STOCK TITAN

Notifications

Limited Time Offer! Get Platinum at the Gold price until January 31, 2026!

Sign up now and unlock all premium features at an incredible discount.

Read more on the Pricing page

  1. Home
  2. Sec-filings
  3. BOIL
  4. [10-Q] ProShares Trust II Quarterly Earnings Report

[10-Q] ProShares Trust II Quarterly Earnings Report

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
10-Q
Table of Contents
falseQ30001415311--12-31Rates shown represent discount rate at the time of purchase.All or partial amount pledged as collateral for swap agreements.The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025.Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.See Note 1 of these Notes to Financial Statements.Percentages are annualized.Percentages are not annualized for the period ended September 30, 2025.The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.Percentages are not annualized for the period ended September 30, 2024.The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded. 0001415311 2025-07-01 2025-09-30 0001415311 2024-07-01 2024-09-30 0001415311 2025-01-01 2025-09-30 0001415311 2024-01-01 2024-09-30 0001415311 2025-09-30 0001415311 2024-12-31 0001415311 2025-11-04 0001415311 2024-06-30 0001415311 2023-12-31 0001415311 2025-06-30 0001415311 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraEuroMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraYenMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember 2025-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 us-gaap:NondesignatedMember 2025-09-30 0001415311 agq:ReceivableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:CitibankNaMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:SocieteGeneraleSaMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:CitibankNaMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:CitibankNaMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:UbsAgMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:CitibankNaMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:CitibankNaMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:SocieteGeneraleSaMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresOctoberTwoThousandAndTwentyFiveMember us-gaap:ShortMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresNovemberTwoThousandAndTwentyFiveMember us-gaap:ShortMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:WtiCrudeOilNymexExpiresDecemberTwoThousandAndTwentySixMember us-gaap:ShortMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:WtiCrudeOilNymexExpiresJuneTwoThousandAndTwentySixMember us-gaap:ShortMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:WTICrudeOilNYMEXExpiresDecemberTwoThousandAndTwentyFiveMember us-gaap:ShortMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:NaturalGasNYMEXExpiresNovemberTwoThousandAndTwentyFiveMember us-gaap:ShortMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FutureMember agq:SilverFuturesComexExpiresDecemberTwoThousandAndTwentyFiveMember us-gaap:ShortMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 us-gaap:FutureMember agq:GoldFuturesComexExpiresDecemberTwoThousandAndTwentyFiveMember us-gaap:ShortMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:SwapMember 2025-09-30 0001415311 us-gaap:FutureMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember 2025-09-30 0001415311 us-gaap:FutureMember us-gaap:ShortMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember us-gaap:ShortMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresAprilTwoThousandAndTwentySixMember us-gaap:LongMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresMarchTwoThousandAndTwentySixMember us-gaap:LongMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresFebruaryTwoThousandAndTwentySixMember us-gaap:LongMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VIXFuturesCboeExpiresJanuaryTwoThousandAndTwentySixMember us-gaap:LongMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresNovemberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresOctoberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:SilverFuturesComexExpiresDecemberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:FutureMember agq:GoldFuturesComexExpiresDecemberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:FutureMember agq:NaturalGasNYMEXExpiresNovemberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:FutureMember agq:WtiCrudeOilNymexExpiresDecemberTwoThousandAndTwentySixMember us-gaap:LongMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:WtiCrudeOilNymexExpiresJuneTwoThousandAndTwentySixMember us-gaap:LongMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:WTICrudeOilNYMEXExpiresDecemberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresNovemberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember agq:VixFuturesCboeExpiresOctoberTwoThousandAndTwentyFiveMember us-gaap:LongMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember us-gaap:LongMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember us-gaap:LongMember agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:FutureMember us-gaap:LongMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:FutureMember us-gaap:LongMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointTwoZeroThreePercentageDueNovemberThirteenTwoThousandAndTwentyFiveMember agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointTwoZeroThreePercentageDueNovemberThirteenTwoThousandAndTwentyFiveMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointTwoZeroThreePercentageDueNovemberThirteenTwoThousandAndTwentyFiveMember agq:ProsharesUltraGoldMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointTwoZeroThreePercentageDueNovemberThirteenTwoThousandAndTwentyFiveMember agq:ProsharesUltraSilverMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointTwoZeroThreePercentageDueNovemberThirteenTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointThreeTwoNinePercentageDueOctoberSevenTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneEightTwoPercentageDueOctoberTwentyOneTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointOneFourZeroPercentageDueNovemberFourTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:UnitedStatesTreasuryBillsFourPointTwoZeroThreePercentageDueNovemberThirteenTwoThousandAndTwentyFiveMember agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.203% due 11/13/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.203% due 11/13/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.203% due 11/13/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.203% due 11/13/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.203% due 11/13/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.203% due 11/13/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.140% due 11/04/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.182% due 10/21/25 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraYenMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraEuroMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2024-12-31 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember 2024-12-31 0001415311 agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2024-12-31 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesUltraSilverMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:ProsharesUltraEuroMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2024-12-31 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:ProsharesUltraYenMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel2Member us-gaap:SwapMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:FutureMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 us-gaap:FairValueInputsLevel1Member us-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:ProsharesUltraGoldMember 2024-12-31 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 us-gaap:SwapMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 us-gaap:SwapMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2024-12-31 0001415311 us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2024-12-31 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 us-gaap:NondesignatedMember 2024-12-31 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraEuroMember 2024-12-31 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraYenMember 2024-12-31 0001415311 agq:UnrealizedAppreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 agq:ReceivableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ReceivableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ReceivableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesVixMidTermFuturesEtfMember 2024-12-31 0001415311 agq:ReceivableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:ReceivablesOnOpenFuturesContractsAndOrUnrealizedAppreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraEuroMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraEuroMember 2024-12-31 0001415311 agq:CitibankNaMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:MorganStanleyAndCoInternationalPlcMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:MorganStanleyAndCoInternationalPlcMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:MorganStanleyAndCoInternationalPlcMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:CitibankNaMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:CitibankNaMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:CitibankNaMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraYenMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 agq:CitibankNaMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:GoldmanSachsMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 agq:UbsAgMember agq:ProsharesUltraYenMember 2024-12-31 0001415311 agq:SocieteGeneraleSaMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesVixMidTermFuturesEtfMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsMember agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 agq:PayableOnOpenFuturesContractsAndOrUnrealizedDepreciationOnSwapAgreementsMember us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-12-31 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraEuroMember 2024-12-31 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraYenMember 2024-12-31 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 agq:UnrealizedDepreciationOnForeignCurrencyForwardContractsMember us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraGoldMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraSilverMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 us-gaap:ForeignExchangeForwardMember 2024-12-31 0001415311 us-gaap:FutureMember 2024-12-31 0001415311 us-gaap:SwapMember 2024-12-31 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraEuroMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraGoldMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraSilverMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraYenMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraGoldMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraSilverMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraEuroMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraYenMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortEuroMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraYenMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraEuroMember 2024-01-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortYenMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:NondesignatedMember 2024-01-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixMidTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2024-01-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2024-01-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraSilverMember 2024-01-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:SwapMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember 2024-01-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2024-01-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixMidTermFuturesEtfMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortEuroMember 2024-01-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortYenMember 2024-01-01 2024-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraEuroMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraGoldMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraSilverMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraYenMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraYenMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraGoldMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraSilverMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraEuroMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortEuroMember 2024-07-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortSilverMember 2024-07-01 2024-09-30 0001415311 us-gaap:NondesignatedMember 2024-07-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixMidTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraSilverMember 2024-07-01 2024-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraYenMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraEuroMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortYenMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2024-07-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2024-07-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraSilverMember 2024-07-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraSilverMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraGoldMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember 2024-07-01 2024-09-30 0001415311 us-gaap:SwapMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2024-07-01 2024-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixMidTermFuturesEtfMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortEuroMember 2024-07-01 2024-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortYenMember 2024-07-01 2024-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 srt:MinimumMember agq:MatchingVIXFundsMember 2025-01-01 2025-09-30 0001415311 agq:LeveragedFundMember 2025-01-01 2025-09-30 0001415311 agq:GearedvixFundsMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:MatchingVIXFundsMember 2025-01-01 2025-09-30 0001415311 agq:UltraShortFundMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 us-gaap:NondesignatedMember 2025-01-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixMidTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:LongMember agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:EuroContractMember us-gaap:ShortMember agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:ShortMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:ForeignExchangeForwardMember agq:YenContractMember us-gaap:LongMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:SocieteGeneraleSaMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:WTICrudeOilSubindexMember agq:BloombergMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:GoldSubindexMember agq:BloombergMember agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 agq:CitibankNaMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 agq:GoldmanSachsMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 agq:UbsAgMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 agq:MorganStanleyAndCoInternationalPlcMember us-gaap:SwapMember agq:SilverSubindexMember agq:BloombergMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraSilverMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember 2025-01-01 2025-09-30 0001415311 us-gaap:SwapMember 2025-01-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixMidTermFuturesEtfMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesVixShorttermFuturesMember agq:November62024ReverseShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember agq:November62024ReverseShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember agq:November62024ReverseShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember agq:November62024ForwardShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraGoldMember agq:June122025ForwardShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember agq:June122025ReverseShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesMember agq:April102024ForwardShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember agq:April102024ForwardShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraVixShorttermFuturesMember agq:April102024ReverseShareSplitMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraSilverAndUltrashortSilverMember 2025-01-01 2025-09-30 0001415311 agq:ProsharesUltraGoldAndUltrashortGoldMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortEuroMember 2025-01-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortYenMember 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Crude Oil | U.S. Treasury Bills 4.203% due 11/13/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Short VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Bloomberg Natural Gas | U.S. Treasury Bills 4.203% due 11/13/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Silver | U.S. Treasury Bills 4.203% due 11/13/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra Gold | U.S. Treasury Bills 4.203% due 11/13/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares Ultra VIX Short-Term Futures ETF | U.S. Treasury Bills 4.203% due 11/13/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Crude Oil | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares UltraShort Bloomberg Natural Gas | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.329% due 10/07/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.182% due 10/21/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.140% due 11/04/25 2025-01-01 2025-09-30 0001415311 U.S. Government Agencies Short-term Debt Securities | ProShares VIX Short-Term Futures ETF | U.S. Treasury Bills 4.203% due 11/13/25 2025-01-01 2025-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraEuroMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraGoldMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraSilverMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraYenMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraYenMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraEuroMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraGoldMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraSilverMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortSilverMember 2025-07-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortYenMember 2025-07-01 2025-09-30 0001415311 us-gaap:NondesignatedMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraShortGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraEuroMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraYenMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnForeignCurrencyForwardContractsChangesInUnrealizedAppreciationDepreciationOnForeignCurrencyForwardContractsMember agq:ProsharesUltraShortEuroMember 2025-07-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixMidTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 agq:VolatilityIndexFutureMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsMember agq:ProsharesVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:CommodityContractMember us-gaap:NondesignatedMember agq:NetRealizedGainLossOnFuturesContractsAndSwapAgreementsChangesInUnrealizedAppreciationDepreciationOnFuturesContractsAndSwapAgreementsMember agq:ProsharesUltraSilverMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortEuroMember 2025-07-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortSilverMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortSilverMember 2025-07-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraShortGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraYenMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesShortVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergCrudeOilMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraBloombergNaturalGasMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraSilverMember 2025-07-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraSilverMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraSilverMember 2025-07-01 2025-09-30 0001415311 us-gaap:SwapMember agq:ProsharesUltraGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesUltraGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraGoldMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraEuroMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember 2025-07-01 2025-09-30 0001415311 us-gaap:SwapMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixShortTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:ForeignExchangeForwardMember agq:ProsharesUltraShortYenMember 2025-07-01 2025-09-30 0001415311 us-gaap:FutureMember agq:ProsharesVixMidTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesVixMidTermFuturesEtfMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortEuroMember 2025-07-01 2025-09-30 0001415311 us-gaap:USGovernmentAgenciesShorttermDebtSecuritiesMember agq:ProsharesUltraShortYenMember 2025-07-01 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember agq:November62024ForwardShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraGoldMember agq:June122025ForwardShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraShortGoldMember agq:June122025ReverseShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesShortVixShortTermFuturesMember agq:April102024ForwardShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember agq:April102024ForwardShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraVixShorttermFuturesMember agq:April102024ReverseShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesVixShorttermFuturesMember agq:November62024ReverseShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraBloombergNaturalGasMember agq:November62024ReverseShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraShortSilverMember agq:November62024ReverseShareSplitMember 2024-01-01 2024-12-31 0001415311 agq:ProsharesUltraGoldMember us-gaap:SubsequentEventMember 2025-11-20 2025-11-20 0001415311 agq:ProsharesUltraVixShorttermFuturesMember us-gaap:SubsequentEventMember 2025-11-20 2025-11-20 0001415311 agq:ProsharesUltraShortYenMember 2023-12-31 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesUltraEuroMember 2023-12-31 0001415311 agq:ProsharesUltraSilverMember 2023-12-31 0001415311 agq:ProsharesUltraGoldMember 2023-12-31 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2023-12-31 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2023-12-31 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesUltraYenMember 2023-12-31 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2023-12-31 0001415311 agq:ProsharesUltraShortGoldMember 2023-12-31 0001415311 agq:ProsharesUltraShortSilverMember 2023-12-31 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2023-12-31 0001415311 agq:ProsharesUltraShortEuroMember 2023-12-31 0001415311 agq:ProsharesUltraSilverMember 2023-12-31 0001415311 agq:ProsharesUltraGoldMember 2023-12-31 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2023-12-31 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2023-12-31 0001415311 agq:ProsharesUltraEuroMember 2023-12-31 0001415311 agq:ProsharesUltraShortGoldMember 2023-12-31 0001415311 agq:ProsharesUltraShortEuroMember 2023-12-31 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2023-12-31 0001415311 agq:ProsharesUltraYenMember 2023-12-31 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2023-12-31 0001415311 agq:ProsharesUltraShortSilverMember 2023-12-31 0001415311 agq:ProsharesUltraShortYenMember 2023-12-31 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2023-12-31 0001415311 agq:ProsharesUltraShortSilverMember 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-09-30 0001415311 agq:ProsharesUltraYenMember 2024-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesUltraSilverMember 2024-09-30 0001415311 agq:ProsharesUltraGoldMember 2024-09-30 0001415311 agq:ProsharesUltraEuroMember 2024-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesUltraEuroMember 2024-09-30 0001415311 agq:ProsharesUltraSilverMember 2024-09-30 0001415311 agq:ProsharesUltraGoldMember 2024-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesUltraYenMember 2024-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-09-30 0001415311 agq:ProsharesUltraShortYenMember 2024-06-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesUltraEuroMember 2024-06-30 0001415311 agq:ProsharesUltraSilverMember 2024-06-30 0001415311 agq:ProsharesUltraGoldMember 2024-06-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-06-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-06-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesUltraYenMember 2024-06-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-06-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-06-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-06-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-06-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-06-30 0001415311 agq:ProsharesUltraYenMember 2024-06-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-06-30 0001415311 agq:ProsharesUltraEuroMember 2024-06-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-06-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-06-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesUltraGoldMember 2024-06-30 0001415311 agq:ProsharesUltraSilverMember 2024-06-30 0001415311 agq:ProsharesUltraShortGoldMember 2024-06-30 0001415311 agq:ProsharesUltraShortEuroMember 2024-06-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-06-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-06-30 0001415311 agq:ProsharesUltraShortYenMember 2024-06-30 0001415311 agq:ProsharesUltraShortSilverMember 2024-06-30 0001415311 agq:ProsharesUltraSilverMember 2024-12-31 0001415311 agq:ProsharesUltraGoldMember 2024-12-31 0001415311 agq:ProsharesUltraEuroMember 2024-12-31 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2024-12-31 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2024-12-31 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesUltraShortYenMember 2024-12-31 0001415311 agq:ProsharesUltraShortSilverMember 2024-12-31 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2024-12-31 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2024-12-31 0001415311 agq:ProsharesUltraYenMember 2024-12-31 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2024-12-31 0001415311 agq:ProsharesUltraShortGoldMember 2024-12-31 0001415311 agq:ProsharesUltraShortEuroMember 2024-12-31 0001415311 agq:ProsharesUltraEuroMember 2025-09-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-09-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-09-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraGoldMember 2025-09-30 0001415311 agq:ProsharesUltraSilverMember 2025-09-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraYenMember 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-09-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-09-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-09-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-09-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-09-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-09-30 0001415311 agq:ProsharesUltraShortYenMember 2025-06-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesUltraEuroMember 2025-06-30 0001415311 agq:ProsharesUltraSilverMember 2025-06-30 0001415311 agq:ProsharesUltraGoldMember 2025-06-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-06-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-06-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesUltraYenMember 2025-06-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-06-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-06-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-06-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-06-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-06-30 0001415311 agq:ProsharesUltraGoldMember 2025-06-30 0001415311 agq:ProsharesUltraEuroMember 2025-06-30 0001415311 agq:ProsharesUltraBloombergNaturalGasMember 2025-06-30 0001415311 agq:ProsharesUltraBloombergCrudeOilMember 2025-06-30 0001415311 agq:ProsharesShortVixShortTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesUltraSilverMember 2025-06-30 0001415311 agq:ProsharesVixMidTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesVixShortTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesUltraShortBloombergCrudeOilMember 2025-06-30 0001415311 agq:ProsharesUltraYenMember 2025-06-30 0001415311 agq:ProsharesUltraVixShortTermFuturesEtfMember 2025-06-30 0001415311 agq:ProsharesUltraShortEuroMember 2025-06-30 0001415311 agq:ProsharesUltraShortSilverMember 2025-06-30 0001415311 agq:ProsharesUltraShortYenMember 2025-06-30 0001415311 agq:ProsharesUltraShortGoldMember 2025-06-30 0001415311 agq:ProsharesUltraShortBloombergNaturalGasMember 2025-06-30 iso4217:USD xbrli:shares xbrli:pure utr:Day iso4217:JPY iso4217:EUR iso4217:USD xbrli:shares iso4217:USD agq:EquityUnit agq:Contract agq:Trust
 
 
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
    
to
    
.
Commission file number: 001-34200
 
 
PROSHARES TRUST II
(Exact name of registrant as specified in its charter)
 
 
 
Delaware
  
87-6284802
(State or other jurisdiction of
incorporation or organization)
  
(I.R.S. Employer
Identification No.)
c/o ProShare Capital Management LLC
7272 Wisconsin Avenue, 21
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
Symbol(s)
  
Name of each exchange
on which registered
ProShares Short VIX Short-Term Futures ETF
  
SVXY
  
Cboe BZX Exchange
ProShares Ultra Bloomberg Crude Oil
  
UCO
  
NYSE Arca
ProShares Ultra Bloomberg Natural Gas
  
BOIL
  
NYSE Arca
ProShares Ultra Euro
  
ULE
  
NYSE Arca
ProShares Ultra Gold
  
UGL
  
NYSE Arca
ProShares Ultra Silver
  
AGQ
  
NYSE Arca
ProShares Ultra VIX Short-Term Futures ETF
  
UVXY
  
Cboe BZX Exchange
ProShares Ultra Yen
  
YCL
  
NYSE Arca
ProShares UltraShort Bloomberg Crude Oil
  
SCO
  
NYSE Arca
ProShares UltraShort Bloomberg Natural Gas
  
KOLD
  
NYSE Arca
ProShares UltraShort Euro
  
EUO
  
NYSE Arca
ProShares UltraShort Gold
  
GLL
  
NYSE Arca
ProShares UltraShort Silver
  
ZSL
  
NYSE Arca
ProShares UltraShort Yen
  
YCS
  
NYSE Arca
ProShares VIX Mid-Term Futures ETF
  
VIXM
  
Cboe BZX Exchange
ProShares VIX Short-Term Futures ETF
  
VIXY
  
Cboe BZX Exchange
 
 
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
 
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
P1Dhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMemberhttp://fasb.org/us-gaap/2025#RelatedPartyMembertruetruetruetrue
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025

(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $89,765,603 and $24,931,067, respectively)
    $ 89,767,081      $ 24,937,875  
Cash
      78,661,691        160,200,226  
Segregated cash balances with brokers for futures contracts
      75,461,358        80,953,814  
Receivable on open futures contracts
      2,056,421        806,556  
Interest receivable
      503,918        438,452  
  
 
 
     
 
 
  
Total assets
      246,450,469        267,336,923  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      2,550,308        —   
Payable on open futures contracts
      401,524        1,011,830  
Brokerage commissions and futures account fees payable
      6,335        6,902  
Payable to Sponsor
      192,781        227,958  
  
 
 
     
 
 
  
Total liabilities
      3,150,948        1,246,690  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
      
Shareholders’ equity
      
Shareholders’ equity
      243,299,521        266,090,233  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 246,450,469      $ 267,336,923  
  
 
 
     
 
 
  
Shares outstanding
      4,768,614        5,318,614  
  
 
 
     
 
 
  
Net asset value per share
    $ 51.02      $ 50.03  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 50.94      $ 50.06  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-1
Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(37% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 30,000,000      $ 29,979,651  
4.182% due 10/21/25
      10,000,000        9,977,500  
4.140% due 11/04/25
      50,000,000        49,809,930  
     
 
 
  
Total short-term U.S. government and agency obligations
(cost $89,765,603)
       $ 89,767,081  
     
 
 
  
Futures Contracts Sold
 
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
VIX Futures - Cboe, expires October 2025
      4,007      $ 70,475,116      $ 6,447,295  
VIX Futures - Cboe, expires November 2025
      2,665        51,299,118        266,571  
        
 
 
  
         $ 6,713,866  
        
 
 
  
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
F-2
Table of Contents
PROSHARES SHORT VIX SHORT-TERM FUTURES ETF
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended

September 30,
    
Nine Months Ended

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

September 30,
    
Nine Months Ended

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

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

(unaudited)
     
December 31,
2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $154,494,456 and $99,724,267, respectively)
    $ 154,501,105      $ 99,751,500  
Cash
      59,810,718        259,419,820  
Segregated cash balances with brokers for futures contracts
      25,066,845        42,171,314  
Segregated cash balances with brokers for swap agreements
      115,548,769        84,264,200  
Unrealized appreciation on swap agreements
      —         38,215,610  
Receivable from capital shares sold
      7,833,632        —   
Receivable on open futures contracts
      —         2,157,183  
Interest receivable
      343,663        692,226  
  
