Equibles

10-Q

ProShares Trust II (AGQ)

10-Q 2025-11-07 For: 2025-09-30
View Original
Added on April 06, 2026
Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

or

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

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<br><br>incorporation or organization) (I.R.S. Employer<br><br>Identification No.)

c/o ProShare Capital Management LLC

7272 Wisconsin Avenue, 21 st 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<br><br>Symbol(s) Name of each exchange<br><br>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.

Large Accelerated Filer ☒ Accelerated Filer ☐
Non-Accelerated Filer ☐ Smaller Reporting Company ☐
Emerging Growth Company ☐

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

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

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

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

Table of Contents

PROSHARES TRUST II

Table of Contents

Page
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited).
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. 1
Item 3. Quantitative and Qualitative Disclosures About Market Risk. 49
Item 4. Controls and Procedures. 62
Part II. OTHER INFORMATION
Item 1. Legal Proceedings. 64
Item 1A. Risk Factors. 64
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 64
Item 3. Defaults Upon Senior Securities. 67
Item 4. Mine Safety Disclosures. 67
Item 5. Other Information. 67
Item 6. Exhibits. 68
Table of Contents

Part I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Index

Documents Page
Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows:
ProShares Short VIX Short-Term Futures ETF F-1
ProShares Ultra Bloomberg Crude Oil F-6
ProShares Ultra Bloomberg Natural Gas F-11
ProShares Ultra Euro F-16
ProShares Ultra Gold F-21
ProShares Ultra Silver F-26
ProShares Ultra VIX Short-Term Futures ETF F-32
ProShares Ultra Yen F-37
ProShares UltraShort Bloomberg Crude Oil F-42
ProShares UltraShort Bloomberg Natural Gas F-46
ProShares UltraShort Euro F-51
ProShares UltraShort Gold F-56
ProShares UltraShort Silver F-62
ProShares UltraShort Yen F-66
ProShares VIX Mid-Term Futures ETF F-71
ProShares VIX Short-Term Futures ETF F-76
ProShares Trust II F-81
Notes to Financial Statements F-85
Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br><br> <br>(unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $89,765,603 and $24,931,067, respectively) $ 89,767,081 $ 24,937,875
Cash 78,661,691 160,200,226
Segregated cash balances with brokers for futures contracts 75,461,358 80,953,814
Receivable on open futures contracts 2,056,421 806,556
Interest receivable 503,918 438,452
Total assets 246,450,469 267,336,923
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 2,550,308 —
Payable on open futures contracts 401,524 1,011,830
Brokerage commissions and futures account fees payable 6,335 6,902
Payable to Sponsor 192,781 227,958
Total liabilities 3,150,948 1,246,690
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 243,299,521 266,090,233
Total liabilities and shareholders’ equity $ 246,450,469 $ 267,336,923
Shares outstanding 4,768,614 5,318,614
Net asset value per share $ 51.02 $ 50.03
Market value per share (Note 2) $ 50.94 $ 50.06

See accompanying notes to financial statements.

F-1

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(37% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 30,000,000 $ 29,979,651
4.182% due 10/21/25 10,000,000 9,977,500
4.140% due 11/04/25 50,000,000 49,809,930
Total short-term U.S. government and agency obligations (cost 89,765,603) $ 89,767,081

All values are in US Dollars.

Futures Contracts Sold

Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
VIX Futures - Cboe, expires October 2025 4,007 $ 70,475,116 $ 6,447,295
VIX Futures - Cboe, expires November 2025 2,665 51,299,118 266,571
$ 6,713,866
^^ Rates shown represent discount rate at the time of purchase.
--- ---

See accompanying notes to financial statements.

F-2

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br><br> <br>September 30, Nine Months Ended<br><br> <br>September 30,
2025 2024 2025 2024
Investment Income
Interest $ 2,269,580 $ 5,814,236 $ 8,090,223 $ 12,580,744
Expenses
Management fee 601,947 1,173,293 2,130,449 2,616,334
Brokerage commissions 125,536 346,441 458,281 688,357
Futures account fees 17,627 24,896 70,783 24,896
Total expenses 745,110 1,544,630 2,659,513 3,329,587
Net investment income (loss) 1,524,470 4,269,606 5,430,710 9,251,157
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts 46,614,443 (7,503,293 ) 28,979,595 47,755,573
Short-term U.S. government and agency obligations 150 — 605 17,669
Net realized gain (loss) 46,614,593 (7,503,293 ) 28,980,200 47,773,242
Change in net unrealized appreciation (depreciation) on
Futures contracts (3,678,476 ) (4,219,681 ) 9,722,617 (13,025,106 )
Short-term U.S. government and agency obligations 1,478 33,407 (5,330 ) 16,790
Change in net unrealized appreciation (depreciation) (3,676,998 ) (4,186,274 ) 9,717,287 (13,008,316 )
Net realized and unrealized gain (loss) 42,937,595 (11,689,567 ) 38,697,487 34,764,926
Net income (loss) $ 44,462,065 $ (7,419,961 ) $ 44,128,197 $ 44,016,083

See accompanying notes to financial statements.

F-3

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br><br> <br>September 30, Nine Months Ended<br><br> <br>September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 279,925,400 $ 298,712,515 $ 266,090,233 $ 267,184,359
Addition of –, 12,300,000, 18,650,000 and 15,050,000 shares, respectively — 562,757,352 713,832,219 710,001,613
Redemption of 1,800,000, <br>9,900,000<br>, <br>19,200,000<br>and 12,950,000 shares, respectively (81,087,944 ) (489,475,550 ) (780,751,128 ) (656,627,699 )
Net addition (redemption) of (1,800,000), 2,400,000, (550,000) and 2,100,000 shares, respectively (81,087,944 ) 73,281,802 (66,918,909 ) 53,373,914
Net investment income (loss) 1,524,470 4,269,606 5,430,710 9,251,157
Net realized gain (loss) 46,614,593 (7,503,293 ) 28,980,200 47,773,242
Change in net unrealized appreciation (depreciation) (3,676,998 ) (4,186,274 ) 9,717,287 (13,008,316 )
Net income (loss) 44,462,065 (7,419,961 ) 44,128,197 44,016,083
Shareholders’ equity, end of period $ 243,299,521 $ 364,574,356 $ 243,299,521 $ 364,574,356

See accompanying notes to financial statements.

F-4

Table of Contents

PROSHARES SHORT VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended<br><br> <br>September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 44,128,197 $ 44,016,083
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (566,948,437 ) (564,453,788 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 504,645,038 455,017,669
Net amortization and accretion on short-term U.S. government and agency obligations (2,530,532 ) (5,374,725 )
Net realized (gain) loss on investments (605 ) (17,669 )
Change in unrealized (appreciation) depreciation on investments 5,330 (16,790 )
Decrease (Increase) in receivable on open futures contracts (1,249,865 ) 7,274,730
Decrease (Increase) in interest receivable (65,466 ) (424,946 )
Increase (Decrease) in payable to Sponsor (35,177 ) 86,045
Increase (Decrease) in brokerage commissions and futures account fees payable (567 ) (5,605 )
Increase (Decrease) in payable on open futures contracts (610,306 ) 2,973,713
Net cash provided by (used in) operating activities (22,662,390 ) (60,925,283 )
Cash flow from financing activities
Proceeds from addition of shares 713,832,219 710,001,613
Payment on shares redeemed (778,200,820 ) (672,150,015 )
Net cash provided by (used in) financing activities (64,368,601 ) 37,851,598
Net increase (decrease) in cash (87,030,991 ) (23,073,685 )
Cash, beginning of period 241,154,040 162,331,287
Cash, end of period $ 154,123,049 $ 139,257,602

See accompanying notes to financial statements.

F-5

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br><br> <br>(unaudited) December 31,<br> 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $154,494,456 and $99,724,267, respectively) $ 154,501,105 $ 99,751,500
Cash 59,810,718 259,419,820
Segregated cash balances with brokers for futures contracts 25,066,845 42,171,314
Segregated cash balances with brokers for swap agreements 115,548,769 84,264,200
Unrealized appreciation on swap agreements — 38,215,610
Receivable from capital shares sold 7,833,632 —
Receivable on open futures contracts — 2,157,183
Interest receivable 343,663 692,226
Total assets 363,104,732 526,671,853
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed — 2,748,471
Payable on open futures contracts 2,694,435 70,422
Payable to Sponsor 286,863 432,896
Unrealized depreciation on swap agreements 1,044,339 —
Total liabilities 4,025,637 3,251,789
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 359,079,095 523,420,064
Total liabilities and shareholders’ equity $ 363,104,732 $ 526,671,853
Shares outstanding 16,043,096 19,043,096
Net asset value per share $ 22.38 $ 27.49
Market value per share (Note 2) $ 22.48 $ 27.50

See accompanying notes to financial statements.

F-6

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PROSHARES ULTRA BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(43% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 35,000,000 $ 34,976,260
4.182% due 10/21/25 20,000,000 19,955,000
4.140% due 11/04/25 50,000,000 49,809,930
4.203% due 11/13/25† 50,000,000 49,759,915
Total short-term U.S. government and agency obligations (cost 154,494,456) $ 154,501,105

All values are in US Dollars.

Futures Contracts Purchased

Number of<br><br> <br>Contracts Notional Amount<br><br> <br>at Value Unrealized<br><br> <br>Appreciation<br><br> <br>(Depreciation)/Value
WTI Crude Oil - NYMEX, expires December 2025 841 $ 52,108,360 $ 1,336,613
WTI Crude Oil - NYMEX, expires June 2026 850 52,037,000 737,250
WTI Crude Oil - NYMEX, expires December 2026 855 52,172,100 (737,124 )
$ 1,336,739

Total Return Swap Agreements ^

Rate Paid <br> (Received)<br>* Termination<br> Date Notional Amount<br> at Value<br>** Unrealized<br> Appreciation<br> (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 % 10/06/25 $ 50,354,875 $ (94,664 )
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 10/06/25 218,509,682 (410,781 )
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 10/06/25 66,380,312 (124,789 )
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.25 10/06/25 165,863,610 (301,797 )
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.30 10/06/25 60,715,630 (112,308 )
Total Unrealized Depreciation $ (1,044,339 )
† All or partial amount pledged as collateral for swap agreements.
--- ---
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---
^^ Rates shown represent discount rate at the time of purchase.
--- ---
* Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
--- ---
** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
--- ---

See accompanying notes to financial statements.

F-7

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 2,538,935 $ 6,074,652 $ 9,284,651 $ 17,591,301
Expenses
Management fee 919,884 1,266,843 2,836,491 4,088,647
Brokerage commissions 47,091 65,064 155,007 169,844
Total expenses 966,975 1,331,907 2,991,498 4,258,491
Net investment income (loss) 1,571,960 4,742,745 6,293,153 13,332,810
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts 9,979,055 (5,588,143 ) 6,783,860 22,864,139
Swap agreements 5,508,219 (61,237,840 ) (4,371,931 ) 10,385,399
Short-term U.S. government and agency obligations 187 (31 ) 509 13,170
Net realized gain (loss) 15,487,461 (66,826,014 ) 2,412,438 33,262,708
Change in net unrealized appreciation (depreciation) on
Futures contracts (1,945,799 ) (15,224,501 ) (9,527,346 ) 1,173,176
Swap agreements (5,067,962 ) (43,864,043 ) (39,259,949 ) (5,871,386 )
Short-term U.S. government and agency obligations 6,018 46,734 (20,584 ) 1,416
Change in net unrealized appreciation (depreciation) (7,007,743 ) (59,041,810 ) (48,807,879 ) (4,696,794 )
Net realized and unrealized gain (loss) 8,479,718 (125,867,824 ) (46,395,441 ) 28,565,914
Net income (loss) $ 10,051,678 $ (121,125,079 ) $ (40,102,288 ) $ 41,898,724

See accompanying notes to financial statements.

F-8

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 420,493,513 $ 527,486,095 $ 523,420,064 $ 652,793,437
Addition of 4,250,000, 16,200,000, 19,150,000 and 25,300,000 shares, respectively 95,230,997 431,007,011 437,683,795 696,995,533
Redemption of 6,900,000, 8,550,000, 22,150,000 and 26,750,000 shares, respectively (166,697,093 ) (244,145,772 ) (561,922,476 ) (798,465,439 )
Net addition (redemption) of (2,650,000), 7,650,000, (3,000,000) and (1,450,000) shares, respectively (71,466,096 ) 186,861,239 (124,238,681 ) (101,469,906 )
Net investment income (loss) 1,571,960 4,742,745 6,293,153 13,332,810
Net realized gain (loss) 15,487,461 (66,826,014 ) 2,412,438 33,262,708
Change in net unrealized appreciation (depreciation) (7,007,743 ) (59,041,810 ) (48,807,879 ) (4,696,794 )
Net income (loss) 10,051,678 (121,125,079 ) (40,102,288 ) 41,898,724
Shareholders’ equity, end of period $ 359,079,095 $ 593,222,255 $ 359,079,095 $ 593,222,255

See accompanying notes to financial statements.

F-9

Table of Contents

PROSHARES ULTRA BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (40,102,288 ) $ 41,898,724
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (1,048,965,009 ) (1,176,903,761 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 999,557,585 1,094,650,743
Net amortization and accretion on short-term U.S. government and agency obligations (5,362,256 ) (12,824,271 )
Net realized (gain) loss on investments (509 ) (13,170 )
Change in unrealized (appreciation) depreciation on investments 39,280,533 5,869,970
Decrease (Increase) in receivable on open futures contracts 2,157,183 (1,704,350 )
Decrease (Increase) in interest receivable 348,563 (280,249 )
Increase (Decrease) in payable to Sponsor (146,033 ) (87,773 )
Increase (Decrease) in brokerage commissions and futures account fees payable — (5,682 )
Increase (Decrease) in payable on open futures contracts 2,624,013 (2,099,944 )
Net cash provided by (used in) operating activities (50,608,218 ) (51,499,763 )
Cash flow from financing activities
Proceeds from addition of shares 429,850,163 702,250,555
Payment on shares redeemed (564,670,947 ) (794,661,896 )
Net cash provided by (used in) financing activities (134,820,784 ) (92,411,341 )
Net increase (decrease) in cash (185,429,002 ) (143,911,104 )
Cash, beginning of period 385,855,334 398,178,826
Cash, end of period $ 200,426,332 $ 254,267,722

See accompanying notes to financial statements.

F-10

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31,<br> 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $308,808,231 and $99,724,267, respectively) $ 308,827,473 $ 99,751,500
Cash 59,232,227 205,241,492
Segregated cash balances with brokers for futures contracts 182,905,059 117,769,697
Receivable from capital shares sold — 10,966,643
Receivable on open futures contracts 17,552,221 —
Interest receivable 666,046 825,264
Total assets 569,183,026 434,554,596
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 26,559,561 —
Payable on open futures contracts — 38,058,122
Brokerage commissions and futures account fees payable 15,482 13,669
Payable to Sponsor 397,763 401,306
Total liabilities 26,972,806 38,473,097
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 542,210,220 396,081,499
Total liabilities and shareholders’ equity $ 569,183,026 $ 434,554,596
Shares outstanding 18,373,047 7,223,047
Net asset value per share $ 29.51 $ 54.84
Market value per share (Note 2) $ 29.99 $ 55.82

See accompanying notes to financial statements.

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Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(57% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 40,000,000 $ 39,972,868
4.182% due 10/21/25 20,000,000 19,955,000
4.140% due 11/04/25 100,000,000 99,619,860
4.203% due 11/13/25 150,000,000 149,279,745
Total short-term U.S. government and agency obligations (cost 308,808,231) $ 308,827,473

All values are in US Dollars.

Futures Contracts Purchased

Number of<br><br> <br>Contracts Notional Amount<br><br> <br>at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
Natural Gas - NYMEX, expires November 2025 32,831 $ 1,084,407,930 $ (1,049,205 )
^^ Rates shown represent discount rate at the time of purchase.
--- ---

See accompanying notes to financial statements.

F-12

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 4,121,370 $ 7,125,254 $ 9,102,000 $ 19,996,081
Expenses
Management fee 1,088,659 1,479,083 2,340,238 4,252,390
Brokerage commissions 411,698 681,738 982,711 2,170,207
Futures account fees 49,402 46,576 166,011 188,737
Total expenses 1,549,759 2,207,397 3,488,960 6,611,334
Net investment income (loss) 2,571,611 4,917,857 5,613,040 13,384,747
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (163,780,916 ) (372,130,469 ) 46,482,203 (402,539,202 )
Short-term U.S. government and agency obligations 186 — (38 ) —
Net realized gain (loss) (163,780,730 ) (372,130,469 ) 46,482,165 (402,539,202 )
Change in net unrealized appreciation (depreciation) on
Futures contracts 28,718,499 260,225,054 (98,288,406 ) 63,582,315
Short-term U.S. government and agency obligations 18,989 34,676 (7,991 ) 21,069
Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730 (98,296,397 ) 63,603,384
Net realized and unrealized gain (loss) (135,043,242 ) (111,870,739 ) (51,814,232 ) (338,935,818 )
Net income (loss) $ (132,471,631 ) $ (106,952,882 ) $ (46,201,192 ) $ (325,551,071 )

See accompanying notes to financial statements.

F-13

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 334,757,794 $ 540,643,821 $ 396,081,499 $ 729,892,808
Addition of 28,200,000, 10,350,000, 46,650,000 and 23,240,000 shares, respectively 939,940,370 549,317,432 1,969,227,422 1,667,588,651
Redemption of 17,050,000, 6,180,000, 35,500,000 and 17,250,000 shares, respectively (600,016,313 ) (331,187,266 ) (1,776,897,509 ) (1,420,109,283 )
Net addition (redemption) of 11,150,000, 4,170,000, 11,150,000 and 5,990,000 shares, respectively 339,924,057 218,130,166 192,329,913 247,479,368
Net investment income (loss) 2,571,611 4,917,857 5,613,040 13,384,747
Net realized gain (loss) (163,780,730 ) (372,130,469 ) 46,482,165 (402,539,202 )
Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730 (98,296,397 ) 63,603,384
Net income (loss) (132,471,631 ) (106,952,882 ) (46,201,192 ) (325,551,071 )
Shareholders’ equity, end of period $ 542,210,220 $ 651,821,105 $ 542,210,220 $ 651,821,105

See accompanying notes to financial statements.

F-14

Table of Contents

PROSHARES ULTRA BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (46,201,192 ) $ (325,551,071 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (904,354,263 ) (470,623,691 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 699,473,294 215,000,000
Net amortization and accretion on short-term U.S. government and agency obligations (4,203,033 ) (3,693,933 )
Net realized (gain) loss on investments 38 —
Change in unrealized (appreciation) depreciation on investments 7,991 (21,069 )
Decrease (Increase) in receivable on open futures contracts (17,552,221 ) (22,694,887 )
Decrease (Increase) in interest receivable 159,218 1,004,148
Increase (Decrease) in payable to Sponsor (3,543 ) (137,481 )
Increase (Decrease) in brokerage commissions and futures account fees payable 1,813 (38,213 )
Increase (Decrease) in payable on open futures contracts (38,058,122 ) (21,843,883 )
Net cash provided by (used in) operating activities (310,730,020 ) (628,600,080 )
Cash flow from financing activities
Proceeds from addition of shares 1,980,194,065 1,671,870,576
Payment on shares redeemed (1,750,337,948 ) (1,388,991,394 )
Net cash provided by (used in) financing activities 229,856,117 282,879,182
Net increase (decrease) in cash (80,873,903 ) (345,720,898 )
Cash, beginning of period 323,011,189 701,114,381
Cash, end of period $ 242,137,286 $ 355,393,483

See accompanying notes to financial statements.

F-15

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31,<br> 2024
Assets
Cash $ 6,490,293 $ 5,285,126
Segregated cash balances with brokers for foreign currency forward contracts 756,667 618,421
Unrealized appreciation on foreign currency forward contracts 10,075 2,312
Interest receivable 21,478 19,473
Total assets 7,278,513 5,925,332
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor 5,675 4,736
Unrealized depreciation on foreign currency forward contracts 734 169,440
Total liabilities 6,409 174,176
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 7,272,104 5,751,156
Total liabilities and shareholders’ equity $ 7,278,513 $ 5,925,332
Shares outstanding 550,000 550,000
Net asset value per share $ 13.22 $ 10.46
Market value per share (Note 2) $ 13.21 $ 10.45

See accompanying notes to financial statements.

F-16

Table of Contents

PROSHARES ULTRA EURO

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Foreign Currency Forward Contracts<br>^
Settlement Date Contract Amount<br> in Local Currency Contract Amount<br> in U.S. Dollars Unrealized <br> Appreciation<br> (Depreciation)/<br> Value
Contracts to Purchase
Euro with Goldman Sachs International 10/10/25 6,075,921 $ 7,138,067 $ 4,568
Euro with UBS AG 10/10/25 6,478,502 7,611,024 5,135
Total Unrealized Appreciation $ 9,703
Contracts to Sell
Euro with Goldman Sachs International 10/10/25 (81,000 ) $ (95,160 ) $ 372
Euro with UBS AG 10/10/25 (134,000 ) (157,425 ) (734 )
Total Unrealized Depreciation $ (362 )
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---

See accompanying notes to financial statements.

F-17

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 72,530 $ 61,969 $ 186,574 $ 211,272
Expenses
Management fee 18,718 13,033 48,609 42,912
Total expenses 18,718 13,033 48,609 42,912
Net investment income (loss) 53,812 48,936 137,965 168,360
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
Foreign currency forward contracts 220,691 182,638 997,841 107,862
Net realized gain (loss) 220,691 182,638 997,841 107,862
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts (434,179 ) 187,048 176,469 (260,299 )
Change in net unrealized appreciation (depreciation) (434,179 ) 187,048 176,469 (260,299 )
Net realized and unrealized gain (loss) (213,488 ) 369,686 1,174,310 (152,437 )
Net income (loss) $ (159,676 ) $ 418,622 $ 1,312,275 $ 15,923

See accompanying notes to financial statements.

F-18

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 8,708,069 $ 5,595,533 $ 5,751,156 $ 7,114,015
Addition of –, –, 200,000 and 100,000 shares, respectively — — 2,513,699 1,140,357
Redemption of 100,000, 50,000, 200,000 and 250,000 shares, respectively (1,276,289 ) (573,946 ) (2,305,026 ) (2,830,086 )
Net addition (redemption) of (100,000), (50,000), – and (150,000) shares, respectively (1,276,289 ) (573,946 ) 208,673 (1,689,729 )
Net investment income (loss) 53,812 48,936 137,965 168,360
Net realized gain (loss) 220,691 182,638 997,841 107,862
Change in net unrealized appreciation (depreciation) (434,179 ) 187,048 176,469 (260,299 )
Net income (loss) (159,676 ) 418,622 1,312,275 15,923
Shareholders’ equity, end of period $ 7,272,104 $ 5,440,209 $ 7,272,104 $ 5,440,209

See accompanying notes to financial statements.

F-19

Table of Contents

PROSHARES ULTRA EURO

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 1,312,275 $ 15,923
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments (176,469 ) 260,299
Decrease (Increase) in interest receivable (2,005 ) 7,740
Increase (Decrease) in payable to Sponsor 939 (1,396 )
Net cash provided by (used in) operating activities 1,134,740 282,566
Cash flow from financing activities
Proceeds from addition of shares 2,513,699 1,140,357
Payment on shares redeemed (2,305,026 ) (2,830,086 )
Net cash provided by (used in) financing activities 208,673 (1,689,729 )
Net increase (decrease) in cash 1,343,413 (1,407,163 )
Cash, beginning of period 5,903,547 6,785,459
Cash, end of period $ 7,246,960 $ 5,378,296

See accompanying notes to financial statements.

F-20

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $607,989,455 and $74,793,200, respectively) $ 608,009,273 $ 74,813,625
Cash 76,817,403 203,750,372
Segregated cash balances with brokers for futures contracts 42,967,500 11,408,000
Segregated cash balances with brokers for swap agreements 34,511,800 —
Unrealized appreciation on swap agreements 34,537,917 —
Receivable from capital shares sold 9,144,187 —
Receivable on open futures contracts 3,042,379 1,952,335
Interest receivable 831,844 371,587
Total assets 809,862,303 292,295,919
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor 581,385 238,455
Unrealized depreciation on swap agreements — 2,348,132
Total liabilities 581,385 2,586,587
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 809,280,918 289,709,332
Total liabilities and shareholders’ equity $ 809,862,303 $ 292,295,919
Shares outstanding (Note 1) 17,700,000 12,400,000
Net asset value per share (Note 1) $ 45.72 $ 23.36
Market value per share (Note 1) (Note 2) $ 46.06 $ 23.37

See accompanying notes to financial statements.

F-21

Table of Contents

PROSHARES ULTRA GOLD

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(75% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 75,000,000 $ 74,949,127
4.182% due 10/21/25 125,000,000 124,718,750
4.140% due 11/04/25† 310,000,000 308,821,566
4.203% due 11/13/25† 100,000,000 99,519,830
Total short-term U.S. government and agency obligations (cost 607,989,455) $ 608,009,273

All values are in US Dollars.

Futures Contracts Purchased
Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
Gold Futures—COMEX, expires December 2025 2,411 $ 933,828,520 $ 101,806,050
Total Return Swap Agreements<br>^
--- --- --- --- --- --- --- --- --- ---
Rate Paid <br> (Received)<br>* Termination<br> Date Notional Amount<br> at Value<br>** Unrealized<br> Appreciation<br> (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 10/06/25 $ 424,720,428 $ 21,409,914
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.25 10/06/25 93,079,951 4,692,107
Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 10/06/25 167,347,561 8,435,896
Total Unrealized Appreciation $ 34,537,917
† All or partial amount pledged as collateral for swap agreements.
--- ---
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---
^^ Rates shown represent discount rate at the time of purchase.
--- ---
* Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
--- ---
** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
--- ---

See accompanying notes to financial statements.

