding beginning of period		2,549,970			2,199,970
Shares outstanding end of period		1,799,970			2,849,970
Percentage change in shares outstanding		(29.4	)%		29.5	%
Shares created		150,000			1,250,000
Shares redeemed		900,000			600,000
Per share NAV beginning of period	$	19.08		$	20.23
Per share NAV end of period	$	17.33		$	23.32
Percentage change in per share NAV		(9.2	)%		15.3	%
Percentage change in benchmark		(3.7	)%		9.3	%
Benchmark annualized volatility		7.7	%		11.4	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,549,970 outstanding Shares at December 31, 2025 to 1,799,970 outstanding Shares at June 30, 2026. 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 six months ended June 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 2,849,970 outstanding Shares at June 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 (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the six months ended June 30, 2026 and 2025, 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 9.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 3.7% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 9.3% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	490,931		$	817,655
Management fee		203,396			290,779
Net realized gain (loss)		(4,423,294	)		3,070,845
Change in net unrealized appreciation (depreciation)		234,335			4,951,669
Net Income (loss)	$	(3,698,028	)	$	8,840,169

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the six months ended June 30, 2026.

ProShares UltraShort Bloomberg Crude Oil*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	89,466,390		$	121,997,334
NAV end of period	$	882,038,817		$	135,277,470
Percentage change in NAV		885.9	%		10.9	%
Shares outstanding beginning of period		1,138,805			1,801,305
Shares outstanding end of period		24,863,302			1,876,305
Percentage change in shares outstanding		2,083.3	%		4.2	%
Shares created		78,462,500			5,000,000
Shares redeemed		54,738,003			4,925,000
Per share NAV beginning of period	$	78.56		$	67.73
Per share NAV end of period	$	35.48		$	72.10
Percentage change in per share NAV		(54.8	)%		6.5	%
Percentage change in benchmark		34.2	%		(8.1	)%
Benchmark annualized volatility		38.3	%		28.8	%

During the six months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 1,138,805 outstanding Shares at December 31, 2025 to 24,863,302 outstanding Shares at June 30, 2026. 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 Commodity Balanced WTI Crude Oil Index^SM. By comparison, during the six months ended June 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 the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM. The increase in the Fund’s NAV also resulted in part from an increase from 1,801,305 outstanding Shares at December 31, 2024 to 1,876,305 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 54.8% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 6.5% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	7,157,719		$	2,212,411
Management fee		3,345,203			775,568
Brokerage commission		563,868			123,198
Net realized gain (loss)		(330,228,695	)		41,143,529
Change in net unrealized appreciation (depreciation)		272,945,806			17,511,380
Net Income (loss)	$	(50,125,170	)	$	60,867,320

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in the value of WTI Crude Oil, during the six months ended June 30, 2026.

*	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 Bloomberg Crude Oil.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	144,377,091		$	260,940,143
NAV end of period	$	139,983,262		$	283,266,637
Percentage change in NAV		(3.0	)%		8.6	%
Shares outstanding beginning of period		4,033,712			5,983,712
Shares outstanding end of period		6,233,712			11,133,712
Percentage change in shares outstanding		54.5	%		86.1	%
Shares created		77,100,000			65,750,000
Shares redeemed		74,900,000			60,600,000
Per share NAV beginning of period	$	35.79		$	43.61
Per share NAV end of period	$	22.46		$	25.44
Percentage change in per share NAV		(37.3	)%		(41.7	)%
Percentage change in benchmark		(8.9	)%		2.2	%
Benchmark annualized volatility		68.5	%		61.3	%

During the six months ended June 30, 2026, 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 Natural Gas Subindex^SM. The decrease in the Fund’s NAV was offset by an increase from 4,033,712 outstanding Shares at December 31, 2025 to 6,233,712 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 11,133,712 outstanding Shares at June 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 Natural Gas Subindex^SM.