 
 
     
 
 
  
Total assets
      363,104,732        526,671,853  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      —         2,748,471  
Payable on open futures contracts
      2,694,435        70,422  
Payable to Sponsor
      286,863        432,896  
Unrealized depreciation on swap agreements
      1,044,339        —   
  
 
 
     
 
 
  
Total liabilities
      4,025,637        3,251,789  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      359,079,095        523,420,064  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 363,104,732      $ 526,671,853  
  
 
 
     
 
 
  
Shares outstanding
      16,043,096        19,043,096  
  
 
 
     
 
 
  
Net asset value per share
    $ 22.38      $ 27.49  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 22.48      $ 27.50  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-6
Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(43% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 35,000,000      $ 34,976,260  
4.182% due 10/21/25
      20,000,000        19,955,000  
4.140% due 11/04/25
      50,000,000        49,809,930  
4.203% due 11/13/25
†
      50,000,000        49,759,915  
     
 
 
  
Total short-term U.S. government and agency obligations
(cost $154,494,456)
       $ 154,501,105  
     
 
 
  
Futures Contracts Purchased
 
    
Number of

Contracts
     
Notional Amount

at Value
     
Unrealized

Appreciation

(Depreciation)/Value
  
WTI Crude Oil - NYMEX, expires December 2025
      841      $ 52,108,360      $ 1,336,613  
WTI Crude Oil - NYMEX, expires June 2026
      850        52,037,000        737,250  
WTI Crude Oil - NYMEX, expires December 2026
      855        52,172,100        (737,124 ) 
        
 
 
  
         $ 1,336,739  
        
 
 
  
Total Return Swap Agreements
^
 
    
Rate Paid
(Received)
*
    
Termination
Date
     
Notional Amount
at Value
**
     
Unrealized
Appreciation
(Depreciation)/Value
  
Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index
      0.35 %      10/06/25      $ 50,354,875      $ (94,664 ) 
Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index
      0.35     10/06/25        218,509,682        (410,781 ) 
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index
      0.35     10/06/25        66,380,312        (124,789 ) 
Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index
      0.25     10/06/25        165,863,610        (301,797 ) 
Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index
      0.30     10/06/25        60,715,630        (112,308 ) 
          
 
 
  
Total Unrealized Depreciation
 
    $ (1,044,339 ) 
          
 
 
  
 
†
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
^^
Rates shown represent discount rate at the time of purchase.
*
Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
F-7
Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 2,538,935     $ 6,074,652     $ 9,284,651     $ 17,591,301  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      919,884       1,266,843       2,836,491       4,088,647  
Brokerage commissions
      47,091       65,064       155,007       169,844  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      966,975       1,331,907       2,991,498       4,258,491  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      1,571,960       4,742,745       6,293,153       13,332,810  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      9,979,055       (5,588,143 )      6,783,860       22,864,139  
Swap agreements
      5,508,219       (61,237,840 )      (4,371,931 )      10,385,399  
Short-term U.S. government and agency obligations
      187       (31 )      509       13,170  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      15,487,461       (66,826,014 )      2,412,438       33,262,708  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      (1,945,799 )      (15,224,501 )      (9,527,346 )      1,173,176  
Swap agreements
      (5,067,962 )      (43,864,043 )      (39,259,949 )      (5,871,386 ) 
Short-term U.S. government and agency obligations
      6,018       46,734       (20,584 )      1,416  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (7,007,743 )      (59,041,810 )      (48,807,879 )      (4,696,794 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      8,479,718       (125,867,824 )      (46,395,441 )      28,565,914  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ 10,051,678     $ (121,125,079 )    $ (40,102,288 )    $ 41,898,724  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-8
Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 420,493,513     $ 527,486,095     $ 523,420,064     $ 652,793,437  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 4,250,000, 16,200,000, 19,150,000 and 25,300,000 shares, respectively
      95,230,997       431,007,011       437,683,795       696,995,533  
Redemption of 6,900,000, 8,550,000, 22,150,000 and 26,750,000 shares, respectively
      (166,697,093 )      (244,145,772 )      (561,922,476 )      (798,465,439 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of (2,650,000), 7,650,000, (3,000,000) and (1,450,000) shares, respectively
      (71,466,096 )      186,861,239       (124,238,681 )      (101,469,906 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      1,571,960       4,742,745       6,293,153       13,332,810  
Net realized gain (loss)
      15,487,461       (66,826,014 )      2,412,438       33,262,708  
Change in net unrealized appreciation (depreciation)
      (7,007,743 )      (59,041,810 )      (48,807,879 )      (4,696,794 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      10,051,678       (121,125,079 )      (40,102,288 )      41,898,724  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 359,079,095     $ 593,222,255     $ 359,079,095     $ 593,222,255  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-9
Table of Contents
PROSHARES ULTRA BLOOMBERG CRUDE OIL
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (40,102,288 )    $ 41,898,724  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (1,048,965,009 )      (1,176,903,761 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      999,557,585       1,094,650,743  
Net amortization and accretion on short-term U.S. government and agency obligations
      (5,362,256 )      (12,824,271 ) 
Net realized (gain) loss on investments
      (509 )      (13,170 ) 
Change in unrealized (appreciation) depreciation on investments
      39,280,533       5,869,970  
Decrease (Increase) in receivable on open futures contracts
      2,157,183       (1,704,350 ) 
Decrease (Increase) in interest receivable
      348,563       (280,249 ) 
Increase (Decrease) in payable to Sponsor
      (146,033 )      (87,773 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      —        (5,682 ) 
Increase (Decrease) in payable on open futures contracts
      2,624,013       (2,099,944 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (50,608,218 )      (51,499,763 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      429,850,163       702,250,555  
Payment on shares redeemed
      (564,670,947 )      (794,661,896 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      (134,820,784 )      (92,411,341 ) 
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (185,429,002 )      (143,911,104 ) 
Cash, beginning of period
      385,855,334       398,178,826  
  
 
 
    
 
 
  
Cash, end of period
    $ 200,426,332     $ 254,267,722  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-10
Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31,
2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $308,808,231 and $99,724,267, respectively)
    $ 308,827,473      $ 99,751,500  
Cash
      59,232,227        205,241,492  
Segregated cash balances with brokers for futures contracts
      182,905,059        117,769,697  
Receivable from capital shares sold
      —         10,966,643  
Receivable on open futures contracts
      17,552,221        —   
Interest receivable
      666,046        825,264  
  
 
 
     
 
 
  
Total assets
      569,183,026        434,554,596  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      26,559,561        —   
Payable on open futures contracts
      —         38,058,122  
Brokerage commissions and futures account fees payable
      15,482        13,669  
Payable to Sponsor
      397,763        401,306  
  
 
 
     
 
 
  
Total liabilities
      26,972,806        38,473,097  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      542,210,220        396,081,499  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 569,183,026      $ 434,554,596  
  
 
 
     
 
 
  
Shares outstanding
      18,373,047        7,223,047  
  
 
 
     
 
 
  
Net asset value per share
    $ 29.51      $ 54.84  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 29.99      $ 55.82  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-11
Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(57% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 40,000,000      $ 39,972,868  
4.182% due 10/21/25
      20,000,000        19,955,000  
4.140% due 11/04/25
      100,000,000        99,619,860  
4.203% due 11/13/25
      150,000,000        149,279,745  
     
 
 
  
Total short-term U.S. government and agency obligations
(cost $308,808,231)
       $ 308,827,473  
     
 
 
  
Futures Contracts Purchased
 
    
Number of

Contracts
     
Notional Amount

at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
Natural Gas - NYMEX, expires November 2025
      32,831      $ 1,084,407,930      $ (1,049,205 ) 
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
F-12
Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 4,121,370     $ 7,125,254     $ 9,102,000     $ 19,996,081  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      1,088,659       1,479,083       2,340,238       4,252,390  
Brokerage commissions
      411,698       681,738       982,711       2,170,207  
Futures account fees
      49,402       46,576       166,011       188,737  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      1,549,759       2,207,397       3,488,960       6,611,334  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      2,571,611       4,917,857       5,613,040       13,384,747  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (163,780,916 )      (372,130,469 )      46,482,203       (402,539,202 ) 
Short-term U.S. government and agency obligations
      186       —        (38 )      —   
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (163,780,730 )      (372,130,469 )      46,482,165       (402,539,202 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      28,718,499       260,225,054       (98,288,406 )      63,582,315  
Short-term U.S. government and agency obligations
      18,989       34,676       (7,991 )      21,069  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      28,737,488       260,259,730       (98,296,397 )      63,603,384  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (135,043,242 )      (111,870,739 )      (51,814,232 )      (338,935,818 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ (132,471,631 )    $ (106,952,882 )    $ (46,201,192 )    $ (325,551,071 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-13
Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 334,757,794     $ 540,643,821     $ 396,081,499     $ 729,892,808  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 28,200,000, 10,350,000, 46,650,000 and 23,240,000 shares, respectively
      939,940,370       549,317,432       1,969,227,422       1,667,588,651  
Redemption of 17,050,000, 6,180,000, 35,500,000 and 17,250,000 shares, respectively
      (600,016,313 )      (331,187,266 )      (1,776,897,509 )      (1,420,109,283 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 11,150,000, 4,170,000, 11,150,000 and 5,990,000 shares, respectively
      339,924,057       218,130,166       192,329,913       247,479,368  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      2,571,611       4,917,857       5,613,040       13,384,747  
Net realized gain (loss)
      (163,780,730 )      (372,130,469 )      46,482,165       (402,539,202 ) 
Change in net unrealized appreciation (depreciation)
      28,737,488       260,259,730       (98,296,397 )      63,603,384  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (132,471,631 )      (106,952,882 )      (46,201,192 )      (325,551,071 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 542,210,220     $ 651,821,105     $ 542,210,220     $ 651,821,105  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-14
Table of Contents
PROSHARES ULTRA BLOOMBERG NATURAL GAS
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (46,201,192 )    $ (325,551,071 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (904,354,263 )      (470,623,691 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      699,473,294       215,000,000  
Net amortization and accretion on short-term U.S. government and agency obligations
      (4,203,033 )      (3,693,933 ) 
Net realized (gain) loss on investments
      38       —   
Change in unrealized (appreciation) depreciation on investments
      7,991       (21,069 ) 
Decrease (Increase) in receivable on open futures contracts
      (17,552,221 )      (22,694,887 ) 
Decrease (Increase) in interest receivable
      159,218       1,004,148  
Increase (Decrease) in payable to Sponsor
      (3,543 )      (137,481 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      1,813       (38,213 ) 
Increase (Decrease) in payable on open futures contracts
      (38,058,122 )      (21,843,883 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (310,730,020 )      (628,600,080 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      1,980,194,065       1,671,870,576  
Payment on shares redeemed
      (1,750,337,948 )      (1,388,991,394 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      229,856,117       282,879,182  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (80,873,903 )      (345,720,898 ) 
Cash, beginning of period
      323,011,189       701,114,381  
  
 
 
    
 
 
  
Cash, end of period
    $ 242,137,286     $ 355,393,483  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-15
Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31,
2024
  
Assets
      
Cash
    $ 6,490,293      $ 5,285,126  
Segregated cash balances with brokers for foreign currency forward contracts
      756,667        618,421  
Unrealized appreciation on foreign currency forward contracts
      10,075        2,312  
Interest receivable
      21,478        19,473  
  
 
 
     
 
 
  
Total assets
      7,278,513        5,925,332  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable to Sponsor
      5,675        4,736  
Unrealized depreciation on foreign currency forward contracts
      734        169,440  
  
 
 
     
 
 
  
Total liabilities
      6,409        174,176  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      7,272,104        5,751,156  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 7,278,513      $ 5,925,332  
  
 
 
     
 
 
  
Shares outstanding
      550,000        550,000  
  
 
 
     
 
 
  
Net asset value per share
    $ 13.22      $ 10.46  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 13.21      $ 10.45  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-16
Table of Contents
PROSHARES ULTRA EURO
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
Foreign Currency Forward Contracts
^
                          
    
Settlement Date
     
Contract Amount
in Local Currency
    
Contract Amount
in U.S. Dollars
    
Unrealized
Appreciation
(Depreciation)/
Value
  
Contracts to Purchase
          
Euro with Goldman Sachs International
      10/10/25        6,075,921     $ 7,138,067     $ 4,568  
Euro with UBS AG
      10/10/25        6,478,502       7,611,024       5,135  
         
 
 
  
Total Unrealized Appreciation
           $ 9,703  
         
 
 
  
Contracts to Sell
          
Euro with Goldman Sachs International
      10/10/25        (81,000 )    $ (95,160 )    $ 372  
Euro with UBS AG
      10/10/25        (134,000 )      (157,425 )      (734 ) 
         
 
 
  
Total Unrealized Depreciation
           $ (362 ) 
         
 
 
  
 
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
See accompanying notes to financial statements.
 
F-17
Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
  
2025
    
2024
     
2025
     
2024
  
Investment Income
           
Interest
    $ 72,530     $ 61,969      $ 186,574      $ 211,272  
  
 
 
    
 
 
     
 
 
     
 
 
  
Expenses
           
Management fee
      18,718       13,033        48,609        42,912  
  
 
 
    
 
 
     
 
 
     
 
 
  
Total expenses
      18,718       13,033        48,609        42,912  
  
 
 
    
 
 
     
 
 
     
 
 
  
Net investment income (loss)
      53,812       48,936        137,965        168,360  
  
 
 
    
 
 
     
 
 
     
 
 
  
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
           
Foreign currency forward contracts
      220,691       182,638        997,841        107,862  
  
 
 
    
 
 
     
 
 
     
 
 
  
Net realized gain (loss)
      220,691       182,638        997,841        107,862  
  
 
 
    
 
 
     
 
 
     
 
 
  
Change in net unrealized appreciation (depreciation) on
           
Foreign currency forward contracts
      (434,179 )      187,048        176,469        (260,299 ) 
  
 
 
    
 
 
     
 
 
     
 
 
  
Change in net unrealized appreciation (depreciation)
      (434,179 )      187,048        176,469        (260,299 ) 
  
 
 
    
 
 
     
 
 
     
 
 
  
Net realized and unrealized gain (loss)
      (213,488 )      369,686        1,174,310        (152,437 ) 
  
 
 
    
 
 
     
 
 
     
 
 
  
Net income (loss)
    $ (159,676 )    $ 418,622      $ 1,312,275      $ 15,923  
  
 
 
    
 
 
     
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-18
Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 8,708,069     $ 5,595,533     $ 5,751,156     $ 7,114,015  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of –, –, 200,000 and 100,000 shares, respectively
      —        —        2,513,699       1,140,357  
Redemption of 100,000, 50,000, 200,000 and 250,000 shares, respectively
      (1,276,289 )      (573,946 )      (2,305,026 )      (2,830,086 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of (100,000), (50,000), – and (150,000) shares, respectively
      (1,276,289 )      (573,946 )      208,673       (1,689,729 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      53,812       48,936       137,965       168,360  
Net realized gain (loss)
      220,691       182,638       997,841       107,862  
Change in net unrealized appreciation (depreciation)
      (434,179 )      187,048       176,469       (260,299 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (159,676 )      418,622       1,312,275       15,923  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 7,272,104     $ 5,440,209     $ 7,272,104     $ 5,440,209  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-19
Table of Contents
PROSHARES ULTRA EURO
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 1,312,275     $ 15,923  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Change in unrealized (appreciation) depreciation on investments
      (176,469 )      260,299  
Decrease (Increase) in interest receivable
      (2,005 )      7,740  
Increase (Decrease) in payable to Sponsor
      939       (1,396 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      1,134,740       282,566  
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      2,513,699       1,140,357  
Payment on shares redeemed
      (2,305,026 )      (2,830,086 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      208,673       (1,689,729 ) 
  
 
 
    
 
 
  
Net increase (decrease) in cash
      1,343,413       (1,407,163 ) 
Cash, beginning of period
      5,903,547       6,785,459  
  
 
 
    
 
 
  
Cash, end of period
    $ 7,246,960     $ 5,378,296  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-20
Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $607,989,455 and $74,793,200, respectively)
    $ 608,009,273      $ 74,813,625  
Cash
      76,817,403        203,750,372  
Segregated cash balances with brokers for futures contracts
      42,967,500        11,408,000  
Segregated cash balances with brokers for swap agreements
      34,511,800        —   
Unrealized appreciation on swap agreements
      34,537,917        —   
Receivable from capital shares sold
      9,144,187        —   
Receivable on open futures contracts
      3,042,379        1,952,335  
Interest receivable
      831,844        371,587  
  
 
 
     
 
 
  
Total assets
      809,862,303        292,295,919  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable to Sponsor
      581,385        238,455  
Unrealized depreciation on swap agreements
      —         2,348,132  
  
 
 
     
 
 
  
Total liabilities
      581,385        2,586,587  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      809,280,918        289,709,332  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 809,862,303      $ 292,295,919  
  
 
 
     
 
 
  
Shares outstanding (Note 1)
      17,700,000        12,400,000  
  
 
 
     
 
 
  
Net asset value per share (Note 1)
    $ 45.72      $ 23.36  
  
 
 
     
 
 
  
Market value per share (Note 1) (Note 2)
    $ 46.06      $ 23.37  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-21
Table of Contents
PROSHARES ULTRA GOLD
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(75% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 75,000,000      $ 74,949,127  
4.182% due 10/21/25
      125,000,000        124,718,750  
4.140% due 11/04/25
†
      310,000,000        308,821,566  
4.203% due 11/13/25
†
      100,000,000        99,519,830  
     
 
 
  
Total short-term U.S. government and agency obligations (cost $607,989,455)
       $ 608,009,273  
     
 
 
  
 
Futures Contracts Purchased
         
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
Gold Futures—COMEX, expires December 2025
      2,411      $ 933,828,520      $ 101,806,050  
 
Total Return Swap Agreements
^
           
    
Rate Paid
(Received)
*
    
Termination
Date
     
Notional Amount
at Value
**
     
Unrealized
Appreciation
(Depreciation)/Value
  
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex
      0.25 %      10/06/25      $ 424,720,428      $ 21,409,914  
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex
      0.25     10/06/25        93,079,951        4,692,107  
Swap agreement with UBS AG based on Bloomberg Gold Subindex
      0.25     10/06/25        167,347,561        8,435,896  
          
 
 
  
Total Unrealized Appreciation
            $ 34,537,917  
          
 
 
  
 
†
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
^^
Rates shown represent discount rate at the time of purchase.
*
Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
F-22
Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
  
2025
    
2024
     
2025
    
2024
  
Investment Income
          
Interest
    $ 5,843,146     $ 3,315,167      $ 14,701,668     $ 8,148,441  
  
 
 
    
 
 
     
 
 
    
 
 
  
Expenses
          
Management fee
      1,426,882       628,619        3,488,004       1,611,610  
Brokerage commissions
      18,644       9,213        64,523       27,209  
  
 
 
    
 
 
     
 
 
    
 
 
  
Total expenses
      1,445,526       637,832        3,552,527       1,638,819  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net investment income (loss)
      4,397,620       2,677,335        11,149,141       6,509,622  
  
 
 
    
 
 
     
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on
          
Futures contracts
      (533,759 )      1,541,465        71,313,806       16,072,123  
Swap agreements
      39,227,803       10,501,253        111,966,863       46,009,687  
Short-term U.S. government and agency obligations
      375       —         452       3,011  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net realized gain (loss)
      38,694,419       12,042,718        183,281,121       62,084,821  
  
 
 
    
 
 
     
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
          
Futures contracts
      105,261,676       18,663,834        102,229,458       13,799,867  
Swap agreements
      39,263,937       23,264,503        36,886,049       13,633,253  
Short-term U.S. government and agency obligations
      18,871       29,160        (607 )      18,880  
  
 
 
    
 
 
     
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      144,544,484       41,957,497        139,114,900       27,452,000  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      183,238,903       54,000,215        322,396,021       89,536,821  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss)
    $ 187,636,523     $ 56,677,550      $ 333,545,162     $ 96,046,443  
  
 
 
    
 
 
     
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-23
Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 485,005,243     $ 216,456,025     $ 289,709,332     $ 191,502,023  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 7,000,000, 3,400,000, 17,650,000 and 6,600,000 shares, respectively (Note 1)
      265,301,111       74,000,508       612,025,424       130,539,933  
Redemption of 3,400,000, 2,200,000, 12,350,000 and 6,200,000 shares, respectively (Note 1)
      (128,661,959 )      (48,251,861 )      (425,999,000 )      (119,206,177 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 3,600,000, 1,200,000, 5,300,000 and 400,000 shares, respectively (Note 1)
      136,639,152       25,748,647       186,026,424       11,333,756  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      4,397,620       2,677,335       11,149,141       6,509,622  
Net realized gain (loss)
      38,694,419       12,042,718       183,281,121       62,084,821  
Change in net unrealized appreciation (depreciation)
      144,544,484       41,957,497       139,114,900       27,452,000  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      187,636,523       56,677,550       333,545,162       96,046,443  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 809,280,918     $ 298,882,222     $ 809,280,918     $ 298,882,222  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-24
Table of Contents
PROSHARES ULTRA GOLD
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 333,545,162     $ 96,046,443  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (1,953,529,314 )      (578,835,390 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      1,429,111,536       420,003,011  
Net amortization and accretion on short-term U.S. government and agency obligations
      (8,778,025 )      (5,810,921 ) 
Net realized (gain) loss on investments
      (452 )      (3,011 ) 
Change in unrealized (appreciation) depreciation on investments
      (36,885,442 )      (13,652,133 ) 
Decrease (Increase) in receivable on open futures contracts
      (1,090,044 )      —   
Decrease (Increase) in interest receivable
      (460,257 )      (85,135 ) 
Increase (Decrease) in payable to Sponsor
      342,930       77,112  
Increase (Decrease) in payable on open futures contracts
      —        (125,977 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (237,743,906 )      (82,386,001 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      602,881,237       130,539,933  
Payment on shares redeemed
      (425,999,000 )      (114,385,981 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      176,882,237       16,153,952  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (60,861,669 )      (66,232,049 ) 
Cash, beginning of period
      215,158,372       129,351,977  
  
 
 
    
 
 
  