F-22

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 5,843,146 $ 3,315,167 $ 14,701,668 $ 8,148,441
Expenses
Management fee 1,426,882 628,619 3,488,004 1,611,610
Brokerage commissions 18,644 9,213 64,523 27,209
Total expenses 1,445,526 637,832 3,552,527 1,638,819
Net investment income (loss) 4,397,620 2,677,335 11,149,141 6,509,622
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
Futures contracts (533,759 ) 1,541,465 71,313,806 16,072,123
Swap agreements 39,227,803 10,501,253 111,966,863 46,009,687
Short-term U.S. government and agency obligations 375 — 452 3,011
Net realized gain (loss) 38,694,419 12,042,718 183,281,121 62,084,821
Change in net unrealized appreciation (depreciation) on
Futures contracts 105,261,676 18,663,834 102,229,458 13,799,867
Swap agreements 39,263,937 23,264,503 36,886,049 13,633,253
Short-term U.S. government and agency obligations 18,871 29,160 (607 ) 18,880
Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497 139,114,900 27,452,000
Net realized and unrealized gain (loss) 183,238,903 54,000,215 322,396,021 89,536,821
Net income (loss) $ 187,636,523 $ 56,677,550 $ 333,545,162 $ 96,046,443

See accompanying notes to financial statements.

F-23

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 485,005,243 $ 216,456,025 $ 289,709,332 $ 191,502,023
Addition of 7,000,000, 3,400,000, 17,650,000 and 6,600,000 shares, respectively (Note 1) 265,301,111 74,000,508 612,025,424 130,539,933
Redemption of 3,400,000, 2,200,000, 12,350,000 and 6,200,000 shares, respectively (Note 1) (128,661,959 ) (48,251,861 ) (425,999,000 ) (119,206,177 )
Net addition (redemption) of 3,600,000, 1,200,000, 5,300,000 and 400,000 shares, respectively (Note 1) 136,639,152 25,748,647 186,026,424 11,333,756
Net investment income (loss) 4,397,620 2,677,335 11,149,141 6,509,622
Net realized gain (loss) 38,694,419 12,042,718 183,281,121 62,084,821
Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497 139,114,900 27,452,000
Net income (loss) 187,636,523 56,677,550 333,545,162 96,046,443
Shareholders’ equity, end of period $ 809,280,918 $ 298,882,222 $ 809,280,918 $ 298,882,222

See accompanying notes to financial statements.

F-24

Table of Contents

PROSHARES ULTRA GOLD

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 333,545,162 $ 96,046,443
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (1,953,529,314 ) (578,835,390 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 1,429,111,536 420,003,011
Net amortization and accretion on short-term U.S. government and agency obligations (8,778,025 ) (5,810,921 )
Net realized (gain) loss on investments (452 ) (3,011 )
Change in unrealized (appreciation) depreciation on investments (36,885,442 ) (13,652,133 )
Decrease (Increase) in receivable on open futures contracts (1,090,044 ) —
Decrease (Increase) in interest receivable (460,257 ) (85,135 )
Increase (Decrease) in payable to Sponsor 342,930 77,112
Increase (Decrease) in payable on open futures contracts — (125,977 )
Net cash provided by (used in) operating activities (237,743,906 ) (82,386,001 )
Cash flow from financing activities
Proceeds from addition of shares 602,881,237 130,539,933
Payment on shares redeemed (425,999,000 ) (114,385,981 )
Net cash provided by (used in) financing activities 176,882,237 16,153,952
Net increase (decrease) in cash (60,861,669 ) (66,232,049 )
Cash, beginning of period 215,158,372 129,351,977
Cash, end of period $ 154,296,703 $ 63,119,928

See accompanying notes to financial statements.

F-25

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $742,869,383 and $124,655,333, respectively) $ 742,885,457 $ 124,689,375
Cash 157,661,178 376,597,126
Segregated cash balances with brokers for futures contracts 77,104,000 38,668,750
Segregated cash balances with brokers for swap agreements — 76,561,398
Unrealized appreciation on swap agreements 103,878,807 —
Receivable on open futures contracts 425,541 —
Interest receivable 1,015,497 851,132
Total assets 1,082,970,480 617,367,781
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 30,265,055 —
Payable on open futures contracts 4,324,003 2,258,150
Payable to Sponsor 702,125 507,430
Unrealized depreciation on swap agreements – 52,518,908
Total liabilities 35,291,183 55,284,488
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 1,047,679,297 562,083,293
Total liabilities and shareholders’ equity $ 1,082,970,480 $ 617,367,781
Shares outstanding 13,846,526 16,746,526
Net asset value per share $ 75.66 $ 33.56
Market value per share (Note 2) $ 76.24 $ 33.67

See accompanying notes to financial statements.

F-26

Table of Contents

PROSHARES ULTRA SILVER

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(71% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 150,000,000 $ 149,898,255
4.182% due 10/21/25 225,000,000 224,493,750
4.140% due 11/04/25† 270,000,000 268,973,622
4.203% due 11/13/25† 100,000,000 99,519,830
Total short-term U.S. government and agency obligations
(cost 742,869,383) $ 742,885,457

All values are in US Dollars.

Futures Contracts Purchased
Number of<br> Contracts Notional Amount <br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
Silver Futures - COMEX, expires December 2025 4,589 $ 1,070,154,800 $ 143,513,534
Total Return Swap Agreements<br>^
--- --- --- --- --- --- --- --- --- ---
Rate Paid <br> (Received)<br>* Termination<br> Date Notional Amount<br> at Value<br>** Unrealized<br> Appreciation<br> (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 10/06/25 $ 470,370,599 $ 47,585,640
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.30 10/06/25 39,163,672 3,972,149
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 10/06/25 265,710,383 26,949,501
Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.25 10/06/25 250,085,358 25,371,517
Total Unrealized Appreciation $ 103,878,807
† All or partial amount pledged as collateral for swap agreements.
--- ---
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---
^^ Rates shown represent discount rate at the time of purchase.
--- ---
* Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
--- ---
** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
--- ---

See accompanying notes to financial statements.

F-27

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 6,938,402 $ 7,482,201 $ 19,053,657 $ 17,362,781
Expenses
Management fee 1,949,744 1,417,159 4,951,422 3,535,877
Brokerage commissions 50,532 45,868 155,360 130,090
Total expenses 2,000,276 1,463,027 5,106,782 3,665,967
Net investment income (loss) 4,938,126 6,019,174 13,946,875 13,696,814
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts 32,707,355 (38,481,009 ) 101,060,386 37,521,267
Swap agreements 105,876,163 (90,530,217 ) 191,432,762 49,677,236
Short-term U.S. government and agency obligations 367 (25 ) 355 4,772
Net realized gain (loss) 138,583,885 (129,011,251 ) 292,493,503 87,203,275
Change in net unrealized appreciation (depreciation) on
Futures contracts 152,651,481 58,950,640 172,417,069 39,875,598
Swap agreements 110,350,181 123,441,660 156,397,715 76,866,548
Short-term U.S. government and agency obligations 14,868 53,721 (17,968 ) 33,217
Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021 328,796,816 116,775,363
Net realized and unrealized gain (loss) 401,600,415 53,434,770 621,290,319 203,978,638
Net income (loss) $ 406,538,541 $ 59,453,944 $ 635,237,194 $ 217,675,452

See accompanying notes to financial statements.

F-28

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 708,196,011 $ 570,829,521 $ 562,083,293 $ 390,146,373
Addition of 4,700,000, 4,700,000, 14,550,000 and 12,150,000 shares, respectively 275,863,693 173,955,817 678,097,505 418,736,717
Redemption of 5,900,000, 3,500,000, 17,450,000 and 10,000,000 shares, respectively (342,918,948 ) (137,456,812 ) (827,738,695 ) (359,776,072 )
Net addition (redemption) of (1,200,000), 1,200,000, (2,900,000) and 2,150,000 shares, respectively (67,055,255 ) 36,499,005 (149,641,190 ) 58,960,645
Net investment income (loss) 4,938,126 6,019,174 13,946,875 13,696,814
Net realized gain (loss) 138,583,885 (129,011,251 ) 292,493,503 87,203,275
Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021 328,796,816 116,775,363
Net income (loss) 406,538,541 59,453,944 635,237,194 217,675,452
Shareholders’ equity, end of period $ 1,047,679,297 $ 666,782,470 $ 1,047,679,297 $ 666,782,470

See accompanying notes to financial statements.

F-29

Table of Contents

PROSHARES ULTRA SILVER

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 635,237,194 $ 217,675,452
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (2,540,999,184 ) (1,164,790,304 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 1,934,105,968 941,998,259
Net amortization and accretion on short-term U.S. government and agency obligations (11,320,479 ) (11,494,331 )
Net realized (gain) loss on investments (355 ) (4,772 )
Change in unrealized (appreciation) depreciation on investments (156,379,747 ) (76,899,765 )
Decrease (Increase) in receivable on open futures contracts (425,541 ) —
Decrease (Increase) in interest receivable (164,365 ) (199,500 )
Increase (Decrease) in payable to Sponsor 194,695 161,194
Increase (Decrease) in payable on open futures contracts 2,065,853 1,158,864
Net cash provided by (used in) operating activities (137,685,961 ) (92,394,903 )
Cash flow from financing activities
Proceeds from addition of shares 678,097,505 421,465,545
Payment on shares redeemed (797,473,640 ) (347,614,349 )
Net cash provided by (used in) financing activities (119,376,135 ) 73,851,196
Net increase (decrease) in cash (257,062,096 ) (18,543,707 )
Cash, beginning of period 491,827,274 279,193,929
Cash, end of period $ 234,765,178 $ 260,650,222

See accompanying notes to financial statements.

F-30

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $109,556,297 and $24,931,067, respectively) $ 109,562,859 $ 24,937,875
Cash 103,870,819 88,749,502
Segregated cash balances with brokers for futures contracts 428,426,270 161,872,327
Receivable on open futures contracts 12,264,407 9,002,751
Interest receivable 1,130,070 803,191
Total assets 655,254,425 285,365,646
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts 6,589,621 613,972
Brokerage commissions and futures account fees payable 75,752 24,616
Payable to Sponsor 494,630 274,998
Total liabilities 7,160,003 913,586
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 648,094,422 284,452,060
Total liabilities and shareholders’ equity $ 655,254,425 $ 285,365,646
Shares outstanding 62,093,643 13,693,643
Net asset value per share $ 10.44 $ 20.77
Market value per share (Note 2) $ 10.44 $ 20.72

See accompanying notes to financial statements.

F-31

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(17% of shareholders’ equity)
U.S. Treasury Bills^^:
4.182% due 10/21/25 20,000,000 $ 19,955,000
4.140% due 11/04/25 40,000,000 39,847,944
4.203% due 11/13/25 50,000,000 49,759,915
Total short-term U.S. government and agency obligations
(cost 109,556,297) $ 109,562,859

All values are in US Dollars.

Futures Contracts Purchased
Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
VIX Futures - Cboe, expires October 2025 31,952 $ 561,971,776 $ (32,959,301 )
VIX Futures - Cboe, expires November 2025 21,292 409,853,966 (3,137,076 )
$ (36,096,377 )
^^ Rates shown represent discount rate at the time of purchase.
--- ---

See accompanying notes to financial statements.

F-32

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 5,292,243 $ 2,501,794 $ 10,984,632 $ 7,595,859
Expenses
Management fee 1,636,145 583,266 3,378,880 1,804,611
Brokerage commissions 1,025,774 534,432 2,534,657 1,475,584
Futures account fees 231,026 62,854 444,189 212,988
Total expenses 2,892,945 1,180,552 6,357,726 3,493,183
Net investment income (loss) 2,399,298 1,321,242 4,626,906 4,102,676
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (410,233,402 ) (36,612,575 ) (254,266,766 ) (185,028,990 )
Short-term U.S. government and agency obligations 565 317 (1,354 ) 11,454
Net realized gain (loss) (410,232,837 ) (36,612,258 ) (254,268,120 ) (185,017,536 )
Change in net unrealized appreciation (depreciation) on
Futures contracts 19,280,389 14,558,661 (50,072,369 ) 39,537,652
Short-term U.S. government and agency obligations 6,372 12,132 (246 ) 12,150
Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793 (50,072,615 ) 39,549,802
Net realized and unrealized gain (loss) (390,946,076 ) (22,041,465 ) (304,340,735 ) (145,467,734 )
Net income (loss) $ (388,546,778 ) $ (20,720,223 ) $ (299,713,829 ) $ (141,365,058 )

See accompanying notes to financial statements.

F-33

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 579,408,908 $ 232,135,198 $ 284,452,060 $ 348,555,743
Addition of 49,350,000, 19,350,000, 134,050,000 and 29,200,000 shares, respectively 705,122,888 563,820,661 2,554,769,405 854,933,354
Redemption of 18,250,000, 17,750,000, 85,650,000 and 26,021,248 shares, respectively (247,890,596 ) (489,883,673 ) (1,891,413,214 ) (776,772,076 )
Net addition (redemption) of 31,100,000, 1,600,000, 48,400,000 and 3,178,752 shares, respectively 457,232,292 73,936,988 663,356,191 78,161,278
Net investment income (loss) 2,399,298 1,321,242 4,626,906 4,102,676
Net realized gain (loss) (410,232,837 ) (36,612,258 ) (254,268,120 ) (185,017,536 )
Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793 (50,072,615 ) 39,549,802
Net income (loss) (388,546,778 ) (20,720,223 ) (299,713,829 ) (141,365,058 )
Shareholders’ equity, end of period $ 648,094,422 $ 285,351,963 $ 648,094,422 $ 285,351,963

See accompanying notes to financial statements.

F-34

Table of Contents

PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (299,713,829 ) $ (141,365,058 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (681,018,160 ) (259,379,827 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 598,974,544 196,346,250
Net amortization and accretion on short-term U.S. government and agency obligations (2,582,968 ) (1,763,038 )
Net realized (gain) loss on investments 1,354 (11,454 )
Change in unrealized (appreciation) depreciation on investments 246 (12,150 )
Decrease (Increase) in receivable on open futures contracts (3,261,656 ) 7,609,527
Decrease (Increase) in interest receivable (326,879 ) 402,866
Increase (Decrease) in payable to Sponsor 219,632 (101,924 )
Increase (Decrease) in brokerage commissions and futures account fees payable 51,136 (16,496 )
Increase (Decrease) in payable on open futures contracts 5,975,649 7,629,152
Net cash provided by (used in) operating activities (381,680,931 ) (190,662,152 )
Cash flow from financing activities
Proceeds from addition of shares 2,554,769,405 854,933,354
Payment on shares redeemed (1,891,413,214 ) (776,772,076 )
Net cash provided by (used in) financing activities 663,356,191 78,161,278
Net increase (decrease) in cash 281,675,260 (112,500,874 )
Cash, beginning of period 250,621,829 337,411,617
Cash, end of period $ 532,297,089 $ 224,910,743

See accompanying notes to financial statements.

F-35

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Cash $ 47,101,523 $ 39,802,626
Segregated cash balances with brokers for foreign currency forward contracts 6,771,283 8,805,479
Unrealized appreciation on foreign currency forward contracts 1,384 146,194
Interest receivable 165,535 149,992
Total assets 54,039,725 48,904,291
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor 43,372 37,154
Unrealized depreciation on foreign currency forward contracts 687,017 4,361,491
Total liabilities 730,389 4,398,645
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 53,309,336 44,505,646
Total liabilities and shareholders’ equity $ 54,039,725 $ 48,904,291
Shares outstanding 2,449,970 2,199,970
Net asset value per share $ 21.76 $ 20.23
Market value per share (Note 2) $ 21.76 $ 20.35

See accompanying notes to financial statements.

F-36

Table of Contents

PROSHARES ULTRA YEN

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Foreign Currency Forward Contracts<br>^
Settlement Date Contract Amount <br> in Local Currency Contract Amount<br> in U.S. Dollars Unrealized <br> Appreciation<br> (Depreciation)/<br> Value
Contracts to Purchase
Yen with Goldman Sachs International 10/10/25 8,304,233,056 $ 56,218,412 $ (330,971 )
Yen with UBS AG 10/10/25 8,398,795,856 56,858,588 (322,716 )
Total Unrealized Depreciation $ (653,687 )
Contracts to Sell
Yen with Goldman Sachs International 10/10/25 (232,040,000 ) $ (1,570,876 ) $ 1,384
Yen with UBS AG 10/10/25 (721,530,000 ) (4,884,650 ) (33,330 )
Total Unrealized Depreciation $ (31,946 )
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---

See accompanying notes to financial statements.

F-37

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 541,875 $ 541,372 $ 1,650,309 $ 1,395,183
Expenses
Management fee 139,482 118,878 430,261 295,486
Total expenses 139,482 118,878 430,261 295,486
Net investment income (loss) 402,393 422,494 1,220,048 1,099,697
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts (3,272,292 ) 6,834,509 (201,447 ) (562,689 )
Net realized gain (loss) (3,272,292 ) 6,834,509 (201,447 ) (562,689 )
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts (1,422,005 ) 2,618,114 3,529,664 (1,803,229 )
Change in net unrealized appreciation (depreciation) (1,422,005 ) 2,618,114 3,529,664 (1,803,229 )
Net realized and unrealized gain (loss) (4,694,297 ) 9,452,623 3,328,217 (2,365,918 )
Net income (loss) $ (4,291,904 ) $ 9,875,117 $ 4,548,265 $ (1,266,221 )

See accompanying notes to financial statements.

F-38

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 66,461,439 $ 44,510,138 $ 44,505,646 $ 30,205,770
Addition of –, 550,000, 1,250,000 and 1,850,000 shares, respectively — 13,600,287 26,787,301 43,805,863
Redemption of 400,000, 600,000, 1,000,000 and 800,000 shares, respectively (8,860,199 ) (14,751,477 ) (22,531,876 ) (19,511,347 )
Net addition (redemption) of (400,000), (50,000), 250,000 and 1,050,000 shares, respectively (8,860,199 ) (1,151,190 ) 4,255,425 24,294,516
Net investment income (loss) 402,393 422,494 1,220,048 1,099,697
Net realized gain (loss) (3,272,292 ) 6,834,509 (201,447 ) (562,689 )
Change in net unrealized appreciation (depreciation) (1,422,005 ) 2,618,114 3,529,664 (1,803,229 )
Net income (loss) (4,291,904 ) 9,875,117 4,548,265 (1,266,221 )
Shareholders’ equity, end of period $ 53,309,336 $ 53,234,065 $ 53,309,336 $ 53,234,065

See accompanying notes to financial statements.

F-39

Table of Contents

PROSHARES ULTRA YEN

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 4,548,265 $ (1,266,221 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments (3,529,664 ) 1,803,229
Decrease (Increase) in interest receivable (15,543 ) (91,187 )
Increase (Decrease) in payable to Sponsor 6,218 20,276
Net cash provided by (used in) operating activities 1,009,276 466,097
Cash flow from financing activities
Proceeds from addition of shares 26,787,301 43,805,863
Payment on shares redeemed (22,531,876 ) (20,884,514 )
Net cash provided by (used in) financing activities 4,255,425 22,921,349
Net increase (decrease) in cash 5,264,701 23,387,446
Cash, beginning of period 48,608,105 29,977,711
Cash, end of period $ 53,872,806 $ 53,365,157

See accompanying notes to financial statements.

F-40

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $34,960,911 and $–, respectively) $ 34,960,542 $ —
Cash 55,574,044 88,861,451
Segregated cash balances with brokers for futures contracts 31,149,219 31,873,660
Receivable from capital shares sold — 3,386,356
Receivable on open futures contracts 5,944,855 —
Interest receivable 294,550 341,824
Total assets 127,923,210 124,463,291
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 6,124,308 —
Payable on open futures contracts — 2,372,844
Payable to Sponsor 96,463 93,113
Total liabilities 6,220,771 2,465,957
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 121,702,439 121,997,334
Total liabilities and shareholders’ equity $ 127,923,210 $ 124,463,291
Shares outstanding 6,955,220 7,205,220
Net asset value per share $ 17.50 $ 16.93
Market value per share (Note 2) $ 17.42 $ 16.92

See accompanying notes to financial statements.

F-41

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(29% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 25,000,000 $ 24,983,042
4.182% due 10/21/25 10,000,000 9,977,500
Total short-term U.S. government and agency obligations (cost 34,960,911) $ 34,960,542

All values are in US Dollars.

Futures Contracts Sold
Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
WTI Crude Oil - NYMEX, expires December 2025 1,308 $ 81,043,680 $ 6,281,733
WTI Crude Oil - NYMEX, expires June 2026 1,325 81,116,500 4,243,366
WTI Crude Oil - NYMEX, expires December 2026 1,331 81,217,620 1,603,590
$ 12,128,689
^^ Rates shown represent discount rate at the time of purchase.
--- ---

See accompanying notes to financial statements.

F-42

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 1,262,490 $ 1,865,946 $ 4,373,667 $ 6,398,993
Expenses
Management fee 315,179 363,340 1,090,747 1,255,680
Brokerage commissions 46,312 51,598 169,510 149,398
Total expenses 361,491 414,938 1,260,257 1,405,078
Net investment income (loss) 900,999 1,451,008 3,113,410 4,993,915
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts 4,631,229 12,329,007 45,775,241 (330,018 )
Short-term U.S. government and agency obligations — 179 (483 ) 6,958
Net realized gain (loss) 4,631,229 12,329,186 45,774,758 (323,060 )
Change in net unrealized appreciation (depreciation) on
Futures contracts (3,727,299 ) 28,461,478 13,784,081 (7,530,570 )
Short-term U.S. government and agency obligations (369 ) 5,390 (369 ) (3,790 )
Change in net unrealized appreciation (depreciation) (3,727,668 ) 28,466,868 13,783,712 (7,534,360 )
Net realized and unrealized gain (loss) 903,561 40,796,054 59,558,470 (7,857,420 )
Net income (loss) $ 1,804,560 $ 42,247,062 $ 62,671,880 $ (2,863,505 )

See accompanying notes to financial statements.

F-43

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 135,277,470 $ 177,620,038 $ 121,997,334 $ 188,963,592
Addition of 5,450,000, 2,250,000, 25,450,000 and 14,900,000 shares, respectively 88,618,278 37,421,194 410,876,000 253,860,259
Redemption of 6,000,000, 8,700,000, 25,700,000 and 19,050,000 shares, respectively (103,997,869 ) (160,558,341 ) (473,842,775 ) (343,230,393 )
Net addition (redemption) of (550,000), (6,450,000), (250,000) and (4,150,000) shares, respectively (15,379,591 ) (123,137,147 ) (62,966,775 ) (89,370,134 )
Net investment income (loss) 900,999 1,451,008 3,113,410 4,993,915
Net realized gain (loss) 4,631,229 12,329,186 45,774,758 (323,060 )
Change in net unrealized appreciation (depreciation) (3,727,668 ) 28,466,868 13,783,712 (7,534,360 )
Net income (loss) 1,804,560 42,247,062 62,671,880 (2,863,505 )
Shareholders’ equity, end of period $ 121,702,439 $ 96,729,953 $ 121,702,439 $ 96,729,953

See accompanying notes to financial statements.

F-44

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 62,671,880 $ (2,863,505 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (343,231,033 ) (301,469,671 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 309,917,637 319,998,987
Net amortization and accretion on short-term U.S. government and agency obligations (1,647,998 ) (3,768,036 )
Net realized (gain) loss on investments 483 (6,958 )
Change in unrealized (appreciation) depreciation on investments 369 3,790
Decrease (Increase) in receivable on open futures contracts (5,944,855 ) 90,623
Decrease (Increase) in interest receivable 47,274 128,550
Increase (Decrease) in payable to Sponsor 3,350 (49,412 )
Increase (Decrease) in brokerage commissions and futures account fees payable — (3,509 )
Increase (Decrease) in payable on open futures contracts (2,372,844 ) 4,402,659
Net cash provided by (used in) operating activities 19,444,263 16,463,518
Cash flow from financing activities
Proceeds from addition of shares 414,262,356 253,860,259
Payment on shares redeemed (467,718,467 ) (343,398,535 )
Net cash provided by (used in) financing activities (53,456,111 ) (89,538,276 )
Net increase (decrease) in cash (34,011,848 ) (73,074,758 )
Cash, beginning of period 120,735,111 141,574,168
Cash, end of period $ 86,723,263 $ 68,499,410

See accompanying notes to financial statements.

F-45

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $64,845,737 and $–, respectively) $ 64,846,501 $ —
Cash 43,984,384 177,262,462
Segregated cash balances with brokers for futures contracts 46,401,042 81,628,795
Receivable from capital shares sold 7,071,768 —
Receivable on open futures contracts — 19,205,533
Interest receivable 370,765 405,754
Total assets 162,674,460 278,502,544
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed — 17,443,727
Payable on open futures contracts 3,999,443 —
Brokerage commissions and futures account fees payable 3,572 3,166
Payable to Sponsor 133,487 115,508
Total liabilities 4,136,502 17,562,401
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 158,537,958 260,940,143
Total liabilities and shareholders’ equity $ 162,674,460 $ 278,502,544
Shares outstanding 4,483,712 5,983,712
Net asset value per share $ 35.36 $ 43.61
Market value per share (Note 2) $ 34.79 $ 42.74

See accompanying notes to financial statements.

F-46

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(41% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 25,000,000 $ 24,983,043
4.182% due 10/21/25 10,000,000 9,977,500
4.140% due 11/04/25 30,000,000 29,885,958
Total short-term U.S. government and agency obligations (cost 64,845,737) $ 64,846,501

All values are in US Dollars.

Futures Contracts Sold
Number of <br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
Natural Gas - NYMEX, expires November 2025 9,600 $ 317,088,000 $ 13,136,253
^^ Rates shown represent discount rate at the time of purchase.
--- ---

See accompanying notes to financial statements.