For the six months ended June 30, 2026 and 2025, 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 37.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 41.7% for the six months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	1,497,836		$	5,201,181
Management fee		1,100,457			2,059,769
Brokerage commission		732,352			1,029,562
Futures account fees		37,707			72,737
Net realized gain (loss)		249,415,454			(97,235,066	)
Change in net unrealized appreciation (depreciation)		(53,365,642	)		66,357,458
Net Income (loss)	$	197,547,648		$	(25,676,427	)

ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	35,498,605		$	41,892,674
NAV end of period	$	35,262,937		$	31,567,012
Percentage change in NAV		(0.7	)%		(24.6	)%
Shares outstanding beginning of period		1,250,000			1,200,000
Shares outstanding end of period		1,150,000			1,150,000
Percentage change in shares outstanding		(8.0	)%		(4.2	)%
Shares created		500,000			350,000
Shares redeemed		600,000			400,000
Per share NAV beginning of period	$	28.40		$	34.91
Per share NAV end of period	$	30.66		$	27.45
Percentage change in per share NAV		8.0	%		(21.4	)%
Percentage change in benchmark		(2.8	)%		13.7	%
Benchmark annualized volatility		6.2	%		9.6	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at December 31, 2025 to 1,150,000 outstanding Shares at June 30, 2026. 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. By comparison, during the six months ended June 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. The decrease in the Fund’s NAV also resulted in part from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,150,000 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 8.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 21.4% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net investment income (loss)	$	413,787	$	482,445
Management fee		170,057		169,010
Net realized gain (loss)		888,993		(5,567,827	)
Change in net unrealized appreciation (depreciation)		1,292,682		(2,883,349	)
Net Income (loss)	$	2,595,462	$	(7,968,731	)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the six months ended June 30, 2026.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	81,475,214		$	16,624,428
NAV end of period	$	111,193,073		$	76,838,176
Percentage change in NAV		36.5	%		362.2	%
Shares outstanding beginning of period		3,136,631			236,745
Shares outstanding end of period		4,136,631			1,711,711
Percentage change in shares outstanding		31.9	%		623.0	%
Shares created		13,050,000			6,850,000
Shares redeemed		12,050,000			5,375,034
Per share NAV beginning of period	$	25.98		$	70.22
Per share NAV end of period	$	26.88		$	44.89
Percentage change in per share NAV		3.5	%		(36.1	)%
Percentage change in benchmark		(7.4	)%		24.4	%
Benchmark annualized volatility		33.9	%		21.0	%

During the six months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,136,631 outstanding Shares at December 31, 2025 to 4,136,631 outstanding Shares at June 30, 2026. 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 the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 236,745 outstanding Shares at December 31, 2024 to 1,711,711 outstanding Shares at June 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.

For the six months ended June 30, 2026 and 2025, 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 3.5% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 36.1% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net investment income (loss)	$	1,088,696	$	657,204
Management fee		480,471		256,449
Brokerage commission		11,873		11,822
Net realized gain (loss)		3,721,435		2,403,495
Change in net unrealized appreciation (depreciation)		21,345,466		1,607,812
Net Income (loss)	$	26,155,597	$	4,668,511

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.

*	See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 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 six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	197,022,578		$	23,752,619
NAV end of period	$	91,231,174		$	35,410,975
Percentage change in NAV		(53.7	)%		49.1	%
Shares outstanding beginning of period		3,701,026			56,026
Shares outstanding end of period		2,990,818			136,026
Percentage change in shares outstanding		(19.2	)%		142.8	%
Shares created		62,490,000			265,000
Shares redeemed		63,200,208			185,000
Per share NAV beginning of period	$	53.23		$	423.96
Per share NAV end of period	$	30.50		$	260.33
Percentage change in per share NAV		(42.7	)%		(38.6	)%
Percentage change in benchmark		(15.5	)%		22.9	%
Benchmark annualized volatility		81.0	%		29.4	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from 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 3,701,026 outstanding Shares at December 31, 2025 to 2,990,818 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 56,026 outstanding Shares at December 31, 2024 to 136,026 outstanding Shares at June 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.

For the six months ended June 30, 2026 and 2025, 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 42.7% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 38.6% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 15.5% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 22.9% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net investment income (loss)	$	1,526,826	$	260,570
Management fee		866,999		134,248
Brokerage commission		42,246		10,119
Net realized gain (loss)		733,506		(6,436,218	)
Change in net unrealized appreciation (depreciation)		29,367,087		(2,560,601	)
Net Income (loss)	$	31,627,419	$	(8,736,249	)