Cash, end of period
    $ 154,296,703     $ 63,119,928  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-25
Table of Contents
PROSHARES ULTRA SILVER
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $742,869,383 and $124,655,333, respectively)
    $ 742,885,457      $ 124,689,375  
Cash
      157,661,178        376,597,126  
Segregated cash balances with brokers for futures contracts
      77,104,000        38,668,750  
Segregated cash balances with brokers for swap agreements
      —         76,561,398  
Unrealized appreciation on swap agreements
      103,878,807        —   
Receivable on open futures contracts
      425,541        —   
Interest receivable
      1,015,497        851,132  
  
 
 
     
 
 
  
Total assets
      1,082,970,480        617,367,781  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      30,265,055        —   
Payable on open futures contracts
      4,324,003        2,258,150  
Payable to Sponsor
      702,125        507,430  
Unrealized depreciation on swap agreements
      –        52,518,908  
  
 
 
     
 
 
  
Total liabilities
      35,291,183        55,284,488  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      1,047,679,297        562,083,293  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 1,082,970,480      $ 617,367,781  
  
 
 
     
 
 
  
Shares outstanding
      13,846,526        16,746,526  
  
 
 
     
 
 
  
Net asset value per share
    $ 75.66      $ 33.56  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 76.24      $ 33.67  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-26
Table of Contents
PROSHARES ULTRA SILVER
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(71% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 150,000,000      $ 149,898,255  
4.182% due 10/21/25
      225,000,000        224,493,750  
4.140% due 11/04/25
†
      270,000,000        268,973,622  
4.203% due 11/13/25
†
      100,000,000        99,519,830  
     
 
 
  
Total short-term U.S. government and agency obligations
      
(cost $742,869,383)
       $ 742,885,457  
     
 
 
  
 
Futures Contracts Purchased
         
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
Silver Futures - COMEX, expires December 2025
      4,589      $ 1,070,154,800      $ 143,513,534  
 
Total Return Swap Agreements
^
           
    
Rate Paid
(Received)
*
    
Termination
Date
     
Notional Amount
at Value
**
     
Unrealized
Appreciation
(Depreciation)/Value
  
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex
      0.25 %      10/06/25      $ 470,370,599      $ 47,585,640  
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex
      0.30     10/06/25        39,163,672        3,972,149  
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex
      0.30     10/06/25        265,710,383        26,949,501  
Swap agreement with UBS AG based on Bloomberg Silver Subindex
      0.25     10/06/25        250,085,358        25,371,517  
          
 
 
  
Total Unrealized Appreciation
            $ 103,878,807  
          
 
 
  
 
†
All or partial amount pledged as collateral for swap agreements.
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
^^
Rates shown represent discount rate at the time of purchase.
*
Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
F-27
Table of Contents
PROSHARES ULTRA SILVER
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
    
2025
     
2024
    
2025
    
2024
  
Investment Income
          
Interest
    $ 6,938,402      $ 7,482,201     $ 19,053,657     $ 17,362,781  
  
 
 
     
 
 
    
 
 
    
 
 
  
Expenses
          
Management fee
      1,949,744        1,417,159       4,951,422       3,535,877  
Brokerage commissions
      50,532        45,868       155,360       130,090  
  
 
 
     
 
 
    
 
 
    
 
 
  
Total expenses
      2,000,276        1,463,027       5,106,782       3,665,967  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      4,938,126        6,019,174       13,946,875       13,696,814  
  
 
 
     
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
          
Net realized gain (loss) on
          
Futures contracts
      32,707,355        (38,481,009 )      101,060,386       37,521,267  
Swap agreements
      105,876,163        (90,530,217 )      191,432,762       49,677,236  
Short-term U.S. government and agency obligations
      367        (25 )      355       4,772  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      138,583,885        (129,011,251 )      292,493,503       87,203,275  
  
 
 
     
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
          
Futures contracts
      152,651,481        58,950,640       172,417,069       39,875,598  
Swap agreements
      110,350,181        123,441,660       156,397,715       76,866,548  
Short-term U.S. government and agency obligations
      14,868        53,721       (17,968 )      33,217  
  
 
 
     
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      263,016,530        182,446,021       328,796,816       116,775,363  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      401,600,415        53,434,770       621,290,319       203,978,638  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ 406,538,541      $ 59,453,944     $ 635,237,194     $ 217,675,452  
  
 
 
     
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-28
Table of Contents
PROSHARES ULTRA SILVER
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 708,196,011     $ 570,829,521     $ 562,083,293     $ 390,146,373  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 4,700,000, 4,700,000, 14,550,000 and 12,150,000 shares, respectively
      275,863,693       173,955,817       678,097,505       418,736,717  
Redemption of 5,900,000, 3,500,000, 17,450,000 and 10,000,000 shares, respectively
      (342,918,948 )      (137,456,812 )      (827,738,695 )      (359,776,072 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of (1,200,000), 1,200,000, (2,900,000) and 2,150,000 shares, respectively
      (67,055,255 )      36,499,005       (149,641,190 )      58,960,645  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      4,938,126       6,019,174       13,946,875       13,696,814  
Net realized gain (loss)
      138,583,885       (129,011,251 )      292,493,503       87,203,275  
Change in net unrealized appreciation (depreciation)
      263,016,530       182,446,021       328,796,816       116,775,363  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      406,538,541       59,453,944       635,237,194       217,675,452  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 1,047,679,297     $ 666,782,470     $ 1,047,679,297     $ 666,782,470  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-29
Table of Contents
PROSHARES ULTRA SILVER
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
    
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 635,237,194     $ 217,675,452  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (2,540,999,184 )      (1,164,790,304 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      1,934,105,968       941,998,259  
Net amortization and accretion on short-term U.S. government and agency obligations
      (11,320,479 )      (11,494,331 ) 
Net realized (gain) loss on investments
      (355 )      (4,772 ) 
Change in unrealized (appreciation) depreciation on investments
      (156,379,747 )      (76,899,765 ) 
Decrease (Increase) in receivable on open futures contracts
      (425,541 )      —   
Decrease (Increase) in interest receivable
      (164,365 )      (199,500 ) 
Increase (Decrease) in payable to Sponsor
      194,695       161,194  
Increase (Decrease) in payable on open futures contracts
      2,065,853       1,158,864  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (137,685,961 )      (92,394,903 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      678,097,505       421,465,545  
Payment on shares redeemed
      (797,473,640 )      (347,614,349 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      (119,376,135 )      73,851,196  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (257,062,096 )      (18,543,707 ) 
Cash, beginning of period
      491,827,274       279,193,929  
  
 
 
    
 
 
  
Cash, end of period
    $ 234,765,178     $ 260,650,222  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-30
Table of Contents
PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $109,556,297 and $24,931,067, respectively)
    $ 109,562,859      $ 24,937,875  
Cash
      103,870,819        88,749,502  
Segregated cash balances with brokers for futures contracts
      428,426,270        161,872,327  
Receivable on open futures contracts
      12,264,407        9,002,751  
Interest receivable
      1,130,070        803,191  
  
 
 
     
 
 
  
Total assets
      655,254,425        285,365,646  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable on open futures contracts
      6,589,621        613,972  
Brokerage commissions and futures account fees payable
      75,752        24,616  
Payable to Sponsor
      494,630        274,998  
  
 
 
     
 
 
  
Total liabilities
      7,160,003        913,586  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      648,094,422        284,452,060  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 655,254,425      $ 285,365,646  
  
 
 
     
 
 
  
Shares outstanding
      62,093,643        13,693,643  
  
 
 
     
 
 
  
Net asset value per share
    $ 10.44      $ 20.77  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 10.44      $ 20.72  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-31
Table of Contents
PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(17% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.182% due 10/21/25
    $ 20,000,000      $ 19,955,000  
4.140% due 11/04/25
      40,000,000        39,847,944  
4.203% due 11/13/25
      50,000,000        49,759,915  
     
 
 
  
Total short-term U.S. government and agency obligations
      
(cost $109,556,297)
       $ 109,562,859  
     
 
 
  
 
Futures Contracts Purchased
         
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
VIX Futures - Cboe, expires October 2025
      31,952      $ 561,971,776      $ (32,959,301 ) 
VIX Futures - Cboe, expires November 2025
      21,292        409,853,966        (3,137,076 ) 
        
 
 
  
         $ (36,096,377 ) 
        
 
 
  
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
F-32
Table of Contents
PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 5,292,243     $ 2,501,794     $ 10,984,632     $ 7,595,859  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      1,636,145       583,266       3,378,880       1,804,611  
Brokerage commissions
      1,025,774       534,432       2,534,657       1,475,584  
Futures account fees
      231,026       62,854       444,189       212,988  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      2,892,945       1,180,552       6,357,726       3,493,183  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      2,399,298       1,321,242       4,626,906       4,102,676  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (410,233,402 )      (36,612,575 )      (254,266,766 )      (185,028,990 ) 
Short-term U.S. government and agency obligations
      565       317       (1,354 )      11,454  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (410,232,837 )      (36,612,258 )      (254,268,120 )      (185,017,536 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      19,280,389       14,558,661       (50,072,369 )      39,537,652  
Short-term U.S. government and agency obligations
      6,372       12,132       (246 )      12,150  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      19,286,761       14,570,793       (50,072,615 )      39,549,802  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (390,946,076 )      (22,041,465 )      (304,340,735 )      (145,467,734 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ (388,546,778 )    $ (20,720,223 )    $ (299,713,829 )    $ (141,365,058 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-33
Table of Contents
PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 579,408,908     $ 232,135,198     $ 284,452,060     $ 348,555,743  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 49,350,000, 19,350,000, 134,050,000 and 29,200,000 shares, respectively
      705,122,888       563,820,661       2,554,769,405       854,933,354  
Redemption of 18,250,000, 17,750,000, 85,650,000 and 26,021,248 shares, respectively
      (247,890,596 )      (489,883,673 )      (1,891,413,214 )      (776,772,076 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 31,100,000, 1,600,000, 48,400,000 and 3,178,752 shares, respectively
      457,232,292       73,936,988       663,356,191       78,161,278  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      2,399,298       1,321,242       4,626,906       4,102,676  
Net realized gain (loss)
      (410,232,837 )      (36,612,258 )      (254,268,120 )      (185,017,536 ) 
Change in net unrealized appreciation (depreciation)
      19,286,761       14,570,793       (50,072,615 )      39,549,802  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (388,546,778 )      (20,720,223 )      (299,713,829 )      (141,365,058 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 648,094,422     $ 285,351,963     $ 648,094,422     $ 285,351,963  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-34
Table of Contents
PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
    
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (299,713,829 )    $ (141,365,058 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (681,018,160 )      (259,379,827 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      598,974,544       196,346,250  
Net amortization and accretion on short-term U.S. government and agency obligations
      (2,582,968 )      (1,763,038 ) 
Net realized (gain) loss on investments
      1,354       (11,454 ) 
Change in unrealized (appreciation) depreciation on investments
      246       (12,150 ) 
Decrease (Increase) in receivable on open futures contracts
      (3,261,656 )      7,609,527  
Decrease (Increase) in interest receivable
      (326,879 )      402,866  
Increase (Decrease) in payable to Sponsor
      219,632       (101,924 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      51,136       (16,496 ) 
Increase (Decrease) in payable on open futures contracts
      5,975,649       7,629,152  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (381,680,931 )      (190,662,152 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      2,554,769,405       854,933,354  
Payment on shares redeemed
      (1,891,413,214 )      (776,772,076 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      663,356,191       78,161,278  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      281,675,260       (112,500,874 ) 
Cash, beginning of period
      250,621,829       337,411,617  
  
 
 
    
 
 
  
Cash, end of period
    $ 532,297,089     $ 224,910,743  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-35
Table of Contents
PROSHARES ULTRA YEN
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Cash
    $ 47,101,523      $ 39,802,626  
Segregated cash balances with brokers for foreign currency forward contracts
      6,771,283        8,805,479  
Unrealized appreciation on foreign currency forward contracts
      1,384        146,194  
Interest receivable
      165,535        149,992  
  
 
 
     
 
 
  
Total assets
      54,039,725        48,904,291  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable to Sponsor
      43,372        37,154  
Unrealized depreciation on foreign currency forward contracts
      687,017        4,361,491  
  
 
 
     
 
 
  
Total liabilities
      730,389        4,398,645  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      53,309,336        44,505,646  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 54,039,725      $ 48,904,291  
  
 
 
     
 
 
  
Shares outstanding
      2,449,970        2,199,970  
  
 
 
     
 
 
  
Net asset value per share
    $ 21.76      $ 20.23  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 21.76      $ 20.35  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-36
Table of Contents
PROSHARES ULTRA YEN
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
Foreign Currency Forward Contracts
^
                          
    
Settlement Date
     
Contract Amount
in Local Currency
    
Contract Amount
in U.S. Dollars
    
Unrealized
Appreciation
(Depreciation)/
Value
  
Contracts to Purchase
          
Yen with Goldman Sachs International
      10/10/25        8,304,233,056     $ 56,218,412     $ (330,971 ) 
Yen with UBS AG
      10/10/25        8,398,795,856       56,858,588       (322,716 ) 
         
 
 
  
Total Unrealized Depreciation
           $ (653,687 ) 
         
 
 
  
Contracts to Sell
          
Yen with Goldman Sachs International
      10/10/25        (232,040,000 )    $ (1,570,876 )    $ 1,384  
Yen with UBS AG
      10/10/25        (721,530,000 )      (4,884,650 )      (33,330 ) 
         
 
 
  
Total Unrealized Depreciation
           $ (31,946 ) 
         
 
 
  
 
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
See accompanying notes to financial statements.
 
F-37
Table of Contents
PROSHARES ULTRA YEN
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
  
2025
    
2024
     
2025
    
2024
  
Investment Income
          
Interest
    $ 541,875     $ 541,372      $ 1,650,309     $ 1,395,183  
  
 
 
    
 
 
     
 
 
    
 
 
  
Expenses
          
Management fee
      139,482       118,878        430,261       295,486  
  
 
 
    
 
 
     
 
 
    
 
 
  
Total expenses
      139,482       118,878        430,261       295,486  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net investment income (loss)
      402,393       422,494        1,220,048       1,099,697  
  
 
 
    
 
 
     
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
          
Net realized gain (loss) on
          
Foreign currency forward contracts
      (3,272,292 )      6,834,509        (201,447 )      (562,689 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Net realized gain (loss)
      (3,272,292 )      6,834,509        (201,447 )      (562,689 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
          
Foreign currency forward contracts
      (1,422,005 )      2,618,114        3,529,664       (1,803,229 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (1,422,005 )      2,618,114        3,529,664       (1,803,229 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (4,694,297 )      9,452,623        3,328,217       (2,365,918 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss)
    $ (4,291,904 )    $ 9,875,117      $ 4,548,265     $ (1,266,221 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-38
Table of Contents
PROSHARES ULTRA YEN
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 66,461,439     $ 44,510,138     $ 44,505,646     $ 30,205,770  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of –, 550,000, 1,250,000 and 1,850,000 shares, respectively
      —        13,600,287       26,787,301       43,805,863  
Redemption of 400,000, 600,000, 1,000,000 and 800,000 shares, respectively
      (8,860,199 )      (14,751,477 )      (22,531,876 )      (19,511,347 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of (400,000), (50,000), 250,000 and 1,050,000 shares, respectively
      (8,860,199 )      (1,151,190 )      4,255,425       24,294,516  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      402,393       422,494       1,220,048       1,099,697  
Net realized gain (loss)
      (3,272,292 )      6,834,509       (201,447 )      (562,689 ) 
Change in net unrealized appreciation (depreciation)
      (1,422,005 )      2,618,114       3,529,664       (1,803,229 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (4,291,904 )      9,875,117       4,548,265       (1,266,221 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 53,309,336     $ 53,234,065     $ 53,309,336     $ 53,234,065  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-39
Table of Contents
PROSHARES ULTRA YEN
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 4,548,265     $ (1,266,221 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Change in unrealized (appreciation) depreciation on investments
      (3,529,664 )      1,803,229  
Decrease (Increase) in interest receivable
      (15,543 )      (91,187 ) 
Increase (Decrease) in payable to Sponsor
      6,218       20,276  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      1,009,276       466,097  
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      26,787,301       43,805,863  
Payment on shares redeemed
      (22,531,876 )      (20,884,514 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      4,255,425       22,921,349  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      5,264,701       23,387,446  
Cash, beginning of period
      48,608,105       29,977,711  
  
 
 
    
 
 
  
Cash, end of period
    $ 53,872,806     $ 53,365,157  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-40
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $34,960,911 and $–, respectively)
    $ 34,960,542      $ —   
Cash
      55,574,044        88,861,451  
Segregated cash balances with brokers for futures contracts
      31,149,219        31,873,660  
Receivable from capital shares sold
      —         3,386,356  
Receivable on open futures contracts
      5,944,855        —   
Interest receivable
      294,550        341,824  
  
 
 
     
 
 
  
Total assets
      127,923,210        124,463,291  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      6,124,308        —   
Payable on open futures contracts
      —         2,372,844  
Payable to Sponsor
      96,463        93,113  
  
 
 
     
 
 
  
Total liabilities
      6,220,771        2,465,957  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      121,702,439        121,997,334  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 127,923,210      $ 124,463,291  
  
 
 
     
 
 
  
Shares outstanding
      6,955,220        7,205,220  
  
 
 
     
 
 
  
Net asset value per share
    $ 17.50      $ 16.93  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 17.42      $ 16.92  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-41
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(29% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 25,000,000      $ 24,983,042  
4.182% due 10/21/25
      10,000,000        9,977,500  
     
 
 
  
Total short-term U.S. government and agency obligations (cost $34,960,911)
       $ 34,960,542  
     
 
 
  
 
Futures Contracts Sold
         
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
WTI Crude Oil - NYMEX, expires December 2025
      1,308      $ 81,043,680      $ 6,281,733  
WTI Crude Oil - NYMEX, expires June 2026
      1,325        81,116,500        4,243,366  
WTI Crude Oil - NYMEX, expires December 2026
      1,331        81,217,620        1,603,590  
        
 
 
  
         $ 12,128,689  
        
 
 
  
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
F-42
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
     
Nine Months Ended
September 30,
  
  
2025
    
2024
     
2025
    
2024
  
Investment Income
          
Interest
    $ 1,262,490     $ 1,865,946      $ 4,373,667     $ 6,398,993  
  
 
 
    
 
 
     
 
 
    
 
 
  
Expenses
          
Management fee
      315,179       363,340        1,090,747       1,255,680  
Brokerage commissions
      46,312       51,598        169,510       149,398  
  
 
 
    
 
 
     
 
 
    
 
 
  
Total expenses
      361,491       414,938        1,260,257       1,405,078  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net investment income (loss)
      900,999       1,451,008        3,113,410       4,993,915  
  
 
 
    
 
 
     
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
          
Net realized gain (loss) on
          
Futures contracts
      4,631,229       12,329,007        45,775,241       (330,018 ) 
Short-term U.S. government and agency obligations
      —        179        (483 )      6,958  
  
 
 
    
 
 
     
 
 
    
 
 
  
Net realized gain (loss)
      4,631,229       12,329,186        45,774,758       (323,060 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
          
Futures contracts
      (3,727,299 )      28,461,478        13,784,081       (7,530,570 ) 
Short-term U.S. government and agency obligations
      (369 )      5,390        (369 )      (3,790 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (3,727,668 )      28,466,868        13,783,712       (7,534,360 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      903,561       40,796,054        59,558,470       (7,857,420 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
Net income (loss)
    $ 1,804,560     $ 42,247,062      $ 62,671,880     $ (2,863,505 ) 
  
 
 
    
 
 
     
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-43
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 135,277,470     $ 177,620,038     $ 121,997,334     $ 188,963,592  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 5,450,000, 2,250,000, 25,450,000 and 14,900,000 shares, respectively
      88,618,278       37,421,194       410,876,000       253,860,259  
Redemption of 6,000,000, 8,700,000, 25,700,000 and 19,050,000 shares, respectively
      (103,997,869 )      (160,558,341 )      (473,842,775 )      (343,230,393 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of (550,000), (6,450,000), (250,000) and (4,150,000) shares, respectively
      (15,379,591 )      (123,137,147 )      (62,966,775 )      (89,370,134 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      900,999       1,451,008       3,113,410       4,993,915  
Net realized gain (loss)
      4,631,229       12,329,186       45,774,758       (323,060 ) 
Change in net unrealized appreciation (depreciation)
      (3,727,668 )      28,466,868       13,783,712       (7,534,360 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      1,804,560       42,247,062       62,671,880       (2,863,505 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 121,702,439     $ 96,729,953     $ 121,702,439     $ 96,729,953  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-44
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 62,671,880     $ (2,863,505 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (343,231,033 )      (301,469,671 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      309,917,637       319,998,987  
Net amortization and accretion on short-term U.S. government and agency obligations
      (1,647,998 )      (3,768,036 ) 
Net realized (gain) loss on investments
      483       (6,958 ) 
Change in unrealized (appreciation) depreciation on investments
      369       3,790  
Decrease (Increase) in receivable on open futures contracts
      (5,944,855 )      90,623  
Decrease (Increase) in interest receivable
      47,274       128,550  
Increase (Decrease) in payable to Sponsor
      3,350       (49,412 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      —        (3,509 ) 
Increase (Decrease) in payable on open futures contracts
      (2,372,844 )      4,402,659  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      19,444,263       16,463,518  
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      414,262,356       253,860,259  
Payment on shares redeemed
      (467,718,467 )      (343,398,535 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      (53,456,111 )      (89,538,276 ) 
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (34,011,848 )      (73,074,758 ) 
Cash, beginning of period
      120,735,111       141,574,168  
  
 
 
    
 
 
  
Cash, end of period
    $ 86,723,263     $ 68,499,410  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-45
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $64,845,737 and $–, respectively)
    $ 64,846,501      $ —   
Cash
      43,984,384        177,262,462  
Segregated cash balances with brokers for futures contracts
      46,401,042        81,628,795  
Receivable from capital shares sold
      7,071,768        —   
Receivable on open futures contracts
      —         19,205,533  
Interest receivable
      370,765        405,754  
  
 
 
     
 
 
  
Total assets
      162,674,460        278,502,544  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      —         17,443,727  
Payable on open futures contracts
      3,999,443        —   
Brokerage commissions and futures account fees payable
      3,572        3,166  
Payable to Sponsor
      133,487        115,508  
  
 
 