F-47

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 1,926,416 $ 1,150,564 $ 10,289,665 $ 4,075,138
Expenses
Management fee 477,225 224,779 2,536,994 797,283
Brokerage commissions 167,957 156,391 1,197,519 722,643
Futures account fees 12,126 6,899 84,863 33,910
Total expenses 657,308 388,069 3,819,376 1,553,836
Net investment income (loss) 1,269,108 762,495 6,470,289 2,521,302
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts 116,766,252 90,006,232 19,539,524 90,097,297
Short-term U.S. government and agency obligations 33 (2,218 ) (8,305 ) (3,961 )
Net realized gain (loss) 116,766,285 90,004,014 19,531,219 90,093,336
Change in net unrealized appreciation (depreciation) on
Futures contracts (27,090,196 ) (55,772,673 ) 39,266,757 (11,395,023 )
Short-term U.S. government and agency obligations 259 8,364 764 7,761
Change in net unrealized appreciation (depreciation) (27,089,937 ) (55,764,309 ) 39,267,521 (11,387,262 )
Net realized and unrealized gain (loss) 89,676,348 34,239,705 58,798,740 78,706,074
Net income (loss) $ 90,945,456 $ 35,002,200 $ 65,269,029 $ 81,227,376

See accompanying notes to financial statements.

F-48

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 283,266,637 $ 147,292,427 $ 260,940,143 $ 140,963,092
Addition of 6,050,000, 2,700,000, 71,800,000 and 16,700,000 shares, respectively 183,706,873 167,655,268 1,773,382,468 864,763,170
Redemption of 12,700,000, 3,250,000, 73,300,000 and 17,200,000 shares, respectively (399,381,008 ) (217,256,870 ) (1,941,053,682 ) (954,260,613 )
Net addition (redemption) of (6,650,000), (550,000), (1,500,000) and (500,000) shares, respectively (215,674,135 ) (49,601,602 ) (167,671,214 ) (89,497,443 )
Net investment income (loss) 1,269,108 762,495 6,470,289 2,521,302
Net realized gain (loss) 116,766,285 90,004,014 19,531,219 90,093,336
Change in net unrealized appreciation (depreciation) (27,089,937 ) (55,764,309 ) 39,267,521 (11,387,262 )
Net income (loss) 90,945,456 35,002,200 65,269,029 81,227,376
Shareholders’ equity, end of period $ 158,537,958 $ 132,693,025 $ 158,537,958 $ 132,693,025

See accompanying notes to financial statements.

F-49

Table of Contents

PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 65,269,029 $ 81,227,376
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (989,236,463 ) (232,607,254 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 929,395,135 189,472,679
Net amortization and accretion on short-term U.S. government and agency obligations (5,012,714 ) (1,757,186 )
Net realized (gain) loss on investments 8,305 3,961
Change in unrealized (appreciation) depreciation on investments (764 ) (7,761 )
Decrease (Increase) in receivable on open futures contracts 19,205,533 4,446,202
Decrease (Increase) in interest receivable 34,989 292,861
Increase (Decrease) in payable to Sponsor 17,979 (40,487 )
Increase (Decrease) in brokerage commissions and futures account fees payable 406 (9,361 )
Increase (Decrease) in payable on open futures contracts 3,999,443 (7,601,565 )
Net cash provided by (used in) operating activities 23,680,878 33,419,465
Cash flow from financing activities
Proceeds from addition of shares 1,766,310,700 871,648,583
Payment on shares redeemed (1,958,497,409 ) (954,260,613 )
Net cash provided by (used in) financing activities (192,186,709 ) (82,612,030 )
Net increase (decrease) in cash (168,505,831 ) (49,192,565 )
Cash, beginning of period 258,891,257 136,172,565
Cash, end of period $ 90,385,426 $ 86,980,000

See accompanying notes to financial statements.

F-50

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Cash $ 29,719,293 $ 36,236,198
Segregated cash balances with brokers for foreign currency forward contracts 3,911,088 4,402,112
Unrealized appreciation on foreign currency forward contracts 868 1,189,827
Interest receivable 97,822 129,971
Total assets 33,729,071 41,958,108
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor 26,232 32,657
Unrealized depreciation on foreign currency forward contracts 77,707 32,777
Total liabilities 103,939 65,434
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 33,625,132 41,892,674
Total liabilities and shareholders’ equity $ 33,729,071 $ 41,958,108
Shares outstanding 1,200,000 1,200,000
Net asset value per share $ 28.02 $ 34.91
Market value per share (Note 2) $ 28.01 $ 34.92

See accompanying notes to financial statements.

F-51

Table of Contents

PROSHARES ULTRASHORT EURO

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Foreign Currency Forward Contracts<br>^
Settlement Date Contract Amount<br> in Local Currency Contract Amount<br> in U.S. Dollars Unrealized <br> Appreciation<br> (Depreciation)/<br> Value
Contracts to Purchase
Euro with Goldman Sachs International 10/10/25 2,946,000 $ 3,460,997 $ (22,894 )
Euro with UBS AG 10/10/25 1,242,000 1,459,117 868
Total Unrealized Depreciation $ (22,026 )
Contracts to Sell
Euro with Goldman Sachs International 10/10/25 (33,832,263 ) $ (39,746,559 ) $ (30,619 )
Euro with UBS AG 10/10/25 (27,722,199 ) (32,568,382 ) (24,194 )
Total Unrealized Depreciation $ (54,813 )
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---

See accompanying notes to financial statements.

F-52

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 311,072 $ 400,294 $ 962,527 $ 1,288,483
Expenses
Management fee 81,835 84,768 250,845 270,996
Total expenses 81,835 84,768 250,845 270,996
Net investment income (loss) 229,237 315,526 711,682 1,017,487
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts (1,411,883 ) (1,317,854 ) (6,979,829 ) (1,360,955 )
Short-term U.S. government and agency obligations — — 119 4,641
Net realized gain (loss) (1,411,883 ) (1,317,854 ) (6,979,710 ) (1,356,314 )
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts 1,649,460 (1,247,585 ) (1,233,889 ) 1,521,143
Change in net unrealized appreciation (depreciation) 1,649,460 (1,247,585 ) (1,233,889 ) 1,521,143
Net realized and unrealized gain (loss) 237,577 (2,565,439 ) (8,213,599 ) 164,829
Net income (loss) $ 466,814 $ (2,249,913 ) $ (7,501,917 ) $ 1,182,316

See accompanying notes to financial statements.

F-53

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 31,567,012 $ 38,226,983 $ 41,892,674 $ 39,367,550
Addition of 200,000, –, 550,000 and 50,000 shares, respectively 5,827,979 — 16,228,321 1,591,183
Redemption of 150,000, 100,000, 550,000 and 300,000 shares, respectively (4,236,673 ) (3,064,562 ) (16,993,946 ) (9,228,541 )
Net addition (redemption) of 50,000, (100,000), – and (250,000) shares, respectively 1,591,306 (3,064,562 ) (765,625 ) (7,637,358 )
Net investment income (loss) 229,237 315,526 711,682 1,017,487
Net realized gain (loss) (1,411,883 ) (1,317,854 ) (6,979,710 ) (1,356,314 )
Change in net unrealized appreciation (depreciation) 1,649,460 (1,247,585 ) (1,233,889 ) 1,521,143
Net income (loss) 466,814 (2,249,913 ) (7,501,917 ) 1,182,316
Shareholders’ equity, end of period $ 33,625,132 $ 32,912,508 $ 33,625,132 $ 32,912,508

See accompanying notes to financial statements.

F-54

Table of Contents

PROSHARES ULTRASHORT EURO

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (7,501,917 ) $ 1,182,316
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from sales or maturities of short-term U.S. government and agency obligations 119 4,641
Net realized (gain) loss on investments (119 ) (4,641 )
Change in unrealized (appreciation) depreciation on investments 1,233,889 (1,521,143 )
Decrease (Increase) in interest receivable 32,149 37,169
Increase (Decrease) in payable to Sponsor (6,425 ) (6,708 )
Net cash provided by (used in) operating activities (6,242,304 ) (308,366 )
Cash flow from financing activities
Proceeds from addition of shares 16,228,321 1,591,183
Payment on shares redeemed (16,993,946 ) (9,228,541 )
Net cash provided by (used in) financing activities (765,625 ) (7,637,358 )
Net increase (decrease) in cash (7,007,929 ) (7,945,724 )
Cash, beginning of period 40,638,310 41,090,342
Cash, end of period $ 33,630,381 $ 33,144,618

See accompanying notes to financial statements.

F-55

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Cash $ 53,898,975 $ 13,148,117
Segregated cash balances with brokers for futures contracts 2,017,900 588,800
Segregated cash balances with brokers for swap agreements 12,161,176 2,782,413
Unrealized appreciation on swap agreements — 141,581
Interest receivable 173,607 61,820
Total assets 68,251,658 16,722,731
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 837,316 —
Payable on open futures contracts 75,629 82,309
Payable to Sponsor 48,942 15,994
Unrealized depreciation on swap agreements 4,099,058 —
Total liabilities 5,060,945 98,303
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 63,190,713 16,624,428
Total liabilities and shareholders’ equity $ 68,251,658 $ 16,722,731
Shares outstanding (Note 1) 3,773,421 473,489
Net asset value per share (Note 1) $ 16.75 $ 35.11
Market value per share (Note 1) (Note 2) $ 16.64 $ 35.16

See accompanying notes to financial statements.

F-56

Table of Contents

PROSHARES ULTRASHORT GOLD

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Futures Contracts Sold
Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
Gold Futures - COMEX, expires December 2025 118 $ 45,703,760 $ (2,081,600 )
Total Return Swap Agreements<br>^
--- --- --- --- --- --- --- --- --- --- --- ---
Rate Paid <br> (Received)<br>* Termination<br> Date Notional Amount<br> at Value<br>** Unrealized<br> Appreciation<br> (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 10/06/25 $ (58,656,740 ) $ (2,973,639 )
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.20 10/06/25 (8,718,813 ) (441,755 )
Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 10/06/25 (13,485,622 ) (683,664 )
Total Unrealized Depreciation $ (4,099,058 )
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---
* Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
--- ---
** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
--- ---

See accompanying notes to financial statements.

F-57

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 543,256 $ 148,896 $ 1,468,731 $ 468,826
Expenses
Management fee 155,211 34,177 411,660 105,887
Brokerage commissions 2,719 920 14,541 3,138
Total expenses 157,930 35,097 426,201 109,025
Net investment income (loss) 385,326 113,799 1,042,530 359,801
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (2,131,476 ) (722,224 ) 1,974,272 (2,348,472 )
Swap agreements (7,008,905 ) (687,295 ) (8,711,158 ) (2,975,334 )
Net realized gain (loss) (9,140,381 ) (1,409,519 ) (6,736,886 ) (5,323,806 )
Change in net unrealized appreciation (depreciation) on
Futures contracts (2,544,052 ) (291,313 ) (2,202,656 ) 20,023
Swap agreements (5,507,055 ) (1,471,680 ) (4,240,639 ) (863,159 )
Change in net unrealized appreciation (depreciation) (8,051,107 ) (1,762,993 ) (6,443,295 ) (843,136 )
Net realized and unrealized gain (loss) (17,191,488 ) (3,172,512 ) (13,180,181 ) (6,166,942 )
Net income (loss) $ (16,806,162 ) $ (3,058,713 ) $ (12,137,651 ) $ (5,807,141 )

See accompanying notes to financial statements.

F-58

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 76,838,176 $ 16,131,791 $ 16,624,428 $ 11,795,779
Addition of 2,650,000, 300,000, 16,350,000 and 625,000 shares, respectively (Note 1) 51,416,393 10,718,138 359,391,795 25,250,693
Redemption of 2,300,000, 150,000, 13,050,068 and 325,000 shares, respectively (Note 1) (48,257,694 ) (5,732,726 ) (300,687,859 ) (13,180,841 )
Net addition (redemption) of 350,000, 150,000, 3,299,932 and 300,000 shares, respectively (Note 1) 3,158,699 4,985,412 58,703,936 12,069,852
Net investment income (loss) 385,326 113,799 1,042,530 359,801
Net realized gain (loss) (9,140,381 ) (1,409,519 ) (6,736,886 ) (5,323,806 )
Change in net unrealized appreciation (depreciation) (8,051,107 ) (1,762,993 ) (6,443,295 ) (843,136 )
Net income (loss) (16,806,162 ) (3,058,713 ) (12,137,651 ) (5,807,141 )
Shareholders’ equity, end of period $ 63,190,713 $ 18,058,490 $ 63,190,713 $ 18,058,490

See accompanying notes to financial statements.

F-59

Table of Contents

PROSHARES ULTRASHORT GOLD

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (12,137,651 ) $ (5,807,141 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments 4,240,639 863,159
Decrease (Increase) in receivable on open futures contracts — (20,392 )
Decrease (Increase) in interest receivable (111,787 ) (3,914 )
Increase (Decrease) in payable to Sponsor 32,948 1,279
Increase (Decrease) in payable on open futures contracts (6,680 ) —
Net cash provided by (used in) operating activities (7,982,531 ) (4,967,009 )
Cash flow from financing activities
Proceeds from addition of shares 359,391,795 25,250,693
Payment on shares redeemed (299,850,543 ) (13,180,841 )
Net cash provided by (used in) financing activities 59,541,252 12,069,852
Net increase (decrease) in cash 51,558,721 7,102,843
Cash, beginning of period 16,519,330 11,946,483
Cash, end of period $ 68,078,051 $ 19,049,326

See accompanying notes to financial statements.

F-60

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Cash $ 21,848,817 $ 10,846,306
Segregated cash balances with brokers for futures contracts 1,536,000 839,500
Segregated cash balances with brokers for swap agreements 12,165,917 9,082,795
Unrealized appreciation on swap agreements — 2,954,018
Receivable on open futures contracts 285,866 8,500
Interest receivable 56,977 49,804
Total assets 35,893,577 23,780,923
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 1,548,373 —
Payable on open futures contracts — 9,092
Payable to Sponsor 20,875 19,212
Unrealized depreciation on swap agreements 3,972,249 —
Total liabilities 5,541,497 28,304
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 30,352,080 23,752,619
Total liabilities and shareholders’ equity $ 35,893,577 $ 23,780,923
Shares outstanding 1,960,264 560,264
Net asset value per share $ 15.48 $ 42.40
Market value per share (Note 2) $ 15.37 $ 42.00

See accompanying notes to financial statements.

F-61

Table of Contents

PROSHARES ULTRASHORT SILVER

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Futures Contracts Sold
Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
Silver Futures - COMEX, expires December 2025 95 $ 22,154,000 $ (1,395,989 )
Total Return Swap Agreements<br>^
--- --- --- --- --- --- --- --- --- --- --- ---
Rate Paid <br> (Received)<br>* Termination<br> Date Notional Amount<br> at Value<br>** Unrealized<br> Appreciation<br> (Depreciation)/Value
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 10/06/25 $ (16,586,295 ) $ (1,728,291 )
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.25 10/06/25 (17,367,383 ) (1,766,648 )
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 10/06/25 (2,395,647 ) (243,755 )
Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.25 10/06/25 (2,295,985 ) (233,555 )
Total Unrealized Depreciation $ (3,972,249 )
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---
* Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
--- ---
** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
--- ---

See accompanying notes to financial statements.

F-62

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 202,742 $ 672,005 $ 607,679 $ 1,650,859
Expenses
Management fee 68,100 149,940 202,348 380,119
Brokerage commissions 3,060 14,921 13,179 34,808
Total expenses 71,160 164,861 215,527 414,927
Net investment income (loss) 131,582 507,144 392,152 1,235,932
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (1,886,271 ) (343,339 ) (4,406,449 ) (2,680,569 )
Swap agreements (4,960,701 ) 6,337,066 (8,876,741 ) (1,615,822 )
Net realized gain (loss) (6,846,972 ) 5,993,727 (13,283,190 ) (4,296,391 )
Change in net unrealized appreciation (depreciation) on
Futures contracts (2,013,669 ) (898,913 ) (1,907,904 ) (1,705,528 )
Swap agreements (4,259,901 ) (8,621,838 ) (6,926,267 ) (4,331,001 )
Change in net unrealized appreciation (depreciation) (6,273,570 ) (9,520,751 ) (8,834,171 ) (6,036,529 )
Net realized and unrealized gain (loss) (13,120,542 ) (3,527,024 ) (22,117,361 ) (10,332,920 )
Net income (loss) $ (12,988,960 ) $ (3,019,880 ) $ (21,725,209 ) $ (9,096,988 )

See accompanying notes to financial statements.

F-63

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 35,410,975 $ 76,198,743 $ 23,752,619 $ 65,149,686
Addition of 2,100,000, 687,500, 4,750,000 and 2,937,500 shares, respectively 40,349,909 27,486,842 120,402,312 143,592,568
Redemption of 1,500,000, 1,537,500, 3,350,000 and 2,987,500 shares, respectively (32,419,844 ) (68,442,983 ) (92,077,642 ) (167,422,544 )
Net addition (redemption) of 600,000, (850,000), 1,400,000 and (50,000) shares, respectively 7,930,065 (40,956,141 ) 28,324,670 (23,829,976 )
Net investment income (loss) 131,582 507,144 392,152 1,235,932
Net realized gain (loss) (6,846,972 ) 5,993,727 (13,283,190 ) (4,296,391 )
Change in net unrealized appreciation (depreciation) (6,273,570 ) (9,520,751 ) (8,834,171 ) (6,036,529 )
Net income (loss) (12,988,960 ) (3,019,880 ) (21,725,209 ) (9,096,988 )
Shareholders’ equity, end of period $ 30,352,080 $ 32,222,722 $ 30,352,080 $ 32,222,722

See accompanying notes to financial statements.

F-64

Table of Contents

PROSHARES ULTRASHORT SILVER

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (21,725,209 ) $ (9,096,988 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change in unrealized (appreciation) depreciation on investments 6,926,267 4,331,001
Decrease (Increase) in receivable on open futures contracts (277,366 ) 240,198
Decrease (Increase) in interest receivable (7,173 ) 56,956
Increase (Decrease) in payable to Sponsor 1,663 (14,490 )
Increase (Decrease) in payable on open futures contracts (9,092 ) —
Net cash provided by (used in) operating activities (15,090,910 ) (4,483,323 )
Cash flow from financing activities
Proceeds from addition of shares 120,402,312 144,499,593
Payment on shares redeemed (90,529,269 ) (167,422,544 )
Net cash provided by (used in) financing activities 29,873,043 (22,922,951 )
Net increase (decrease) in cash 14,782,133 (27,406,274 )
Cash, beginning of period 20,768,601 64,596,871
Cash, end of period $ 35,550,734 $ 37,190,597

See accompanying notes to financial statements.

F-65

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Cash $ 21,477,909 $ 21,059,078
Segregated cash balances with brokers for foreign currency forward contracts 2,487,690 2,736,018
Unrealized appreciation on foreign currency forward contracts 386,989 2,283,588
Receivable from capital shares sold 4,452,385 —
Interest receivable 83,381 76,797
Total assets 28,888,354 26,155,481
Liabilities and shareholders’ equity
Liabilities
Payable to Sponsor 21,772 19,957
Unrealized depreciation on foreign currency forward contracts 57,868 55,229
Total liabilities 79,640 75,186
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 28,808,714 26,080,295
Total liabilities and shareholders’ equity $ 28,888,354 $ 26,155,481
Shares outstanding 647,160 547,160
Net asset value per share $ 44.52 $ 47.66
Market value per share (Note 2) $ 44.58 $ 46.68

See accompanying notes to financial statements.

F-66

Table of Contents

PROSHARES ULTRASHORT YEN

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Foreign Currency Forward Contracts ^

Settlement Date Contract Amount<br> in Local Currency Contract Amount<br> in U.S. Dollars Unrealized<br> Appreciation<br> (Depreciation)/<br> Value
Contracts to Purchase
Yen with Goldman Sachs International 10/10/25 1,489,706,000 $ 10,085,086 $ (57,868 )
Yen with UBS AG 10/10/25 895,877,000 6,064,953 56,297
Total Unrealized Depreciation $ (1,571 )
Contracts to Sell
Yen with Goldman Sachs International 10/10/25 (5,019,125,165 ) $ (33,978,724 ) $ 191,111
Yen with UBS AG 10/10/25 (5,878,242,424 ) (39,794,820 ) 139,581
Total Unrealized Appreciation $ 330,692
^ The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
--- ---

See accompanying notes to financial statements.

F-67

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 252,079 $ 449,333 $ 669,840 $ 1,220,993
Expenses
Management fee 65,061 93,279 172,164 256,361
Total expenses 65,061 93,279 172,164 256,361
Net investment income (loss) 187,018 356,054 497,676 964,632
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Foreign currency forward contracts 844,126 (5,013,671 ) (452,892 ) 1,109,169
Short-term U.S. government and agency obligations — — 91 3,541
Net realized gain (loss) 844,126 (5,013,671 ) (452,801 ) 1,112,710
Change in net unrealized appreciation (depreciation) on
Foreign currency forward contracts 616,122 (3,366,298 ) (1,899,238 ) 1,101,721
Change in net unrealized appreciation (depreciation) 616,122 (3,366,298 ) (1,899,238 ) 1,101,721
Net realized and unrealized gain (loss) 1,460,248 (8,379,969 ) (2,352,039 ) 2,214,431
Net income (loss) $ 1,647,266 $ (8,023,915 ) $ (1,854,363 ) $ 3,179,063

See accompanying notes to financial statements.

F-68

Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 20,559,703 $ 47,495,032 $ 26,080,295 $ 24,010,010
Addition of 500,000, 300,000, 750,000 and 900,000 shares, respectively 22,025,707 12,483,356 32,873,388 37,504,826
Redemption of 350,000, 400,000, 650,000 and 700,000 shares, respectively (15,423,962 ) (17,049,549 ) (28,290,606 ) (29,788,975 )
Net addition (redemption) of 150,000, (100,000), 100,000 and 200,000 shares, respectively 6,601,745 (4,566,193 ) 4,582,782 7,715,851
Net investment income (loss) 187,018 356,054 497,676 964,632
Net realized gain (loss) 844,126 (5,013,671 ) (452,801 ) 1,112,710
Change in net unrealized appreciation (depreciation) 616,122 (3,366,298 ) (1,899,238 ) 1,101,721
Net income (loss) 1,647,266 (8,023,915 ) (1,854,363 ) 3,179,063
Shareholders’ equity, end of period $ 28,808,714 $ 34,904,924 $ 28,808,714 $ 34,904,924

See accompanying notes to financial statements.

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Table of Contents

PROSHARES ULTRASHORT YEN

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (1,854,363 ) $ 3,179,063
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Proceeds from sales or maturities of short-term U.S. government and agency obligations 91 3,541
Net realized (gain) loss on investments (91 ) (3,541 )
Change in unrealized (appreciation) depreciation on investments 1,899,238 (1,101,721 )
Decrease (Increase) in interest receivable (6,584 ) (34,604 )
Increase (Decrease) in payable to Sponsor 1,815 7,853
Net cash provided by (used in) operating activities 40,106 2,050,591
Cash flow from financing activities
Proceeds from addition of shares 28,421,003 37,504,826
Payment on shares redeemed (28,290,606 ) (29,788,975 )
Net cash provided by (used in) financing activities 130,397 7,715,851
Net increase (decrease) in cash 170,503 9,766,442
Cash, beginning of period 23,795,096 25,242,327
Cash, end of period $ 23,965,599 $ 35,008,769

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Cash $ 38,272,676 $ 24,122,440
Segregated cash balances with brokers for futures contracts 6,226,012 3,959,399
Receivable on open futures contracts — 557
Interest receivable 127,445 99,278
Total assets 44,626,133 28,181,674
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts 73,925 50,382
Brokerage commissions and futures account fees payable 1,701 1,656
Payable to Sponsor 27,860 18,426
Total liabilities 103,486 70,464
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 44,522,647 28,111,210
Total liabilities and shareholders’ equity $ 44,626,133 $ 28,181,674
Shares outstanding 2,812,403 1,937,403
Net asset value per share $ 15.83 $ 14.51
Market value per share (Note 2) $ 15.82 $ 14.46

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Futures Contracts Purchased

Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
VIX Futures – Cboe, expires January 2026 422 $ 8,730,547 $ (463,832 )
VIX Futures – Cboe, expires February 2026 703 14,846,376 (674,131 )
VIX Futures – Cboe, expires March 2026 703 14,926,166 (393,315 )
VIX Futures – Cboe, expires April 2026 281 6,027,450 (29,900 )
$ (1,561,178 )

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 322,262 $ 370,229 $ 820,355 $ 1,992,242
Expenses
Management fee 74,709 66,736 188,230 354,943
Brokerage commissions 10,101 8,201 28,555 94,413
Futures account fees 4,599 4,605 9,723 21,146
Total expenses 89,409 79,542 226,508 470,502
Net investment income (loss) 232,853 290,687 593,847 1,521,740
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (1,349,262 ) 2,713,658 4,084,920 (12,344,229 )
Short-term U.S. government and agency obligations — 271 84 3,549
Net realized gain (loss) (1,349,262 ) 2,713,929 4,085,004 (12,340,680 )
Change in net unrealized appreciation (depreciation) on
Futures contracts (1,372,511 ) 457,557 (1,583,444 ) 4,340,208
Short-term U.S. government and agency obligations — (2,519 ) — —
Change in net unrealized appreciation (depreciation) (1,372,511 ) 455,038 (1,583,444 ) 4,340,208
Net realized and unrealized gain (loss) (2,721,773 ) 3,168,967 2,501,560 (8,000,472 )
Net income (loss) $ (2,488,920 ) $ 3,459,654 $ 3,095,407 $ (6,478,732 )

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 21,537,610 $ 33,401,452 $ 28,111,210 $ 37,866,143
Addition of 1,600,000, 825,000, 2,925,000 and 9,450,000 shares, respectively 26,715,374 12,229,924 47,261,354 147,418,801
Redemption of 75,000, 575,000, 2,050,000 and 9,125,000 shares, respectively (1,241,417 ) (10,107,196 ) (33,945,324 ) (139,822,378 )
Net addition (redemption) of 1,525,000, 250,000, 875,000 and 325,000 shares, respectively 25,473,957 2,122,728 13,316,030 7,596,423
Net investment income (loss) 232,853 290,687 593,847 1,521,740
Net realized gain (loss) (1,349,262 ) 2,713,929 4,085,004 (12,340,680 )
Change in net unrealized appreciation (depreciation) (1,372,511 ) 455,038 (1,583,444 ) 4,340,208
Net income (loss) (2,488,920 ) 3,459,654 3,095,407 (6,478,732 )
Shareholders’ equity, end of period $ 44,522,647 $ 38,983,834 $ 44,522,647 $ 38,983,834

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX MID-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 3,095,407 $ (6,478,732 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations — (49,330,764 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 84 49,719,851
Net amortization and accretion on short-term U.S. government and agency obligations — (385,538 )
Net realized (gain) loss on investments (84 ) (3,549 )
Decrease (Increase) in receivable on open futures contracts 557 137,945
Decrease (Increase) in interest receivable (28,167 ) 47,971
Increase (Decrease) in payable to Sponsor 9,434 (3,138 )
Increase (Decrease) in brokerage commissions and futures account fees payable 45 (977 )
Increase (Decrease) in payable on open futures contracts 23,543 474,255
Net cash provided by (used in) operating activities 3,100,819 (5,822,676 )
Cash flow from financing activities
Proceeds from addition of shares 47,261,354 147,418,801
Payment on shares redeemed (33,945,324 ) (139,822,378 )
Net cash provided by (used in) financing activities 13,316,030 7,596,423
Net increase (decrease) in cash 16,416,849 1,773,747
Cash, beginning of period 28,081,839 37,611,189
Cash, end of period $ 44,498,688 $ 39,384,936

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF FINANCIAL CONDITION

September 30,<br> 2025<br> (unaudited) December 31,<br> 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $129,526,844 and $24,931,067, respectively) $ 129,533,779 $ 24,937,875
Cash 60,490,726 54,919,200
Segregated cash balances with brokers for futures contracts 138,214,552 50,955,604
Receivable on open futures contracts 2,618,122 2,613,474
Interest receivable 616,620 310,926
Total assets 331,473,799 133,737,079
Liabilities and shareholders’ equity
Liabilities
Payable on open futures contracts 1,712,496 —
Brokerage commissions and futures account fees payable 26,111 9,271
Payable to Sponsor 150,710 86,193
Total liabilities 1,889,317 95,464
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 329,584,482 133,641,615
Total liabilities and shareholders’ equity $ 331,473,799 $ 133,737,079
Shares outstanding 10,241,252 2,966,252
Net asset value per share $ 32.18 $ 45.05
Market value per share (Note 2) $ 32.30 $ 45.02

See accompanying notes to financial statements.