*	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 Silver.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	35,516,416		$	26,080,295
NAV end of period	$	31,021,297		$	20,559,703
Percentage change in NAV		(12.7	)%		(21.2	)%
Shares outstanding beginning of period		697,160			547,160
Shares outstanding end of period		547,160			497,160
Percentage change in shares outstanding		(21.5	)%		(9.1	)%
Shares created		350,000			250,000
Shares redeemed		500,000			300,000
Per share NAV beginning of period	$	50.94		$	47.66
Per share NAV end of period	$	56.70		$	41.35
Percentage change in per share NAV		11.3	%		(13.2	)%
Percentage change in benchmark		(3.7	)%		9.3	%
Benchmark annualized volatility		7.7	%		11.4	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 697,160 outstanding Shares at December 31, 2025 to 547,160 outstanding Shares at June 30, 2026. 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 Japanese yen versus the U.S. dollar. By comparison, during the six months ended June 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 Japanese yen versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 547,160 outstanding Shares at December 31, 2024 to 497,160 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, 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 11.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 13.2% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Net investment income (loss)	$	354,812	$	310,658
Management fee		146,367		107,103
Net realized gain (loss)		2,453,412		(1,296,927	)
Change in net unrealized appreciation (depreciation)		64,832		(2,515,360	)
Net Income (loss)	$	2,873,056	$	(3,501,629	)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the six months ended June 30, 2026.

ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	45,911,058		$	28,111,210
NAV end of period	$	40,291,991		$	21,537,610
Percentage change in NAV		(12.2	)%		(23.4	)%
Shares outstanding beginning of period		3,012,403			1,937,403
Shares outstanding end of period		2,812,403			1,287,403
Percentage change in shares outstanding		(6.6	)%		(33.6	)%
Shares created		1,700,000			1,325,000
Shares redeemed		1,900,000			1,975,000
Per share NAV beginning of period	$	15.24		$	14.51
Per share NAV end of period	$	14.33		$	16.73
Percentage change in per share NAV		(6.0	)%		15.3	%
Percentage change in benchmark		(5.3	)%		16.2	%
Benchmark annualized volatility		19.5	%		41.7	%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,012,403 outstanding Shares at December 31, 2025 to 2,812,403 outstanding Shares at June 30, 2026. 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 the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,937,403 outstanding Shares at December 31, 2024 to 1,287,403 outstanding Shares at June 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 the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the six months ended June 30, 2026 and 2025, 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 6.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 5.3% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 16.2% for the six months ended June 30, 2025, 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 June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	602,664		$	360,994
Management fee		241,608			113,521
Brokerage commission		22,594			18,454
Futures account fees		9,523			5,124
Net realized gain (loss)		(587,399	)		5,434,266
Change in net unrealized appreciation (depreciation)		(1,563,390	)		(210,933	)
Net Income (loss)	$	(1,548,125	)	$	5,584,327

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.

ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
NAV beginning of period	$	227,464,736		$	133,641,615
NAV end of period	$	198,647,261		$	164,541,842
Percentage change in NAV		(12.7	)%		23.1	%
Shares outstanding beginning of period		8,841,252			2,966,252
Shares outstanding end of period		9,341,252			3,516,252
Percentage change in shares outstanding		5.7	%		18.5	%
Shares created		7,650,000			7,225,000
Shares redeemed		7,150,000			6,675,000
Per share NAV beginning of period	$	25.73		$	45.05
Per share NAV end of period	$	21.27		$	46.79
Percentage change in per share NAV		(17.3	)%		3.9	%
Percentage change in benchmark		(16.4	)%		5.1	%
Benchmark annualized volatility		64.2	%		94.3	%

During the six months ended June 30, 2026, 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 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 8,841,252 outstanding Shares at December 31, 2025 to 9,341,252 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 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 3,516,252 outstanding Shares at June 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 the daily performance of the S&P 500 VIX Short-Term Futures.

For the six months ended June 30, 2026 and 2025, 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 17.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 3.9% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:


	Six Months Ended June 30, 2026			Six Months Ended June 30, 2025
Net investment income (loss)	$	1,955,077		$	1,722,025
Management fee		936,708			652,682
Brokerage commission		189,645			288,163
Futures account fees		83,759			88,661
Net realized gain (loss)		(32,827,862	)		76,774,233
Change in net unrealized appreciation (depreciation)		4,465,074			(14,541,848	)
Net Income (loss)	$	(26,407,711	)	$	63,954,410

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 June 30, 2026 and 2025, each of the Fund’s positions were as follows:

ProShares Short VIX Short-Term Futures ETF

As of June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of June 30, 2026
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Short		July 2026		3,674	$	17.95		1,000	$	(65,950,872	)
VIX Futures (Cboe)		Short		August 2026		2,368		18.95		1,000		(44,871,232	)


Futures Positions as of June 30, 2025
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Short		July 2025		4,021	$	18.71		1,000	$	(75,242,963	)
VIX Futures (Cboe)		Short		August 2025		3,232		20.10		1,000		(64,955,443	)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.