     
 
 
  
Total liabilities
      4,136,502        17,562,401  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      158,537,958        260,940,143  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 162,674,460      $ 278,502,544  
  
 
 
     
 
 
  
Shares outstanding
      4,483,712        5,983,712  
  
 
 
     
 
 
  
Net asset value per share
    $ 35.36      $ 43.61  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 34.79      $ 42.74  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-46
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(41% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 25,000,000      $ 24,983,043  
4.182% due 10/21/25
      10,000,000        9,977,500  
4.140% due 11/04/25
      30,000,000        29,885,958  
     
 
 
  
Total short-term U.S. government and agency obligations (cost $64,845,737)
       $ 64,846,501  
     
 
 
  
 
Futures Contracts Sold
         
    
Number of 
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
Natural Gas - NYMEX, expires November 2025
      9,600      $ 317,088,000      $ 13,136,253  
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
F-47
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 1,926,416     $ 1,150,564     $ 10,289,665     $ 4,075,138  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      477,225       224,779       2,536,994       797,283  
Brokerage commissions
      167,957       156,391       1,197,519       722,643  
Futures account fees
      12,126       6,899       84,863       33,910  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      657,308       388,069       3,819,376       1,553,836  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      1,269,108       762,495       6,470,289       2,521,302  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      116,766,252       90,006,232       19,539,524       90,097,297  
Short-term U.S. government and agency obligations
      33       (2,218 )      (8,305 )      (3,961 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      116,766,285       90,004,014       19,531,219       90,093,336  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      (27,090,196 )      (55,772,673 )      39,266,757       (11,395,023 ) 
Short-term U.S. government and agency obligations
      259       8,364       764       7,761  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (27,089,937 )      (55,764,309 )      39,267,521       (11,387,262 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      89,676,348       34,239,705       58,798,740       78,706,074  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ 90,945,456     $ 35,002,200     $ 65,269,029     $ 81,227,376  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-48
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 283,266,637     $ 147,292,427     $ 260,940,143     $ 140,963,092  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 6,050,000, 2,700,000, 71,800,000 and 16,700,000 shares, respectively
      183,706,873       167,655,268       1,773,382,468       864,763,170  
Redemption of 12,700,000, 3,250,000, 73,300,000 and 17,200,000 shares, respectively
      (399,381,008 )      (217,256,870 )      (1,941,053,682 )      (954,260,613 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of (6,650,000), (550,000), (1,500,000) and (500,000) shares, respectively
      (215,674,135 )      (49,601,602 )      (167,671,214 )      (89,497,443 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      1,269,108       762,495       6,470,289       2,521,302  
Net realized gain (loss)
      116,766,285       90,004,014       19,531,219       90,093,336  
Change in net unrealized appreciation (depreciation)
      (27,089,937 )      (55,764,309 )      39,267,521       (11,387,262 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      90,945,456       35,002,200       65,269,029       81,227,376  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 158,537,958     $ 132,693,025     $ 158,537,958     $ 132,693,025  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-49
Table of Contents
PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
    
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 65,269,029     $ 81,227,376  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (989,236,463 )      (232,607,254 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      929,395,135       189,472,679  
Net amortization and accretion on short-term U.S. government and agency obligations
      (5,012,714 )      (1,757,186 ) 
Net realized (gain) loss on investments
      8,305       3,961  
Change in unrealized (appreciation) depreciation on investments
      (764 )      (7,761 ) 
Decrease (Increase) in receivable on open futures contracts
      19,205,533       4,446,202  
Decrease (Increase) in interest receivable
      34,989       292,861  
Increase (Decrease) in payable to Sponsor
      17,979       (40,487 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      406       (9,361 ) 
Increase (Decrease) in payable on open futures contracts
      3,999,443       (7,601,565 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      23,680,878       33,419,465  
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      1,766,310,700       871,648,583  
Payment on shares redeemed
      (1,958,497,409 )      (954,260,613 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      (192,186,709 )      (82,612,030 ) 
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (168,505,831 )      (49,192,565 ) 
Cash, beginning of period
      258,891,257       136,172,565  
  
 
 
    
 
 
  
Cash, end of period
    $ 90,385,426     $ 86,980,000  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-50
Table of Contents
PROSHARES ULTRASHORT EURO
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Cash
    $ 29,719,293      $ 36,236,198  
Segregated cash balances with brokers for foreign currency forward contracts
      3,911,088        4,402,112  
Unrealized appreciation on foreign currency forward contracts
      868        1,189,827  
Interest receivable
      97,822        129,971  
  
 
 
     
 
 
  
Total assets
      33,729,071        41,958,108  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable to Sponsor
      26,232        32,657  
Unrealized depreciation on foreign currency forward contracts
      77,707        32,777  
  
 
 
     
 
 
  
Total liabilities
      103,939        65,434  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      33,625,132        41,892,674  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 33,729,071      $ 41,958,108  
  
 
 
     
 
 
  
Shares outstanding
      1,200,000        1,200,000  
  
 
 
     
 
 
  
Net asset value per share
    $ 28.02      $ 34.91  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 28.01      $ 34.92  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-51
Table of Contents
PROSHARES ULTRASHORT EURO
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
Foreign Currency Forward Contracts
^
          
    
Settlement Date
     
Contract Amount
in Local Currency
    
Contract Amount
in U.S. Dollars
    
Unrealized
Appreciation
(Depreciation)/
Value
  
Contracts to Purchase
          
Euro with Goldman Sachs International
      10/10/25        2,946,000     $ 3,460,997     $ (22,894 ) 
Euro with UBS AG
      10/10/25        1,242,000       1,459,117       868  
         
 
 
  
Total Unrealized Depreciation
           $ (22,026 ) 
         
 
 
  
Contracts to Sell
          
Euro with Goldman Sachs International
      10/10/25        (33,832,263 )    $ (39,746,559 )    $ (30,619 ) 
Euro with UBS AG
      10/10/25        (27,722,199 )      (32,568,382 )      (24,194 ) 
         
 
 
  
Total Unrealized Depreciation
           $ (54,813 ) 
         
 
 
  
 
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
See accompanying notes to financial statements.
 
F-52
Table of Contents
PROSHARES ULTRASHORT EURO
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 311,072     $ 400,294     $ 962,527     $ 1,288,483  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      81,835       84,768       250,845       270,996  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      81,835       84,768       250,845       270,996  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      229,237       315,526       711,682       1,017,487  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Foreign currency forward contracts
      (1,411,883 )      (1,317,854 )      (6,979,829 )      (1,360,955 ) 
Short-term U.S. government and agency obligations
      —        —        119       4,641  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (1,411,883 )      (1,317,854 )      (6,979,710 )      (1,356,314 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Foreign currency forward contracts
      1,649,460       (1,247,585 )      (1,233,889 )      1,521,143  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      1,649,460       (1,247,585 )      (1,233,889 )      1,521,143  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      237,577       (2,565,439 )      (8,213,599 )      164,829  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ 466,814     $ (2,249,913 )    $ (7,501,917 )    $ 1,182,316  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-53
Table of Contents
PROSHARES ULTRASHORT EURO
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 31,567,012     $ 38,226,983     $ 41,892,674     $ 39,367,550  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 200,000, –, 550,000 and 50,000 shares, respectively
      5,827,979       —        16,228,321       1,591,183  
Redemption of 150,000, 100,000, 550,000 and 300,000 shares, respectively
      (4,236,673 )      (3,064,562 )      (16,993,946 )      (9,228,541 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 50,000, (100,000), – and (250,000) shares, respectively
      1,591,306       (3,064,562 )      (765,625 )      (7,637,358 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      229,237       315,526       711,682       1,017,487  
Net realized gain (loss)
      (1,411,883 )      (1,317,854 )      (6,979,710 )      (1,356,314 ) 
Change in net unrealized appreciation (depreciation)
      1,649,460       (1,247,585 )      (1,233,889 )      1,521,143  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      466,814       (2,249,913 )      (7,501,917 )      1,182,316  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 33,625,132     $ 32,912,508     $ 33,625,132     $ 32,912,508  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-54
Table of Contents
PROSHARES ULTRASHORT EURO
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (7,501,917 )    $ 1,182,316  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      119       4,641  
Net realized (gain) loss on investments
      (119 )      (4,641 ) 
Change in unrealized (appreciation) depreciation on investments
      1,233,889       (1,521,143 ) 
Decrease (Increase) in interest receivable
      32,149       37,169  
Increase (Decrease) in payable to Sponsor
      (6,425 )      (6,708 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (6,242,304 )      (308,366 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      16,228,321       1,591,183  
Payment on shares redeemed
      (16,993,946 )      (9,228,541 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      (765,625 )      (7,637,358 ) 
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (7,007,929 )      (7,945,724 ) 
Cash, beginning of period
      40,638,310       41,090,342  
  
 
 
    
 
 
  
Cash, end of period
    $ 33,630,381     $ 33,144,618  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-55
Table of Contents
PROSHARES ULTRASHORT GOLD
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Cash
    $ 53,898,975      $ 13,148,117  
Segregated cash balances with brokers for futures contracts
      2,017,900        588,800  
Segregated cash balances with brokers for swap agreements
      12,161,176        2,782,413  
Unrealized appreciation on swap agreements
      —         141,581  
Interest receivable
      173,607        61,820  
  
 
 
     
 
 
  
Total assets
      68,251,658        16,722,731  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      837,316        —   
Payable on open futures contracts
      75,629        82,309  
Payable to Sponsor
      48,942        15,994  
Unrealized depreciation on swap agreements
      4,099,058        —   
  
 
 
     
 
 
  
Total liabilities
      5,060,945        98,303  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      63,190,713        16,624,428  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 68,251,658      $ 16,722,731  
  
 
 
     
 
 
  
Shares outstanding (Note 1)
      3,773,421        473,489  
  
 
 
     
 
 
  
Net asset value per share (Note 1)
    $ 16.75      $ 35.11  
  
 
 
     
 
 
  
Market value per share (Note 1) (Note 2)
    $ 16.64      $ 35.16  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-56
Table of Contents
PROSHARES ULTRASHORT GOLD
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
Futures Contracts Sold
         
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
Gold Futures - COMEX, expires December 2025
      118      $ 45,703,760      $ (2,081,600 ) 
 
Total Return Swap Agreements
^
          
    
Rate Paid
(Received)
*
    
Termination
Date
     
Notional Amount
at Value
**
    
Unrealized
Appreciation
(Depreciation)/Value
  
Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex
      0.25 %      10/06/25      $ (58,656,740 )    $ (2,973,639 ) 
Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex
      0.20     10/06/25        (8,718,813 )      (441,755 ) 
Swap agreement with UBS AG based on Bloomberg Gold Subindex
      0.25     10/06/25        (13,485,622 )      (683,664 ) 
         
 
 
  
Total Unrealized Depreciation
           $ (4,099,058 ) 
         
 
 
  
 
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
*
Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
F-57
Table of Contents
PROSHARES ULTRASHORT GOLD
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 543,256     $ 148,896     $ 1,468,731     $ 468,826  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      155,211       34,177       411,660       105,887  
Brokerage commissions
      2,719       920       14,541       3,138  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      157,930       35,097       426,201       109,025  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      385,326       113,799       1,042,530       359,801  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (2,131,476 )      (722,224 )      1,974,272       (2,348,472 ) 
Swap agreements
      (7,008,905 )      (687,295 )      (8,711,158 )      (2,975,334 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (9,140,381 )      (1,409,519 )      (6,736,886 )      (5,323,806 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      (2,544,052 )      (291,313 )      (2,202,656 )      20,023  
Swap agreements
      (5,507,055 )      (1,471,680 )      (4,240,639 )      (863,159 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (8,051,107 )      (1,762,993 )      (6,443,295 )      (843,136 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (17,191,488 )      (3,172,512 )      (13,180,181 )      (6,166,942 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ (16,806,162 )    $ (3,058,713 )    $ (12,137,651 )    $ (5,807,141 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-58
Table of Contents
PROSHARES ULTRASHORT GOLD
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 76,838,176     $ 16,131,791     $ 16,624,428     $ 11,795,779  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 2,650,000, 300,000, 16,350,000 and 625,000 shares, respectively (Note 1)
      51,416,393       10,718,138       359,391,795       25,250,693  
Redemption of 2,300,000, 150,000, 13,050,068 and 325,000 shares, respectively (Note 1)
      (48,257,694 )      (5,732,726 )      (300,687,859 )      (13,180,841 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 350,000, 150,000, 3,299,932 and 300,000 shares, respectively (Note 1)
      3,158,699       4,985,412       58,703,936       12,069,852  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      385,326       113,799       1,042,530       359,801  
Net realized gain (loss)
      (9,140,381 )      (1,409,519 )      (6,736,886 )      (5,323,806 ) 
Change in net unrealized appreciation (depreciation)
      (8,051,107 )      (1,762,993 )      (6,443,295 )      (843,136 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (16,806,162 )      (3,058,713 )      (12,137,651 )      (5,807,141 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 63,190,713     $ 18,058,490     $ 63,190,713     $ 18,058,490  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-59
Table of Contents
PROSHARES ULTRASHORT GOLD
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (12,137,651 )    $ (5,807,141 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Change in unrealized (appreciation) depreciation on investments
      4,240,639       863,159  
Decrease (Increase) in receivable on open futures contracts
      —        (20,392 ) 
Decrease (Increase) in interest receivable
      (111,787 )      (3,914 ) 
Increase (Decrease) in payable to Sponsor
      32,948       1,279  
Increase (Decrease) in payable on open futures contracts
      (6,680 )      —   
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (7,982,531 )      (4,967,009 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      359,391,795       25,250,693  
Payment on shares redeemed
      (299,850,543 )      (13,180,841 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      59,541,252       12,069,852  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      51,558,721       7,102,843  
Cash, beginning of period
      16,519,330       11,946,483  
  
 
 
    
 
 
  
Cash, end of period
    $ 68,078,051     $ 19,049,326  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-60
Table of Contents
PROSHARES ULTRASHORT SILVER
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Cash
    $ 21,848,817      $ 10,846,306  
Segregated cash balances with brokers for futures contracts
      1,536,000        839,500  
Segregated cash balances with brokers for swap agreements
      12,165,917        9,082,795  
Unrealized appreciation on swap agreements
      —         2,954,018  
Receivable on open futures contracts
      285,866        8,500  
Interest receivable
      56,977        49,804  
  
 
 
     
 
 
  
Total assets
      35,893,577        23,780,923  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      1,548,373        —   
Payable on open futures contracts
      —         9,092  
Payable to Sponsor
      20,875        19,212  
Unrealized depreciation on swap agreements
      3,972,249        —   
  
 
 
     
 
 
  
Total liabilities
      5,541,497        28,304  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      30,352,080        23,752,619  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 35,893,577      $ 23,780,923  
  
 
 
     
 
 
  
Shares outstanding
     1,960,264        560,264  
  
 
 
     
 
 
  
Net asset value per share
   $ 15.48      $ 42.40  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 15.37      $ 42.00  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-61
Table of Contents
PROSHARES ULTRASHORT SILVER
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
Futures Contracts Sold
         
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
Silver Futures - COMEX, expires December 2025
      95      $ 22,154,000      $ (1,395,989 ) 
 
Total Return Swap Agreements
^
          
    
Rate Paid
(Received)
*
    
Termination
Date
     
Notional Amount
at Value
**
    
Unrealized
Appreciation
(Depreciation)/Value
  
Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex
      0.25 %      10/06/25      $ (16,586,295 )    $ (1,728,291 ) 
Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex
      0.25     10/06/25        (17,367,383 )      (1,766,648 ) 
Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex
      0.30     10/06/25        (2,395,647 )      (243,755 ) 
Swap agreement with UBS AG based on Bloomberg Silver Subindex
      0.25     10/06/25        (2,295,985 )      (233,555 ) 
         
 
 
  
Total Unrealized Depreciation
           $ (3,972,249 ) 
         
 
 
  
 
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
*
Reflects the floating financing rate, as of September 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions. Total Return Swap Agreements payment is due at termination/maturity.
**
For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index.
See accompanying notes to financial statements.
 
F-62
Table of Contents
PROSHARES ULTRASHORT SILVER
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 202,742     $ 672,005     $ 607,679     $ 1,650,859  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      68,100       149,940       202,348       380,119  
Brokerage commissions
      3,060       14,921       13,179       34,808  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      71,160       164,861       215,527       414,927  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      131,582       507,144       392,152       1,235,932  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (1,886,271 )      (343,339 )      (4,406,449 )      (2,680,569 ) 
Swap agreements
      (4,960,701 )      6,337,066       (8,876,741 )      (1,615,822 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (6,846,972 )      5,993,727       (13,283,190 )      (4,296,391 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      (2,013,669 )      (898,913 )      (1,907,904 )      (1,705,528 ) 
Swap agreements
      (4,259,901 )      (8,621,838 )      (6,926,267 )      (4,331,001 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (6,273,570 )      (9,520,751 )      (8,834,171 )      (6,036,529 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (13,120,542 )      (3,527,024 )      (22,117,361 )      (10,332,920 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ (12,988,960 )    $ (3,019,880 )    $ (21,725,209 )    $ (9,096,988 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-63
Table of Contents
PROSHARES ULTRASHORT SILVER
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
    
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 35,410,975     $ 76,198,743     $ 23,752,619     $ 65,149,686  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 2,100,000, 687,500, 4,750,000 and 2,937,500 shares, respectively
      40,349,909       27,486,842       120,402,312       143,592,568  
Redemption of 1,500,000, 1,537,500, 3,350,000 and 2,987,500 shares, respectively
      (32,419,844 )      (68,442,983 )      (92,077,642 )      (167,422,544 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 600,000, (850,000), 1,400,000 and (50,000) shares, respectively
      7,930,065       (40,956,141 )      28,324,670       (23,829,976 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      131,582       507,144       392,152       1,235,932  
Net realized gain (loss)
      (6,846,972 )      5,993,727       (13,283,190 )      (4,296,391 ) 
Change in net unrealized appreciation (depreciation)
      (6,273,570 )      (9,520,751 )      (8,834,171 )      (6,036,529 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (12,988,960 )      (3,019,880 )      (21,725,209 )      (9,096,988 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 30,352,080     $ 32,222,722     $ 30,352,080     $ 32,222,722  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-64
Table of Contents
PROSHARES ULTRASHORT SILVER
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
    
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (21,725,209 )    $ (9,096,988 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Change in unrealized (appreciation) depreciation on investments
      6,926,267       4,331,001  
Decrease (Increase) in receivable on open futures contracts
      (277,366 )      240,198  
Decrease (Increase) in interest receivable
      (7,173 )      56,956  
Increase (Decrease) in payable to Sponsor
      1,663       (14,490 ) 
Increase (Decrease) in payable on open futures contracts
      (9,092 )      —   
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (15,090,910 )      (4,483,323 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      120,402,312       144,499,593  
Payment on shares redeemed
      (90,529,269 )      (167,422,544 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      29,873,043       (22,922,951 ) 
  
 
 
    
 
 
  
Net increase (decrease) in cash
      14,782,133       (27,406,274 ) 
Cash, beginning of period
      20,768,601       64,596,871  
  
 
 
    
 
 
  
Cash, end of period
    $ 35,550,734     $ 37,190,597  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-65
Table of Contents
PROSHARES ULTRASHORT YEN
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Cash
    $ 21,477,909      $ 21,059,078  
Segregated cash balances with brokers for foreign currency forward contracts
      2,487,690        2,736,018  
Unrealized appreciation on foreign currency forward contracts
      386,989        2,283,588  
Receivable from capital shares sold
      4,452,385        —   
Interest receivable
      83,381        76,797  
  
 
 
     
 
 
  
Total assets
      28,888,354        26,155,481  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable to Sponsor
      21,772        19,957  
Unrealized depreciation on foreign currency forward contracts
      57,868        55,229  
  
 
 
     
 
 
  
Total liabilities
      79,640        75,186  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      28,808,714        26,080,295  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 28,888,354      $ 26,155,481  
  
 
 
     
 
 
  
Shares outstanding
      647,160        547,160  
  
 
 
     
 
 
  
Net asset value per share
    $ 44.52      $ 47.66  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 44.58      $ 46.68  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-66
Table of Contents
PROSHARES ULTRASHORT YEN
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
Foreign Currency Forward Contracts
^
 
    
Settlement Date
     
Contract Amount
in Local Currency
    
Contract Amount
in U.S. Dollars
    
Unrealized
Appreciation
(Depreciation)/
Value
  
Contracts to Purchase
          
Yen with Goldman Sachs International
      10/10/25        1,489,706,000     $ 10,085,086     $ (57,868 ) 
Yen with UBS AG
      10/10/25        895,877,000       6,064,953       56,297  
         
 
 
  
Total Unrealized Depreciation
           $ (1,571 ) 
         
 
 
  
Contracts to Sell
          
Yen with Goldman Sachs International
      10/10/25        (5,019,125,165 )    $ (33,978,724 )    $ 191,111  
Yen with UBS AG
      10/10/25        (5,878,242,424 )      (39,794,820 )      139,581  
         
 
 
  
Total Unrealized Appreciation
           $ 330,692  
         
 
 
  
 
^
The positions and counterparties herein are as of September 30, 2025. The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change. New counterparties can be added at any time.
See accompanying notes to financial statements.
 