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PROSHARES VIX SHORT-TERM FUTURES ETF

SCHEDULE OF INVESTMENTS

SEPTEMBER 30, 2025

(unaudited)

Value
Short-term U.S. government and agency obligations
(39% of shareholders’ equity)
U.S. Treasury Bills^^:
4.329% due 10/07/25 20,000,000 $ 19,986,434
4.182% due 10/21/25 10,000,000 9,977,500
4.140% due 11/04/25 50,000,000 49,809,930
4.203% due 11/13/25 50,000,000 49,759,915
Total short-term U.S. government and agency obligations
(cost 129,526,844) $ 129,533,779

All values are in US Dollars.

Futures Contracts Purchased

Number of<br> Contracts Notional Amount<br> at Value Unrealized<br> Appreciation<br> (Depreciation)/Value
VIX Futures - Cboe, expires October 2025 10,829 $ 190,460,452 $ (10,656,130 )
VIX Futures - Cboe, expires November 2025 7,218 138,940,726 (1,004,955 )
$ (11,661,085 )
^^ Rates shown represent discount rate at the time of purchase.
--- ---

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 2,597,119 $ 1,554,282 $ 5,348,650 $ 4,932,465
Expenses
Management fee 628,098 298,739 1,280,780 945,176
Brokerage commissions 160,166 109,695 448,329 189,358
Futures account fees 61,987 25,438 150,648 89,976
Total expenses 850,251 433,872 1,879,757 1,224,510
Net investment income (loss) 1,746,868 1,120,410 3,468,893 3,707,955
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (109,920,952 ) 47,467,197 (33,147,346 ) (11,804,121 )
Short-term U.S. government and agency obligations 100 (1,223 ) 727 3,607
Net realized gain (loss) (109,920,852 ) 47,465,974 (33,146,619 ) (11,800,514 )
Change in net unrealized appreciation (depreciation) on
Futures contracts (1,519,372 ) 5,170,981 (16,054,412 ) 12,174,255
Short-term U.S. government and agency obligations 6,935 8,134 127 (3,751 )
Change in net unrealized appreciation (depreciation) (1,512,437 ) 5,179,115 (16,054,285 ) 12,170,504
Net realized and unrealized gain (loss) (111,433,289 ) 52,645,089 (49,200,904 ) 369,990
Net income (loss) $ (109,686,421 ) $ 53,765,499 $ (45,732,011 ) $ 4,077,945

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 164,541,842 $ 148,420,028 $ 133,641,615 $ 157,321,746
Addition of 7,000,000, 2,637,500, 14,225,000 and 4,512,500 shares, respectively 284,674,514 119,479,226 617,353,813 215,111,517
Redemption of 275,000, 2,725,000, 6,950,000 and 3,712,500 shares, respectively (9,945,453 ) (158,267,320 ) (375,678,935 ) (213,113,775 )
Net addition (redemption) of 6,725,000, (87,500), 7,275,000 and 800,000 shares, respectively 274,729,061 (38,788,094 ) 241,674,878 1,997,742
Net investment income (loss) 1,746,868 1,120,410 3,468,893 3,707,955
Net realized gain (loss) (109,920,852 ) 47,465,974 (33,146,619 ) (11,800,514 )
Change in net unrealized appreciation (depreciation) (1,512,437 ) 5,179,115 (16,054,285 ) 12,170,504
Net income (loss) (109,686,421 ) 53,765,499 (45,732,011 ) 4,077,945
Shareholders’ equity, end of period $ 329,584,482 $ 163,397,433 $ 329,584,482 $ 163,397,433

See accompanying notes to financial statements.

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Table of Contents

PROSHARES VIX SHORT-TERM FUTURES ETF

STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended <br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ (45,732,011 ) $ 4,077,945
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (397,638,916 ) (242,444,601 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 294,724,927 239,782,389
Net amortization and accretion on short-term U.S. government and agency obligations (1,681,061 ) (2,462,980 )
Net realized (gain) loss on investments (727 ) (3,607 )
Change in unrealized (appreciation) depreciation on investments (127 ) 3,751
Decrease (Increase) in receivable on open futures contracts (4,648 ) 2,362,837
Decrease (Increase) in interest receivable (305,694 ) (30,058 )
Increase (Decrease) in payable to Sponsor 64,517 12,394
Increase (Decrease) in brokerage commissions and futures account fees payable 16,840 (5,916 )
Increase (Decrease) in payable on open futures contracts 1,712,496 2,827,581
Net cash provided by (used in) operating activities (148,844,404 ) 4,119,735
Cash flow from financing activities
Proceeds from addition of shares 617,353,813 215,111,517
Payment on shares redeemed (375,678,935 ) (213,113,775 )
Net cash provided by (used in) financing activities 241,674,878 1,997,742
Net increase (decrease) in cash 92,830,474 6,117,477
Cash, beginning of period 105,874,804 95,126,975
Cash, end of period $ 198,705,278 $ 101,244,452

See accompanying notes to financial statements.

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Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF FINANCIAL CONDITION

September 30, 2025<br> (unaudited) December 31, 2024
Assets
Short-term U.S. government and agency obligations (Note 3) (cost $2,242,816,917 and $473,690,268, respectively) $ 2,242,894,070 $ 473,819,625
Cash 914,912,676 1,765,501,542
Segregated cash balances with brokers for futures contracts 1,057,475,757 622,689,660
Segregated cash balances with brokers for foreign currency forward contracts 13,926,728 16,562,030
Segregated cash balances with brokers for swap agreements 174,387,662 172,690,806
Unrealized appreciation on swap agreements 138,416,724 41,311,209
Unrealized appreciation on foreign currency forward contracts 399,316 3,621,921
Receivable from capital shares sold 28,501,972 14,352,999
Receivable on open futures contracts 44,189,812 35,746,889
Interest receivable 6,499,218 5,627,491
Total assets 4,621,603,935 3,151,924,172
Liabilities and shareholders’ equity
Liabilities
Payable for capital shares redeemed 67,884,921 20,192,198
Payable on open futures contracts 19,871,076 44,527,123
Brokerage commissions and futures account fees payable 128,953 59,280
Payable to Sponsor 3,230,935 2,525,993
Unrealized depreciation on swap agreements 9,115,646 54,867,040
Unrealized depreciation on foreign currency forward contracts 823,326 4,618,937
Total liabilities 101,054,857 126,790,571
Commitments and Contingencies (Note 2)
Shareholders’ equity
Shareholders’ equity 4,520,549,078 3,025,133,601
Total liabilities and shareholders’ equity $ 4,621,603,935 $ 3,151,924,172
Shares outstanding<br> (Note 1) 167,898,328 98,048,396

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF OPERATIONS

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Investment Income
Interest $ 35,035,517 $ 39,528,194 $ 97,594,828 $ 106,909,661
Expenses
Management fee 9,646,879 7,995,932 25,738,122 22,614,312
Brokerage commissions 2,069,590 2,024,482 6,222,172 5,855,049
Futures account fees 376,767 171,268 926,217 571,653
Total expenses 12,093,236 10,191,682 32,886,511 29,041,014
Net investment income (loss) 22,942,281 29,336,512 64,708,317 77,868,647
Realized and unrealized gain (loss) on investment activity
Net realized gain (loss) on
Futures contracts (479,137,704 ) (307,323,493 ) 34,173,246 (402,765,202 )
Swap agreements 138,642,579 (135,617,033 ) 281,439,795 101,481,166
Foreign currency forward contracts (3,619,358 ) 685,622 (6,636,327 ) (706,613 )
Short-term U.S. government and agency obligations 1,963 (2,730 ) (7,238 ) 68,411
Net realized gain (loss) (344,112,520 ) (442,257,634 ) 308,969,476 (301,922,238 )
Change in net unrealized appreciation (depreciation) on
Futures contracts 262,020,671 310,081,124 157,783,445 140,846,867
Swap agreements 134,779,200 92,748,602 142,856,909 79,434,255
Foreign currency forward contracts 409,398 (1,808,721 ) 573,006 559,336
Short-term U.S. government and agency obligations 73,421 229,199 (52,204 ) 103,742
Change in net unrealized appreciation (depreciation) 397,282,690 401,250,204 301,161,156 220,944,200
Net realized and unrealized gain (loss) 53,170,170 (41,007,430 ) 610,130,632 (80,978,038 )
Net income (loss) $ 76,112,451 $ (11,670,918 ) $ 674,838,949 $ (3,109,391 )

See accompanying notes to financial statements.

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PROSHARES TRUST II

COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(unaudited)

Three Months Ended<br> September 30, Nine Months Ended <br> September 30,
2025 2024 2025 2024
Shareholders’ equity, beginning of period $ 3,651,955,802 $ 3,121,155,340 $ 3,025,133,601 $ 3,282,832,126
Addition of 119,050,000, 76,550,000, 388,950,000 and 163,565,000 shares, respectively (Note 1) 2,984,794,086 2,755,933,016 10,372,706,221 6,212,835,038
Redemption of 77,150,000, 66,167,500, 319,100,068 and 153,621,248 shares, respectively (Note 1) (2,192,313,261 ) (2,396,205,904 ) (9,552,129,693 ) (6,023,346,239 )
Net addition (redemption) of 41,900,000, 10,382,500, 69,849,932 and 9,943,752 shares, respectively (Note 1) 792,480,825 359,727,112 820,576,528 189,488,799
Net investment income (loss) 22,942,281 29,336,512 64,708,317 77,868,647
Net realized gain (loss) (344,112,520 ) (442,257,634 ) 308,969,476 (301,922,238 )
Change in net unrealized appreciation (depreciation) 397,282,690 401,250,204 301,161,156 220,944,200
Net income (loss) 76,112,451 (11,670,918 ) 674,838,949 (3,109,391 )
Shareholders’ equity, end of period $ 4,520,549,078 $ 3,469,211,534 $ 4,520,549,078 $ 3,469,211,534

See accompanying notes to financial statements.

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Table of Contents

PROSHARES TRUST II

COMBINED STATEMENTS OF CASH FLOWS

(unaudited)

Nine Months Ended<br> September 30,
2025 2024
Cash flow from operating activities
Net income (loss) $ 674,838,949 $ (3,109,391 )
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Purchases of short-term U.S. government and agency obligations (9,425,920,779 ) (5,040,839,051 )
Proceeds from sales or maturities of short-term U.S. government and agency obligations 7,699,905,958 4,121,998,020
Net amortization and accretion on short-term U.S. government and agency obligations (43,119,066 ) (49,334,959 )
Net realized (gain) loss on investments 7,238 (68,411 )
Change in unrealized (appreciation) depreciation on investments (143,377,711 ) (80,097,333 )
Decrease (Increase) in receivable on futures contracts (8,442,923 ) (2,257,567 )
Decrease (Increase) in interest receivable (871,727 ) 828,668
Increase (Decrease) in payable to Sponsor 704,942 (76,656 )
Increase (Decrease) in brokerage commissions and futures account fees payable 69,673 (85,759 )
Increase (Decrease) in payable on futures contracts (24,656,047 ) (12,205,145 )
Net cash provided by (used in) operating activities (1,270,861,493 ) (1,065,247,584 )
Cash flow from financing activities
Proceeds from addition of shares 10,358,557,248 6,232,893,251
Payment on shares redeemed (9,504,436,970 ) (5,988,506,513 )
Net cash provided by (used in) financing activities 854,120,278 244,386,738
Net increase (decrease) in cash (416,741,215 ) (820,860,846 )
Cash, beginning of period 2,577,444,038 2,597,706,107
Cash, end of period $ 2,160,702,823 $ 1,776,845,261

See accompanying notes to financial statements.

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PROSHARES TRUST II

NOTES TO FINANCIAL STATEMENTS

September 30, 2025

(unaudited)

NOTE 1 - ORGANIZATION

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

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

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

The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation.

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

Share Splits and Reverse Share Splits

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

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

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

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

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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

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

Use of Estimates & Indemnifications

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

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

Basis of Presentation

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

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Statements of Cash Flows

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

Final Net Asset Value for Fiscal Period

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

Create/Redeem NAV Calculation NAV
Fund Cut-off* Time Calculation Date
Ultra Silver and UltraShort Silver 1:00 p.m. 1:25 p.m. September 30, 2025
Ultra Gold and UltraShort Gold 1:00 p.m. 1:30 p.m. September 30, 2025
Ultra Bloomberg Crude Oil,
Ultra Bloomberg Natural Gas,
UltraShort Bloomberg Crude Oil and September 30, 2025
UltraShort Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. September 30, 2025
Ultra Euro, September 30, 2025
Ultra Yen, September 30, 2025
UltraShort Euro and
UltraShort Yen 3:00 p.m. 4:00 p.m. September 30, 2025
Short VIX Short-Term Futures ETF, September 30, 2025
Ultra VIX Short-Term Futures ETF, September 30, 2025
VIX Mid-Term Futures ETF and
VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m<br>. September 30, 2025
* Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025.
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Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated.

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

Investment Valuation

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

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

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

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

Fair Value of Financial Instruments

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

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

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

Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available.

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

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

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

Level I - Quoted Prices Level II - Other Significant<br><br> <br>Observable Inputs
Fund Short-Term U.S. <br> Government and <br> Agencies Futures <br> Contracts<br>* Foreign <br> Currency <br> Forward <br> Contracts Swap <br> Agreements Total
ProShares Short VIX Short-Term Futures ETF $ 89,767,081 $ 6,713,866 $ — $ — $ 96,480,947
ProShares Ultra Bloomberg Crude Oil 154,501,105 1,336,739 — (1,044,339 ) 154,793,505
ProShares Ultra Bloomberg Natural Gas 308,827,473 (1,049,205 ) — — 307,778,268
ProShares Ultra Euro — — 9,341 — 9,341
ProShares Ultra Gold 608,009,273 101,806,050 — 34,537,917 744,353,240
ProShares Ultra Silver 742,885,457 143,513,534 — 103,878,807 990,277,798
ProShares Ultra VIX Short-Term Futures ETF 109,562,859 (36,096,377 ) — — 73,466,482
ProShares Ultra Yen — — (685,633 ) — (685,633 )
ProShares UltraShort Bloomberg Crude Oil 34,960,542 12,128,689 — — 47,089,231
ProShares UltraShort Bloomberg Natural Gas 64,846,501 13,136,253 — — 77,982,754
ProShares UltraShort Euro — — (76,839 ) — (76,839 )
ProShares UltraShort Gold — (2,081,600 ) — (4,099,058 ) (6,180,658 )
ProShares UltraShort Silver — (1,395,989 ) — (3,972,249 ) (5,368,238 )
ProShares UltraShort Yen — — 329,121 — 329,121
ProShares VIX Mid-Term Futures ETF — (1,561,178 ) — — (1,561,178 )
ProShares VIX Short-Term Futures ETF 129,533,779 (11,661,085 ) — — 117,872,694
Combined Trust: $ 2,242,894,070 $ 224,789,697 $ (424,010 ) $ 129,301,078 $ 2,596,560,835
* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
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There were no transfers into or out of Level 3 for the quarter ended September 30, 2025.

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

Level I - Quoted Prices Level II - Other Significant<br><br> <br>Observable Inputs
Fund Short-Term U.S. <br> Government and<br> Agencies Futures <br> Contracts<br>* Foreign <br> Currency <br> Forward <br> Contracts Swap <br> Agreements Total
ProShares Short VIX Short-Term Futures ETF $ 24,937,875 $ (3,008,751 ) $ — $ — $ 21,929,124
ProShares Ultra Bloomberg Crude Oil 99,751,500 10,864,085 — 38,215,610 148,831,195
ProShares Ultra Bloomberg Natural Gas 99,751,500 97,239,201 — — 196,990,701
ProShares Ultra Euro — — (167,128 ) — (167,128 )
ProShares Ultra Gold 74,813,625 (423,408 ) — (2,348,132 ) 72,042,085
ProShares Ultra Silver 124,689,375 (28,903,535 ) — (52,518,908 ) 43,266,932
ProShares Ultra VIX Short-Term Futures ETF 24,937,875 13,975,992 — — 38,913,867
ProShares Ultra Yen — — (4,215,297 ) — (4,215,297 )
ProShares UltraShort Bloomberg Crude Oil — (1,655,392 ) — — (1,655,392 )
ProShares UltraShort Bloomberg Natural Gas — (26,130,504 ) — — (26,130,504 )
ProShares UltraShort Euro — — 1,157,050 — 1,157,050
ProShares UltraShort Gold — 121,056 — 141,581 262,637
ProShares UltraShort Silver — 511,915 — 2,954,018 3,465,933
ProShares UltraShort Yen — — 2,228,359 — 2,228,359
ProShares VIX Mid-Term Futures ETF — 22,266 — — 22,266
ProShares VIX Short-Term Futures ETF 24,937,875 4,393,327 — — 29,331,202
Combined Trust: $ 473,819,625 $ 67,006,252 $ (997,016 ) $ (13,555,831 ) $ 526,273,030
* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
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There were no transfers into or out of Level 3 for the year ended December 31, 2024.

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

Investment Transactions and Related Income

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

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

Brokerage Commissions and Futures Account Fees

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

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Federal Income Tax

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

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

Recently Issued Accounting Pronouncement

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

Segment Reporting

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

NOTE 3 – INVESTMENTS

Short-Term Investments

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

Repurchase Agreements

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

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

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Accounting for Derivative Instruments

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

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

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

Futures Contracts

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

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

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

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Option Contracts

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

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

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

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

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

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Swap Agreements

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

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

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

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

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

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

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

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

Forward Contracts

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

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

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

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

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

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

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

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The 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.

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

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Fair Value of Derivative Instruments as of September 30, 2025

Asset Derivatives Liability Derivatives
Derivatives Not Accounted for<br>as Hedging Instruments Fund Statements of<br>Financial Condition<br>Location Unrealized<br>Appreciation Statements of<br>Financial Condition<br>Location Unrealized<br>Depreciation
VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts
ProShares Short VIX Short-Term Futures ETF $ 6,713,866 * $ —
ProShares Ultra VIX Short-Term Futures ETF — 36,096,377 *
ProShares VIX Mid-Term Futures ETF — 1,561,178 *
ProShares VIX Short-Term Futures ETF — 11,661,085 *
Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements
ProShares Ultra Bloomberg Crude Oil 2,073,863 * 1,781,463 *
ProShares Ultra Bloomberg Natural Gas — 1,049,205 *
ProShares Ultra Gold 136,343,967 * —
ProShares Ultra Silver 247,392,341 * —
ProShares UltraShort Bloomberg Crude Oil 12,128,689 * —
ProShares UltraShort Bloomberg Natural Gas 13,136,253 * —
ProShares UltraShort Gold — 6,180,658 *
ProShares UltraShort Silver — 5,368,238 *
Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts
ProShares Ultra Euro 10,075 734
ProShares Ultra Yen 1,384 687,017
ProShares UltraShort Euro 868 77,707
ProShares UltraShort Yen 386,989 57,868
Combined Trust: $ 418,188,295 * $ 64,521,530 *
* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
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Fair Value of Derivative Instruments as of December 31, 2024

Asset Derivatives Liability Derivatives
Derivatives Not Accounted<br>for as Hedging Instruments Fund Statements of<br>Financial Condition<br>Location Unrealized<br>Appreciation Statements of<br>Financial Condition<br>Location Unrealized<br>Depreciation
VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts
ProShares Short VIX Short-Term Futures ETF $ 482,967 * $ 3,491,718 *
ProShares Ultra VIX Short-Term Futures ETF 15,626,836 * 1,650,844 *
ProShares VIX Mid-Term Futures ETF 240,639 * 218,373 *
ProShares VIX Short-Term Futures ETF 5,943,933 * 1,550,606 *
Commodities Contracts Receivables on open futures contracts and/or unrealized appreciation on swap agreements Payable on open futures contracts and/or unrealized depreciation on swap agreements
ProShares Ultra Bloomberg Crude Oil 49,079,695 * —
ProShares Ultra Bloomberg Natural Gas 97,239,201 * —
ProShares Ultra Gold — 2,771,540 *
ProShares Ultra Silver — 81,422,443 *
ProShares UltraShort Bloomberg Crude Oil 1,888,681 * 3,544,073 *
ProShares UltraShort Bloomberg Natural Gas — 26,130,504 *
ProShares UltraShort Gold 262,637 * —
ProShares UltraShort Silver 3,465,933 * —
Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts
ProShares Ultra Euro 2,312 169,440
ProShares Ultra Yen 146,194 4,361,491
ProShares UltraShort Euro 1,189,827 32,777
ProShares UltraShort Yen 2,283,588 55,229
Combined Trust: $ 177,852,443 * $ 125,399,038 *
* Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
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The Effect of Derivative Instruments on the Statement of Operations

For the three months ended September 30, 2025

Derivatives Not Accounted<br>for as Hedging Instruments Location of Gain<br>(Loss) on Derivatives<br>Recognized in Income Fund Realized Gain<br>(Loss) on<br>Derivatives<br>Recognized in<br>Income Change in<br>Unrealized<br>Appreciation<br>(Depreciation)<br>on<br>Derivatives<br>Recognized in<br>Income
VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
ProShares Short VIX Short-Term Futures ETF $ 46,614,443 $ (3,678,476 )
ProShares Ultra VIX Short-Term Futures ETF (410,233,402 ) 19,280,389
ProShares VIX Mid-Term Futures ETF (1,349,262 ) (1,372,511 )
ProShares VIX Short-Term Futures ETF (109,920,952 ) (1,519,372 )
Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
ProShares Ultra Bloomberg Crude Oil 15,487,274 (7,013,761 )
ProShares Ultra Bloomberg Natural Gas (163,780,916 ) 28,718,499
ProShares Ultra Gold 38,694,044 144,525,613
ProShares Ultra Silver 138,583,518 263,001,662
ProShares UltraShort Bloomberg Crude Oil 4,631,229 (3,727,299 )
ProShares UltraShort Bloomberg Natural Gas 116,766,252 (27,090,196 )
ProShares UltraShort Gold (9,140,381 ) (8,051,107 )
ProShares UltraShort Silver (6,846,972 ) (6,273,570 )
Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
ProShares Ultra Euro 220,691 (434,179 )
ProShares Ultra Yen (3,272,292 ) (1,422,005 )
ProShares UltraShort Euro (1,411,883 ) 1,649,460
ProShares UltraShort Yen 844,126 616,122
Combined Trust $ (344,114,483 ) $ 397,209,269

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The Effect of Derivative Instruments on the Statement of Operations

For the nine months ended September 30, 2025

Derivatives Not Accounted<br> for as Hedging Instruments Location of Gain<br> (Loss) on Derivatives<br> Recognized in Income Fund Realized Gain<br> (Loss) on<br> Derivatives<br> Recognized in<br> Income Change in<br> Unrealized<br> Appreciation <br> (Depreciation) on<br> Derivatives<br> Recognized in<br> Income
VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
ProShares Short VIX Short-Term Futures ETF $ 28,979,595 $ 9,722,617
ProShares Ultra VIX Short-Term Futures ETF (254,266,766 ) (50,072,369 )
ProShares VIX Mid-Term Futures ETF 4,084,920 (1,583,444 )
ProShares VIX Short-Term Futures ETF (33,147,346 ) (16,054,412 )
Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
ProShares Ultra Bloomberg Crude Oil 2,411,929 (48,787,295 )
ProShares Ultra Bloomberg Natural Gas 46,482,203 (98,288,406 )
ProShares Ultra Gold 183,280,669 139,115,507
ProShares Ultra Silver 292,493,148 328,814,784
ProShares UltraShort Bloomberg Crude Oil 45,775,241 13,784,081
ProShares UltraShort Bloomberg Natural Gas 19,539,524 39,266,757
ProShares UltraShort Gold (6,736,886 ) (6,443,295 )
ProShares UltraShort Silver (13,283,190 ) (8,834,171 )
Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
ProShares Ultra Euro 997,841 176,469
ProShares Ultra Yen (201,447 ) 3,529,664
ProShares UltraShort Euro (6,979,829 ) (1,233,889 )
ProShares UltraShort Yen (452,892 ) (1,899,238 )
Combined Trust: $ 308,976,714 $ 301,213,360