Futures Positions as of June 30, 2026
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Long		September 2026		525	$	69.27		1,000	$	36,366,750
WTI Crude Oil (NYMEX)		Long		December 2026		566		68.35		1,000		38,686,100
WTI Crude Oil (NYMEX)		Long		June 2027		585		66.66		1,000		38,996,100

Swap Agreements as of June 30, 2026

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Commodity Balanced WTI Crude Oil Index

Citibank, N.A.

Long

97.5157

62,978,759

Bloomberg Commodity Balanced WTI Crude Oil Index

Goldman Sachs International

Long

97.5157

163,484,486

Bloomberg Commodity Balanced WTI Crude Oil Index

Societe Generale

Long

97.5157

207,445,344

Bloomberg Commodity Balanced WTI Crude Oil Index

UBS AG

Long

97.5157

75,936,938


Futures Positions as of June 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Long	September 2025		1,454	$	63.85		1,000	$	92,837,900
WTI Crude Oil (NYMEX)		Long	December 2025		1,508		61.65		1,000		92,968,200
WTI Crude Oil (NYMEX)		Long	June 2026		1,535		61.34		1,000		94,157,110

Swap Agreements as of June 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

77.8452

50,274,921

Bloomberg Commodity Balanced WTI Crude Oil Index

Goldman Sachs International

Long

77.8452

218,162,730

Bloomberg Commodity Balanced WTI Crude Oil Index

Morgan Stanley & Co.
International PLC

Long

77.8452

66,274,912

Bloomberg Commodity Balanced WTI Crude Oil Index

Societe Generale

Long

77.8452

165,600,250

Bloomberg Commodity Balanced WTI Crude Oil Index

UBS AG

Long

77.8452

60,619,225

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Long

September 2026

19,249

3.19

10,000

614,813,060

Futures Positions as of June 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Long

September 2025

19,184

3.49

10,000

669,521,600

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of June 30, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		07/17/26		3,554,921			1.1577	$	4,115,648
Euro	UBS AG		Long		07/17/26		5,265,502			1.1578		6,096,245
Euro	Goldman Sachs International		Short		07/17/26		(81,000	)		1.1505		(93,195	)
Euro	UBS AG		Short		07/17/26		(81,000	)		1.1415		(92,460	)

Foreign Currency Forward Contracts as of June 30, 2025

Reference Currency

Counterparty

Long or
Short

Settlement
Date

Local Currency

Forward Rate

Market Value
USD

Euro

Goldman Sachs International

Long

07/11/25

7,517,921

1.1487

8,635,480

Euro

UBS AG

Long

07/11/25

7,367,502

1.1491

8,466,023

Euro

Goldman Sachs International

Short

07/11/25

(114,000

)

1.1500

(131,100

)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Long

August 2026

911

4,038.50

100

367,907,350

Swap Agreements as of June 30, 2026

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Gold Subindex

Citibank, N.A.

Long

357.8018

513,880,285

Bloomberg Gold Subindex

Goldman Sachs International

Long

357.8018

94,104,736

Bloomberg Gold Subindex

UBS AG

Long

357.8018

304,968,995

Futures Positions as of June 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Long

August 2025

1,736

3,307.70

100

574,216,720

Swap Agreements as of June 30, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Gold Subindex

Citibank, N.A.

Long

307.2694

170,146,720

Bloomberg Gold Subindex

Goldman Sachs International

Long

307.2694

80,814,311

Bloomberg Gold Subindex

UBS AG

Long

307.2694

145,295,281

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 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 June 30, 2026 and 2025 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Long

September 2026

2,412

59.92

5,000

722,659,320

Swap Agreements as of June 30, 2026

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Silver Subindex

Citibank, N.A.