F-67
Table of Contents
PROSHARES ULTRASHORT YEN
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
     
2024
    
2025
    
2024
  
Investment Income
          
Interest
    $ 252,079      $ 449,333     $ 669,840     $ 1,220,993  
  
 
 
     
 
 
    
 
 
    
 
 
  
Expenses
          
Management fee
      65,061        93,279       172,164       256,361  
  
 
 
     
 
 
    
 
 
    
 
 
  
Total expenses
      65,061        93,279       172,164       256,361  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      187,018        356,054       497,676       964,632  
  
 
 
     
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
          
Net realized gain (loss) on
          
Foreign currency forward contracts
      844,126        (5,013,671 )      (452,892 )      1,109,169  
Short-term U.S. government and agency obligations
      —         —        91       3,541  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      844,126        (5,013,671 )      (452,801 )      1,112,710  
  
 
 
     
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
          
Foreign currency forward contracts
      616,122        (3,366,298 )      (1,899,238 )      1,101,721  
  
 
 
     
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      616,122        (3,366,298 )      (1,899,238 )      1,101,721  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      1,460,248        (8,379,969 )      (2,352,039 )      2,214,431  
  
 
 
     
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ 1,647,266      $ (8,023,915 )    $ (1,854,363 )    $ 3,179,063  
  
 
 
     
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-68
Table of Contents
PROSHARES ULTRASHORT YEN
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 20,559,703     $ 47,495,032     $ 26,080,295     $ 24,010,010  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 500,000, 300,000, 750,000 and 900,000 shares, respectively
      22,025,707       12,483,356       32,873,388       37,504,826  
Redemption of 350,000, 400,000, 650,000 and 700,000 shares, respectively
      (15,423,962 )      (17,049,549 )      (28,290,606 )      (29,788,975 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 150,000, (100,000), 100,000 and 200,000 shares, respectively
      6,601,745       (4,566,193 )      4,582,782       7,715,851  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      187,018       356,054       497,676       964,632  
Net realized gain (loss)
      844,126       (5,013,671 )      (452,801 )      1,112,710  
Change in net unrealized appreciation (depreciation)
      616,122       (3,366,298 )      (1,899,238 )      1,101,721  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      1,647,266       (8,023,915 )      (1,854,363 )      3,179,063  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 28,808,714     $ 34,904,924     $ 28,808,714     $ 34,904,924  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-69
Table of Contents
PROSHARES ULTRASHORT YEN
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (1,854,363 )    $ 3,179,063  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      91       3,541  
Net realized (gain) loss on investments
      (91 )      (3,541 ) 
Change in unrealized (appreciation) depreciation on investments
      1,899,238       (1,101,721 ) 
Decrease (Increase) in interest receivable
      (6,584 )      (34,604 ) 
Increase (Decrease) in payable to Sponsor
      1,815       7,853  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      40,106       2,050,591  
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      28,421,003       37,504,826  
Payment on shares redeemed
      (28,290,606 )      (29,788,975 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      130,397       7,715,851  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      170,503       9,766,442  
Cash, beginning of period
      23,795,096       25,242,327  
  
 
 
    
 
 
  
Cash, end of period
    $ 23,965,599     $ 35,008,769  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-70
Table of Contents
PROSHARES VIX MID-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Cash
    $ 38,272,676      $ 24,122,440  
Segregated cash balances with brokers for futures contracts
      6,226,012        3,959,399  
Receivable on open futures contracts
      —         557  
Interest receivable
      127,445        99,278  
  
 
 
     
 
 
  
Total assets
      44,626,133        28,181,674  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable on open futures contracts
      73,925        50,382  
Brokerage commissions and futures account fees payable
      1,701        1,656  
Payable to Sponsor
      27,860        18,426  
  
 
 
     
 
 
  
Total liabilities
      103,486        70,464  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      44,522,647        28,111,210  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 44,626,133      $ 28,181,674  
  
 
 
     
 
 
  
Shares outstanding
      2,812,403        1,937,403  
  
 
 
     
 
 
  
Net asset value per share
    $ 15.83      $ 14.51  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 15.82      $ 14.46  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-71
Table of Contents
PROSHARES VIX MID-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
Futures Contracts Purchased
 
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
VIX Futures – Cboe, expires January 2026
      422      $ 8,730,547      $ (463,832 ) 
VIX Futures – Cboe, expires February 2026
      703        14,846,376        (674,131 ) 
VIX Futures – Cboe, expires March 2026
      703        14,926,166        (393,315 ) 
VIX Futures – Cboe, expires April 2026
      281        6,027,450        (29,900 ) 
        
 
 
  
         $ (1,561,178 ) 
        
 
 
  
See accompanying notes to financial statements.
 
F-72
Table of Contents
PROSHARES VIX MID-TERM FUTURES ETF
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 322,262     $ 370,229     $ 820,355     $ 1,992,242  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      74,709       66,736       188,230       354,943  
Brokerage commissions
      10,101       8,201       28,555       94,413  
Futures account fees
      4,599       4,605       9,723       21,146  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      89,409       79,542       226,508       470,502  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      232,853       290,687       593,847       1,521,740  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (1,349,262 )      2,713,658       4,084,920       (12,344,229 ) 
Short-term U.S. government and agency obligations
      —        271       84       3,549  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (1,349,262 )      2,713,929       4,085,004       (12,340,680 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      (1,372,511 )      457,557       (1,583,444 )      4,340,208  
Short-term U.S. government and agency obligations
      —        (2,519 )      —        —   
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (1,372,511 )      455,038       (1,583,444 )      4,340,208  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (2,721,773 )      3,168,967       2,501,560       (8,000,472 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ (2,488,920 )    $ 3,459,654     $ 3,095,407     $ (6,478,732 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-73
Table of Contents
PROSHARES VIX MID-TERM FUTURES ETF
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 21,537,610     $ 33,401,452     $ 28,111,210     $ 37,866,143  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 1,600,000, 825,000, 2,925,000 and 9,450,000 shares, respectively
      26,715,374       12,229,924       47,261,354       147,418,801  
Redemption of 75,000, 575,000, 2,050,000 and 9,125,000 shares, respectively
      (1,241,417 )      (10,107,196 )      (33,945,324 )      (139,822,378 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 1,525,000, 250,000, 875,000 and 325,000 shares, respectively
      25,473,957       2,122,728       13,316,030       7,596,423  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      232,853       290,687       593,847       1,521,740  
Net realized gain (loss)
      (1,349,262 )      2,713,929       4,085,004       (12,340,680 ) 
Change in net unrealized appreciation (depreciation)
      (1,372,511 )      455,038       (1,583,444 )      4,340,208  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (2,488,920 )      3,459,654       3,095,407       (6,478,732 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 44,522,647     $ 38,983,834     $ 44,522,647     $ 38,983,834  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-74
Table of Contents
PROSHARES VIX MID-TERM FUTURES ETF
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 3,095,407     $ (6,478,732 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      —        (49,330,764 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      84       49,719,851  
Net amortization and accretion on short-term U.S. government and agency obligations
      —        (385,538 ) 
Net realized (gain) loss on investments
      (84 )      (3,549 ) 
Decrease (Increase) in receivable on open futures contracts
      557       137,945  
Decrease (Increase) in interest receivable
      (28,167 )      47,971  
Increase (Decrease) in payable to Sponsor
      9,434       (3,138 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      45       (977 ) 
Increase (Decrease) in payable on open futures contracts
      23,543       474,255  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      3,100,819       (5,822,676 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      47,261,354       147,418,801  
Payment on shares redeemed
      (33,945,324 )      (139,822,378 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      13,316,030       7,596,423  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      16,416,849       1,773,747  
Cash, beginning of period
      28,081,839       37,611,189  
  
 
 
    
 
 
  
Cash, end of period
    $ 44,498,688     $ 39,384,936  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-75
Table of Contents
PROSHARES VIX SHORT-TERM FUTURES ETF
STATEMENTS OF FINANCIAL CONDITION
 
    
September 30,
2025
(unaudited)
     
December 31,
2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $129,526,844 and $24,931,067, respectively)
    $ 129,533,779      $ 24,937,875  
Cash
      60,490,726        54,919,200  
Segregated cash balances with brokers for futures contracts
      138,214,552        50,955,604  
Receivable on open futures contracts
      2,618,122        2,613,474  
Interest receivable
      616,620        310,926  
  
 
 
     
 
 
  
Total assets
      331,473,799        133,737,079  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable on open futures contracts
      1,712,496        —   
Brokerage commissions and futures account fees payable
      26,111        9,271  
Payable to Sponsor
      150,710        86,193  
  
 
 
     
 
 
  
Total liabilities
      1,889,317        95,464  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      329,584,482        133,641,615  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 331,473,799      $ 133,737,079  
  
 
 
     
 
 
  
Shares outstanding
      10,241,252        2,966,252  
  
 
 
     
 
 
  
Net asset value per share
    $ 32.18      $ 45.05  
  
 
 
     
 
 
  
Market value per share (Note 2)
    $ 32.30      $ 45.02  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-76
Table of Contents
PROSHARES VIX SHORT-TERM FUTURES ETF
SCHEDULE OF INVESTMENTS
SEPTEMBER 30, 2025
(unaudited)
 
    
Principal Amount
     
Value
  
Short-term U.S. government and agency obligations
      
(39% of shareholders’ equity)
      
U.S. Treasury Bills
^^
:
      
4.329% due 10/07/25
    $ 20,000,000      $ 19,986,434  
4.182% due 10/21/25
      10,000,000        9,977,500  
4.140% due 11/04/25
      50,000,000        49,809,930  
4.203% due 11/13/25
      50,000,000        49,759,915  
     
 
 
  
Total short-term U.S. government and agency obligations
      
(cost $129,526,844)
       $ 129,533,779  
     
 
 
  
Futures Contracts Purchased
 
    
Number of
Contracts
     
Notional Amount
at Value
     
Unrealized
Appreciation
(Depreciation)/Value
  
VIX Futures - Cboe, expires October 2025
      10,829      $ 190,460,452      $ (10,656,130 ) 
VIX Futures - Cboe, expires November 2025
      7,218        138,940,726        (1,004,955 ) 
        
 
 
  
         $ (11,661,085 ) 
        
 
 
  
 
^^
Rates shown represent discount rate at the time of purchase.
See accompanying notes to financial statements.
 
F-77
Table of Contents
PROSHARES VIX SHORT-TERM FUTURES ETF
STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 2,597,119     $ 1,554,282     $ 5,348,650     $ 4,932,465  
  
 
 
    
 
 
    
 
 
    
 
 
  
Expenses
         
Management fee
      628,098       298,739       1,280,780       945,176  
Brokerage commissions
      160,166       109,695       448,329       189,358  
Futures account fees
      61,987       25,438       150,648       89,976  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      850,251       433,872       1,879,757       1,224,510  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      1,746,868       1,120,410       3,468,893       3,707,955  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (109,920,952 )      47,467,197       (33,147,346 )      (11,804,121 ) 
Short-term U.S. government and agency obligations
      100       (1,223 )      727       3,607  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (109,920,852 )      47,465,974       (33,146,619 )      (11,800,514 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      (1,519,372 )      5,170,981       (16,054,412 )      12,174,255  
Short-term U.S. government and agency obligations
      6,935       8,134       127       (3,751 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      (1,512,437 )      5,179,115       (16,054,285 )      12,170,504  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      (111,433,289 )      52,645,089       (49,200,904 )      369,990  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ (109,686,421 )    $ 53,765,499     $ (45,732,011 )    $ 4,077,945  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-78
Table of Contents
PROSHARES VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended 
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 164,541,842     $ 148,420,028     $ 133,641,615     $ 157,321,746  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 7,000,000, 2,637,500, 14,225,000 and 4,512,500 shares, respectively
      284,674,514       119,479,226       617,353,813       215,111,517  
Redemption of 275,000, 2,725,000, 6,950,000 and 3,712,500 shares, respectively
      (9,945,453 )      (158,267,320 )      (375,678,935 )      (213,113,775 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 6,725,000, (87,500), 7,275,000 and 800,000 shares, respectively
      274,729,061       (38,788,094 )      241,674,878       1,997,742  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      1,746,868       1,120,410       3,468,893       3,707,955  
Net realized gain (loss)
      (109,920,852 )      47,465,974       (33,146,619 )      (11,800,514 ) 
Change in net unrealized appreciation (depreciation)
      (1,512,437 )      5,179,115       (16,054,285 )      12,170,504  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      (109,686,421 )      53,765,499       (45,732,011 )      4,077,945  
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 329,584,482     $ 163,397,433     $ 329,584,482     $ 163,397,433  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-79
Table of Contents
PROSHARES VIX SHORT-TERM FUTURES ETF
STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ (45,732,011 )    $ 4,077,945  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (397,638,916 )      (242,444,601 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      294,724,927       239,782,389  
Net amortization and accretion on short-term U.S. government and agency obligations
      (1,681,061 )      (2,462,980 ) 
Net realized (gain) loss on investments
      (727 )      (3,607 ) 
Change in unrealized (appreciation) depreciation on investments
      (127 )      3,751  
Decrease (Increase) in receivable on open futures contracts
      (4,648 )      2,362,837  
Decrease (Increase) in interest receivable
      (305,694 )      (30,058 ) 
Increase (Decrease) in payable to Sponsor
      64,517       12,394  
Increase (Decrease) in brokerage commissions and futures account fees payable
      16,840       (5,916 ) 
Increase (Decrease) in payable on open futures contracts
      1,712,496       2,827,581  
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (148,844,404 )      4,119,735  
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      617,353,813       215,111,517  
Payment on shares redeemed
      (375,678,935 )      (213,113,775 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      241,674,878       1,997,742  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      92,830,474       6,117,477  
Cash, beginning of period
      105,874,804       95,126,975  
  
 
 
    
 
 
  
Cash, end of period
    $ 198,705,278     $ 101,244,452  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-80
Table of Contents
PROSHARES TRUST II
COMBINED STATEMENTS OF FINANCIAL CONDITION
 
    
September 30, 2025
(unaudited)
     
December 31, 2024
  
Assets
      
Short-term U.S. government and agency obligations (Note 3) (cost $2,242,816,917 and $473,690,268, respectively)
    $ 2,242,894,070      $ 473,819,625  
Cash
      914,912,676        1,765,501,542  
Segregated cash balances with brokers for futures contracts
      1,057,475,757        622,689,660  
Segregated cash balances with brokers for foreign currency forward contracts
      13,926,728        16,562,030  
Segregated cash balances with brokers for swap agreements
      174,387,662        172,690,806  
Unrealized appreciation on swap agreements
      138,416,724        41,311,209  
Unrealized appreciation on foreign currency forward contracts
      399,316        3,621,921  
Receivable from capital shares sold
      28,501,972        14,352,999  
Receivable on open futures contracts
      44,189,812        35,746,889  
Interest receivable
      6,499,218        5,627,491  
  
 
 
     
 
 
  
Total assets
      4,621,603,935        3,151,924,172  
  
 
 
     
 
 
  
Liabilities and shareholders’ equity
      
Liabilities
      
Payable for capital shares redeemed
      67,884,921        20,192,198  
Payable on open futures contracts
      19,871,076        44,527,123  
Brokerage commissions and futures account fees payable
      128,953        59,280  
Payable to Sponsor
      3,230,935        2,525,993  
Unrealized depreciation on swap agreements
      9,115,646        54,867,040  
Unrealized depreciation on foreign currency forward contracts
      823,326        4,618,937  
  
 
 
     
 
 
  
Total liabilities
      101,054,857        126,790,571  
  
 
 
     
 
 
  
Commitments and Contingencies (Note 2)
Shareholders’ equity
      
Shareholders’ equity
      4,520,549,078        3,025,133,601  
  
 
 
     
 
 
  
Total liabilities and shareholders’ equity
    $ 4,621,603,935      $ 3,151,924,172  
  
 
 
     
 
 
  
Shares outstanding
(Note 1)
      167,898,328        98,048,396  
  
 
 
     
 
 
  
See accompanying notes to financial statements.
 
F-81
Table of Contents
PROSHARES TRUST II
COMBINED STATEMENTS OF OPERATIONS
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Investment Income
         
Interest
    $ 35,035,517     $ 39,528,194     $ 97,594,828     $ 106,909,661  
Expenses
         
Management fee
      9,646,879       7,995,932       25,738,122       22,614,312  
Brokerage commissions
      2,069,590       2,024,482       6,222,172       5,855,049  
Futures account fees
      376,767       171,268       926,217       571,653  
  
 
 
    
 
 
    
 
 
    
 
 
  
Total expenses
      12,093,236       10,191,682       32,886,511       29,041,014  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      22,942,281       29,336,512       64,708,317       77,868,647  
  
 
 
    
 
 
    
 
 
    
 
 
  
Realized and unrealized gain (loss) on investment activity
         
Net realized gain (loss) on
         
Futures contracts
      (479,137,704 )      (307,323,493 )      34,173,246       (402,765,202 ) 
Swap agreements
      138,642,579       (135,617,033 )      281,439,795       101,481,166  
Foreign currency forward contracts
      (3,619,358 )      685,622       (6,636,327 )      (706,613 ) 
Short-term U.S. government and agency obligations
      1,963       (2,730 )      (7,238 )      68,411  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized gain (loss)
      (344,112,520 )      (442,257,634 )      308,969,476       (301,922,238 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation) on
         
Futures contracts
      262,020,671       310,081,124       157,783,445       140,846,867  
Swap agreements
      134,779,200       92,748,602       142,856,909       79,434,255  
Foreign currency forward contracts
      409,398       (1,808,721 )      573,006       559,336  
Short-term U.S. government and agency obligations
      73,421       229,199       (52,204 )      103,742  
  
 
 
    
 
 
    
 
 
    
 
 
  
Change in net unrealized appreciation (depreciation)
      397,282,690       401,250,204       301,161,156       220,944,200  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net realized and unrealized gain (loss)
      53,170,170       (41,007,430 )      610,130,632       (80,978,038 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
    $ 76,112,451     $ (11,670,918 )    $ 674,838,949     $ (3,109,391 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-82
Table of Contents
PROSHARES TRUST II
COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(unaudited)
 
    
Three Months Ended
September 30,
    
Nine Months Ended
September 30,
  
  
2025
    
2024
    
2025
    
2024
  
Shareholders’ equity, beginning of period
    $ 3,651,955,802     $ 3,121,155,340     $ 3,025,133,601     $ 3,282,832,126  
  
 
 
    
 
 
    
 
 
    
 
 
  
Addition of 119,050,000, 76,550,000, 388,950,000 and 163,565,000 shares, respectively (Note 1)
      2,984,794,086       2,755,933,016       10,372,706,221       6,212,835,038  
Redemption of 77,150,000, 66,167,500, 319,100,068 and 153,621,248 shares, respectively (Note 1)
      (2,192,313,261 )      (2,396,205,904 )      (9,552,129,693 )      (6,023,346,239 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Net addition (redemption) of 41,900,000, 10,382,500, 69,849,932 and 9,943,752 shares, respectively (Note 1)
      792,480,825       359,727,112       820,576,528       189,488,799  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net investment income (loss)
      22,942,281       29,336,512       64,708,317       77,868,647  
Net realized gain (loss)
      (344,112,520 )      (442,257,634 )      308,969,476       (301,922,238 ) 
Change in net unrealized appreciation (depreciation)
      397,282,690       401,250,204       301,161,156       220,944,200  
  
 
 
    
 
 
    
 
 
    
 
 
  
Net income (loss)
      76,112,451       (11,670,918 )      674,838,949       (3,109,391 ) 
  
 
 
    
 
 
    
 
 
    
 
 
  
Shareholders’ equity, end of period
    $ 4,520,549,078     $ 3,469,211,534     $ 4,520,549,078     $ 3,469,211,534  
  
 
 
    
 
 
    
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-83
Table of Contents
PROSHARES TRUST II
COMBINED STATEMENTS OF CASH FLOWS
(unaudited)
 
    
Nine Months Ended
September 30,
  
  
2025
    
2024
  
Cash flow from operating activities
     
Net income (loss)
    $ 674,838,949     $ (3,109,391 ) 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
     
Purchases of short-term U.S. government and agency obligations
      (9,425,920,779 )      (5,040,839,051 ) 
Proceeds from sales or maturities of short-term U.S. government and agency obligations
      7,699,905,958       4,121,998,020  
Net amortization and accretion on short-term U.S. government and agency obligations
      (43,119,066 )      (49,334,959 ) 
Net realized (gain) loss on investments
      7,238       (68,411 ) 
Change in unrealized (appreciation) depreciation on investments
      (143,377,711 )      (80,097,333 ) 
Decrease (Increase) in receivable on futures contracts
      (8,442,923 )      (2,257,567 ) 
Decrease (Increase) in interest receivable
      (871,727 )      828,668  
Increase (Decrease) in payable to Sponsor
      704,942       (76,656 ) 
Increase (Decrease) in brokerage commissions and futures account fees payable
      69,673       (85,759 ) 
Increase (Decrease) in payable on futures contracts
      (24,656,047 )      (12,205,145 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) operating activities
      (1,270,861,493 )      (1,065,247,584 ) 
  
 
 
    
 
 
  
Cash flow from financing activities
     
Proceeds from addition of shares
      10,358,557,248       6,232,893,251  
Payment on shares redeemed
      (9,504,436,970 )      (5,988,506,513 ) 
  
 
 
    
 
 
  
Net cash provided by (used in) financing activities
      854,120,278       244,386,738  
  
 
 
    
 
 
  
Net increase (decrease) in cash
      (416,741,215 )      (820,860,846 ) 
Cash, beginning of period
      2,577,444,038       2,597,706,107  
  
 
 
    
 
 
  
Cash, end of period
    $ 2,160,702,823     $ 1,776,845,261  
  
 
 
    
 
 
  
See accompanying notes to financial statements.
 
F-84
Table of Contents
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.
 
F-85
Table of Contents
Fund
   
Execution Date
(Prior to Opening
of Trading)
   
Type of Split
   
Date Trading
Resumed at Post-
Split Price
  
ProShares Short VIX Short-Term Futures    April 10, 2024    2-for-1 forward Share split      April 11, 2024  
ProShares UltraShort Bloomberg Natural Gas    April 10, 2024    2-for-1 forward Share split      April 11, 2024  
ProShares Ultra VIX Short-Term Futures    April 10, 2024    1-for-5 reverse Share split      April 11, 2024  
ProShares VIX Short-Term Futures    November 6, 2024    1-for-4 reverse Share split      November 7, 2024  
ProShares Ultra Bloomberg Natural Gas    November 6, 2024    1-for-5 reverse Share split      November 7, 2024  
ProShares UltraShort Silver    November 6, 2024    1-for-4 reverse Share split      November 7, 2024  
ProShares UltraShort Yen    November 6, 2024    2-for-1 forward Share split      November 7, 2024  
ProShares Ultra Gold    June 12, 2025    4-for-1 forward Share split      June 13, 2025  
ProShares UltraShort Gold    June 12, 2025    1-for-2 reverse Share split      June 13, 2025  
The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split.
The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split.
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES
Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025.
Use of Estimates & Indemnifications
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote.
Basis of Presentation
Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund.
 