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The Effect of Derivative Instruments on the Statement of Operations

For the three months ended September 30, 2024

Derivatives Not Accounted<br> for as Hedging Instruments Location of Gain<br> (Loss) on Derivatives<br> Recognized in Income Fund Realized Gain<br> (Loss) on<br> Derivatives<br> Recognized in<br> Income Change in<br> Unrealized<br> Appreciation<br> (Depreciation) on<br> Derivatives<br> Recognized in<br> Income
VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
ProShares Short VIX Short-Term Futures ETF $ (7,503,293 ) $ (4,219,681 )
ProShares Ultra VIX Short-Term Futures ETF (36,612,575 ) 14,558,661
ProShares VIX Mid-Term Futures ETF 2,713,658 457,557
ProShares VIX Short-Term Futures ETF 47,467,197 5,170,981
Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
ProShares Ultra Bloomberg Crude Oil (66,825,983 ) (59,088,544 )
ProShares Ultra Bloomberg Natural Gas (372,130,469 ) 260,225,054
ProShares Ultra Gold 12,042,718 41,928,337
ProShares Ultra Silver (129,011,226 ) 182,392,300
ProShares UltraShort Bloomberg Crude Oil 12,329,007 28,461,478
ProShares UltraShort Bloomberg Natural Gas 90,006,232 (55,772,673 )
ProShares UltraShort Gold (1,409,519 ) (1,762,993 )
ProShares UltraShort Silver 5,993,727 (9,520,751 )
Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
ProShares Ultra Euro 182,638 187,048
ProShares Ultra Yen 6,834,509 2,618,114
ProShares UltraShort Euro (1,317,854 ) (1,247,585 )
ProShares UltraShort Yen (5,013,671 ) (3,366,298 )
Combined Trust $ (442,254,904 ) $ 401,021,005

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The Effect of Derivative Instruments on the Statement of Operations

For the nine months ended September 30, 2024

Derivatives Not Accounted<br> for as Hedging Instruments Location of Gain<br> (Loss) on Derivatives<br> Recognized in Income Fund Realized Gain<br> (Loss) on<br> Derivatives<br> Recognized in<br> Income Change in<br> Unrealized<br> Appreciation <br> (Depreciation) on<br> Derivatives<br> Recognized in<br> Income
VIX Futures Contracts Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
ProShares Short VIX Short-Term Futures ETF $ 47,755,573 $ (13,025,106 )
ProShares Ultra VIX Short-Term Futures ETF (185,028,990 ) 39,537,652
ProShares VIX Mid-Term Futures ETF $ (12,344,229 ) $ 4,340,208
ProShares VIX Short-Term Futures ETF (11,804,121 ) 12,174,255
Commodities Contracts Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
ProShares Ultra Bloomberg Crude Oil 33,249,538 (4,698,210 )
ProShares Ultra Bloomberg Natural Gas (402,539,202 ) 63,582,315
ProShares Ultra Gold 62,081,810 27,433,120
ProShares Ultra Silver 87,198,503 116,742,146
ProShares UltraShort Bloomberg Crude Oil (330,018 ) (7,530,570 )
ProShares UltraShort Bloomberg Natural Gas 90,097,297 (11,395,023 )
ProShares UltraShort Gold (5,323,806 ) (843,136 )
ProShares UltraShort Silver (4,296,391 ) (6,036,529 )
Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
ProShares Ultra Euro 107,862 (260,299 )
ProShares Ultra Yen (562,689 ) (1,803,229 )
ProShares UltraShort Euro (1,360,955 ) 1,521,143
ProShares UltraShort Yen 1,109,169 1,101,721
Combined Trust: $ (301,990,649 ) $ 220,840,458

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Offsetting Assets and Liabilities

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

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

Fair Values of Derivative Instruments as of September 30, 2025
Assets Liabilities
--- --- --- --- --- --- --- --- --- --- --- --- ---
Fund Gross Amounts<br> of Recognized<br> Assets presented<br> in the<br> Statements of<br> Financial<br> Condition Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition Net Amounts of<br> Assets presented<br> in the<br> Statements of<br> Financial<br> Condition Gross Amounts<br> of Recognized<br> Liabilities<br> presented in the<br> Statements of<br> Financial<br> Condition Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition Net Amounts of<br> Liabilities<br> presented in the<br> Statements of<br> Financial<br> Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements $ — $ — $ — $ 1,044,339 $ — $ 1,044,339
ProShares Ultra Euro
Foreign currency forward contracts 10,075 — 10,075 734 — 734
ProShares Ultra Gold
Swap agreements 34,537,917 — 34,537,917 — — —
ProShares Ultra Silver
Swap agreements 103,878,807 — 103,878,807 — — —
ProShares Ultra Yen
Foreign currency forward contracts 1,384 — 1,384 687,017 — 687,017
ProShares UltraShort Euro
Foreign currency forward contracts 868 — 868 77,707 — 77,707
ProShares UltraShort Gold
Swap agreements — — — 4,099,058 — 4,099,058
ProShares UltraShort Silver
Swap agreements — — — 3,972,249 — 3,972,249
ProShares UltraShort Yen
Foreign currency forward contracts 386,989 — 386,989 57,868 — 57,868

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

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

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

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Fair Values of Derivative Instruments as of December 31, 2024
Assets Liabilities
--- --- --- --- --- --- --- --- --- --- --- --- ---
Fund Gross Amounts<br> of Recognized<br> Assets presented<br> in the<br> Statements of<br> Financial<br> Condition Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition Net Amounts of<br> Assets presented<br> in the<br> Statements of<br> Financial<br> Condition Gross Amounts<br> of Recognized<br> Liabilities<br> presented in the<br> Statements of<br> Financial<br> Condition Gross Amounts<br> Offset in the<br> Statements of<br> Financial<br> Condition Net Amounts of<br> Liabilities<br> presented in the<br> Statements of<br> Financial<br> Condition
ProShares Ultra Bloomberg Crude Oil
Swap agreements $ 38,215,610 $ — $ 38,215,610 $ — $ — $ —
ProShares Ultra Euro
Foreign currency forward contracts 2,312 — 2,312 169,440 — 169,440
ProShares Ultra Gold
Swap agreements — — — 2,348,132 — 2,348,132
ProShares Ultra Silver
Swap agreements — — — 52,518,908 — 52,518,908
ProShares Ultra Yen
Foreign currency forward contracts 146,194 — 146,194 4,361,491 — 4,361,491
ProShares UltraShort Euro
Foreign currency forward contracts 1,189,827 — 1,189,827 32,777 — 32,777
ProShares UltraShort Gold
Swap agreements 141,581 — 141,581 — — —
ProShares UltraShort Silver
Swap agreements 2,954,018 — 2,954,018 — — —
ProShares UltraShort Yen
Foreign currency forward contracts 2,283,588 — 2,283,588 55,229 — 55,229

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

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

NOTE 4 —  AGREEMENTS

Management Fee

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

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

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Non-Recurring Fees and Expenses

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

The Administrator

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

The Custodian

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

The Transfer Agent

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

The Distributor

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

NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS

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

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

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Transaction Fees on Creation and Redemption Transactions

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

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

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

Three Months Ended Nine Months Ended
Fund September 30, 2025 September 30, 2025
ProShares Short VIX Short-Term Futures ETF $ 24,452 $ 460,116
ProShares Ultra Bloomberg Crude Oil — —
ProShares Ultra Bloomberg Natural Gas — —
ProShares Ultra Euro — —
ProShares Ultra Gold — —
ProShares Ultra Silver — —
ProShares Ultra VIX Short-Term Futures ETF 447,752 2,351,278
ProShares Ultra Yen — —
ProShares UltraShort Bloomberg Crude Oil — —
ProShares UltraShort Bloomberg Natural Gas — —
ProShares UltraShort Euro — —
ProShares UltraShort Gold — —
ProShares UltraShort Silver — —
ProShares UltraShort Yen — —
ProShares VIX Mid-Term Futures ETF 8,343 24,126
ProShares VIX Short-Term Futures ETF 145,387 418,193
Combined Trust: $ 625,934 $ 3,253,713

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NOTE 6 – FINANCIAL HIGHLIGHTS

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

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

Per Share Operating Performance Short VIX<br><br>Short-Term<br><br>Futures ETF Ultra<br>Bloomberg<br>Crude Oil Ultra<br>Bloomberg<br>Natural Gas Ultra Euro Ultra Gold Ultra Silver
Net asset value, at June 30, 2025 $ 42.62 $ 22.49 $ 46.35 $ 13.40 $ 34.40 $ 47.07
Net investment income (loss) 0.28 0.10 0.18 0.09 0.28 0.34
Net realized and unrealized gain (loss)# 8.12 (0.21 ) (17.02 ) (0.27 ) 11.04 28.25
Change in net asset value from operations 8.40 (0.11 ) (16.84 ) (0.18 ) 11.32 28.59
Net asset value, at September 30, 2025 $ 51.02 $ 22.38 $ 29.51 $ 13.22 $ 45.72 $ 75.66
Market value per share, at June 30, 2025<br>† $ 42.60 $ 22.41 $ 46.08 $ 13.37 $ 34.66 $ 47.49
Market value per share, at September 30, 2025<br>† $ 50.94 $ 22.48 $ 29.99 $ 13.21 $ 46.06 $ 76.24
Total Return, at net asset value^ 19.7 % (0.5 )% (36.3 )% (1.3 )% 32.9 % 60.7 %
Total Return, at market value^ 19.6 % 0.3 % (34.9 )% (1.2 )% 32.9 % 60.5 %
Ratios to Average Net Assets**
Expense ratio^^ 1.18 % 1.00 % 1.35 % 0.95 % 0.96 % 0.97 %
Net investment income gain (loss) 2.41 % 1.62 % 2.24 % 2.73 % 2.93 % 2.41 %
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2025.
--- ---
^^ The expense ratio would be 0.95%, <br><br><br><br>0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
--- ---

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

Per Share Operating Performance Ultra VIX<br><br>Short-Term<br><br>Futures ETF Ultra Yen UltraShort<br>Bloomberg<br>Crude Oil UltraShort<br>Bloomberg<br>Natural Gas UltraShort<br>Euro UltraShort<br>Gold
Net asset value, at June 30, 2025 $ 18.69 $ 23.32 $ 18.02 $ 25.44 $ 27.45 $ 22.44
Net investment income (loss) 0.05 0.15 0.12 0.20 0.19 0.12
Net realized and unrealized gain (loss)# (8.30 ) (1.71 ) (0.64 ) 9.72 0.38 (5.81 )
Change in net asset value from operations (8.25 ) (1.56 ) (0.52 ) 9.92 0.57 (5.69 )
Net asset value, at September 30, 2025 $ 10.44 $ 21.76 $ 17.50 $ 35.36 $ 28.02 $ 16.75
Market value per share, at June 30, 2025<br>† $ 18.75 $ 23.23 $ 18.06 $ 25.61 $ 27.48 $ 22.26
Market value per share, at September 30, 2025<br>† $ 10.44 $ 21.76 $ 17.42 $ 34.79 $ 28.01 $ 16.64
Total Return, at net asset value^ (44.1 )% (6.7 )% (2.9 )% 39.0 % 2.1 % (25.4 )%
Total Return, at market value^ (44.3 )% (6.3 )% (3.5 )% 35.8 % 1.9 % (25.2 )%
Ratios to Average Net Assets**
Expense ratio^^ 1.68 % 0.95 % 1.09 % 1.31 % 0.95 % 0.97 %
Net investment income gain (loss) 1.39 % 2.74 % 2.72 % 2.53 % 2.66 % 2.36 %
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2025.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
--- ---

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

Per Share Operating Performance UltraShort<br> Silver UltraShort<br> Yen VIX Mid-<br><br> Term Futures<br> ETF VIX Short-<br><br> Term Futures<br> ETF
Net asset value, at June 30, 2025 $ 26.03 $ 41.35 $ 16.73 $ 46.79
Net investment income (loss) 0.10 0.30 0.11 0.22
Net realized and unrealized gain (loss)# (10.65 ) 2.87 (1.01 ) (14.83 )
Change in net asset value from operations (10.55 ) 3.17 (0.90 ) (14.61 )
Net asset value, at September 30, 2025 $ 15.48 $ 44.52 $ 15.83 $ 32.18
Market value per share, at June 30, 2025<br>† $ 25.81 $ 41.38 $ 16.76 $ 46.88
Market value per share, at September 30, 2025<br>† $ 15.37 $ 44.58 $ 15.82 $ 32.30
Total Return, at net asset value^ (40.5 )% 7.7 % (5.4 )% (31.2 )%
Total Return, at market value^ (40.5 )% 7.7 % (5.6 )% (31.1 )%
Ratios to Average Net Assets**
Expense ratio^^ 0.99 % 0.95 % 1.02 % 1.15 %
Net investment income gain (loss) 1.84 % 2.73 % 2.65 % 2.36 %
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2025.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
--- ---

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

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

Per Share Operating Performance Short VIX<br><br>Short-Term<br><br>Futures ETF Ultra<br>Bloomberg<br>Crude Oil Ultra<br>Bloomberg<br>Natural Gas Ultra Euro Ultra Gold<br>* Ultra Silver
Net asset value, at June 30, 2024 $ 61.35 $ 33.51 $ 77.97 $ 11.19 $ 19.33 $ 37.44
Net investment income (loss) 0.46 0.26 0.40 0.11 0.22 0.38
Net realized and unrealized gain (loss)# (11.65 ) (8.41 ) (19.67 ) 0.79 4.55 2.72
Change in net asset value from operations (11.19 ) (8.15 ) (19.27 ) 0.90 4.77 3.10
Net asset value, at September 30, 2024 $ 50.16 $ 25.36 $ 58.70 $ 12.09 $ 24.10 $ 40.54
Market value per share, at June 30, 2024<br>† $ 61.39 $ 33.50 $ 78.35 $ 11.17 $ 19.26 $ 37.09
Market value per share, at September 30, 2024<br>† $ 50.11 $ 25.42 $ 58.00 $ 12.06 $ 23.97 $ 40.44
Total Return, at net asset value^ (18.2 )% (24.3 )% (24.7 )% 8.0 % 24.7 % 8.3 %
Total Return, at market value^ (18.4 )% (24.1 )% (26.0 )% 8.0 % 24.5 % 9.0 %
Ratios to Average Net Assets**
Expense ratio^^ 1.25 % 1.00 % 1.42 % 0.95 % 0.96 % 0.98 %
Net investment income gain (loss) 3.46 % 3.56 % 3.16 % 3.57 % 4.05 % 4.03 %
* See Note 1 of these Notes to Financial Statements.
--- ---
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2024.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
--- ---

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

Per Share Operating Performance Ultra VIX<br><br>Short-Term<br><br>Futures ETF Ultra Yen UltraShort<br>Bloomberg<br>Crude Oil UltraShort<br>Bloomberg<br>Natural Gas UltraShort<br>Euro UltraShort<br>Gold<br>*
Net asset value, at June 30, 2024 $ 23.58 $ 20.23 $ 15.57 $ 49.37 $ 31.86 $ 43.19
Net investment income (loss) 0.13 0.20 0.16 0.54 0.27 0.31
Net realized and unrealized gain (loss)# 1.23 4.33 3.79 4.61 (2.21 ) (9.00 )
Change in net asset value from operations 1.36 4.53 3.95 5.15 (1.94 ) (8.69 )
Net asset value, at September 30, 2024 $ 24.94 $ 24.76 $ 19.52 $ 54.52 $ 29.92 $ 34.50
Market value per share, at June 30, 2024<br>† $ 23.54 $ 20.30 $ 15.57 $ 49.19 $ 31.83 $ 43.34
Market value per share, at September 30, 2024<br>† $ 24.93 $ 24.70 $ 19.48 $ 55.22 $ 29.92 $ 34.66
Total Return, at net asset value^ 5.7 % 22.4 % 25.3 % 10.4 % (6.1 )% (20.1 )%
Total Return, at market value^ 5.9 % 21.7 % 25.1 % 12.3 % (6.0 )% (20.0 )%
Ratios to Average Net Assets**
Expense ratio^^ 1.92 % 0.95 % 1.08 % 1.64 % 0.95 % 0.98 %
Net investment income gain (loss) 2.15 % 3.38 % 3.79 % 3.22 % 3.54 % 3.16 %
* See Note 1 of these Notes to Financial Statements.
--- ---
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2024.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
--- ---

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

Per Share Operating Performance UltraShort<br>Silver UltraShort<br>Yen VIX Mid-<br>Term Futures<br>ETF VIX Short-<br>Term Futures<br>ETF
Net asset value, at June 30, 2024 $ 44.88 $ 47.63 $ 14.29 $ 43.33
Net investment income (loss) 0.36 0.38 0.14 0.38
Net realized and unrealized gain (loss)# (7.23 ) (9.10 ) 0.64 5.24
Change in net asset value from operations (6.87 ) (8.72 ) 0.78 5.62
Net asset value, at September 30, 2024 $ 38.01 $ 38.91 $ 15.07 $ 48.95
Market value per share, at June 30, 2024<br>† $ 45.32 $ 47.56 $ 14.33 $ 43.40
Market value per share, at September 30, 2024<br>† $ 38.12 $ 38.90 $ 15.11 $ 49.00
Total Return, at net asset value^ (15.3 )% (18.3 )% 5.5 % 13.0 %
Total Return, at market value^ (15.9 )% (18.2 )% 5.4 % 12.9 %
Ratios to Average Net Assets**
Expense ratio^^ 1.04 % 0.95 % 1.01 % 1.23 %
Net investment income gain (loss) 3.21 % 3.63 % 3.70 % 3.19 %
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2024.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
--- ---

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

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

Per Share Operating Performance Short VIX<br> <br>Short-Term<br><br> Futures ETF Ultra<br> Bloomberg<br> Crude Oil Ultra<br> Bloomberg<br> Natural Gas Ultra Euro Ultra Gold<br>* Ultra Silver
Net asset value, at December 31, 2024 $ 50.03 $ 27.49 $ 54.84 $ 10.46 $ 23.36 $ 33.56
Net investment income (loss) 0.79 0.38 0.75 0.25 0.77 0.93
Net realized and unrealized gain (loss)# 0.20 (5.49 ) (26.08 ) 2.51 21.59 41.17
Change in net asset value from operations 0.99 (5.11 ) (25.33 ) 2.76 22.36 42.10
Net asset value, at September 30, 2025 $ 51.02 $ 22.38 $ 29.51 $ 13.22 $ 45.72 $ 75.66
Market value per share, at December 31, 2024<br>† $ 50.06 $ 27.50 $ 55.82 $ 10.45 $ 23.37 $ 33.67
Market value per share, at September 30, 2025<br>† $ 50.94 $ 22.48 $ 29.99 $ 13.21 $ 46.06 $ 76.24
Total Return, at net asset value^ 2.0 % (18.6 )% (46.2 )% 26.4 % 95.7 % 125.4 %
Total Return, at market value^ 1.8 % (18.3 )% (46.3 )% 26.4 % 97.1 % 126.4 %
Ratios to Average Net Assets**
Expense ratio^^ 1.19 % 1.00 % 1.42 % 0.95 % 0.97 % 0.98 %
Net investment income gain (loss) 2.42 % 2.11 % 2.28 % 2.70 % 3.04 % 2.68 %
* See Note 1 of these Notes to Financial Statements.
--- ---
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2025.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
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For the Nine Months Ended September 30, 2025 (unaudited)

Per Share Operating Performance Ultra VIX<br> <br>Short-Term<br><br> Futures ETF Ultra Yen UltraShort<br> Bloomberg<br> Crude Oil UltraShort<br> Bloomberg<br> Natural Gas UltraShort<br> Euro UltraShort<br> Gold<br>*
Net asset value, at December 31, 2024 $ 20.77 $ 20.23 $ 16.93 $ 43.61 $ 34.91 $ 35.11
Net investment income (loss) 0.16 0.45 0.35 0.46 0.61 0.41
Net realized and unrealized gain (loss)# (10.49 ) 1.08 0.22 (8.71 ) (7.50 ) (18.77 )
Change in net asset value from operations (10.33 ) 1.53 0.57 (8.25 ) (6.89 ) (18.36 )
Net asset value, at September 30, 2025 $ 10.44 $ 21.76 $ 17.50 $ 35.36 $ 28.02 $ 16.75
Market value per share, at December 31, 2024<br>† $ 20.72 $ 20.35 $ 16.92 $ 42.74 $ 34.92 $ 35.16
Market value per share, at September 30, 2025<br>† $ 10.44 $ 21.76 $ 17.42 $ 34.79 $ 28.01 $ 16.64
Total Return, at net asset value^ (49.7 )% 7.6 % 3.4 % (18.9 )% (19.7 )% (52.3 )%
Total Return, at market value^ (49.6 )% 6.9 % 3.0 % (18.6 )% (19.8 )% (52.7 )%
Ratios to Average Net Assets**
Expense ratio^^ 1.79 % 0.95 % 1.10 % 1.43 % 0.95 % 0.98 %
Net investment income gain (loss) 1.30 % 2.69 % 2.71 % 2.42 % 2.70 % 2.41 %
* See Note 1 of these Notes to Financial Statements.
--- ---
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2025.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
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For the Nine Months Ended September 30, 2025 (unaudited)

Per Share Operating Performance UltraShort<br> Silver UltraShort<br> Yen VIX Mid-<br> Term Futures<br> ETF VIX Short-<br> Term Futures<br> ETF
Net asset value, at December 31, 2024 $ 42.40 $ 47.66 $ 14.51 $ 45.05
Net investment income (loss) 0.38 0.89 0.32 0.73
Net realized and unrealized gain (loss)# (27.30 ) (4.03 ) 1.00 (13.60 )
Change in net asset value from operations (26.92 ) (3.14 ) 1.32 (12.87 )
Net asset value, at September 30, 2025 $ 15.48 $ 44.52 $ 15.83 $ 32.18
Market value per share, at December 31, 2024<br>† $ 42.00 $ 46.68 $ 14.46 $ 45.02
Market value per share, at September 30, 2025<br>† $ 15.37 $ 44.58 $ 15.82 $ 32.30
Total Return, at net asset value^ (63.5 )% (6.6 )% 9.1 % (28.6 )%
Total Return, at market value^ (63.4 )% (4.5 )% 9.4 % (28.3 )%
Ratios to Average Net Assets**
Expense ratio^^ 1.01 % 0.95 % 1.02 % 1.25 %
Net investment income gain (loss) 1.84 % 2.75 % 2.68 % 2.30 %
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2025.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
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Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2024

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

Per Share Operating Performance Short VIX<br><br>Short-Term<br><br>Futures ETF Ultra<br>Bloomberg<br>Crude Oil Ultra<br>Bloomberg<br>Natural Gas Ultra Euro Ultra Gold<br>* Ultra Silver
Net asset value, at December 31, 2023 $ 51.69 $ 26.28 $ 142.73 $ 11.86 $ 15.96 $ 27.29
Net investment income (loss) 1.37 0.70 1.58 0.32 0.55 0.93
Net realized and unrealized gain (loss)# (2.90 ) (1.62 ) (85.61 ) (0.09 ) 7.59 12.32
Change in net asset value from operations (1.53 ) (0.92 ) (84.03 ) 0.23 8.14 13.25
Net asset value, at September 30, 2024 $ 50.16 $ 25.36 $ 58.70 $ 12.09 $ 24.10 $ 40.54
Market value per share, at December 31, 2023<br>† $ 51.70 $ 26.10 $ 142.20 $ 11.84 $ 15.97 $ 27.17
Market value per share, at September 30, 2024<br>† $ 50.11 $ 25.42 $ 58.00 $ 12.06 $ 23.97 $ 40.44
Total Return, at net asset value^ (3.0 )% (3.5 )% (58.9 )% 2.0 % 51.0 % 48.6 %
Total Return, at market value^ (3.1 )% (2.6 )% (59.2 )% 1.9 % 50.1 % 48.8 %
Ratios to Average Net Assets**
Expense ratio^^ 1.21 % 0.99 % 1.47 % 0.95 % 0.97 % 0.98 %
Net investment income gain (loss) 3.36 % 3.10 % 2.99 % 3.73 % 3.84 % 3.68 %
* See Note 1 of these Notes to Financial Statements.
--- ---
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2024.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
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For the Nine Months Ended September 30, 2024 (unaudited)

Per Share Operating Performance Ultra VIX<br><br>Short-Term<br><br>Futures ETF Ultra<br>Yen UltraShort<br>Bloomberg<br>Crude Oil UltraShort<br>Bloomberg<br>Natural Gas UltraShort<br>Euro UltraShort<br>Gold<br>*
Net asset value, at December 31, 2023 $ 42.17 $ 27.46 $ 20.75 $ 48.05 $ 29.16 $ 52.78
Net investment income (loss) 0.48 0.61 0.49 1.27 0.82 1.06
Net realized and unrealized gain (loss)# (17.71 ) (3.31 ) (1.72 ) 5.20 (0.06 ) (19.34 )
Change in net asset value from operations (17.23 ) (2.70 ) (1.23 ) 6.47 0.76 (18.28 )
Net asset value, at September 30, 2024 $ 24.94 $ 24.76 $ 19.52 $ 54.52 $ 29.92 $ 34.50
Market value per share, at December 31, 2023<br>† $ 42.20 $ 27.49 $ 20.89 $ 48.21 $ 29.15 $ 52.74
Market value per share, at September 30, 2024<br>† $ 24.93 $ 24.70 $ 19.48 $ 55.22 $ 29.92 $ 34.66
Total Return, at net asset value^ (40.8 )% (9.8 )% (5.9 )% 13.5 % 2.6 % (34.6 )%
Total Return, at market value^ (40.9 )% (10.2 )% (6.8 )% 14.6 % 2.6 % (34.3 )%
Ratios to Average Net Assets**
Expense ratio^^ 1.84 % 0.95 % 1.06 % 1.85 % 0.95 % 0.98 %
Net investment income gain (loss) 2.16 % 3.54 % 3.78 % 3.00 % 3.57 % 3.23 %
* See Note 1 of these Notes to Financial Statements.
--- ---
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September 30, 2024.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
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For the Nine Months Ended September 30, 2024 (unaudited)

Per Share Operating Performance UltraShort<br>Silver UltraShort<br>Yen VIX Mid-<br>Term Futures<br>ETF VIX Short-<br>Term Futures<br>ETF
Net asset value, at December 31, 2023 $ 72.56 $ 34.44 $ 16.74 $ 61.99
Net investment income (loss) 1.17 1.11 0.41 1.27
Net realized and unrealized gain (loss)# (35.72 ) 3.36 (2.08 ) (14.31 )
Change in net asset value from operations (34.55 ) 4.47 (1.67 ) (13.04 )
Net asset value, at September 30, 2024 $ 38.01 $ 38.91 $ 15.07 $ 48.95
Market value per share, at December 31, 2023<br>† $ 72.96 $ 34.47 $ 16.75 $ 62.04
Market value per share, at September 30, 2024<br>† $ 38.12 $ 38.90 $ 15.11 $ 49.00
Total Return, at net asset value^ (47.6 )% 13.0 % (10.0 )% (21.0 )%
Total Return, at market value^ (47.8 )% 12.8 % (9.8 )% (21.0 )%
Ratios to Average Net Assets**
Expense ratio^^ 1.04 % 0.95 % 1.13 % 1.10 %
Net investment income gain (loss) 3.09 % 3.57 % 3.64 % 3.33 %
** Percentages are annualized.
--- ---
# The amount shown for a share outstanding throughout the period may not acc<br>or<br>d with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
--- ---
† Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
--- ---
^ Percentages are not annualized for the period ended September <br>30<br>, 2024.
--- ---
^^ The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
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NOTE 7 – RISK

Correlation and Holding Period Risk

Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund.