Long

438.7756

776,411,607

Bloomberg Silver Subindex

Goldman Sachs International

Long

438.7756

172,913,127

Bloomberg Silver Subindex

Morgan Stanley & Co.
International PLC

Long

438.7756

168,043,596

Bloomberg Silver Subindex

UBS AG

Long

438.7756

699,997,668

Futures Positions as of June 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Long

September 2025

3,488

36.17

5,000

630,839,680

Swap Agreements as of June 30, 2025

Reference Index

Counterparty

Long or
Short

Index Close

Notional Amount
at Value

Bloomberg Silver Subindex

Citibank, N.A.

Long

277.7636

349,579,617

Bloomberg Silver Subindex

Goldman Sachs International

Long

277.7636

30,768,707

Bloomberg Silver Subindex

Morgan Stanley & Co.
International PLC

Long

277.7636

208,753,789

Bloomberg Silver Subindex

UBS AG

Long

277.7636

196,478,081

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of June 30, 2026
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long	July 2026		12,313	$	17.95		1,000	$	221,026,969
VIX Futures (Cboe)		Long	August 2026		7,909		18.95		1,000		149,867,641


Futures Positions as of June 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (COMEX)		Long	July 2025		24,975	$	18.71		1,000	$	467,356,200
VIX Futures (COMEX)		Long	August 2025		19,969		20.10		1,000		401,329,105

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of June 30, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		07/17/26		4,976,213,056			0.006253	$	31,116,579
Yen	UBS AG		Long		07/17/26		5,334,459,856			0.006251		33,345,147
Yen	Goldman Sachs International		Short		07/17/26		(52,416,000	)		0.006206		(325,298	)
Yen	UBS AG		Short		07/17/26		(131,909,000	)		0.006199		(817,672	)


Foreign Currency Forward Contracts as of June 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		07/11/25		9,002,886,056			0.006911	$	62,220,717
Yen	UBS AG		Long		07/11/25		10,693,068,856			0.006918		73,973,139
Yen	Goldman Sachs International		Short		07/11/25		(288,210,000	)		0.006928		(1,996,805	)
Yen	UBS AG		Short		07/11/25		(336,493,000	)		0.006892		(2,319,261	)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.


Futures Positions as of June 30, 2026
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Short	September 2026		8,124	$	69.27		1,000	$	(562,749,480	)
WTI Crude Oil (NYMEX)		Short	December 2026		8,754		68.35		1,000		(598,335,900	)
WTI Crude Oil (NYMEX)		Short	June 2027		9,046		66.66		1,000		(603,006,360	)


Futures Positions as of June 30, 2025
Contract	Long or Short		Expiration	Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
WTI Crude Oil (NYMEX)		Short	September 2025		1,406	$	63.85		1,000	$	(89,772,840	)
WTI Crude Oil (NYMEX)		Short	December 2025		1,458		61.65		1,000		(89,885,700	)
WTI Crude Oil (NYMEX)		Short	June 2026		1,483		61.34		1,000		(90,967,220	)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Short

September 2026

8,765

3.19

10,000

(279,954,100

)

Futures Positions as of June 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Natural Gas (NYMEX)

Short

September 2025

16,234

3.49

10,000

(566,566,600

)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of June 30, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		07/17/26		480,000			1.1599	$	556,760
Euro	UBS AG		Long		07/17/26		7,040,000			1.1486		8,086,493
Euro	Goldman Sachs International		Short		07/17/26		(30,041,263	)		1.1568		(34,752,134	)
Euro	UBS AG		Short		07/17/26		(39,138,199	)		1.1573		(45,293,671	)


Foreign Currency Forward Contracts as of June 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Euro	Goldman Sachs International		Long		07/11/25		3,901,000			1.1638	$	4,539,863
Euro	UBS AG		Long		07/11/25		2,761,000			1.1601		3,203,031
Euro	Goldman Sachs International		Short		07/11/25		(31,415,263	)		1.1480		(36,063,540	)
Euro	UBS AG		Short		07/11/25		(28,825,199	)		1.1489		(33,116,311	)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Short

August 2026

372

4,038.50

100

(150,232,200

)


Swap Agreements as of June 30, 2026
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.		Short	$	357.8018	$	(49,641,886	)
Bloomberg Gold Subindex	Goldman Sachs International		Short		357.8018		(8,814,805	)
Bloomberg Gold Subindex	UBS AG		Short		357.8018		(13,634,094	)

Futures Positions as of June 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Gold Futures (COMEX)