F-86
Table of Contents
Statements of Cash Flows
The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated September 30, 2025 and 2024, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments.
Final Net Asset Value for Fiscal Period
The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the nine months ended September 30, 2025 were typically as follows. All times are Eastern Standard Time:
 
    
Create/Redeem
   
NAV Calculation
   
NAV
Fund
   
Cut-off*
   
Time
   
Calculation Date
Ultra Silver and UltraShort Silver    1:00 p.m.    1:25 p.m.    September 30, 2025
Ultra Gold and UltraShort Gold    1:00 p.m.    1:30 p.m.    September 30, 2025
Ultra Bloomberg Crude Oil,         
Ultra Bloomberg Natural Gas,         
UltraShort Bloomberg Crude Oil and          September 30, 2025
UltraShort Bloomberg Natural Gas    2:00 p.m.    2:30 p.m.    September 30, 2025
Ultra Euro,          September 30, 2025
Ultra Yen,          September 30, 2025
UltraShort Euro and         
UltraShort Yen    3:00 p.m.    4:00 p.m.    September 30, 2025
Short VIX Short-Term Futures ETF,          September 30, 2025
Ultra VIX Short-Term Futures ETF,          September 30, 2025
VIX Mid-Term Futures ETF and         
VIX Short-Term Futures ETF   
2:00 p.m.
   
4:00 p.m
.		    September 30, 2025
 
*
Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the nine months ended September 30, 2025.
Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated.
For financial reporting purposes, the Funds value investment transactions based upon the final closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the nine months ended September 30, 2025.
Investment Valuation
Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy.
Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy.
Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level I in the fair value hierarchy. Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy. The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position. Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy.
 
F-87
Table of Contents
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.
 
F-88
Table of Contents
The following table summarizes the valuation of investments at September 30, 2025 using the fair value hierarchy:
 
    
Level I - Quoted Prices
    
Level II - Other Significant

Observable Inputs
  
Fund
   
Short-Term U.S.
Government and
Agencies
     
Futures
Contracts
*
    
Foreign
Currency
Forward
Contracts
    
Swap
Agreements
    
Total
  
ProShares Short VIX Short-Term Futures ETF
    $ 89,767,081      $ 6,713,866     $ —      $ —      $ 96,480,947  
ProShares Ultra Bloomberg Crude Oil
      154,501,105        1,336,739       —        (1,044,339 )      154,793,505  
ProShares Ultra Bloomberg Natural Gas
      308,827,473        (1,049,205 )      —        —        307,778,268  
ProShares Ultra Euro
      —         —        9,341       —        9,341  
ProShares Ultra Gold
      608,009,273        101,806,050       —        34,537,917       744,353,240  
ProShares Ultra Silver
      742,885,457        143,513,534       —        103,878,807       990,277,798  
ProShares Ultra VIX Short-Term Futures ETF
      109,562,859        (36,096,377 )      —        —        73,466,482  
ProShares Ultra Yen
      —         —        (685,633 )      —        (685,633 ) 
ProShares UltraShort Bloomberg Crude Oil
      34,960,542        12,128,689       —        —        47,089,231  
ProShares UltraShort Bloomberg Natural Gas
      64,846,501        13,136,253       —        —        77,982,754  
ProShares UltraShort Euro
      —         —        (76,839 )      —        (76,839 ) 
ProShares UltraShort Gold
      —         (2,081,600 )      —        (4,099,058 )      (6,180,658 ) 
ProShares UltraShort Silver
      —         (1,395,989 )      —        (3,972,249 )      (5,368,238 ) 
ProShares UltraShort Yen
      —         —        329,121       —        329,121  
ProShares VIX Mid-Term Futures ETF
      —         (1,561,178 )      —        —        (1,561,178 ) 
ProShares VIX Short-Term Futures ETF
      129,533,779        (11,661,085 )      —        —        117,872,694  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Combined Trust:
   
$
2,242,894,070
 
   
$
224,789,697
 
  
$
(424,010
) 
  
$
129,301,078
 
  
$
2,596,560,835
 
 
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
There were no transfers into or out of Level 3 for the quarter ended September 30, 2025.
 
F-89
Table of Contents
The following table summarizes the valuation of investments at December 31, 2024 using the fair value hierarchy:
 
    
Level I - Quoted Prices
    
Level II - Other Significant

Observable Inputs
  
Fund
   
Short-Term U.S.
Government and
Agencies
     
Futures
Contracts
*
    
Foreign
Currency
Forward
Contracts
    
Swap
Agreements
    
Total
  
ProShares Short VIX Short-Term Futures ETF
    $ 24,937,875      $ (3,008,751 )    $ —      $ —      $ 21,929,124  
ProShares Ultra Bloomberg Crude Oil
      99,751,500        10,864,085       —        38,215,610       148,831,195  
ProShares Ultra Bloomberg Natural Gas
      99,751,500        97,239,201       —        —        196,990,701  
ProShares Ultra Euro
      —         —        (167,128 )      —        (167,128 ) 
ProShares Ultra Gold
      74,813,625        (423,408 )      —        (2,348,132 )      72,042,085  
ProShares Ultra Silver
      124,689,375        (28,903,535 )      —        (52,518,908 )      43,266,932  
ProShares Ultra VIX Short-Term Futures ETF
      24,937,875        13,975,992       —        —        38,913,867  
ProShares Ultra Yen
      —         —        (4,215,297 )      —        (4,215,297 ) 
ProShares UltraShort Bloomberg Crude Oil
      —         (1,655,392 )      —        —        (1,655,392 ) 
ProShares UltraShort Bloomberg Natural Gas
      —         (26,130,504 )      —        —        (26,130,504 ) 
ProShares UltraShort Euro
      —         —        1,157,050       —        1,157,050  
ProShares UltraShort Gold
      —         121,056       —        141,581       262,637  
ProShares UltraShort Silver
      —         511,915       —        2,954,018       3,465,933  
ProShares UltraShort Yen
      —         —        2,228,359       —        2,228,359  
ProShares VIX Mid-Term Futures ETF
      —         22,266       —        —        22,266  
ProShares VIX Short-Term Futures ETF
      24,937,875        4,393,327       —        —        29,331,202  
  
 
 
     
 
 
    
 
 
    
 
 
    
 
 
  
Combined Trust:
   
$
473,819,625
 
   
$
67,006,252
 
  
$
(997,016
) 
  
$
(13,555,831
) 
  
$
526,273,030
 
 
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
There were no transfers into or out of Level 3 for the year ended December 31, 2024.
The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.
Investment Transactions and Related Income
Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations.
Interest income is generally recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations and is reflected in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts.
Brokerage Commissions and Futures Account Fees
Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.
 
F-90
Table of Contents
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.
 
F-91
Table of Contents
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.
 
F-92
Table of Contents
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.
 
F-93
Table of Contents
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.
 
F-94
Table of Contents
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.
 
 
F-95
Table of Contents
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.
 
F-96
Table of Contents
Fair Value of Derivative Instruments as of September 30, 2025
 
         
Asset Derivatives
    
Liability Derivatives
  
Derivatives Not Accounted for
as Hedging Instruments
   
Fund
   
Statements of
Financial Condition
Location
   
Unrealized
Appreciation
    
Statements of
Financial Condition
Location
   
Unrealized
Depreciation
  
VIX Futures Contracts
       Receivable on open futures contracts      Payable on open futures contracts   
   ProShares Short VIX Short-Term Futures ETF       $ 6,713,866
*
 		      $ —   
   ProShares Ultra VIX Short-Term Futures ETF         —           36,096,377
*
 
   ProShares VIX Mid-Term Futures ETF         —           1,561,178
*
 
   ProShares VIX Short-Term Futures ETF         —           11,661,085
*
 
Commodities Contracts
       Receivables on open futures contracts and/or unrealized appreciation on swap agreements      Payable on open futures contracts and/or unrealized depreciation on swap agreements   
   ProShares Ultra Bloomberg Crude Oil         2,073,863
*
 		        1,781,463
*
 
   ProShares Ultra Bloomberg Natural Gas         —           1,049,205
*
 
   ProShares Ultra Gold         136,343,967
*
 		        —   
   ProShares Ultra Silver         247,392,341
*
 		        —   
   ProShares UltraShort Bloomberg Crude Oil         12,128,689
*
 		        —   
   ProShares UltraShort Bloomberg Natural Gas         13,136,253
*
 		        —   
   ProShares UltraShort Gold         —           6,180,658
*
 
   ProShares UltraShort Silver         —           5,368,238
*
 
Foreign Exchange Contracts
       Unrealized appreciation on foreign currency forward contracts      Unrealized depreciation on foreign currency forward contracts   
   ProShares Ultra Euro         10,075          734  
   ProShares Ultra Yen         1,384          687,017  
   ProShares UltraShort Euro         868          77,707  
   ProShares UltraShort Yen         386,989          57,868  
        
 
 
       
 
 
  
     
Combined Trust:
   
$
418,188,295
*
 
     
$
64,521,530
*
 
 
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
 
F-97
Table of Contents
Fair Value of Derivative Instruments as of December 31, 2024
 
         
Asset Derivatives
    
Liability Derivatives
  
Derivatives Not Accounted
for as Hedging Instruments
   
Fund
   
Statements of
Financial Condition
Location
   
Unrealized
Appreciation
    
Statements of
Financial Condition
Location
   
Unrealized
Depreciation
  
VIX Futures Contracts
       Receivable on open futures contracts      Payable on open futures contracts   
   ProShares Short VIX Short-Term Futures ETF       $ 482,967
*
 		      $ 3,491,718
*
 
   ProShares Ultra VIX Short-Term Futures ETF         15,626,836
*
 		        1,650,844
*
 
   ProShares VIX Mid-Term Futures ETF         240,639
*
 		        218,373
*
 
   ProShares VIX Short-Term Futures ETF         5,943,933
*
 		        1,550,606
*
 
Commodities Contracts
       Receivables on open futures contracts and/or unrealized appreciation on swap agreements      Payable on open futures contracts and/or unrealized depreciation on swap agreements   
   ProShares Ultra Bloomberg Crude Oil         49,079,695
*
 		        —   
   ProShares Ultra Bloomberg Natural Gas         97,239,201
*
 		        —   
   ProShares Ultra Gold         —           2,771,540
*
 
   ProShares Ultra Silver         —           81,422,443
*
 
   ProShares UltraShort Bloomberg Crude Oil         1,888,681
*
 		        3,544,073
*
 
   ProShares UltraShort Bloomberg Natural Gas         —           26,130,504
*
 
   ProShares UltraShort Gold         262,637
*
 		        —   
   ProShares UltraShort Silver         3,465,933
*
 		        —   
Foreign Exchange Contracts
       Unrealized appreciation on foreign currency forward contracts      Unrealized depreciation on foreign currency forward contracts   
   ProShares Ultra Euro         2,312          169,440  
   ProShares Ultra Yen         146,194          4,361,491  
   ProShares UltraShort Euro         1,189,827          32,777  
   ProShares UltraShort Yen         2,283,588          55,229  
        
 
 
       
 
 
  
     
Combined Trust:
   
$
177,852,443
*
 
     
$
125,399,038
*
 
 
*
Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments. Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.
 
F-98
Table of Contents
The Effect of Derivative Instruments on the Statement of Operations
For the three months ended September 30, 2025
 
Derivatives Not Accounted
for as Hedging Instruments
   
Location of Gain
(Loss) on Derivatives
Recognized in Income
   
Fund
   
Realized Gain
(Loss) on
Derivatives
Recognized in
Income
    
Change in
Unrealized
Appreciation
(Depreciation)
on
Derivatives
Recognized in
Income
  
VIX Futures Contracts
   
Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
        
     
ProShares Short VIX Short-Term Futures ETF
    $ 46,614,443     $ (3,678,476 ) 
     
ProShares Ultra VIX Short-Term Futures ETF
      (410,233,402 )      19,280,389  
     
ProShares VIX Mid-Term Futures ETF
      (1,349,262 )      (1,372,511 ) 
     
ProShares VIX Short-Term Futures ETF
      (109,920,952 )      (1,519,372 ) 
Commodities Contracts
   
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
        
     
ProShares Ultra Bloomberg Crude Oil
      15,487,274       (7,013,761 ) 
     
ProShares Ultra Bloomberg Natural Gas
      (163,780,916 )      28,718,499  
     
ProShares Ultra Gold
      38,694,044       144,525,613  
     
ProShares Ultra Silver
      138,583,518       263,001,662  
     
ProShares UltraShort Bloomberg Crude Oil
      4,631,229       (3,727,299 ) 
     
ProShares UltraShort Bloomberg Natural Gas
      116,766,252       (27,090,196 ) 
     
ProShares UltraShort Gold
      (9,140,381 )      (8,051,107 ) 
     
ProShares UltraShort Silver
      (6,846,972 )      (6,273,570 ) 
Foreign Exchange Contracts
   
Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
        
     
ProShares Ultra Euro
      220,691       (434,179 ) 
     
ProShares Ultra Yen
      (3,272,292 )      (1,422,005 ) 
     
ProShares UltraShort Euro
      (1,411,883 )      1,649,460  
     
ProShares UltraShort Yen
      844,126       616,122  
        
 
 
    
 
 
  
     
Combined Trust
   
$
(344,114,483
) 
  
$
397,209,269
 
 
F-99
Table of Contents
The Effect of Derivative Instruments on the Statement of Operations
For the nine months ended September 30, 2025
 
Derivatives Not Accounted
for as Hedging Instruments
   
Location of Gain
(Loss) on Derivatives
Recognized in Income
   
Fund
   
Realized Gain
(Loss) on
Derivatives
Recognized in
Income
    
Change in
Unrealized
Appreciation
(Depreciation) on
Derivatives
Recognized in
Income
  
VIX Futures Contracts
   
Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
        
     
ProShares Short VIX Short-Term Futures ETF
    $ 28,979,595     $ 9,722,617  
     
ProShares Ultra VIX Short-Term Futures ETF
      (254,266,766 )      (50,072,369 ) 
     
ProShares VIX Mid-Term Futures ETF
      4,084,920       (1,583,444 ) 
     
ProShares VIX Short-Term Futures ETF
      (33,147,346 )      (16,054,412 ) 
Commodities Contracts
   
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
        
     
ProShares Ultra Bloomberg Crude Oil
      2,411,929       (48,787,295 ) 
     
ProShares Ultra Bloomberg Natural Gas
      46,482,203       (98,288,406 ) 
     
ProShares Ultra Gold
      183,280,669       139,115,507  
     
ProShares Ultra Silver
      292,493,148       328,814,784  
     
ProShares UltraShort Bloomberg Crude Oil
      45,775,241       13,784,081  
     
ProShares UltraShort Bloomberg Natural Gas
      19,539,524       39,266,757  
     
ProShares UltraShort Gold
      (6,736,886 )      (6,443,295 ) 
     
ProShares UltraShort Silver
      (13,283,190 )      (8,834,171 ) 
Foreign Exchange Contracts
   
Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
        
     
ProShares Ultra Euro
      997,841       176,469  
     
ProShares Ultra Yen
      (201,447 )      3,529,664  
     
ProShares UltraShort Euro
      (6,979,829 )      (1,233,889 ) 
     
ProShares UltraShort Yen
      (452,892 )      (1,899,238 ) 
        
 
 
    
 
 
  
     
Combined Trust:
   
$
308,976,714
 
  
$
301,213,360
 
 
F-100
Table of Contents
The Effect of Derivative Instruments on the Statement of Operations
For the three months ended September 30, 2024
 
Derivatives Not Accounted
for as Hedging Instruments
   
Location of Gain
(Loss) on Derivatives
Recognized in Income
   
Fund
   
Realized Gain
(Loss) on
Derivatives
Recognized in
Income
    
Change in
Unrealized
Appreciation
(Depreciation) on
Derivatives
Recognized in
Income
  
VIX Futures Contracts
   
Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
        
     
ProShares Short VIX Short-Term Futures ETF
    $ (7,503,293 )    $ (4,219,681 ) 
     
ProShares Ultra VIX Short-Term Futures ETF
      (36,612,575 )      14,558,661  
     
ProShares VIX Mid-Term Futures ETF
      2,713,658       457,557  
     
ProShares VIX Short-Term Futures ETF
      47,467,197       5,170,981  
Commodities Contracts
   
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
        
     
ProShares Ultra Bloomberg Crude Oil
      (66,825,983 )      (59,088,544 ) 
     
ProShares Ultra Bloomberg Natural Gas
      (372,130,469 )      260,225,054  
     
ProShares Ultra Gold
      12,042,718       41,928,337  
     
ProShares Ultra Silver
      (129,011,226 )      182,392,300  
     
ProShares UltraShort Bloomberg Crude Oil
      12,329,007       28,461,478  
     
ProShares UltraShort Bloomberg Natural Gas
      90,006,232       (55,772,673 ) 
     
ProShares UltraShort Gold
      (1,409,519 )      (1,762,993 ) 
     
ProShares UltraShort Silver
      5,993,727       (9,520,751 ) 
Foreign Exchange Contracts
   
Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
        
     
ProShares Ultra Euro
      182,638       187,048  
     
ProShares Ultra Yen
      6,834,509       2,618,114  
     
ProShares UltraShort Euro
      (1,317,854 )      (1,247,585 ) 
     
ProShares UltraShort Yen
      (5,013,671 )      (3,366,298 ) 
        
 
 
    
 
 
  
     
Combined Trust
   
$
(442,254,904
) 
  
$
401,021,005
 
 
F-101
Table of Contents
The Effect of Derivative Instruments on the Statement of Operations
For the nine months ended September 30, 2024
 
Derivatives Not Accounted
for as Hedging Instruments
   
Location of Gain
(Loss) on Derivatives
Recognized in Income
   
Fund
   
Realized Gain
(Loss) on
Derivatives
Recognized in
Income
    
Change in
Unrealized
Appreciation
(Depreciation) on
Derivatives
Recognized in
Income
  
VIX Futures Contracts
   
Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts
        
     
ProShares Short VIX Short-Term Futures ETF
    $ 47,755,573     $ (13,025,106 ) 
     
ProShares Ultra VIX Short-Term Futures ETF
      (185,028,990 )      39,537,652  
     
ProShares VIX Mid-Term Futures ETF
    $ (12,344,229 )    $ 4,340,208  
     
ProShares VIX Short-Term Futures ETF
      (11,804,121 )      12,174,255  
Commodities Contracts
   
Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements
        
     
ProShares Ultra Bloomberg Crude Oil
      33,249,538       (4,698,210 ) 
     
ProShares Ultra Bloomberg Natural Gas
      (402,539,202 )      63,582,315  
     
ProShares Ultra Gold
      62,081,810       27,433,120  
     
ProShares Ultra Silver
      87,198,503       116,742,146  
     
ProShares UltraShort Bloomberg Crude Oil
      (330,018 )      (7,530,570 ) 
     
ProShares UltraShort Bloomberg Natural Gas
      90,097,297       (11,395,023 ) 
     
ProShares UltraShort Gold
      (5,323,806 )      (843,136 ) 
     
ProShares UltraShort Silver
      (4,296,391 )      (6,036,529 ) 
Foreign Exchange Contracts
   
Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts
        
     
ProShares Ultra Euro
      107,862       (260,299 ) 
     
ProShares Ultra Yen
      (562,689 )      (1,803,229 ) 
     
ProShares UltraShort Euro
      (1,360,955 )      1,521,143  
     
ProShares UltraShort Yen
      1,109,169       1,101,721  
        
 
 
    
 
 
  
     
Combined Trust:
   
$
(301,990,649
) 
  
$
220,840,458
 
 
F-102
Table of Contents
Offsetting Assets and Liabilities
Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition. The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of September 30, 2025.
 
Fair Values of Derivative Instruments as of September 30, 2025
    
Assets
     
Liabilities
  
Fund
   
Gross Amounts
of Recognized
Assets presented
in the
Statements of
Financial
Condition
     
Gross Amounts
Offset in the
Statements of
Financial
Condition
     
Net Amounts of
Assets presented
in the
Statements of
Financial
Condition
     
Gross Amounts
of Recognized
Liabilities
presented in the
Statements of
Financial
Condition
     
Gross Amounts
Offset in the
Statements of
Financial
Condition
     
Net Amounts of
Liabilities
presented in the
Statements of
Financial
Condition
  
ProShares Ultra Bloomberg Crude Oil
                  
Swap agreements
    $ —       $ —       $ —       $ 1,044,339      $ —       $ 1,044,339  
ProShares Ultra Euro
                  
Foreign currency forward contracts
      10,075        —         10,075        734        —         734  
ProShares Ultra Gold
                  
Swap agreements
      34,537,917        —         34,537,917        —         —         —   
ProShares Ultra Silver
                  
Swap agreements
      103,878,807        —         103,878,807        —         —         —   
ProShares Ultra Yen
                  
Foreign currency forward contracts
      1,384        —         1,384        687,017        —         687,017  
ProShares UltraShort Euro
                  
Foreign currency forward contracts
      868        —         868        77,707        —         77,707  
ProShares UltraShort Gold
                  
Swap agreements
      —         —         —         4,099,058        —         4,099,058  
ProShares UltraShort Silver
                  
Swap agreements
      —         —         —         3,972,249        —         3,972,249  
ProShares UltraShort Yen
                  
Foreign currency forward contracts
      386,989        —         386,989        57,868        —         57,868  
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at September 30, 2025. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.
 