The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period:

• Your return may be higher or lower than the Daily Target, and this difference may be significant.
• Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply.
--- ---
• Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply.
--- ---
• The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target.
--- ---

For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark.

Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances.

The Matching VIX Funds seek to achieve their stated investment objective over time.

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While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers.

A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day.

Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks.

Counterparty Risk

Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks.

Regulatory Treatment

Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities).

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Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place. The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps. Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions.

As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants.

Counterparty Credit Risk

The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline.

The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions.

OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day.

In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss.

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The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com.

Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law.

The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund.

Leverage Risk

The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day.

For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50% at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times.

Liquidity Risk

Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated.

“Contango” and “Backwardation” Risk

In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds.

Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds.

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Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly.

There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses.

Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts.

Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets. These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses. Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market.

Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly.

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Risks Related to Trade Disputes May Negatively Affect Each Fund.

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

Risk of Government Regulation

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

NOTE 8 – SUBSEQUENT EVENTS

On November 4, 2025, the Trust announced a reverse share split (“reverse split”) on ProShares UltraShort Gold (ticker symbol “GLL”), and on ProShares Ultra VIX Short-Term Futures ETF (ticker symbol “UVXY”). The reverse splits will not change the value of a shareholder’s investment.

ProShares UltraShort Gold will execute a 1 for 2 reverse split of its shares. ProShares Ultra VIX Short-Term Futures ETF will execute a 1 for 5 reverse split of its shares. The reverse splits will be effective prior to market open on November 20, 2025, when the Funds begin trading at their post-reverse split prices. The ticker symbols for the Funds will not change, but the Funds will be issued new CUSIP numbers (74347Y680 for UVXY and 74347Y698 for GLL).

The reverse splits will increase the price per share of each fund with a proportionate decrease in the number of shares outstanding. Specifically, for ProShares Ultra VIX Short-Term Futures ETF, every five pre-reverse split shares held by a Fund shareholder will result in the receipt of one post-split share, which will be priced five times higher than the net asset value of a pre-reverse split share. For ProShares UltraShort Gold, every two pre-reverse split shares held by a Fund shareholder will result in the receipt of one-post reverse split share, which will be priced two times higher than the net asset value of a pre-reverse split share.

For shareholders who hold quantities of shares that are not an exact multiple of the applicable reverse split ratio (i.e., not a multiple of 2 or 5), the reverse split will result in the creation of a fractional share. Post-reverse split fractional shares will be redeemed for cash and sent to the shareholder’s broker of record. This redemption may cause some shareholders to realize gains or losses, which could be a taxable event for those shareholders.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q for the period ended September 30, 2025, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

Introduction

Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (Collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.

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”).

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ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Bloomberg Natural Gas, ProShares Ultra Bloomberg Crude Oil, and ProShares Ultra Bloomberg Natural Gas are benchmarked to indexes designed to track the performance of commodity futures contracts, as applicable. The daily performance of these Indexes and the corresponding Funds will likely be very different in amount and possibly even direction from the daily performance of the price of the related physical commodities.

Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.

The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.

Forward and Reverse Splits

On March 20, 2024, the Trust issued a press release announcing a forward share split on ProShares Short VIX Short-Term Futures, ProShares UltraShort Bloomberg Natural Gas and a reverse share split on ProShares Ultra VIX Short-Term Futures. The Splits did not change the value of a shareholder’s investment. ProShares Short VIX Short-Term Futures executed a 2:1 Forward Split of its shares. ProShares UltraShort Bloomberg Natural Gas also executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on April 11, 2024, when the Funds begin trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on April 11, 2024, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y755 for UVXY). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On October 28, 2024, the Trust issued a press release announcing a forward share split on ProShares UltraShort Yen and a reverse share split on ProShares UltraShort Silver, ProShares VIX Short-Term Futures, ProShares Ultra Bloomberg Natural Gas. The Splits did not change the value of a shareholder’s investment. ProShares UltraShort Yen executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on November 7, 2024, when the Funds began trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Silver and ProShares VIX Short-Term Futures executed a 1:4 Reverse Split of its shares and ProShares Ultra Bloomberg Natural Gas executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on November 7, 2024, when the Fund begins trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y722 for ZSL), (74347Y730 for VIXY), (74347Y748 for BOIL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares

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outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

Liquidity and Capital Resources

In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and nine months ended September 30, 2025 and 2024, each of the Funds earned interest income as follows:

Fund Interest Income<br>Three Months<br>Ended <br>September 30, 2025 Interest Income<br>Three Months<br>Ended <br>September 30, 2024 Interest Income<br>Nine Months <br>Ended <br>September 30, 2025 Interest Income<br>Nine Months <br>Ended <br>September 30, 2024
ProShares Short VIX Short-Term Futures ETF $ 2,269,580 $ 5,814,236 $ 8,090,223 $ 12,580,744
ProShares Ultra Bloomberg Crude Oil 2,538,935 6,074,652 9,284,651 17,591,301
ProShares Ultra Bloomberg Natural Gas 4,121,370 7,125,254 9,102,000 19,996,081
ProShares Ultra Euro 72,530 61,969 186,574 211,272
ProShares Ultra Gold 5,843,146 3,315,167 14,701,668 8,148,441
ProShares Ultra Silver 6,938,402 7,482,201 19,053,657 17,362,781
ProShares Ultra VIX Short-Term Futures ETF 5,292,243 2,501,794 10,984,632 7,595,859
ProShares Ultra Yen 541,875 541,372 1,650,309 1,395,183
ProShares UltraShort Bloomberg Crude Oil 1,262,490 1,865,946 4,373,667 6,398,993
ProShares UltraShort Bloomberg Natural Gas 1,926,416 1,150,564 10,289,665 4,075,138
ProShares UltraShort Euro 311,072 400,294 962,527 1,288,483
ProShares UltraShort Gold 543,256 148,896 1,468,731 468,826
ProShares UltraShort Silver 202,742 672,005 607,679 1,650,859
ProShares UltraShort Yen 252,079 449,333 669,840 1,220,993
ProShares VIX Mid-Term Futures ETF 322,262 370,229 820,355 1,992,242
ProShares VIX Short-Term Futures ETF 2,597,119 1,554,282 5,348,650 4,932,465

Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions.

Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person.

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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.
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Off-Balance Sheet Arrangements and Contractual Obligations

As of November 3, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.

Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party.

Critical Accounting Policies

Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates. The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used.

Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations.

The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements. The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price).

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

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.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value.

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

Fair value pricing may require subjective determinations about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale).

The prices used by a Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements.

Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts.

Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.

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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.

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Results of Operations for the Three Months Ended September 30, 2025 Compared to the Three Months Ended September 30, 2024

ProShares Short VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 279,925,400 $ 298,712,515
NAV end of period $ 243,299,521 $ 364,574,356
Percentage change in NAV (13.1 )% 22.0 %
Shares outstanding beginning of period 6,568,614 4,868,614
Shares outstanding end of period 4,768,614 7,268,614
Percentage change in shares outstanding (27.4 )% 49.3 %
Shares created — 12,300,000
Shares redeemed 1,800,000 9,900,000
Per share NAV beginning of period $ 42.62 $ 61.35
Per share NAV end of period $ 51.02 $ 50.16
Percentage change in per share NAV 19.7 % (18.2 )%
Percentage change in benchmark (30.9 )% 13.7 %
Benchmark annualized volatility 38.8 % 130.9 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,568,614 outstanding Shares at June 30, 2025 to 4,768,614 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 4,868,614 outstanding Shares at June 30, 2024 to 7,268,614 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 19.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.2% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 1,524,470 $ 4,269,606
Management fee 601,947 1,173,293
Brokerage commission 125,536 346,441
Futures account fees 17,627 24,896
Net realized gain (loss) 46,614,593 (7,503,293 )
Change in net unrealized appreciation (depreciation) (3,676,998 ) (4,186,274 )
Net Income (loss) $ 44,462,065 $ (7,419,961 )

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of futures prices during the three months ended September 30, 2025.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 420,493,513 $ 527,486,095
NAV end of period $ 359,079,095 $ 593,222,255
Percentage change in NAV (14.6 )% 12.5 %
Shares outstanding beginning of period 18,693,096 15,743,096
Shares outstanding end of period 16,043,096 23,393,096
Percentage change in shares outstanding (14.2 )% 48.6 %
Shares created 4,250,000 16,200,000
Shares redeemed 6,900,000 8,550,000
Per share NAV beginning of period $ 22.49 $ 33.51
Per share NAV end of period $ 22.38 $ 25.36
Percentage change in per share NAV (0.5 )% (24.3 )%
Percentage change in benchmark 0.2 % (12.6 )%
Benchmark annualized volatility 21.0 % 26.2 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 18,693,096 outstanding Shares at June 30, 2025 to 16,043,096 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,743,096 outstanding Shares at June 30, 2024 to 23,393,096 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 0.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.3% for the three months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

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The benchmark’s rise of 0.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 12.6% for the three months ended September 30, 2024, can be attributed to an increase in the value of WTI Crude Oil during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 1,571,960 $ 4,742,745
Management fee 919,884 1,266,843
Brokerage commission 47,091 65,064
Net realized gain (loss) 15,487,461 (66,826,014 )
Change in net unrealized appreciation (depreciation) (7,007,743 ) (59,041,810 )
Net Income (loss) $ 10,051,678 $ (121,125,079 )

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase in the value of WTI Crude Oil during the three months ended September 30, 2025.

ProShares Ultra Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 334,757,794 $ 540,643,821
NAV end of period $ 542,210,220 $ 651,821,105
Percentage change in NAV 62.0 % 20.6 %
Shares outstanding beginning of period 7,223,047 6,933,709
Shares outstanding end of period 18,373,047 11,103,709
Percentage change in shares outstanding 154.4 % 60.1 %
Shares created 28,200,000 10,350,000
Shares redeemed 17,050,000 6,180,000
Per share NAV beginning of period $ 46.35 $ 77.97
Per share NAV end of period $ 29.51 $ 58.70
Percentage change in per share NAV (36.3 )% (24.7 )%
Percentage change in benchmark (18.2 )% (10.2 )%
Benchmark annualized volatility 36.1 % 44.5 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at June 30, 2025 to 18,373,047 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM^. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 6,933,709 outstanding Shares at June 30, 2024 to 11,103,709 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM^.

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For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 36.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 24.7% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 18.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 10.2% for the three months ended September 30, 2024, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 2,571,611 $ 4,917,857
Management fee 1,088,659 1,479,083
Brokerage commission 411,698 681,738
Futures account fees 49,402 46,576
Net realized gain (loss) (163,780,730 ) (372,130,469 )
Change in net unrealized appreciation (depreciation) 28,737,488 260,259,730
Net Income (loss) $ (132,471,631 ) $ (106,952,882 )

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025.

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ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 8,708,069 $ 5,595,533
NAV end of period $ 7,272,104 $ 5,440,209
Percentage change in NAV (16.5 )% (2.8 )%
Shares outstanding beginning of period 650,000 500,000
Shares outstanding end of period 550,000 450,000
Percentage change in shares outstanding (15.4 )% (10.0 )%
Shares created — —
Shares redeemed 100,000 50,000
Per share NAV beginning of period $ 13.40 $ 11.19
Per share NAV end of period $ 13.22 $ 12.09
Percentage change in per share NAV (1.3 )% 8.0 %
Percentage change in benchmark (0.3 )% 3.9 %
Benchmark annualized volatility 8.6 % 5.4 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 650,000 outstanding Shares at June 30, 2025 to 550,000 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at June 30, 2024 to 450,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 1.3% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.0% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 0.3% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 3.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 53,812 $ 48,936
Management fee 18,718 13,033
Net realized gain (loss) 220,691 182,638
Change in net unrealized appreciation (depreciation) (434,179 ) 187,048
Net Income (loss) $ (159,676 ) $ 418,622

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended September 30, 2025.

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ProShares Ultra Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 485,005,243 $ 216,456,025
NAV end of period $ 809,280,918 $ 298,882,222
Percentage change in NAV 66.9 % 38.1 %
Shares outstanding beginning of period 14,100,000 11,200,000
Shares outstanding end of period 17,700,000 12,400,000
Percentage change in shares outstanding 25.5 % 10.7 %
Shares created 7,000,000 3,400,000
Shares redeemed 3,400,000 2,200,000
Per share NAV beginning of period $ 34.40 $ 19.33
Per share NAV end of period $ 45.72 $ 24.10
Percentage change in per share NAV 32.9 % 24.7 %
Percentage change in benchmark 16.4 % 12.9 %
Benchmark annualized volatility 13.7 % 14.3 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM^. The increase in the Fund’s NAV also resulted in part from an increase from 14,100,000 outstanding Shares at June 30, 2025 to 17,700,000 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM^. The increase in the Fund’s NAV also resulted in part from an increase from 11,200,000 outstanding Shares at June 30, 2024 to 12,400,000 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 32.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 24.7% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 16.4% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 12.9% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 4,397,620 $ 2,677,335
Management fee 1,426,882 628,619
Brokerage commission 18,644 9,213
Net realized gain (loss) 38,694,419 12,042,718
Change in net unrealized appreciation (depreciation) 144,544,484 41,957,497
Net Income (loss) $ 187,636,523 $ 56,677,550

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025.

* See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 708,196,011 $ 570,829,521
NAV end of period $ 1,047,679,297 $ 666,782,470
Percentage change in NAV 47.9 % 16.8 %
Shares outstanding beginning of period 15,046,526 15,246,526
Shares outstanding end of period 13,846,526 16,446,526
Percentage change in shares outstanding (8.0 )% 7.9 %
Shares created 4,700,000 4,700,000
Shares redeemed 5,900,000 3,500,000
Per share NAV beginning of period $ 47.07 $ 37.44
Per share NAV end of period $ 75.66 $ 40.54
Percentage change in per share NAV 60.7 % 8.3 %
Percentage change in benchmark 28.6 % 6.3 %
Benchmark annualized volatility 22.3 % 32.0 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM^. The increase in the Fund’s NAV was offset by a decrease from 15,046,526 outstanding Shares at June 30, 2025 to 13,846,526 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,246,526 outstanding Shares at June 30, 2024 to 16,446,526 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM^.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 60.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 8.3% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 28.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 6.3% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 4,938,126 $ 6,019,174
Management fee 1,949,744 1,417,159
Brokerage commission 50,532 45,868
Net realized gain (loss) 138,583,885 (129,011,251 )
Change in net unrealized appreciation (depreciation) 263,016,530 182,446,021
Net Income (loss) $ 406,538,541 $ 59,453,944

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025.

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ProShares Ultra VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 579,408,908 $ 232,135,198
NAV end of period $ 648,094,422 $ 285,351,963
Percentage change in NAV 11.9 % 22.9 %
Shares outstanding beginning of period 30,993,643 9,843,643
Shares outstanding end of period 62,093,643 11,443,643
Percentage change in shares outstanding 100.3 % 16.3 %
Shares created 49,350,000 19,350,000
Shares redeemed 18,250,000 17,750,000
Per share NAV beginning of period $ 18.69 $ 23.58
Per share NAV end of period $ 10.44 $ 24.94
Percentage change in per share NAV (44.1 )% 5.7 %
Percentage change in benchmark (30.9 )% 13.7 %
Benchmark annualized volatility 38.8 % 130.9 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 30,993,643 outstanding Shares at June 30, 2025 to 62,093,643 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 9,843,643 outstanding Shares at June 30, 2024 to 11,443,643 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark. The Fund’s per Share NAV decrease of 44.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.7% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 2,399,298 $ 1,321,242
Management fee 1,636,145 583,266
Brokerage commission 1,025,774 534,432
Futures account fees 231,026 62,854
Net realized gain (loss) (410,232,837 ) (36,612,258 )
Change in net unrealized appreciation (depreciation) 19,286,761 14,570,793
Net Income (loss) $ (388,546,778 ) $ (20,720,223 )

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices, during the three months ended September 30, 2025.

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ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 66,461,439 $ 44,510,138
NAV end of period $ 53,309,336 $ 53,234,065
Percentage change in NAV (19.8 )% 19.6 %
Shares outstanding beginning of period 2,849,970 2,199,970
Shares outstanding end of period 2,449,970 2,149,970
Percentage change in shares outstanding (14.0 )% (2.3 )%
Shares created — 550,000
Shares redeemed 400,000 600,000
Per share NAV beginning of period $ 23.32 $ 20.23
Per share NAV end of period $ 21.76 $ 24.76
Percentage change in per share NAV (6.7 )% 22.4 %
Percentage change in benchmark (2.6 )% 11.9 %
Benchmark annualized volatility 10.9 % 12.9 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,849,970 outstanding Shares at June 30, 2025 to 2,449,970 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV was offset by a decrease from 2,199,970 outstanding Shares at June 30, 2024 to 2,149,970 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 22.4% for the three months ended September 30, 2024, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 2.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 11.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 402,393 $ 422,494
Management fee 139,482 118,878
Net realized gain (loss) (3,272,292 ) 6,834,509
Change in net unrealized appreciation (depreciation) (1,422,005 ) 2,618,114
Net Income (loss) $ (4,291,904 ) $ 9,875,117

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended September 30, 2025.

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 135,277,470 $ 177,620,038
NAV end of period $ 121,702,439 $ 96,729,953
Percentage change in NAV (10.0 )% (45.5 )%
Shares outstanding beginning of period 7,505,220 11,405,220
Shares outstanding end of period 6,955,220 4,955,220
Percentage change in shares outstanding (7.3 )% (56.6 )%
Shares created 5,450,000 2,250,000
Shares redeemed 6,000,000 8,700,000
Per share NAV beginning of period $ 18.02 $ 15.57
Per share NAV end of period $ 17.50 $ 19.52
Percentage change in per share NAV (2.9 )% 25.3 %
Percentage change in benchmark 0.2 % (12.6 )%
Benchmark annualized volatility 21.0 % 26.2 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,505,220 outstanding Shares at June 30, 2025 to 6,955,220 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,405,220 outstanding Shares at June 30, 2024 to 4,955,220 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 2.9% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 25.3% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

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The benchmark’s rise of 0.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 12.6% for the three months ended September 30, 2024, can be attributed to an increase in the value of WTI Crude Oil during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 900,999 $ 1,451,008
Management fee 315,179 363,340
Brokerage commission 46,312 51,598
Net realized gain (loss) 4,631,229 12,329,186
Change in net unrealized appreciation (depreciation) (3,727,668 ) 28,466,868
Net Income (loss) $ 1,804,560 $ 42,247,062

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to an increase in the value of WTI Crude Oil during the three months ended September 30, 2025.

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ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 283,266,637 $ 147,292,427
NAV end of period $ 158,537,958 $ 132,693,025
Percentage change in NAV (44.0 )% (9.9 )%
Shares outstanding beginning of period 11,133,712 2,983,712
Shares outstanding end of period 4,483,712 2,433,712
Percentage change in shares outstanding (59.7 )% (18.4 )%
Shares created 6,050,000 2,700,000
Shares redeemed 12,700,000 3,250,000
Per share NAV beginning of period $ 25.44 $ 49.37
Per share NAV end of period $ 35.36 $ 54.52
Percentage change in per share NAV 39.0 % 10.4 %
Percentage change in benchmark (18.2 )% (10.2 )%
Benchmark annualized volatility 36.1 % 44.5 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,133,712 outstanding Shares at June 30, 2025 to 4,483,712 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM^. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,983,712 outstanding Shares at June 30, 2024 to 2,433,712 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM^.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 39.0% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 10.4% for the three months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 18.2% for the three months ended September 30, 2025, as compared to the benchmark’s decline of 10.2% for the three months ended September 30, 2024, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 1,269,108 $ 762,495
Management fee 477,225 224,779
Brokerage commission 167,957 156,391
Futures account fees 12,126 6,899
Net realized gain (loss) 116,766,285 90,004,014
Change in net unrealized appreciation (depreciation) (27,089,937 ) (55,764,309 )
Net Income (loss) $ 90,945,456 $ 35,002,200

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2025.

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ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 31,567,012 $ 38,226,983
NAV end of period $ 33,625,132 $ 32,912,508
Percentage change in NAV 6.5 % (13.9 )%
Shares outstanding beginning of period 1,150,000 1,200,000
Shares outstanding end of period 1,200,000 1,100,000
Percentage change in shares outstanding 4.3 % (8.3 )%
Shares created 200,000 —
Shares redeemed 150,000 100,000
Per share NAV beginning of period $ 27.45 $ 31.86
Per share NAV end of period $ 28.02 $ 29.92
Percentage change in per share NAV 2.1 % (6.1 )%
Percentage change in benchmark (0.3 )% 3.9 %
Benchmark annualized volatility 8.6 % 5.4 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,150,000 outstanding Shares at June 30, 2025 to 1,200,000 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at June 30, 2024 to 1,100,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 2.1% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 6.1% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 0.3% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 3.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 229,237 $ 315,526
Management fee 81,835 84,768
Net realized gain (loss) (1,411,883 ) (1,317,854 )
Change in net unrealized appreciation (depreciation) 1,649,460 (1,247,585 )
Net Income (loss) $ 466,814 $ (2,249,913 )

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended September 30, 2025.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 76,838,176 $ 16,131,791
NAV end of period $ 63,190,713 $ 18,058,490
Percentage change in NAV (17.8 )% 11.9 %
Shares outstanding beginning of period 3,423,421 373,489
Shares outstanding end of period 3,773,421 523,489
Percentage change in shares outstanding 10.2 % 40.2 %
Shares created 2,650,000 300,000
Shares redeemed 2,300,000 150,000
Per share NAV beginning of period $ 22.44 $ 43.19
Per share NAV end of period $ 16.75 $ 34.50
Percentage change in per share NAV (25.4 )% (20.1 )%
Percentage change in benchmark 16.4 % 12.9 %
Benchmark annualized volatility 13.7 % 14.3 %

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM^. The decrease in the Fund’s NAV was offset by an increase from 3,423,421 outstanding Shares at June 30, 2025 to 3,773,421 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 373,489 outstanding Shares at June 30, 2024 to 523,489 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM^.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 25.4% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 20.1% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 16.4% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 12.9% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 385,326 $ 113,799
Management fee 155,211 34,177
Brokerage commission 2,719 920
Net realized gain (loss) (9,140,381 ) (1,409,519 )
Change in net unrealized appreciation (depreciation) (8,051,107 ) (1,762,993 )
Net Income (loss) $ (16,806,162 ) $ (3,058,713 )

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of the futures prices during the three months ended September 30, 2025.

* See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold.

ProShares UltraShort Silver

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 35,410,975 $ 76,198,743
NAV end of period $ 30,352,080 $ 32,222,722
Percentage change in NAV (14.3 )% (57.7 )%
Shares outstanding beginning of period 1,360,264 1,697,832
Shares outstanding end of period 1,960,264 847,832
Percentage change in shares outstanding 44.1 % (50.1 )%
Shares created 2,100,000 687,500
Shares redeemed 1,500,000 1,537,500
Per share NAV beginning of period $ 26.03 $ 44.88
Per share NAV end of period $ 15.48 $ 38.01
Percentage change in per share NAV (40.5 )% (15.3 )%
Percentage change in benchmark 28.6 % 6.3 %
Benchmark annualized volatility 22.3 % 32.0 %

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During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM^. The decrease in the Fund’s NAV was offset by an increase from 1,360,264 outstanding Shares at June 30, 2025 to 1,960,264 outstanding Shares at September 30, 2025. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,697,832 outstanding Shares at June 30, 2024 to 847,832 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM^.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 40.5% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 15.3% for the three months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s rise of 28.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 6.3% for the three months ended September 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 131,582 $ 507,144
Management fee 68,100 149,940
Brokerage commission 3,060 14,921
Net realized gain (loss) (6,846,972 ) 5,993,727
Change in net unrealized appreciation (depreciation) (6,273,570 ) (9,520,751 )
Net Income (loss) $ (12,988,960 ) $ (3,019,880 )

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended September 30, 2025.