Short

August 2025

3,307.70

100

(32,415,460

)


Swap Agreements as of June 30, 2025
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.		Short	$	307.2694	$	(102,141,663	)
Bloomberg Gold Subindex	Goldman Sachs International		Short		307.2694		(7,569,889	)
Bloomberg Gold Subindex	UBS AG		Short		307.2694		(11,708,549	)

The June 30, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 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 June 30, 2026 and 2025 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 June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Short

September 2026

341

59.92

5,000

(102,167,010

)


Swap Agreements as of June 30, 2026
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.		Short	$	438.7756	$	(9,169,411	)
Bloomberg Silver Subindex	Goldman Sachs International		Short		438.7756		(30,076,312	)
Bloomberg Silver Subindex	UBS AG		Short		438.7756		(40,951,852	)

Futures Positions as of June 30, 2025

Contract

Long or
Short

Expiration

Contracts

Valuation
Price

Contract
Multiplier

Notional Amount
at Value

Silver Futures (COMEX)

Short

September 2025

190

36.17

5,000

(34,363,400

)


Swap Agreements as of June 30, 2025
Reference Index	Counterparty	Long or Short		Index Close		Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.		Short	$	277.7636	$	(19,107,003	)
Bloomberg Silver Subindex	Goldman Sachs International		Short		277.7636		(13,644,581	)
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC		Short		277.7636		(1,882,126	)
Bloomberg Silver Subindex	UBS AG		Short		277.7636		(1,803,827	)

ProShares UltraShort Yen:

As of June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to exchange rate price risk.


Foreign Currency Forward Contracts as of June 30, 2026
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	UBS AG		Long		07/17/26		49,460,000			0.006277	$	310,461
Yen	Goldman Sachs International		Short		07/17/26		(5,045,974,165	)		0.006251		(31,543,864	)
Yen	UBS AG		Short		07/17/26		(5,078,154,424	)		0.006247		(31,724,668	)


Foreign Currency Forward Contracts as of June 30, 2025
Reference Currency	Counterparty	Long or Short		Settlement Date		Local Currency			Forward Rate		Market Value USD
Yen	Goldman Sachs International		Long		07/11/25		349,607,000			0.006958	$	2,432,644
Yen	UBS AG		Long		07/11/25		700,384,000			0.006958		4,873,396
Yen	Goldman Sachs International		Short		07/11/25		(3,117,111,165	)		0.006910		(21,539,922	)
Yen	UBS AG		Short		07/11/25		(3,863,915,424	)		0.006916		(26,721,260	)

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of June 30, 2026
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long		October 2026		394	$	20.44		1,000	$	8,051,587
VIX Futures (Cboe)		Long		November 2026		647		20.68		1,000		13,377,954
VIX Futures (Cboe)		Long		December 2026		648		20.70		1,000		13,416,257
VIX Futures (Cboe)		Long		January 2027		253		21.55		1,000		5,452,125


Futures Positions as of June 30, 2025
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long		October 2025		187	$	21.11		1,000	$	3,947,009
VIX Futures (Cboe)		Long		November 2025		336		21.30		1,000		7,156,800
VIX Futures (Cboe)		Long		December 2025		336		21.26		1,000		7,144,536
VIX Futures (Cboe)		Long		January 2026		150		21.98		1,000		3,296,009

The June 30, 2026 and 2025 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 June 30, 2026 and 2025, 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 June 30, 2026 and 2025, which were sensitive to equity market volatility risk.


Futures Positions as of June 30, 2026
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long		July 2026		6,593	$	17.95		1,000	$	118,348,965
VIX Futures (Cboe)		Long		August 2026		4,234		18.95		1,000		80,230,066


Futures Positions as of June 30, 2025
Contract	Long or Short		Expiration		Contracts		Valuation Price		Contract Multiplier		Notional Amount at Value
VIX Futures (Cboe)		Long		July 2025		4,728	$	18.71		1,000	$	88,477,693
VIX Futures (Cboe)		Long		August 2025		3,778		20.10		1,000		75,928,733

The June 30, 2026 and 2025 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. Conversely, when the Index falls on a given day, net assets of a Short or UltraShort Fund should rise. 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 June 30, 2026, 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 June 30, 2026 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 June 30, 2026, the Trust is not a party to any material legal proceedings.

Item 1A. Risk Factors.