F-103
Table of Contents
Gross Amounts Not Offset in the Statements of Financial Condition as of September 30, 2025
  
Fund
   
Amounts of Recognized Assets /
(Liabilities) presented in the
Statements of Financial Condition
    
Financial Instruments for
the Benefit of (the Funds) /
the Counterparties
    
Cash Collateral for the
Benefit of (the Funds) /
the Counterparties
    
Net Amount
  
ProShares Ultra Bloomberg Crude Oil
         
Citibank, N.A.
    $ (94,664 )    $ —      $ 94,664     $ —   
Goldman Sachs International
      (410,781 )      —        410,781       —   
Morgan Stanley & Co. International PLC
      (124,789 )      124,789       —        —   
Societe Generale
      (301,797 )      —        301,797       —   
UBS AG
      (112,308 )      —        112,308       —   
ProShares Ultra Euro
         
Goldman Sachs International
      4,940       —        —        4,940  
UBS AG
      4,401       —        —        4,401  
ProShares Ultra Gold
         
Citibank, N.A.
      21,409,914       (19,989,067 )      (6,020 )      1,414,827  
Goldman Sachs International
      4,692,107       (4,376,960 )      —        315,147  
UBS AG
      8,435,896       (7,786,199 )      —        649,697  
ProShares Ultra Silver
         
Citibank, N.A.
      47,585,640       (47,421,157 )      (164,483 )      —   
Goldman Sachs International
      3,972,149       (3,972,149 )      —        —   
Morgan Stanley & Co. International PLC
      26,949,501       (26,675,663 )      (273,838 )      —   
UBS AG
      25,371,517       (25,371,517 )      —        —   
ProShares Ultra Yen
         
Goldman Sachs International
      (329,587 )      —        329,587       —   
UBS AG
      (356,046 )      —        356,046       —   
ProShares UltraShort Euro
         
Goldman Sachs International
      (53,513 )      —        53,513       —   
UBS AG
      (23,326 )      —        23,326       —   
ProShares UltraShort Gold
         
Citibank, N.A.
      (2,973,639 )      —        2,973,639       —   
Goldman Sachs International
      (441,755 )      —        441,755       —   
UBS AG
      (683,664 )      —        683,664       —   
ProShares UltraShort Silver
         
Citibank, N.A.
      (1,728,291 )     —        1,728,291       —   
Goldman Sachs International
      (1,766,648 )      —        1,766,648       —   
Morgan Stanley & Co. International PLC
      (243,755 )      —        243,755       —   
UBS AG
      (233,555 )      —        233,555       —   
ProShares UltraShort Yen
         
Goldman Sachs International
      133,243       (133,243 )      —        —   
UBS AG
      195,878       (195,878 )      —        —   
The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of December 31, 2024:
 
F-104
Table of Contents
Fair Values of Derivative Instruments as of December 31, 2024
    
Assets
     
Liabilities
  
Fund
   
Gross Amounts
of Recognized
Assets presented
in the
Statements of
Financial
Condition
     
Gross Amounts
Offset in the
Statements of
Financial
Condition
     
Net Amounts of
Assets presented
in the
Statements of
Financial
Condition
     
Gross Amounts
of Recognized
Liabilities
presented in the
Statements of
Financial
Condition
     
Gross Amounts
Offset in the
Statements of
Financial
Condition
     
Net Amounts of
Liabilities
presented in the
Statements of
Financial
Condition
  
ProShares Ultra Bloomberg Crude Oil
                  
Swap agreements
    $ 38,215,610      $ —       $ 38,215,610      $ —       $ —       $ —   
ProShares Ultra Euro
                  
Foreign currency forward contracts
      2,312        —         2,312        169,440        —         169,440  
ProShares Ultra Gold
                  
Swap agreements
      —         —         —         2,348,132        —         2,348,132  
ProShares Ultra Silver
                  
Swap agreements
      —         —         —         52,518,908        —         52,518,908  
ProShares Ultra Yen
                  
Foreign currency forward contracts
      146,194        —         146,194        4,361,491        —         4,361,491  
ProShares UltraShort Euro
                  
Foreign currency forward contracts
      1,189,827        —         1,189,827        32,777        —         32,777  
ProShares UltraShort Gold
                  
Swap agreements
      141,581        —         141,581        —         —         —   
ProShares UltraShort Silver
                  
Swap agreements
      2,954,018        —         2,954,018        —         —         —   
ProShares UltraShort Yen
                  
Foreign currency forward contracts
      2,283,588        —         2,283,588        55,229        —         55,229  
Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2024. These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”
 
F-105
Table of Contents
Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024
  
Fund
   
Amounts of Recognized
Assets / (Liabilities)
presented in the
Statements of Financial
Condition
    
Financial Instruments
for the Benefit of (the
Funds) / the
Counterparties
    
Cash Collateral for the
Benefit of (the Funds) /
the Counterparties
     
Net Amount
  
ProShares Ultra Bloomberg Crude Oil
          
Citibank, N.A.
    $ 7,607,910     $ (6,395,678 )    $ —       $ 1,212,232  
Goldman Sachs International
      12,024,863       (10,093,437 )      —         1,931,426  
Morgan Stanley & Co.
      3,652,992       (3,010,925 )      —         642,067  
International PLC
          
Societe Generale
      9,139,394       (7,689,268 )      —         1,450,126  
UBS AG
      5,790,451       (4,212,271 )      —         1,578,180  
ProShares Ultra Euro
          
Goldman Sachs International
      (84,115 )      —        84,115        —   
UBS AG
      (83,013 )      —        83,013        —   
ProShares Ultra Gold
          
Citibank, N.A.
      (1,008,254 )      1,008,254       —         —   
Goldman Sachs International
      (478,889 )      478,889       —         —   
UBS AG
      (860,989 )      860,989       —         —   
ProShares Ultra Silver
          
Citibank, N.A.
      (23,367,397 )      15,165,751       8,201,646        —   
Goldman Sachs International
      (2,057,658 )      2,057,658       —         —   
Morgan Stanley & Co.
      (13,960,418 )      —        13,960,418        —   
International PLC
          
UBS AG
      (13,133,435 )      13,133,435       —         —   
ProShares Ultra Yen
          
Goldman Sachs International
      (2,164,084 )      —        2,164,084        —   
UBS AG
      (2,051,213 )      —        2,051,213        —   
ProShares UltraShort Euro
          
Goldman Sachs International
      584,165       (507,449 )      —         76,716  
UBS AG
      572,885       (271,576 )      —         301,309  
ProShares UltraShort Gold
          
Citibank, N.A.
      32,589       —        —         32,589  
Goldman Sachs International
      42,928       —        —         42,928  
UBS AG
      66,064       —        —         66,064  
ProShares UltraShort Silver
          
Citibank, N.A.
      1,653,589       (1,565,508 )      —         88,081  
Goldman Sachs International
      907,867       (865,802 )      —         42,065  
Morgan Stanley & Co.
      125,172       —        —         125,172  
International PLC
          
UBS AG
      267,390       —        —         267,390  
ProShares UltraShort Yen
          
Goldman Sachs International
      1,253,912       (1,241,201 )      —         12,711  
UBS AG
      974,447       (954,822 )      —         19,625  
NOTE 4 —  AGREEMENTS
Management Fee
Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95% per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85% per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets.
The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $100,000 per annum, ongoing SEC registration fees not exceeding 0.021% per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10% per annum of the net assets of a Fund, and report preparation and mailing expenses.
 
F-106
Table of Contents
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.
 
F-107
Table of Contents
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  
 
F-108
Table of Contents
NOTE 6 – FINANCIAL HIGHLIGHTS
Selected data for a Share outstanding throughout the three months ended September 30, 2025
For the Three Months Ended September 30, 2025 (unaudited) 
 
Per Share Operating Performance
   
Short VIX
Short-Term

Futures ETF
    
Ultra
Bloomberg
Crude Oil
    
Ultra
Bloomberg
Natural Gas
    
Ultra Euro
    
Ultra Gold
    
Ultra Silver
  
Net asset value, at June 30, 2025
    $ 42.62     $ 22.49     $ 46.35     $ 13.40     $ 34.40     $ 47.07  
Net investment income (loss)
      0.28       0.10       0.18       0.09       0.28       0.34  
Net realized and unrealized gain (loss)#
      8.12       (0.21 )      (17.02 )      (0.27 )      11.04       28.25  
Change in net asset value from operations
      8.40       (0.11 )      (16.84 )      (0.18 )      11.32       28.59  
Net asset value, at September 30, 2025
    $ 51.02     $ 22.38     $ 29.51     $ 13.22     $ 45.72     $ 75.66  
Market value per share, at June 30, 2025
†
    $ 42.60     $ 22.41     $ 46.08     $ 13.37     $ 34.66     $ 47.49  
Market value per share, at September 30, 2025
†
    $ 50.94     $ 22.48     $ 29.99     $ 13.21     $ 46.06     $ 76.24  
Total Return, at net asset value^
      19.7 %      (0.5 )%      (36.3 )%      (1.3 )%      32.9 %      60.7 % 
Total Return, at market value^
      19.6 %      0.3 %      (34.9 )%      (1.2 )%      32.9 %      60.5 % 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.18 %      1.00 %      1.35 %      0.95 %      0.96 %      0.97 % 
Net investment income gain (loss)
      2.41 %      1.62 %      2.24 %      2.73 %      2.93 %      2.41 % 
 
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2025.
^^
The expense ratio would be 0.95%,
0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-109
Table of Contents
For the Three Months Ended September 30, 2025 (unaudited) 
 
Per Share Operating Performance
   
Ultra VIX
Short-Term

Futures ETF
    
Ultra Yen
    
UltraShort
Bloomberg
Crude Oil
    
UltraShort
Bloomberg
Natural Gas
    
UltraShort
Euro
    
UltraShort
Gold
  
Net asset value, at June 30, 2025
    $ 18.69     $ 23.32     $ 18.02     $ 25.44     $ 27.45     $ 22.44  
Net investment income (loss)
      0.05       0.15       0.12       0.20       0.19       0.12  
Net realized and unrealized gain (loss)#
      (8.30 )      (1.71 )      (0.64 )      9.72       0.38       (5.81 ) 
Change in net asset value from operations
      (8.25 )      (1.56 )      (0.52 )      9.92       0.57       (5.69 ) 
Net asset value, at September 30, 2025
    $ 10.44     $ 21.76     $ 17.50     $ 35.36     $ 28.02     $ 16.75  
Market value per share, at June 30, 2025
†
    $ 18.75     $ 23.23     $ 18.06     $ 25.61     $ 27.48     $ 22.26  
Market value per share, at September 30, 2025
†
    $ 10.44     $ 21.76     $ 17.42     $ 34.79     $ 28.01     $ 16.64  
Total Return, at net asset value^
      (44.1 )%      (6.7 )%      (2.9 )%      39.0 %      2.1 %      (25.4 )% 
Total Return, at market value^
      (44.3 )%      (6.3 )%      (3.5 )%      35.8 %      1.9 %      (25.2 )% 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.68 %      0.95 %      1.09 %      1.31 %      0.95 %      0.97 % 
Net investment income gain (loss)
      1.39 %      2.74 %      2.72 %      2.53 %      2.66 %      2.36 % 
 
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2025.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-110
Table of Contents
For the Three Months Ended September 30, 2025 (unaudited) 
 
Per Share Operating Performance
   
UltraShort
Silver
    
UltraShort
Yen
    
VIX Mid-

Term Futures
ETF
    
VIX Short-

Term Futures
ETF
  
Net asset value, at June 30, 2025
    $ 26.03     $ 41.35     $ 16.73     $ 46.79  
Net investment income (loss)
      0.10       0.30       0.11       0.22  
Net realized and unrealized gain (loss)#
      (10.65 )      2.87       (1.01 )      (14.83 ) 
Change in net asset value from operations
      (10.55 )      3.17       (0.90 )      (14.61 ) 
Net asset value, at September 30, 2025
    $ 15.48     $ 44.52     $ 15.83     $ 32.18  
Market value per share, at June 30, 2025
†
    $ 25.81     $ 41.38     $ 16.76     $ 46.88  
Market value per share, at September 30, 2025
†
    $ 15.37     $ 44.58     $ 15.82     $ 32.30  
Total Return, at net asset value^
      (40.5 )%      7.7 %      (5.4 )%      (31.2 )% 
Total Return, at market value^
      (40.5 )%      7.7 %      (5.6 )%      (31.1 )% 
Ratios to Average Net Assets**
         
Expense ratio^^
      0.99 %      0.95 %      1.02 %      1.15 % 
Net investment income gain (loss)
      1.84 %      2.73 %      2.65 %      2.36 % 
 
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2025.
^^
The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-111
Table of Contents
Selected data for a Share outstanding throughout the three months ended September 30, 2024
For the Three Months Ended September 30, 2024 (unaudited) 
 
Per Share Operating Performance
   
Short VIX
Short-Term

Futures ETF
    
Ultra
Bloomberg
Crude Oil
    
Ultra
Bloomberg
Natural Gas
    
Ultra Euro
    
Ultra Gold
*
    
Ultra Silver
  
Net asset value, at June 30, 2024
    $ 61.35     $ 33.51     $ 77.97     $ 11.19     $ 19.33     $ 37.44  
Net investment income (loss)
      0.46       0.26       0.40       0.11       0.22       0.38  
Net realized and unrealized gain (loss)#
      (11.65 )      (8.41 )      (19.67 )      0.79       4.55       2.72  
Change in net asset value from operations
      (11.19 )      (8.15 )      (19.27 )      0.90       4.77       3.10  
Net asset value, at September 30, 2024
    $ 50.16     $ 25.36     $ 58.70     $ 12.09     $ 24.10     $ 40.54  
Market value per share, at June 30, 2024
†
    $ 61.39     $ 33.50     $ 78.35     $ 11.17     $ 19.26     $ 37.09  
Market value per share, at September 30, 2024
†
    $ 50.11     $ 25.42     $ 58.00     $ 12.06     $ 23.97     $ 40.44  
Total Return, at net asset value^
      (18.2 )%      (24.3 )%      (24.7 )%      8.0 %      24.7 %      8.3 % 
Total Return, at market value^
      (18.4 )%      (24.1 )%      (26.0 )%      8.0 %      24.5 %      9.0 % 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.25 %      1.00 %      1.42 %      0.95 %      0.96 %      0.98 % 
Net investment income gain (loss)
      3.46 %      3.56 %      3.16 %      3.57 %      4.05 %      4.03 % 
 
*
See Note 1 of these Notes to Financial Statements.
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2024.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-112
Table of Contents
For the Three Months Ended September 30, 2024 (unaudited) 
 
Per Share Operating Performance
   
Ultra VIX
Short-Term

Futures ETF
    
Ultra Yen
    
UltraShort
Bloomberg
Crude Oil
    
UltraShort
Bloomberg
Natural Gas
    
UltraShort
Euro
    
UltraShort
Gold
*
  
Net asset value, at June 30, 2024
    $ 23.58     $ 20.23     $ 15.57     $ 49.37     $ 31.86     $ 43.19  
Net investment income (loss)
      0.13       0.20       0.16       0.54       0.27       0.31  
Net realized and unrealized gain (loss)#
      1.23       4.33       3.79       4.61       (2.21 )      (9.00 ) 
Change in net asset value from operations
      1.36       4.53       3.95       5.15       (1.94 )      (8.69 ) 
Net asset value, at September 30, 2024
    $ 24.94     $ 24.76     $ 19.52     $ 54.52     $ 29.92     $ 34.50  
Market value per share, at June 30, 2024
†
    $ 23.54     $ 20.30     $ 15.57     $ 49.19     $ 31.83     $ 43.34  
Market value per share, at September 30, 2024
†
    $ 24.93     $ 24.70     $ 19.48     $ 55.22     $ 29.92     $ 34.66  
Total Return, at net asset value^
      5.7 %      22.4 %      25.3 %      10.4 %      (6.1 )%      (20.1 )% 
Total Return, at market value^
      5.9 %      21.7 %      25.1 %      12.3 %      (6.0 )%      (20.0 )% 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.92 %      0.95 %      1.08 %      1.64 %      0.95 %      0.98 % 
Net investment income gain (loss)
      2.15 %      3.38 %      3.79 %      3.22 %      3.54 %      3.16 % 
 
*
See Note 1 of these Notes to Financial Statements.
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2024.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-113
Table of Contents
For the Three Months Ended September 30, 2024 (unaudited) 
 
Per Share Operating Performance
   
UltraShort
Silver
    
UltraShort
Yen
    
VIX Mid-
Term Futures
ETF
    
VIX Short-
Term Futures
ETF
  
Net asset value, at June 30, 2024
    $ 44.88     $ 47.63     $ 14.29     $ 43.33  
Net investment income (loss)
      0.36       0.38       0.14       0.38  
Net realized and unrealized gain (loss)#
      (7.23 )      (9.10 )      0.64       5.24  
Change in net asset value from operations
      (6.87 )      (8.72 )      0.78       5.62  
Net asset value, at September 30, 2024
    $ 38.01     $ 38.91     $ 15.07     $ 48.95  
Market value per share, at June 30, 2024
†
    $ 45.32     $ 47.56     $ 14.33     $ 43.40  
Market value per share, at September 30, 2024
†
    $ 38.12     $ 38.90     $ 15.11     $ 49.00  
Total Return, at net asset value^
      (15.3 )%      (18.3 )%      5.5 %      13.0 % 
Total Return, at market value^
      (15.9 )%      (18.2 )%      5.4 %      12.9 % 
Ratios to Average Net Assets**
         
Expense ratio^^
      1.04 %      0.95 %      1.01 %      1.23 % 
Net investment income gain (loss)
      3.21 %      3.63 %      3.70 %      3.19 % 
 
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2024.
^^
The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-114
Table of Contents
Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2025
For the Nine Months Ended September 30, 2025 (unaudited) 
 
Per Share Operating Performance
   
Short VIX
Short-Term

Futures ETF
    
Ultra
Bloomberg
Crude Oil
    
Ultra
Bloomberg
Natural Gas
    
Ultra Euro
    
Ultra Gold
*
    
Ultra Silver
  
Net asset value, at December 31, 2024
    $ 50.03     $ 27.49     $ 54.84     $ 10.46     $ 23.36     $ 33.56  
Net investment income (loss)
      0.79       0.38       0.75       0.25       0.77       0.93  
Net realized and unrealized gain (loss)#
      0.20       (5.49 )      (26.08 )      2.51       21.59       41.17  
Change in net asset value from operations
      0.99       (5.11 )      (25.33 )      2.76       22.36       42.10  
Net asset value, at September 30, 2025
    $ 51.02     $ 22.38     $ 29.51     $ 13.22     $ 45.72     $ 75.66  
Market value per share, at December 31, 2024
†
    $ 50.06     $ 27.50     $ 55.82     $ 10.45     $ 23.37     $ 33.67  
Market value per share, at September 30, 2025
†
    $ 50.94     $ 22.48     $ 29.99     $ 13.21     $ 46.06     $ 76.24  
Total Return, at net asset value^
      2.0 %      (18.6 )%      (46.2 )%      26.4 %      95.7 %      125.4 % 
Total Return, at market value^
      1.8 %      (18.3 )%      (46.3 )%      26.4 %      97.1 %      126.4 % 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.19 %      1.00 %      1.42 %      0.95 %      0.97 %      0.98 % 
Net investment income gain (loss)
      2.42 %      2.11 %      2.28 %      2.70 %      3.04 %      2.68 % 
 
*
See Note 1 of these Notes to Financial Statements.
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2025.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-115
Table of Contents
For the Nine Months Ended September 30, 2025 (unaudited) 
 
Per Share Operating Performance
   
Ultra VIX
Short-Term

Futures ETF
    
Ultra Yen
    
UltraShort
Bloomberg
Crude Oil
    
UltraShort
Bloomberg
Natural Gas
    
UltraShort
Euro
    
UltraShort
Gold
*
  
Net asset value, at December 31, 2024
    $ 20.77     $ 20.23     $ 16.93     $ 43.61     $ 34.91     $ 35.11  
Net investment income (loss)
      0.16       0.45       0.35       0.46       0.61       0.41  
Net realized and unrealized gain (loss)#
      (10.49 )      1.08       0.22       (8.71 )      (7.50 )      (18.77 ) 
Change in net asset value from operations
      (10.33 )      1.53       0.57       (8.25 )      (6.89 )      (18.36 ) 
Net asset value, at September 30, 2025
    $ 10.44     $ 21.76     $ 17.50     $ 35.36     $ 28.02     $ 16.75  
Market value per share, at December 31, 2024
†
    $ 20.72     $ 20.35     $ 16.92     $ 42.74     $ 34.92     $ 35.16  
Market value per share, at September 30, 2025
†
    $ 10.44     $ 21.76     $ 17.42     $ 34.79     $ 28.01     $ 16.64  
Total Return, at net asset value^
      (49.7 )%      7.6 %      3.4 %      (18.9 )%      (19.7 )%      (52.3 )% 
Total Return, at market value^
      (49.6 )%      6.9 %      3.0 %      (18.6 )%      (19.8 )%      (52.7 )% 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.79 %      0.95 %      1.10 %      1.43 %      0.95 %      0.98 % 
Net investment income gain (loss)
      1.30 %      2.69 %      2.71 %      2.42 %      2.70 %      2.41 % 
 
*
See Note 1 of these Notes to Financial Statements.
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2025.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-116
Table of Contents
For the Nine Months Ended September 30, 2025 (unaudited) 
 
Per Share Operating Performance
   
UltraShort
Silver
    
UltraShort
Yen
    
VIX Mid-
Term Futures
ETF
    
VIX Short-
Term Futures
ETF
  
Net asset value, at December 31, 2024
    $ 42.40     $ 47.66     $ 14.51     $ 45.05  
Net investment income (loss)
      0.38       0.89       0.32       0.73  
Net realized and unrealized gain (loss)#
      (27.30 )      (4.03 )      1.00       (13.60 ) 
Change in net asset value from operations
      (26.92 )      (3.14 )      1.32       (12.87 ) 
Net asset value, at September 30, 2025
    $ 15.48     $ 44.52     $ 15.83     $ 32.18  
Market value per share, at December 31, 2024
†
    $ 42.00     $ 46.68     $ 14.46     $ 45.02  
Market value per share, at September 30, 2025
†
    $ 15.37     $ 44.58     $ 15.82     $ 32.30  
Total Return, at net asset value^
      (63.5 )%      (6.6 )%      9.1 %      (28.6 )% 
Total Return, at market value^
      (63.4 )%      (4.5 )%      9.4 %      (28.3 )% 
Ratios to Average Net Assets**
         
Expense ratio^^
      1.01 %      0.95 %      1.02 %      1.25 % 
Net investment income gain (loss)
      1.84 %      2.75 %      2.68 %      2.30 % 
 
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2025.
^^
The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-117
Table of Contents
Selected Data for a Share Outstanding Throughout the nine months Ended September 30, 2024
For the Nine Months Ended September 30, 2024 (unaudited)
 