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ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 20,559,703 $ 47,495,032
NAV end of period $ 28,808,714 $ 34,904,924
Percentage change in NAV 40.1 % (26.5 )%
Shares outstanding beginning of period 497,160 997,160
Shares outstanding end of period 647,160 897,160
Percentage change in shares outstanding 30.2 % (10.0 )%
Shares created 500,000 300,000
Shares redeemed 350,000 400,000
Per share NAV beginning of period $ 41.35 $ 47.63
Per share NAV end of period $ 44.52 $ 38.91
Percentage change in per share NAV 7.7 % (18.3 )%
Percentage change in benchmark (2.6 )% 11.9 %
Benchmark annualized volatility 10.9 % 12.9 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 497,160 outstanding Shares at June 30, 2025 to 647,160 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 997,160 outstanding Shares at June 30, 2024 to 897,160 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 7.7% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.3% for the three months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 2.6% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 11.9% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 187,018 $ 356,054
Management fee 65,061 93,279
Net realized gain (loss) 844,126 (5,013,671 )
Change in net unrealized appreciation (depreciation) 616,122 (3,366,298 )
Net Income (loss) $ 1,647,266 $ (8,023,915 )

The Fund’s net income increased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended September 30, 2025.

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ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 21,537,610 $ 33,401,452
NAV end of period $ 44,522,647 $ 38,983,834
Percentage change in NAV 106.7 % 16.7 %
Shares outstanding beginning of period 1,287,403 2,337,403
Shares outstanding end of period 2,812,403 2,587,403
Percentage change in shares outstanding 118.5 % 10.7 %
Shares created 1,600,000 825,000
Shares redeemed 75,000 575,000
Per share NAV beginning of period $ 16.73 $ 14.29
Per share NAV end of period $ 15.83 $ 15.07
Percentage change in per share NAV (5.4 )% 5.5 %
Percentage change in benchmark (5.0 )% 5.8 %
Benchmark annualized volatility 15.3 % 48.3 %

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,287,403 outstanding Shares at June 30, 2025 to 2,812,403 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,337,403 outstanding Shares at June 30, 2024 to 2,587,403 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 5.4% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 5.5% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 5.0% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 5.8% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 232,853 $ 290,687
Management fee 74,709 66,736
Brokerage commission 10,101 8,201
Futures account fees 4,599 4,605
Net realized gain (loss) (1,349,262 ) 2,713,929
Change in net unrealized appreciation (depreciation) (1,372,511 ) 455,038
Net Income (loss) $ (2,488,920 ) $ 3,459,654

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the futures prices during the three months ended September 30, 2025.

ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
NAV beginning of period $ 164,541,842 $ 148,420,028
NAV end of period $ 329,584,482 $ 163,397,433
Percentage change in NAV 100.3 % 10.1 %
Shares outstanding beginning of period 3,516,252 3,425,237
Shares outstanding end of period 10,241,252 3,337,737
Percentage change in shares outstanding 191.3 % (2.6 )%
Shares created 7,000,000 2,637,500
Shares redeemed 275,000 2,725,000
Per share NAV beginning of period $ 46.79 $ 43.33
Per share NAV end of period $ 32.18 $ 48.95
Percentage change in per share NAV (31.2 )% 13.0 %
Percentage change in benchmark (30.9 )% 13.7 %
Benchmark annualized volatility 38.8 % 130.9 %

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During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,516,252 outstanding Shares at June 30, 2025 to 10,241,252 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV was offset by a decrease from 3,425,237 outstanding Shares at June 30, 2024 to 3,337,737 outstanding Shares at September 30, 2024.

For the three months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 31.2% for the three months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.0% for the three months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2025.

The benchmark’s decline of 30.9% for the three months ended September 30, 2025, as compared to the benchmark’s rise of 13.7% for the three months ended September 30, 2024, can be attributed to a decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended September 30, 2025 and 2024:

Three Months Ended<br>September 30, 2025 Three Months Ended<br>September 30, 2024
Net investment income (loss) $ 1,746,868 $ 1,120,410
Management fee 628,098 298,739
Brokerage commission 160,166 109,695
Futures account fees 61,987 25,438
Net realized gain (loss) (109,920,852 ) 47,465,974
Change in net unrealized appreciation (depreciation) (1,512,437 ) 5,179,115
Net Income (loss) $ (109,686,421 ) $ 53,765,499

The Fund’s net income decreased for the three months ended September 30, 2025 as compared to the three months ended September 30, 2024, primarily due to a decrease in the value of the futures prices, during the three months ended September 30, 2025.

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Results of Operations for the Nine Months Ended September 30, 2025 Compared to the Nine Months Ended September 30, 2024

ProShares Short VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 266,090,233 $ 267,184,359
NAV end of period $ 243,299,521 $ 364,574,356
Percentage change in NAV (8.6 )% 36.5 %
Shares outstanding beginning of period 5,318,614 5,168,614
Shares outstanding end of period 4,768,614 7,268,614
Percentage change in shares outstanding (10.3 )% 40.6 %
Shares created 18,650,000 15,050,000
Shares redeemed 19,200,000 12,950,000
Per share NAV beginning of period $ 50.03 $ 51.69
Per share NAV end of period $ 51.02 $ 50.16
Percentage change in per share NAV 2.0 % (3.0 )%
Percentage change in benchmark (27.3 )% (19.7 )%
Benchmark annualized volatility 79.8 % 82.9 %

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 4,768,614 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 5,168,614 outstanding Shares at December 31, 2023 to 7,268,614 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 2.0% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 3.0% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 5,430,710 $ 9,251,157
Management fee 2,130,449 2,616,334
Brokerage commission 458,281 688,357
Futures account fees 70,783 24,896
Net realized gain (loss) 28,980,200 47,773,242
Change in net unrealized appreciation (depreciation) 9,717,287 (13,008,316 )
Net Income (loss) $ 44,128,197 $ 44,016,083

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2025.

ProShares Ultra Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 523,420,064 $ 652,793,437
NAV end of period $ 359,079,095 $ 593,222,255
Percentage change in NAV (31.4 )% (9.1 )%
Shares outstanding beginning of period 19,043,096 24,843,096
Shares outstanding end of period 16,043,096 23,393,096
Percentage change in shares outstanding (15.8 )% (5.8 )%
Shares created 19,150,000 25,300,000
Shares redeemed 22,150,000 26,750,000
Per share NAV beginning of period $ 27.49 $ 26.28
Per share NAV end of period $ 22.38 $ 25.36
Percentage change in per share NAV (18.6 )% (3.5 )%
Percentage change in benchmark (7.9 )% (1.0 )%
Benchmark annualized volatility 26.3 % 22.0 %

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^. The decrease in the Fund’s NAV also resulted in part from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 16,043,096 outstanding Shares at September 30, 2025. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 23,393,096 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 3.5% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

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The benchmark’s decline of 7.9% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.0% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of WTI Crude Oil during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 6,293,153 $ 13,332,810
Management fee 2,836,491 4,088,647
Brokerage commission 155,007 169,844
Net realized gain (loss) 2,412,438 33,262,708
Change in net unrealized appreciation (depreciation) (48,807,879 ) (4,696,794 )
Net Income (loss) $ (40,102,288 ) $ 41,898,724

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due a greater decrease in the value of WTI Crude Oil during the nine months ended September 30, 2025.

ProShares Ultra Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 396,081,499 $ 729,892,808
NAV end of period $ 542,210,220 $ 651,821,105
Percentage change in NAV 36.9 % (10.7 )%
Shares outstanding beginning of period 7,223,047 5,113,709
Shares outstanding end of period 18,373,047 11,103,709
Percentage change in shares outstanding 154.4 % 117.1 %
Shares created 46,650,000 23,240,000
Shares redeemed 35,500,000 17,250,000
Per share NAV beginning of period $ 54.84 $ 142.73
Per share NAV end of period $ 29.51 $ 58.70
Percentage change in per share NAV (46.2 )% (58.9 )%
Percentage change in benchmark (16.4 )% (27.1 )%
Benchmark annualized volatility 54.4 % 51.7 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,223,047 outstanding Shares at December 31, 2024 to 18,373,047 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM^. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex^SM^. The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 11,103,709 outstanding Shares at September 30, 2024.

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For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 46.2% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 58.9% for the nine months ended September 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 16.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 27.1% for the nine months ended September 30, 2024, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 5,613,040 $ 13,384,747
Management fee 2,340,238 4,252,390
Brokerage commission 982,711 2,170,207
Futures account fees 166,011 188,737
Net realized gain (loss) 46,482,165 (402,539,202 )
Change in net unrealized appreciation (depreciation) (98,296,397 ) 63,603,384
Net Income (loss) $ (46,201,192 ) $ (325,551,071 )

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2025.

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ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 5,751,156 $ 7,114,015
NAV end of period $ 7,272,104 $ 5,440,209
Percentage change in NAV 26.4 % (23.5 )%
Shares outstanding beginning of period 550,000 600,000
Shares outstanding end of period 550,000 450,000
Percentage change in shares outstanding — % (25.0 )%
Shares created 200,000 100,000
Shares redeemed 200,000 250,000
Per share NAV beginning of period $ 10.46 $ 11.86
Per share NAV end of period $ 13.22 $ 12.09
Percentage change in per share NAV 26.4 % 2.0 %
Percentage change in benchmark 13.3 % 0.8 %
Benchmark annualized volatility 8.9 % 5.3 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at December 31, 2023 to 450,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 26.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 2.0% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 13.3% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 0.8% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the euro versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 137,965 $ 168,360
Management fee 48,609 42,912
Net realized gain (loss) 997,841 107,862
Change in net unrealized appreciation (depreciation) 176,469 (260,299 )
Net Income (loss) $ 1,312,275 $ 15,923

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the euro versus the U.S. dollar during the nine months ended September 30, 2025.

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ProShares Ultra Gold*

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 289,709,332 $ 191,502,023
NAV end of period $ 809,280,918 $ 298,882,222
Percentage change in NAV 179.3 % 56.1 %
Shares outstanding beginning of period 12,400,000 12,000,000
Shares outstanding end of period 17,700,000 12,400,000
Percentage change in shares outstanding 42.7 % 3.3 %
Shares created 17,650,000 6,600,000
Shares redeemed 12,350,000 6,200,000
Per share NAV beginning of period $ 23.36 $ 15.96
Per share NAV end of period $ 45.72 $ 24.10
Percentage change in per share NAV 95.7 % 51.0 %
Percentage change in benchmark 44.8 % 27.2 %
Benchmark annualized volatility 18.8 % 14.3 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM^. The increase in the Fund’s NAV also resulted in part from an increase from 12,400,000 outstanding Shares at December 31, 2024 to 17,700,000 outstanding Shares at September 30, 2025. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex^SM^. The increase in the Fund’s NAV also resulted in part from an increase from 12,000,000 outstanding Shares at December 31, 2023 to 12,400,000 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 95.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 51.0% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 44.8% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 27.2% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 11,149,141 $ 6,509,622
Management fee 3,488,004 1,611,610
Brokerage commission 64,523 27,209
Net realized gain (loss) 183,281,121 62,084,821
Change in net unrealized appreciation (depreciation) 139,114,900 27,452,000
Net Income (loss) $ 333,545,162 $ 96,046,443

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in futures prices, during the nine months ended September 30, 2025.

* See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold.

ProShares Ultra Silver

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 562,083,293 $ 390,146,373
NAV end of period $ 1,047,679,297 $ 666,782,470
Percentage change in NAV 86.4 % 70.9 %
Shares outstanding beginning of period 16,746,526 14,296,526
Shares outstanding end of period 13,846,526 16,446,526
Percentage change in shares outstanding (17.3 )% 15.0 %
Shares created 14,550,000 12,150,000
Shares redeemed 17,450,000 10,000,000
Per share NAV beginning of period $ 33.56 $ 27.29
Per share NAV end of period $ 75.66 $ 40.54
Percentage change in per share NAV 125.4 % 48.6 %
Percentage change in benchmark 58.1 % 30.0 %
Benchmark annualized volatility 27.2 % 31.4 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM^. The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 13,846,526 outstanding Shares at September 30, 2025. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex^SM^. The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,446,526 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 125.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 48.6% for the nine months ended September 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

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The benchmark’s rise of 58.1% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 30.0% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 13,946,875 $ 13,696,814
Management fee 4,951,422 3,535,877
Brokerage commission 155,360 130,090
Net realized gain (loss) 292,493,503 87,203,275
Change in net unrealized appreciation (depreciation) 328,796,816 116,775,363
Net Income (loss) $ 635,237,194 $ 217,675,452

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the nine months ended September 30, 2025.

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ProShares Ultra VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 284,452,060 $ 348,555,743
NAV end of period $ 648,094,422 $ 285,351,963
Percentage change in NAV 127.8 % (18.1 )%
Shares outstanding beginning of period 13,693,643 8,264,892
Shares outstanding end of period 62,093,643 11,443,643
Percentage change in shares outstanding 353.4 % 38.5 %
Shares created 134,050,000 29,200,000
Shares redeemed 85,650,000 26,021,248
Per share NAV beginning of period $ 20.77 $ 42.17
Per share NAV end of period $ 10.44 $ 24.94
Percentage change in per share NAV (49.7 )% (40.8 )%
Percentage change in benchmark (27.3 )% (19.7 )%
Benchmark annualized volatility 79.8 % 82.9 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,693,643 outstanding Shares at December 31, 2024 to 62,093,643 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 11,443,643 outstanding Shares at September 30, 2024.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 49.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 40.8% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 4,626,906 $ 4,102,676
Management fee 3,378,880 1,804,611
Brokerage commission 2,534,657 1,475,584
Futures account fees 444,189 212,988
Net realized gain (loss) (254,268,120 ) (185,017,536 )
Change in net unrealized appreciation (depreciation) (50,072,615 ) 39,549,802
Net Income (loss) $ (299,713,829 ) $ (141,365,058 )

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2025.

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ProShares Ultra Yen

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 44,505,646 $ 30,205,770
NAV end of period $ 53,309,336 $ 53,234,065
Percentage change in NAV 19.8 % 76.2 %
Shares outstanding beginning of period 2,199,970 1,099,970
Shares outstanding end of period 2,449,970 2,149,970
Percentage change in shares outstanding 11.4 % 95.5 %
Shares created 1,250,000 1,850,000
Shares redeemed 1,000,000 800,000
Per share NAV beginning of period $ 20.23 $ 27.46
Per share NAV end of period $ 21.76 $ 24.76
Percentage change in per share NAV 7.6 % (9.8 )%
Percentage change in benchmark 6.4 % (1.9 )%
Benchmark annualized volatility 10.6 % 10.4 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,449,970 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,149,970 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 7.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 9.8% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 6.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.9% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 1,220,048 $ 1,099,697
Management fee 430,261 295,486
Net realized gain (loss) (201,447 ) (562,689 )
Change in net unrealized appreciation (depreciation) 3,529,664 (1,803,229 )
Net Income (loss) $ 4,548,265 $ (1,266,221 )

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S. dollar during the nine months ended September 30, 2025.

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 121,997,334 $ 188,963,592
NAV end of period $ 121,702,439 $ 96,729,953
Percentage change in NAV (0.2 )% (48.8 )%
Shares outstanding beginning of period 7,205,220 9,105,220
Shares outstanding end of period 6,955,220 4,955,220
Percentage change in shares outstanding (3.5 )% (45.6 )%
Shares created 25,450,000 14,900,000
Shares redeemed 25,700,000 19,050,000
Per share NAV beginning of period $ 16.93 $ 20.75
Per share NAV end of period $ 17.50 $ 19.52
Percentage change in per share NAV 3.4 % (5.9 )%
Percentage change in benchmark (7.9 )% (1.0 )%
Benchmark annualized volatility 26.3 % 22.0 %

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,205,220 outstanding Shares at December 31, 2024 to 6,955,220 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 4,955,220 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.4% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 5.9% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 7.9% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.0% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of WTI Crude Oil during the period ended September 30, 2025.

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Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 3,113,410 $ 4,993,915
Management fee 1,090,747 1,255,680
Brokerage commission 169,510 149,398
Net realized gain (loss) 45,774,758 (323,060 )
Change in net unrealized appreciation (depreciation) 13,783,712 (7,534,360 )
Net Income (loss) $ 62,671,880 $ (2,863,505 )

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of WTI Crude Oil, during the nine months ended September 30, 2025.

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 260,940,143 $ 140,963,092
NAV end of period $ 158,537,958 $ 132,693,025
Percentage change in NAV (39.2 )% (5.9 )%
Shares outstanding beginning of period 5,983,712 2,933,712
Shares outstanding end of period 4,483,712 2,433,712
Percentage change in shares outstanding (25.1 )% (17.0 )%
Shares created 71,800,000 16,700,000
Shares redeemed 73,300,000 17,200,000
Per share NAV beginning of period $ 43.61 $ 48.05
Per share NAV end of period $ 35.36 $ 54.52
Percentage change in per share NAV (18.9 )% 13.5 %
Percentage change in benchmark (16.4 )% (27.1 )%
Benchmark annualized volatility 54.4 % 51.7 %

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During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,983,712 outstanding Shares at December 31, 2024 to 4,483,712 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM^. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,933,712 outstanding Shares at December 31, 2023 to 2,433,712 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex^SM^.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.9% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.5% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s decline of 16.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 27.1% for the nine months ended September 30, 2024, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 6,470,289 $ 2,521,302
Management fee 2,536,994 797,283
Brokerage commission 1,197,519 722,643
Futures account fees 84,863 33,910
Net realized gain (loss) 19,531,219 90,093,336
Change in net unrealized appreciation (depreciation) 39,267,521 (11,387,262 )
Net Income (loss) $ 65,269,029 $ 81,227,376

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2025.

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ProShares UltraShort Euro

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 41,892,674 $ 39,367,550
NAV end of period $ 33,625,132 $ 32,912,508
Percentage change in NAV (19.7 )% (16.4 )%
Shares outstanding beginning of period 1,200,000 1,350,000
Shares outstanding end of period 1,200,000 1,100,000
Percentage change in shares outstanding — % (18.5 )%
Shares created 550,000 50,000
Shares redeemed 550,000 300,000
Per share NAV beginning of period $ 34.91 $ 29.16
Per share NAV end of period $ 28.02 $ 29.92
Percentage change in per share NAV (19.7 )% 2.6 %
Percentage change in benchmark 13.3 % 0.8 %
Benchmark annualized volatility 8.9 % 5.3 %

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to September 30, 2025. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,100,000 outstanding Shares at September 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 19.7% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 2.6% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 13.3% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 0.8% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the euro versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 711,682 $ 1,017,487
Management fee 250,845 270,996
Net realized gain (loss) (6,979,710 ) (1,356,314 )
Change in net unrealized appreciation (depreciation) (1,233,889 ) 1,521,143
Net Income (loss) $ (7,501,917 ) $ 1,182,316

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the euro versus the U.S. dollar during the nine months ended September 30, 2025.

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ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 16,624,428 $ 11,795,779
NAV end of period $ 63,190,713 $ 18,058,490
Percentage change in NAV 280.1 % 53.1 %
Shares outstanding beginning of period 473,489 223,489
Shares outstanding end of period 3,773,421 523,489
Percentage change in shares outstanding 696.9 % 134.2 %
Shares created 16,350,000 625,000
Shares redeemed 13,050,068 325,000
Per share NAV beginning of period $ 35.11 $ 52.78
Per share NAV end of period $ 16.75 $ 34.50
Percentage change in per share NAV (52.3 )% (34.6 )%
Percentage change in benchmark 44.8 % 27.2 %
Benchmark annualized volatility 18.8 % 14.2 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 473,489 outstanding Shares at December 31, 2024 to 3,773,421 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM^. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 223,489 outstanding Shares at December 31, 2023 to 523,489 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex^SM^.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 52.3% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 34.6% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 44.8% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 27.2% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 1,042,530 $ 359,801
Management fee 411,660 105,887
Brokerage commission 14,541 3,138
Net realized gain (loss) (6,736,886 ) (5,323,806 )
Change in net unrealized appreciation (depreciation) (6,443,295 ) (843,136 )
Net Income (loss) $ (12,137,651 ) $ (5,807,141 )

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of the futures prices during the nine months ended September 30, 2025.

* See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold.

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ProShares UltraShort Silver

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 23,752,619 $ 65,149,686
NAV end of period $ 30,352,080 $ 32,222,722
Percentage change in NAV 27.8 % (50.5 )%
Shares outstanding beginning of period 560,264 897,832
Shares outstanding end of period 1,960,264 847,832
Percentage change in shares outstanding 249.9 % (5.6 )%
Shares created 4,750,000 2,937,500
Shares redeemed 3,350,000 2,987,500
Per share NAV beginning of period $ 42.40 $ 72.56
Per share NAV end of period $ 15.48 $ 38.01
Percentage change in per share NAV (63.5 )% (47.6 )%
Percentage change in benchmark 58.1 % 30.0 %
Benchmark annualized volatility 27.2 % 31.4 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,960,264 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM^. By comparison, during the nine months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex^SM^. The decrease in the Fund’s NAV also resulted in part from a decrease from 897,832 outstanding Shares at December 31, 2023 to 847,832 outstanding Shares at September 30, 2024.

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For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 63.5% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 47.6% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 58.1% for the nine months ended September 30, 2025, as compared to the benchmark’s rise of 30.0% for the nine months ended September 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 392,152 $ 1,235,932
Management fee 202,348 380,119
Brokerage commission 13,179 34,808
Net realized gain (loss) (13,283,190 ) (4,296,391 )
Change in net unrealized appreciation (depreciation) (8,834,171 ) (6,036,529 )
Net Income (loss) $ (21,725,209 ) $ (9,096,988 )

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater increase in the value of futures prices during the nine months ended September 30, 2025.

ProShares UltraShort Yen

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 26,080,295 $ 24,010,010
NAV end of period $ 28,808,714 $ 34,904,924
Percentage change in NAV 10.5 % 45.4 %
Shares outstanding beginning of period 547,160 697,160
Shares outstanding end of period 647,160 897,160
Percentage change in shares outstanding 18.3 % 28.7 %
Shares created 750,000 900,000
Shares redeemed 650,000 700,000
Per share NAV beginning of period $ 47.66 $ 34.44
Per share NAV end of period $ 44.52 $ 38.91
Percentage change in per share NAV (6.6 )% 13.0 %
Percentage change in benchmark 6.4 % (1.9 )%
Benchmark annualized volatility 10.6 % 10.4 %

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During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 547,160 outstanding Shares at December 31, 2024 to 647,160 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 697,160 outstanding Shares at December 31, 2023 to 897,160 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV increase of 13.0% for the nine months ended September 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 6.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 1.9% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 497,676 $ 964,632
Management fee 172,164 256,361
Net realized gain (loss) (452,801 ) 1,112,710
Change in net unrealized appreciation (depreciation) (1,899,238 ) 1,101,721
Net Income (loss) $ (1,854,363 ) $ 3,179,063

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S. dollar during the nine months ended September 30, 2025.

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ProShares VIX Mid-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 28,111,210 $ 37,866,143
NAV end of period $ 44,522,647 $ 38,983,834
Percentage change in NAV 58.4 % 3.0 %
Shares outstanding beginning of period 1,937,403 2,262,403
Shares outstanding end of period 2,812,403 2,587,403
Percentage change in shares outstanding 45.2 % 14.4 %
Shares created 2,925,000 9,450,000
Shares redeemed 2,050,000 9,125,000
Per share NAV beginning of period $ 14.51 $ 16.74
Per share NAV end of period $ 15.83 $ 15.07
Percentage change in per share NAV 9.1 % (10.0 )%
Percentage change in benchmark 10.4 % (8.8 )%
Benchmark annualized volatility 34.9 % 32.2 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,937,403 outstanding Shares at December 31, 2024 to 2,812,403 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,262,403 outstanding Shares at December 31, 2023 to 2,587,403 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 9.1% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 10.0% for the nine months ended September 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

The benchmark’s rise of 10.4% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 8.8% for the nine months ended September 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 593,847 $ 1,521,740
Management fee 188,230 354,943
Brokerage commission 28,555 94,413
Futures account fees 9,723 21,146
Net realized gain (loss) 4,085,004 (12,340,680 )
Change in net unrealized appreciation (depreciation) (1,583,444 ) 4,340,208
Net Income (loss) $ 3,095,407 $ (6,478,732 )

The Fund’s net income increased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to an increase in the value of the futures prices during the nine months ended September 30, 2025.

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ProShares VIX Short-Term Futures ETF

Fund Performance

The following table provides summary performance information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
NAV beginning of period $ 133,641,615 $ 157,321,746
NAV end of period $ 329,584,482 $ 163,397,433
Percentage change in NAV 146.6 % 3.9 %
Shares outstanding beginning of period 2,966,252 2,537,737
Shares outstanding end of period 10,241,252 3,337,737
Percentage change in shares outstanding 245.3 % 31.5 %
Shares created 14,225,000 4,512,500
Shares redeemed 6,950,000 3,712,500
Per share NAV beginning of period $ 45.05 $ 61.99
Per share NAV end of period $ 32.18 $ 48.95
Percentage change in per share NAV (28.6 )% (21.0 )%
Percentage change in benchmark (27.3 )% (19.7 )%
Benchmark annualized volatility 79.8 % 82.9 %

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 10,241,252 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the nine months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,337,737 outstanding Shares at September 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the nine months ended September 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 28.6% for the nine months ended September 30, 2025, as compared to the Fund’s per Share NAV decrease of 21.0% for the nine months ended September 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2025.

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The benchmark’s decline of 27.3% for the nine months ended September 30, 2025, as compared to the benchmark’s decline of 19.7% for the nine months ended September 30, 2024, can be attributed to a greater decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2025.