There have been no other material changes to the risk factors previously included in our Annual Report on Form 10-K for the year ending December 31, 2025. 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.

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 June 30, 2026:


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
	04/01/26 to 04/30/26		—	$	—
	05/01/26 to 05/31/26		—	$	—
	06/01/26 to 06/30/26		650,000	$	55.43
ProShares Ultra Bloomberg Crude Oil
Common Units of Beneficial Interest
	04/01/26 to 04/30/26		9,600,000	$	41.64
	05/01/26 to 05/31/26		2,200,000	$	47.51
	06/01/26 to 06/30/26		2,150,000	$	36.15
ProShares Ultra Bloomberg Natural Gas**
Common Units of Beneficial Interest
	04/01/26 to 04/30/26		4,525,000	$	28.03
	05/01/26 to 05/31/26		8,950,000	$	28.10
	06/01/26 to 06/30/26		5,700,380	$	28.41
ProShares Ultra Euro
Common Units of Beneficial Interest
	04/01/26 to 04/30/26		50,000	$	13.19
	05/01/26 to 05/31/26		50,000	$	12.98
	06/01/26 to 06/30/26		—	$	—
ProShares Ultra Gold
Common Units of Beneficial Interest
	04/01/26 to 04/30/26		2,250,000	$	62.21
	05/01/26 to 05/31/26		1,800,000	$	57.24
	06/01/26 to 06/30/26		2,250,000	$	50.68
ProShares Ultra Silver
Common Units of Beneficial Interest
	04/01/26 to 04/30/26		2,350,000	$	118.95
	05/01/26 to 05/31/26		1,400,000	$	129.08
	06/01/26 to 06/30/26		1,100,000	$	98.59
ProShares Ultra VIX Short-Term Futures ETF
Common Units of Beneficial Interest
	04/01/26 to 04/30/26		2,300,000	$	40.10
	05/01/26 to 05/31/26		4,950,000	$	33.34
	06/01/26 to 06/30/26		7,800,000	$	29.32

Table of Contents


ProShares Ultra Yen
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	100,000	$	18.59
	05/01/26 to 05/31/26	550,000	$	18.33
	06/01/26 to 06/30/26	—	$	—
ProShares UltraShort Bloomberg Crude Oil**
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	10,312,500	$	32.17
	05/01/26 to 05/31/26	6,637,500	$	26.49
	06/01/26 to 06/30/26	32,100,503	$	30.62
ProShares UltraShort Bloomberg Natural Gas
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	4,800,000	$	25.29
	05/01/26 to 05/31/26	2,050,000	$	25.30
	06/01/26 to 06/30/26	8,400,000	$	23.21
ProShares UltraShort Euro
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	350,000	$	28.73
	05/01/26 to 05/31/26	50,000	$	28.67
	06/01/26 to 06/30/26	100,000	$	30.36
ProShares UltraShort Gold
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	1,050,000	$	19.61
	05/01/26 to 05/31/26	1,200,000	$	20.85
	06/01/26 to 06/30/26	1,600,000	$	24.63
ProShares UltraShort Silver
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	4,900,000	$	22.19
	05/01/26 to 05/31/26	7,100,000	$	19.59
	06/01/26 to 06/30/26	2,850,000	$	27.10
ProShares UltraShort Yen
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	150,000	$	53.51
	05/01/26 to 05/31/26	—	$	—
	06/01/26 to 06/30/26	—	$	—
ProShares VIX Mid-Term Futures ETF
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	575,000	$	16.00
	05/01/26 to 05/31/26	650,000	$	15.65
	06/01/26 to 06/30/26	200,000	$	15.02
ProShares VIX Short-Term Futures ETF
Common Units of Beneficial Interest
	04/01/26 to 04/30/26	225,000	$	33.57
	05/01/26 to 05/31/26	—	$	—
	06/01/26 to 06/30/26	2,000,000	$	23.64

*	The registration statement covers an indeterminate amount of securities to be offered or sold.

**	See Note 1 of these Notes to Financial Statements.

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 June 30, 2026.

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.

101.SCH		XBRL Taxonomy Extension Schema

104.1		Cover Page Interactive Data File - The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.

(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: August 7, 2026

/s/ Edward J. Karpowicz

By: Edward J. Karpowicz

Principal Financial and Accounting Officer

Date: August 7, 2026