Net Income/Loss

The following table provides summary income information for the Fund for the nine months ended September 30, 2025 and 2024:

Nine Months Ended<br>September 30, 2025 Nine Months Ended<br>September 30, 2024
Net investment income (loss) $ 3,468,893 $ 3,707,955
Management fee 1,280,780 945,176
Brokerage commission 448,329 189,358
Futures account fees 150,648 89,976
Net realized gain (loss) (33,146,619 ) (11,800,514 )
Change in net unrealized appreciation (depreciation) (16,054,285 ) 12,170,504
Net Income (loss) $ (45,732,011 ) $ 4,077,945

The Fund’s net income decreased for the nine months ended September 30, 2025 as compared to the nine months ended September 30, 2024, primarily due to a greater decrease in the value of the futures prices during the nine months ended September 30, 2025.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative Disclosure

Exchange Rate Sensitivity, Equity Market Volatility Sensitivity, and Commodity Price Sensitivity

Each of the Funds is exposed to certain risks pertaining to the use of Financial Instruments. Each of the Currency Funds is exposed to exchange rate risk through its holdings of Financial Instruments. Each of the VIX Funds is exposed to equity market volatility risk through its holdings of Financial Instruments. Each of the Commodity Funds and Commodity Index Funds is exposed to commodity price risk through its holdings of Financial Instruments.

The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments. As of September 30, 2025 and 2024, each of the Fund’s positions were as follows:

ProShares Short VIX Short-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.

Futures Positions as of September 30, 2025
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Short October 2025 4,007 $ 17.59 1,000 $ (70,475,116 )
VIX Futures (Cboe) Short November 2025 2,665 19.25 1,000 (51,299,118 )
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Short October 2024 5,429 $ 18.84 1,000 $ (102,295,932 )
VIX Futures (Cboe) Short November 2024 4,431 18.10 1,000 (80,190,023 )

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its position in Financial Instruments each day to have $0.50 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

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ProShares Ultra Bloomberg Crude Oil:

As of September 30, 2025 and 2024, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index^SM^. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
WTI Crude Oil (NYMEX) Long December 2025 841 $ 61.96 1,000 $ 52,108,360
WTI Crude Oil (NYMEX) Long June 2026 850 61.22 1,000 52,037,000
WTI Crude Oil (NYMEX) Long December 2026 855 61.02 1,000 52,172,100
Swap Agreements as of September 30, 2025
--- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Commodity Balanced WTI Crude Oil Index Citibank, N.A. Long $ 77.9690 $ 50,354,875
Bloomberg Commodity Balanced WTI Crude Oil Index Goldman Sachs International Long 77.9690 218,509,682
Bloomberg Commodity Balanced WTI Crude Oil Index Morgan Stanley & Co. International PLC Long 77.9690 66,380,312
Bloomberg Commodity Balanced WTI Crude Oil Index Societe Generale Long 77.9690 165,863,610
Bloomberg Commodity Balanced WTI Crude Oil Index UBS AG Long 77.9690 60,715,630
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
WTI Crude Oil (NYMEX) Long December 2024 2,269 $ 67.77 1,000 $ 153,770,130
WTI Crude Oil (NYMEX) Long June 2025 2,326 66.93 1,000 155,679,180
WTI Crude Oil (NYMEX) Long December 2025 2,361 66.39 1,000 156,746,790
Swap Agreements as of September 30, 2024
--- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Commodity Balanced WTI Crude Oil Index Citibank, N.A. Long $ 80.8609 $ 143,374,704
Bloomberg Commodity Balanced WTI Crude Oil Index Goldman Sachs International Long 80.8609 226,614,289
Bloomberg Commodity Balanced WTI Crude Oil Index Morgan Stanley & Co.<br>International PLC Long 80.8609 68,842,383
Bloomberg Commodity Balanced WTI Crude Oil Index Societe Generale Long 80.8609 172,015,554
Bloomberg Commodity Balanced WTI Crude Oil Index UBS AG Long 80.8609 109,053,861

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The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values are calculated by multiplying the number of units times the closing level of the Index. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreement is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Bloomberg Natural Gas:

As of September 30, 2025 and 2024, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Natural Gas (NYMEX) Long November 2025 32,831 $ 3.30 10,000 $ 1,084,407,930
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Natural Gas (NYMEX) Long November 2024 44,626 $ 2.92 10,000 $ 1,304,417,980

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Euro:

As of September 30, 2025 and 2024, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward Rate Market Value
Euro Goldman Sachs International Long 10/10/25 6,075,921 1.1741
Euro UBS AG Long 10/10/25 6,478,502 1.1740
Euro Goldman Sachs International Short 10/10/25 (81,000 ) 1.1794 )
Euro UBS AG Short 10/10/25 (134,000 ) 1.1693 )

All values are in US Dollars.

Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward Rate Market Value
Euro Goldman Sachs International Long 10/04/24 4,874,921 1.1085
Euro UBS AG Long 10/04/24 5,080,502 1.1087
Euro Goldman Sachs International Short 10/04/24 (56,000 ) 1.1048 )
Euro UBS AG Short 10/04/24 (127,000 ) 1.1116 )

All values are in US Dollars.

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The September 30, 2025 and 2024 USD market value equals the number of euros multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Gold:

As of September 30, 2025 and 2024 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex^SM^. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Gold Futures (COMEX) Long December 2025 2,411 $ 3,873.20 100 $ 933,828,520
Swap Agreements as of September 30, 2025
--- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Gold Subindex Citibank, N.A. Long $ 353.9054 $ 424,720,428
Bloomberg Gold Subindex Goldman Sachs International Long 353.9054 93,079,951
Bloomberg Gold Subindex UBS AG Long 353.9054 167,347,561
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Gold Futures (COMEX) Long December 2024 1,004 $ 2,659.40 100 $ 267,003,760
Swap Agreements as of September 30, 2024
--- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Gold Subindex Citibank, N.A. Long $ 256.4490 $ 142,005,537
Bloomberg Gold Subindex Goldman Sachs International Long 256.4490 67,448,138
Bloomberg Gold Subindex UBS AG Long 256.4490 121,264,368

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

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ProShares Ultra Silver:

As of September 30, 2025 and 2024 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex^SM^. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Silver Futures (COMEX) Long December 2025 4,589 $ 46.64 5,000 $ 1,070,154,800
Swap Agreements as of September 30, 2025
--- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Silver Subindex Citibank, N.A. Long $ 353.5489 $ 470,370,599
Bloomberg Silver Subindex Goldman Sachs International Long 353.5489 39,163,672
Bloomberg Silver Subindex Morgan Stanley & Co.<br>International PLC Long 353.5489 265,710,383
Bloomberg Silver Subindex UBS AG Long 353.5489 250,085,358
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Silver Futures (COMEX) Long December 2024 3,954 $ 31.46 5,000 $ 621,924,660
Swap Agreements as of September 30, 2024
--- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Silver Subindex Citibank, N.A. Long $ 251.8376 $ 316,950,428
Bloomberg Silver Subindex Goldman Sachs International Long 251.8376 27,896,806
Bloomberg Silver Subindex Morgan Stanley & Co.<br>International PLC Long 251.8376 189,269,052
Bloomberg Silver Subindex UBS AG Long 251.8376 178,139,138

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra VIX Short-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.

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Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Long October 2025 31,952 $ 17.59 1,000 $ 561,971,776
VIX Futures (Cboe) Long November 2025 21,292 19.25 1,000 409,853,966
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Long October 2024 12,712 $ 18.84 1,000 $ 239,525,860
VIX Futures (Cboe) Long November 2024 10,409 18.10 1,000 188,376,878

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.50 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Yen:

As of September 30, 2025 and 2024, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward Rate Market Value
Yen Goldman Sachs International Long 10/10/25 8,304,233,056 0.006810
Yen UBS AG Long 10/10/25 8,398,795,856 0.006808
Yen Goldman Sachs International Short 10/10/25 (232,040,000 ) 0.006776 )
Yen UBS AG Short 10/10/25 (721,530,000 ) 0.006724 )

All values are in US Dollars.

Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward Rate Market Value
Yen Goldman Sachs International Long 10/04/24 8,074,137,056 0.006967
Yen UBS AG Long 10/04/24 9,098,731,856 0.006991
Yen Goldman Sachs International Short 10/04/24 (604,074,000 ) 0.006967 )
Yen UBS AG Short 10/04/24 (1,280,959,000 ) 0.006973 )

All values are in US Dollars.

The September 30, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

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ProShares UltraShort Bloomberg Crude Oil:

As of September 30, 2025 and 2024, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
WTI Crude Oil (NYMEX) Short December 2025 1,308 $ 61.96 1,000 $ (81,043,680 )
WTI Crude Oil (NYMEX) Short June 2026 1,325 61.22 1,000 (81,116,500 )
WTI Crude Oil (NYMEX) Short December 2026 1,331 61.02 1,000 (81,217,620 )
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
WTI Crude Oil (NYMEX) Short December 2024 942 $ 67.77 1,000 $ (63,839,340 )
WTI Crude Oil (NYMEX) Short June 2025 965 66.93 1,000 (64,587,450 )
WTI Crude Oil (NYMEX) Short December 2025 980 66.39 1,000 (65,062,200 )

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Bloomberg Natural Gas:

As of September 30, 2025 and 2024, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

Futures Positions as of September 30, 2025
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Natural Gas (NYMEX) Short November 2025 9,600 $ 3.30 10,000 $ (317,088,000 )
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or <br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Natural Gas (NYMEX) Short November 2024 9,079 $ 2.92 10,000 $ (265,379,170 )

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The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Euro:

As of September 30, 2025 and 2024, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward Rate Market Value
Euro Goldman Sachs International Long 10/10/25 2,946,000 1.1826
Euro UBS AG Long 10/10/25 1,242,000 1.1741
Euro Goldman Sachs International Short 10/10/25 (33,832,263 ) 1.1739 )
Euro UBS AG Short 10/10/25 (27,722,199 ) 1.1739 )

All values are in US Dollars.

Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward Rate Market Value
Euro Goldman Sachs International Long 10/04/24 2,449,000 1.1163
Euro UBS AG Long 10/04/24 4,937,000 1.1127
Euro Goldman Sachs International Short 10/04/24 (33,971,263 ) 1.1082 )
Euro UBS AG Short 10/04/24 (32,544,199 ) 1.1088 )

All values are in US Dollars.

The September 30, 2025 and 2024 USD market values equal the number of euros multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Gold:

As of September 30, 2025 and 2024 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex^SM^. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

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Futures Positions as of September 30, 2025
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Gold Futures (COMEX) Short December 2025 118 $ 3,873.20 100 $ (45,703,760 )
Swap Agreements as of September 30, 2025
--- --- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Gold Subindex Citibank, N.A. Short $ 353.9054 $ (58,656,740 )
Bloomberg Gold Subindex Goldman Sachs International Short 353.9054 (8,718,813 )
Bloomberg Gold Subindex UBS AG Short 353.9054 (13,485,622 )
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Gold Futures (COMEX) Short December 2024 57 $ 2,659.40 100 $ (15,158,580 )
Swap Agreements as of September 30, 2024
--- --- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Gold Subindex Citibank, N.A. Short $ 256.4490 $ (4,820,548 )
Bloomberg Gold Subindex Goldman Sachs International Short 256.4490 (6,317,878 )
Bloomberg Gold Subindex UBS AG Short 256.4490 (9,772,030 )

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Silver:

As of September 30, 2025 and 2024 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex^SM^. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

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Futures Positions as of September 30, 2025
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Silver Futures (COMEX) Short December 2025 95 $ 46.64 5,000 $ (22,154,000 )
Swap Agreements as of September 30, 2025
--- --- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Silver Subindex Citibank, N.A. Short $ 353.5489 $ (16,586,295 )
Bloomberg Silver Subindex Goldman Sachs International Short 353.5489 (17,367,383 )
Bloomberg Silver Subindex Morgan Stanley & Co.<br>International PLC Short 353.5489 (2,395,647 )
Bloomberg Silver Subindex UBS AG Short 353.5489 (2,295,985 )
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
Silver Futures (COMEX) Short December 2024 154 $ 31.46 5,000 $ (24,222,660 )
Swap Agreements as of September 30, 2024
--- --- --- --- --- --- --- --- ---
Reference Index Counterparty Long or<br>Short Index Close Notional Amount<br>at Value
Bloomberg Silver Subindex Citibank, N.A. Short $ 251.8376 $ (22,532,595 )
Bloomberg Silver Subindex Goldman Sachs International Short 251.8376 (12,371,018 )
Bloomberg Silver Subindex Morgan Stanley & Co.<br>International PLC Short 251.8376 (1,706,452 )
Bloomberg Silver Subindex UBS AG Short 251.8376 (3,643,614 )

The September 30, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The September 30, 2025 and 2024 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Yen:

As of September 30, 2025 and 2024, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to exchange rate price risk.

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Foreign Currency Forward Contracts as of September 30, 2025
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward<br>Rate Market Value
Yen Goldman Sachs International Long 10/10/25 1,489,706,000 0.006809
Yen UBS AG Long 10/10/25 895,877,000 0.006707
Yen Goldman Sachs International Short 10/10/25 (5,019,125,165 ) 0.006808 )
Yen UBS AG Short 10/10/25 (5,878,242,424 ) 0.006794 )

All values are in US Dollars.

Foreign Currency Forward Contracts as of September 30, 2024
Reference Currency Counterparty Long or<br>Short Settlement<br>Date Local Currency Forward<br>Rate Market Value
Yen Goldman Sachs International Long 10/04/24 766,460,000 0.007045
Yen UBS AG Long 10/04/24 1,844,169,000 0.007031
Yen Goldman Sachs International Short 10/04/24 (5,401,596,165 ) 0.006961 )
Yen UBS AG Short 10/04/24 (7,246,500,574 ) 0.006960 )

All values are in US Dollars.

The September 30, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares VIX Mid-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.

Futures Positions as of September 30, 2025
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Long January 2026 422 $ 20.69 1,000 $ 8,730,547
VIX Futures (Cboe) Long February 2026 703 21.12 1,000 14,846,376
VIX Futures (Cboe) Long March 2026 703 21.23 1,000 14,926,166
VIX Futures (Cboe) Long April 2026 281 21.45 1,000 6,027,450
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Long January 2025 379 $ 18.55 1,000 $ 7,030,715
VIX Futures (Cboe) Long February 2025 689 18.85 1,000 12,987,994
VIX Futures (Cboe) Long March 2025 689 18.98 1,000 13,073,775
VIX Futures (Cboe) Long April 2025 309 19.09 1,000 5,898,347

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The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares VIX Short-Term Futures ETF

As of September 30, 2025 and 2024, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2025 and 2024, which were sensitive to equity market volatility risk.

Futures Positions as of September 30, 2025
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Long October 2025 10,829 $ 17.59 1,000 $ 190,460,452
VIX Futures (Cboe) Long November 2025 7,218 19.25 1,000 138,940,726
Futures Positions as of September 30, 2024
--- --- --- --- --- --- --- --- --- --- --- ---
Contract Long or<br>Short Expiration Contracts Valuation<br>Price Contract<br>Multiplier Notional Amount<br>at Value
VIX Futures (Cboe) Long October 2024 4,851 $ 18.84 1,000 $ 91,404,968
VIX Futures (Cboe) Long November 2024 3,974 18.10 1,000 71,919,465

The September 30, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

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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

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 Currency Funds, several factors may affect

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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.

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).

Equity Market Volatility Sensitivity

As further described in “Item 1A. Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each VIX Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a VIX Fund. The impact of changes in the price of these assets will affect investors differently depending upon the Fund in which investors invest.

Managing Market Risks

Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x, -2x, 1.5x, or 2x), regardless of market direction or sentiment. At the close of the relevant markets each trading day (see NAV calculation times in “Note 2 - Significant Accounting Policies - Final Net Asset Value for Fiscal Period”), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective. As described in Item 7 of the Annual Report on Form 10-K, these adjustments are done through the use of various Financial Instruments. Factors common to all Funds that may require portfolio re-positioning are creation/redemption activity and index rebalances.

For Geared Funds, the impact of the index’s movements each day also affects whether the Fund’s portfolio needs to be rebalanced. For example, if the index for an Ultra Fund has risen on a given day, net assets of the Fund should rise. As a result, the Fund’s long exposure will need to be increased to the extent there are not offsetting factors such as redemption activity. Conversely, if the Index has fallen on a given day, net assets of an Ultra Fund should fall. As a result, the Fund’s long exposure will generally need to be decreased. Net assets for Short Funds and UltraShort Funds will generally decrease when the Index rises on a given day, to the extent there are not offsetting factors. As a result, the Fund’s short exposure may need to be decreased. As a result, the Fund’s short exposure may need to be increased.

The use of certain Financial Instruments introduces counterparty risk. A Fund will be subject to credit risk with respect to the amount it expects to receive from counterparties to Financial Instruments entered into by the Fund. A Fund may be negatively impacted if a counterparty fails to perform its obligations. Each Fund intends to enter into swap and forward agreements only with major global financial institutions that meet certain credit quality standards and monitoring policies. Each Fund may use various techniques to minimize credit risk including early termination or reset and payment, limiting the net amount due from any individual counterparty, and generally requiring that the counterparty post collateral with respect to amounts owed to the Funds, marked to market daily.

Most Financial Instruments held by the Funds are “unfunded” meaning that the Fund will obtain exposure to the corresponding benchmark while still being in possession of its original cash assets. The cash positions that result from use of such Financial Instruments are held in a manner to minimize both interest rate and credit risk. During the reporting period, cash positions were maintained in both non-interest bearing and interest bearing demand deposit accounts. The Funds may also invest a portion of this cash in cash equivalents (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities).

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of September 30, 2025, including providing reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, of the Trust as appropriate to allow timely decisions regarding required disclosure.

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Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s or the Funds’ internal control over financial reporting that occurred during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

Certifications

The certifications by the Principal Executive Officer and Principal Financial Officer of the Trust required by Section 302 and Section 906 of the Sarbanes-Oxley Act of 2002, which are filed or furnished as exhibits to this Quarterly Report on Form 10-Q, apply both to the Trust taken as a whole and each Fund, and the Principal Executive Officer and Principal Financial Officer of the Trust are certifying both as to the Trust taken as a whole and each Fund.

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Part II. OTHER INFORMATION

Item 1. Legal Proceedings.

As of September 30, 2025, the Trust is not a party to any material legal proceedings.

Item 1A. Risk Factors.

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

Risks Related to Trade Disputes May Negatively Affect Each Fund.

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

Risks of Government Regulation

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

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

a) None.
b) Not applicable.
--- ---
c) The Trust does not purchase shares directly from its shareholders. The following table summarizes the redemptions by Authorized Participants during the three months ended September 30, 2025:
--- ---
Title of Securities Registered* Total Number<br>of<br>Shares<br>Redeemed Average<br>Price Per<br>Share
--- --- --- --- --- ---
ProShares Short VIX Short-Term Futures ETF<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 950,000 $ 43.75
08/01/25 to 08/31/25 600,000 $ 45.63
09/01/25 to 09/30/25 250,000 $ 50.28
ProShares Ultra Bloomberg Crude Oil<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 3,650,000 $ 24.66
08/01/25 to 08/31/25 1,450,000 $ 23.66
09/01/25 to 09/30/25 1,800,000 $ 23.43
ProShares Ultra Bloomberg Natural Gas<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 5,650,000 $ 44.71
08/01/25 to 08/31/25 6,300,000 $ 31.29
09/01/25 to 09/30/25 5,100,000 $ 29.44

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ProShares Ultra Euro<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 50,000 $ 12.57
08/01/25 to 08/31/25 50,000 $ 12.96
09/01/25 to 09/30/25 — $ —
ProShares Ultra Gold<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 2,000,000 $ 35.33
08/01/25 to 08/31/25 250,000 $ 35.32
09/01/25 to 09/30/25 1,150,000 $ 42.60
ProShares Ultra Silver<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 1,950,000 $ 53.11
08/01/25 to 08/31/25 1,200,000 $ 51.66
09/01/25 to 09/30/25 2,750,000 $ 64.48
ProShares Ultra VIX Short-Term Futures ETF<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 600,000 $ 17.35
08/01/25 to 08/31/25 10,600,000 $ 13.85
09/01/25 to 09/30/25 7,050,000 $ 11.28
ProShares Ultra Yen<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 100,000 $ 22.93
08/01/25 to 08/31/25 200,000 $ 22.08
09/01/25 to 09/30/25 100,000 $ 21.55
ProShares UltraShort Bloomberg Crude Oil<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 500,000 $ 16.93
08/01/25 to 08/31/25 4,000,000 $ 17.53
09/01/25 to 09/30/25 1,500,000 $ 17.29
ProShares UltraShort Bloomberg Natural Gas<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 8,000,000 $ 28.54
08/01/25 to 08/31/25 2,850,000 $ 35.17
09/01/25 to 09/30/25 1,850,000 $ 37.46
ProShares UltraShort Euro<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 — $ —
08/01/25 to 08/31/25 150,000 $ 28.24
09/01/25 to 09/30/25 — $ —
ProShares UltraShort Gold<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 750,000 $ 22.02
08/01/25 to 08/31/25 950,000 $ 21.80
09/01/25 to 09/30/25 600,000 $ 18.17
ProShares UltraShort Silver<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 600,000 $ 24.02
08/01/25 to 08/31/25 250,000 $ 22.86
09/01/25 to 09/30/25 650,000 $ 18.47
ProShares UltraShort Yen<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 50,000 $ 42.61
08/01/25 to 08/31/25 50,000 $ 43.89
09/01/25 to 09/30/25 250,000 $ 44.48

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ProShares VIX Mid-Term Futures ETF<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 50,000 $ 16.78
08/01/25 to 08/31/25 — $ —
09/01/25 to 09/30/25 25,000 $ 16.11
ProShares VIX Short-Term Futures ETF<br> <br>Common Units of Beneficial Interest
07/01/25 to 07/31/25 75,000 $ 44.68
08/01/25 to 08/31/25 — $ —
09/01/25 to 09/30/25 200,000 $ 33.11
* The registration statement covers an indeterminate amount of securities to be offered or sold.
--- ---

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Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

No officers or trustees of the Trust have adopted, modified or terminated trading plans under either a Rule 10b5-1 trading arrangement (as such terms are defined in Item 408 of Regulation S-K under the Securities Act of 1933, as amended) for the three month period ended September 30, 2025.

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Item 6. Exhibits.

Exhibit<br>No. Description of Document
31.1 Certification by Principal Executive Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)
31.2 Certification by Principal Financial Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)
32.1* Certification by Principal Executive Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
32.2* Certification by Principal Financial Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
101.INS Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. (1)
101.SCH Inline XBRL Taxonomy Extension Schema (1)
(1) Filed herewith.
--- ---
* These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
--- ---

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Signatures

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

PROSHARES TRUST II
/s/ Todd Johnson
By: Todd Johnson
Principal Executive Officer
Date: November 7, 2025
/s/ Edward J. Karpowicz
By: Edward J. Karpowicz
Principal Financial and Accounting Officer
Date: November 7, 2025

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EX-31.1

Exhibit 31.1

Certification of Principal Executive Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Todd Johnson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of ProShares Trust II and each of its Funds;<br>
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a<br>material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3. Based on my knowledge, the financial statements, and other financial information included in this report,<br>fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4. The registrant’s other certifying officer and I are responsible for establishing and maintaining<br>disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:<br>
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(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be<br>designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is<br>being prepared;
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(b) Designed such internal control over financial reporting, or caused such internal control over financial<br>reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting<br>principles;
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(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this<br>report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that<br>occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s<br>internal control over financial reporting; and
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5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
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(a) All significant deficiencies and material weaknesses in the design or operation of internal control over<br>financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in<br>the registrant’s internal control over financial reporting.
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Date: November 7, 2025 By: /s/ Todd Johnson
--- --- ---
Name: Todd Johnson
Title: Principal Executive Officer
ProShares Trust II

EX-31.2

Exhibit 31.2

Certification of Principal Financial Officer

Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Edward J. Karpowicz, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of ProShares Trust II and each of its Funds;<br>
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a<br>material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
--- ---
3. Based on my knowledge, the financial statements, and other financial information included in this report,<br>fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
--- ---
4. The registrant’s other certifying officer and I are responsible for establishing and maintaining<br>disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:<br>
--- ---
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be<br>designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is<br>being prepared;
--- ---
(b) Designed such internal control over financial reporting, or caused such internal control over financial<br>reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting<br>principles;
--- ---
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this<br>report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
--- ---
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that<br>occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s<br>internal control over financial reporting; and
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5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of<br>internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
--- ---
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over<br>financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
--- ---
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in<br>the registrant’s internal control over financial reporting.
--- ---
Date: November 7, 2025 By: /s/ Edward J. Karpowicz
--- --- ---
Name: Edward J. Karpowicz
Title: Principal Financial and Accounting Officer
ProShares Trust II

EX-32.1

Exhibit 32.1

Certification of Principal Executive Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the “Report”) of ProShares Trust II (the “Registrant”) and each of its Funds, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Todd Johnson, the Principal Executive Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act<br>of 1934, as amended; and
(2) The information contained in the Report fairly presents, in all material respects, the financial condition and<br>results of operations of the Registrant.
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Date: November 7, 2025 By: /s/ Todd Johnson
--- --- ---
Name: Todd Johnson
Title: Principal Executive Officer
ProShares Trust II

EX-32.2

Exhibit 32.2

Certification of Principal Financial Officer

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

In connection with this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 (the “Report”) of ProShares Trust II (the “Registrant”) and each of its Funds, as filed with the U.S. Securities and Exchange Commission on the date hereof, I, Edward J. Karpowicz, the Principal Financial and Accounting Officer of the Registrant, hereby certify, to the best of my knowledge, that:

(3) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act<br>of 1934, as amended; and
(4) The information contained in the Report fairly presents, in all material respects, the financial condition and<br>results of operations of the Registrant.
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Date: November 7, 2025 By: /s/ Edward J. Karpowicz
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Name: Edward J. Karpowicz
Title: Principal Financial and Accounting Officer
ProShares Trust II

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