Per Share Operating Performance
   
Short VIX
Short-Term

Futures ETF
    
Ultra
Bloomberg
Crude Oil
    
Ultra
Bloomberg
Natural Gas
    
Ultra Euro
    
Ultra Gold
*
    
Ultra Silver
  
Net asset value, at December 31, 2023
    $ 51.69     $ 26.28     $ 142.73     $ 11.86     $ 15.96     $ 27.29  
Net investment income (loss)
      1.37       0.70       1.58       0.32       0.55       0.93  
Net realized and unrealized gain (loss)#
      (2.90 )      (1.62 )      (85.61 )      (0.09 )      7.59       12.32  
Change in net asset value from operations
      (1.53 )      (0.92 )      (84.03 )      0.23       8.14       13.25  
Net asset value, at September 30, 2024
    $ 50.16     $ 25.36     $ 58.70     $ 12.09     $ 24.10     $ 40.54  
Market value per share, at December 31, 2023
†
    $ 51.70     $ 26.10     $ 142.20     $ 11.84     $ 15.97     $ 27.17  
Market value per share, at September 30, 2024
†
    $ 50.11     $ 25.42     $ 58.00     $ 12.06     $ 23.97     $ 40.44  
Total Return, at net asset value^
      (3.0 )%      (3.5 )%      (58.9 )%      2.0 %      51.0 %      48.6 % 
Total Return, at market value^
      (3.1 )%      (2.6 )%      (59.2 )%      1.9 %      50.1 %      48.8 % 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.21 %      0.99 %      1.47 %      0.95 %      0.97 %      0.98 % 
Net investment income gain (loss)
      3.36 %      3.10 %      2.99 %      3.73 %      3.84 %      3.68 % 
 
*
See Note 1 of these Notes to Financial Statements.
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2024.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-118
Table of Contents
For the Nine Months Ended September 30, 2024 (unaudited)
 
Per Share Operating Performance
   
Ultra VIX
Short-Term

Futures ETF
    
Ultra
Yen
    
UltraShort
Bloomberg
Crude Oil
    
UltraShort
Bloomberg
Natural Gas
    
UltraShort
Euro
    
UltraShort
Gold
*
  
Net asset value, at December 31, 2023
    $ 42.17     $ 27.46     $ 20.75     $ 48.05     $ 29.16     $ 52.78  
Net investment income (loss)
      0.48       0.61       0.49       1.27       0.82       1.06  
Net realized and unrealized gain (loss)#
      (17.71 )      (3.31 )      (1.72 )      5.20       (0.06 )      (19.34 ) 
Change in net asset value from operations
      (17.23 )      (2.70 )      (1.23 )      6.47       0.76       (18.28 ) 
Net asset value, at September 30, 2024
    $ 24.94     $ 24.76     $ 19.52     $ 54.52     $ 29.92     $ 34.50  
Market value per share, at December 31, 2023
†
    $ 42.20     $ 27.49     $ 20.89     $ 48.21     $ 29.15     $ 52.74  
Market value per share, at September 30, 2024
†
    $ 24.93     $ 24.70     $ 19.48     $ 55.22     $ 29.92     $ 34.66  
Total Return, at net asset value^
      (40.8 )%      (9.8 )%      (5.9 )%      13.5 %      2.6 %      (34.6 )% 
Total Return, at market value^
      (40.9 )%      (10.2 )%      (6.8 )%      14.6 %      2.6 %      (34.3 )% 
Ratios to Average Net Assets**
             
Expense ratio^^
      1.84 %      0.95 %      1.06 %      1.85 %      0.95 %      0.98 % 
Net investment income gain (loss)
      2.16 %      3.54 %      3.78 %      3.00 %      3.57 %      3.23 % 
 
*
See Note 1 of these Notes to Financial Statements.
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 30, 2024.
^^
The expense ratio would be 0.95%, 0.95%, 0.95%, 0.95%, 0.95% and 0.95%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-119
Table of Contents
For the Nine Months Ended September 30, 2024 (unaudited)
 
Per Share Operating Performance
   
UltraShort
Silver
    
UltraShort
Yen
    
VIX Mid-
Term Futures
ETF
    
VIX Short-
Term Futures
ETF
  
Net asset value, at December 31, 2023
    $ 72.56     $ 34.44     $ 16.74     $ 61.99  
Net investment income (loss)
      1.17       1.11       0.41       1.27  
Net realized and unrealized gain (loss)#
      (35.72 )      3.36       (2.08 )      (14.31 ) 
Change in net asset value from operations
      (34.55 )      4.47       (1.67 )      (13.04 ) 
Net asset value, at September 30, 2024
    $ 38.01     $ 38.91     $ 15.07     $ 48.95  
Market value per share, at December 31, 2023
†
    $ 72.96     $ 34.47     $ 16.75     $ 62.04  
Market value per share, at September 30, 2024
†
    $ 38.12     $ 38.90     $ 15.11     $ 49.00  
Total Return, at net asset value^
      (47.6 )%      13.0 %      (10.0 )%      (21.0 )% 
Total Return, at market value^
      (47.8 )%      12.8 %      (9.8 )%      (21.0 )% 
Ratios to Average Net Assets**
         
Expense ratio^^
      1.04 %      0.95 %      1.13 %      1.10 % 
Net investment income gain (loss)
      3.09 %      3.57 %      3.64 %      3.33 % 
 
**
Percentages are annualized.
#
The amount shown for a share outstanding throughout the period may not acc
or
d with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.
†
Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.
^
Percentages are not annualized for the period ended September 
30
, 2024.
^^
The expense ratio would be 0.95%, 0.95%, 0.85% and 0.85%, respectively, if brokerage commissions and futures account fees were excluded.
 
F-120
Table of Contents
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.
 
F-121
Table of Contents
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).
 
F-122
Table of Contents
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.
 
F-123
Table of Contents
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.
 
F-124
Table of Contents
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.
 
F-125
Table of Contents
Risks Related to Trade Disputes May Negatively Affect Each Fund.
Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth.
Risk of Government Regulation
The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares. The ultimate impact, if any, of these measures remains unclear. However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds.
NOTE 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.
 
F-126
Table of Contents

Table of Contents

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”).

 

1

Table of Contents

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

 

2

Table of Contents

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

Liquidity and Capital Resources

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

 

Fund

    Interest Income
Three Months
Ended
September 30, 2025		      Interest Income
Three Months
Ended
September 30, 2024		      Interest Income
Nine Months
Ended
September 30, 2025		      Interest Income
Nine Months
Ended
September 30, 2024		  

ProShares Short VIX Short-Term Futures ETF

    $ 2,269,580      $ 5,814,236      $ 8,090,223      $ 12,580,744  

ProShares Ultra Bloomberg Crude Oil

      2,538,935        6,074,652        9,284,651        17,591,301  

ProShares Ultra Bloomberg Natural Gas

      4,121,370        7,125,254        9,102,000        19,996,081  

ProShares Ultra Euro

      72,530        61,969        186,574        211,272  

ProShares Ultra Gold

      5,843,146        3,315,167        14,701,668        8,148,441  

ProShares Ultra Silver

      6,938,402        7,482,201        19,053,657        17,362,781  

ProShares Ultra VIX Short-Term Futures ETF

      5,292,243        2,501,794        10,984,632        7,595,859  

ProShares Ultra Yen

      541,875        541,372        1,650,309        1,395,183  

ProShares UltraShort Bloomberg Crude Oil

      1,262,490        1,865,946        4,373,667        6,398,993  

ProShares UltraShort Bloomberg Natural Gas

      1,926,416        1,150,564        10,289,665        4,075,138  

ProShares UltraShort Euro

      311,072        400,294        962,527        1,288,483  

ProShares UltraShort Gold

      543,256        148,896        1,468,731        468,826  

ProShares UltraShort Silver

      202,742        672,005        607,679        1,650,859  

ProShares UltraShort Yen

      252,079        449,333        669,840        1,220,993  

ProShares VIX Mid-Term Futures ETF

      322,262        370,229        820,355        1,992,242  

ProShares VIX Short-Term Futures ETF

      2,597,119        1,554,282        5,348,650        4,932,465  

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

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

 

3

Table of Contents

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.

 

4

Table of Contents

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.

 

5

Table of Contents

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.

 

6

Table of Contents

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

ProShares Short VIX Short-Term Futures ETF

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 279,925,400     $ 298,712,515  

NAV end of period

    $ 243,299,521     $ 364,574,356  

Percentage change in NAV

      (13.1 )%      22.0 % 

Shares outstanding beginning of period

      6,568,614       4,868,614  

Shares outstanding end of period

      4,768,614       7,268,614  

Percentage change in shares outstanding

      (27.4 )%      49.3 % 

Shares created

      —        12,300,000  

Shares redeemed

      1,800,000       9,900,000  

Per share NAV beginning of period

    $ 42.62     $ 61.35  

Per share NAV end of period

    $ 51.02     $ 50.16  

Percentage change in per share NAV

      19.7 %      (18.2 )% 

Percentage change in benchmark

      (30.9 )%      13.7 % 

Benchmark annualized volatility

      38.8 %      130.9 % 

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

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

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

 

7

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 1,524,470      $ 4,269,606  

Management fee

      601,947        1,173,293  

Brokerage commission

      125,536        346,441  

Futures account fees

      17,627        24,896  

Net realized gain (loss)

      46,614,593        (7,503,293 ) 

Change in net unrealized appreciation (depreciation)

      (3,676,998 )       (4,186,274 ) 

Net Income (loss)

    $ 44,462,065      $ (7,419,961 ) 

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

ProShares Ultra Bloomberg Crude Oil

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 420,493,513     $ 527,486,095  

NAV end of period

    $ 359,079,095     $ 593,222,255  

Percentage change in NAV

      (14.6 )%      12.5 % 

Shares outstanding beginning of period

      18,693,096       15,743,096  

Shares outstanding end of period

      16,043,096       23,393,096  

Percentage change in shares outstanding

      (14.2 )%      48.6 % 

Shares created

      4,250,000       16,200,000  

Shares redeemed

      6,900,000       8,550,000  

Per share NAV beginning of period

    $ 22.49     $ 33.51  

Per share NAV end of period

    $ 22.38     $ 25.36  

Percentage change in per share NAV

      (0.5 )%      (24.3 )% 

Percentage change in benchmark

      0.2 %      (12.6 )% 

Benchmark annualized volatility

      21.0 %      26.2 % 

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 18,693,096 outstanding Shares at June 30, 2025 to 16,043,096 outstanding Shares at September 30, 2025. The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, in conjunction with the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. 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 IndexSM.

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.

 

8

Table of Contents

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 1,571,960      $ 4,742,745  

Management fee

      919,884        1,266,843  

Brokerage commission

      47,091        65,064  

Net realized gain (loss)

      15,487,461        (66,826,014 ) 

Change in net unrealized appreciation (depreciation)

      (7,007,743 )       (59,041,810 ) 

Net Income (loss)

    $ 10,051,678      $ (121,125,079 ) 

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

ProShares Ultra Bloomberg Natural Gas

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 334,757,794     $ 540,643,821  

NAV end of period

    $ 542,210,220     $ 651,821,105  

Percentage change in NAV

      62.0 %      20.6 % 

Shares outstanding beginning of period

      7,223,047       6,933,709  

Shares outstanding end of period

      18,373,047       11,103,709  

Percentage change in shares outstanding

      154.4 %      60.1 % 

Shares created

      28,200,000       10,350,000  

Shares redeemed

      17,050,000       6,180,000  

Per share NAV beginning of period

    $ 46.35     $ 77.97  

Per share NAV end of period

    $ 29.51     $ 58.70  

Percentage change in per share NAV

      (36.3 )%      (24.7 )% 

Percentage change in benchmark

      (18.2 )%      (10.2 )% 

Benchmark annualized volatility

      36.1 %      44.5 % 

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

 

9

Table of Contents

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

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 2,571,611      $ 4,917,857  

Management fee

      1,088,659        1,479,083  

Brokerage commission

      411,698        681,738  

Futures account fees

      49,402        46,576  

Net realized gain (loss)

      (163,780,730 )       (372,130,469 ) 

Change in net unrealized appreciation (depreciation)

      28,737,488        260,259,730  

Net Income (loss)

    $ (132,471,631 )     $ (106,952,882 ) 

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

 

10

Table of Contents

ProShares Ultra Euro

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 8,708,069     $ 5,595,533  

NAV end of period

    $ 7,272,104     $ 5,440,209  

Percentage change in NAV

      (16.5 )%      (2.8 )% 

Shares outstanding beginning of period

      650,000       500,000  

Shares outstanding end of period

      550,000       450,000  

Percentage change in shares outstanding

      (15.4 )%      (10.0 )% 

Shares created

      —        —   

Shares redeemed

      100,000       50,000  

Per share NAV beginning of period

    $ 13.40     $ 11.19  

Per share NAV end of period

    $ 13.22     $ 12.09  

Percentage change in per share NAV

      (1.3 )%      8.0 % 

Percentage change in benchmark

      (0.3 )%      3.9 % 

Benchmark annualized volatility

      8.6 %      5.4 % 

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

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

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 53,812      $ 48,936  

Management fee

      18,718        13,033  

Net realized gain (loss)

      220,691        182,638  

Change in net unrealized appreciation (depreciation)

      (434,179 )       187,048  

Net Income (loss)

    $ (159,676 )     $ 418,622  

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

 

11

Table of Contents

ProShares Ultra Gold*

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 485,005,243     $ 216,456,025  

NAV end of period

    $ 809,280,918     $ 298,882,222  

Percentage change in NAV

      66.9 %      38.1 % 

Shares outstanding beginning of period

      14,100,000       11,200,000  

Shares outstanding end of period

      17,700,000       12,400,000  

Percentage change in shares outstanding

      25.5 %      10.7 % 

Shares created

      7,000,000       3,400,000  

Shares redeemed

      3,400,000       2,200,000  

Per share NAV beginning of period

    $ 34.40     $ 19.33  

Per share NAV end of period

    $ 45.72     $ 24.10  

Percentage change in per share NAV

      32.9 %      24.7 % 

Percentage change in benchmark

      16.4 %      12.9 % 

Benchmark annualized volatility

      13.7 %      14.3 % 

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. 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 SubindexSM. 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.

 

12

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 4,397,620      $ 2,677,335  

Management fee

      1,426,882        628,619  

Brokerage commission

      18,644        9,213  

Net realized gain (loss)

      38,694,419        12,042,718  

Change in net unrealized appreciation (depreciation)

      144,544,484        41,957,497  

Net Income (loss)

    $ 187,636,523      $ 56,677,550  

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

 

*

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

ProShares Ultra Silver

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 708,196,011     $ 570,829,521  

NAV end of period

    $ 1,047,679,297     $ 666,782,470  

Percentage change in NAV

      47.9 %      16.8 % 

Shares outstanding beginning of period

      15,046,526       15,246,526  

Shares outstanding end of period

      13,846,526       16,446,526  

Percentage change in shares outstanding

      (8.0 )%      7.9 % 

Shares created

      4,700,000       4,700,000  

Shares redeemed

      5,900,000       3,500,000  

Per share NAV beginning of period

    $ 47.07     $ 37.44  

Per share NAV end of period

    $ 75.66     $ 40.54  

Percentage change in per share NAV

      60.7 %      8.3 % 

Percentage change in benchmark

      28.6 %      6.3 % 

Benchmark annualized volatility

      22.3 %      32.0 % 

During the three months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. 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 SubindexSM.

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.

 

13

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 4,938,126      $ 6,019,174  

Management fee

      1,949,744        1,417,159  

Brokerage commission

      50,532        45,868  

Net realized gain (loss)

      138,583,885        (129,011,251 ) 

Change in net unrealized appreciation (depreciation)

      263,016,530        182,446,021  

Net Income (loss)

    $ 406,538,541      $ 59,453,944  

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.

 

14

Table of Contents

ProShares Ultra VIX Short-Term Futures ETF

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 579,408,908     $ 232,135,198  

NAV end of period

    $ 648,094,422     $ 285,351,963  

Percentage change in NAV

      11.9 %      22.9 % 

Shares outstanding beginning of period

      30,993,643       9,843,643  

Shares outstanding end of period

      62,093,643       11,443,643  

Percentage change in shares outstanding

      100.3 %      16.3 % 

Shares created

      49,350,000       19,350,000  

Shares redeemed

      18,250,000       17,750,000  

Per share NAV beginning of period

    $ 18.69     $ 23.58  

Per share NAV end of period

    $ 10.44     $ 24.94  

Percentage change in per share NAV

      (44.1 )%      5.7 % 

Percentage change in benchmark

      (30.9 )%      13.7 % 

Benchmark annualized volatility

      38.8 %      130.9 % 

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

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

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 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.

 

15

Table of Contents

ProShares Ultra Yen

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 66,461,439     $ 44,510,138  

NAV end of period

    $ 53,309,336     $ 53,234,065  

Percentage change in NAV

      (19.8 )%      19.6 % 

Shares outstanding beginning of period

      2,849,970       2,199,970  

Shares outstanding end of period

      2,449,970       2,149,970  

Percentage change in shares outstanding

      (14.0 )%      (2.3 )% 

Shares created

      —        550,000  

Shares redeemed

      400,000       600,000  

Per share NAV beginning of period

    $ 23.32     $ 20.23  

Per share NAV end of period

    $ 21.76     $ 24.76  

Percentage change in per share NAV

      (6.7 )%      22.4 % 

Percentage change in benchmark

      (2.6 )%      11.9 % 

Benchmark annualized volatility

      10.9 %      12.9 % 

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

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

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

 

16

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 402,393      $ 422,494  

Management fee

      139,482        118,878  

Net realized gain (loss)

      (3,272,292 )       6,834,509  

Change in net unrealized appreciation (depreciation)

      (1,422,005 )       2,618,114  

Net Income (loss)

    $ (4,291,904 )     $ 9,875,117  

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

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 135,277,470     $ 177,620,038  

NAV end of period

    $ 121,702,439     $ 96,729,953  

Percentage change in NAV

      (10.0 )%      (45.5 )% 

Shares outstanding beginning of period

      7,505,220       11,405,220  

Shares outstanding end of period

      6,955,220       4,955,220  

Percentage change in shares outstanding

      (7.3 )%      (56.6 )% 

Shares created

      5,450,000       2,250,000  

Shares redeemed

      6,000,000       8,700,000  

Per share NAV beginning of period

    $ 18.02     $ 15.57  

Per share NAV end of period

    $ 17.50     $ 19.52  

Percentage change in per share NAV

      (2.9 )%      25.3 % 

Percentage change in benchmark

      0.2 %      (12.6 )% 

Benchmark annualized volatility

      21.0 %      26.2 % 

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

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.

 

17

Table of Contents

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 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.

 

18

Table of Contents

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 283,266,637     $ 147,292,427  

NAV end of period

    $ 158,537,958     $ 132,693,025  

Percentage change in NAV

      (44.0 )%      (9.9 )% 

Shares outstanding beginning of period

      11,133,712       2,983,712  

Shares outstanding end of period

      4,483,712       2,433,712  

Percentage change in shares outstanding

      (59.7 )%      (18.4 )% 

Shares created

      6,050,000       2,700,000  

Shares redeemed

      12,700,000       3,250,000  

Per share NAV beginning of period

    $ 25.44     $ 49.37  

Per share NAV end of period

    $ 35.36     $ 54.52  

Percentage change in per share NAV

      39.0 %      10.4 % 

Percentage change in benchmark

      (18.2 )%      (10.2 )% 

Benchmark annualized volatility

      36.1 %      44.5 % 

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

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
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 1,269,108      $ 762,495  

Management fee

      477,225        224,779  

Brokerage commission

      167,957        156,391  

Futures account fees

      12,126        6,899  

Net realized gain (loss)

      116,766,285        90,004,014  

Change in net unrealized appreciation (depreciation)

      (27,089,937 )       (55,764,309 ) 

Net Income (loss)

    $ 90,945,456      $ 35,002,200  

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

 

19

Table of Contents

ProShares UltraShort Euro

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 31,567,012     $ 38,226,983  

NAV end of period

    $ 33,625,132     $ 32,912,508  

Percentage change in NAV

      6.5 %      (13.9 )% 

Shares outstanding beginning of period

      1,150,000       1,200,000  

Shares outstanding end of period

      1,200,000       1,100,000  

Percentage change in shares outstanding

      4.3 %      (8.3 )% 

Shares created

      200,000       —   

Shares redeemed

      150,000       100,000  

Per share NAV beginning of period

    $ 27.45     $ 31.86  

Per share NAV end of period

    $ 28.02     $ 29.92  

Percentage change in per share NAV

      2.1 %      (6.1 )% 

Percentage change in benchmark

      (0.3 )%      3.9 % 

Benchmark annualized volatility

      8.6 %      5.4 % 

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

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

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.

 

20

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 229,237      $ 315,526  

Management fee

      81,835        84,768  

Net realized gain (loss)

      (1,411,883 )       (1,317,854 ) 

Change in net unrealized appreciation (depreciation)

      1,649,460        (1,247,585 ) 

Net Income (loss)

    $ 466,814      $ (2,249,913 ) 

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

ProShares UltraShort Gold*

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 76,838,176     $ 16,131,791  

NAV end of period

    $ 63,190,713     $ 18,058,490  

Percentage change in NAV

      (17.8 )%      11.9 % 

Shares outstanding beginning of period

      3,423,421       373,489  

Shares outstanding end of period

      3,773,421       523,489  

Percentage change in shares outstanding

      10.2 %      40.2 % 

Shares created

      2,650,000       300,000  

Shares redeemed

      2,300,000       150,000  

Per share NAV beginning of period

    $ 22.44     $ 43.19  

Per share NAV end of period

    $ 16.75     $ 34.50  

Percentage change in per share NAV

      (25.4 )%      (20.1 )% 

Percentage change in benchmark

      16.4 %      12.9 % 

Benchmark annualized volatility

      13.7 %      14.3 % 

During the three months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold SubindexSM. 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 SubindexSM.

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.

 

21

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 385,326      $ 113,799  

Management fee

      155,211        34,177  

Brokerage commission

      2,719        920  

Net realized gain (loss)

      (9,140,381 )       (1,409,519 ) 

Change in net unrealized appreciation (depreciation)

      (8,051,107 )       (1,762,993 ) 

Net Income (loss)

    $ (16,806,162 )     $ (3,058,713 ) 

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

 

*

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

ProShares UltraShort Silver

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 35,410,975     $ 76,198,743  

NAV end of period

    $ 30,352,080     $ 32,222,722  

Percentage change in NAV

      (14.3 )%      (57.7 )% 

Shares outstanding beginning of period

      1,360,264       1,697,832  

Shares outstanding end of period

      1,960,264       847,832  

Percentage change in shares outstanding

      44.1 %      (50.1 )% 

Shares created

      2,100,000       687,500  

Shares redeemed

      1,500,000       1,537,500  

Per share NAV beginning of period

    $ 26.03     $ 44.88  

Per share NAV end of period

    $ 15.48     $ 38.01  

Percentage change in per share NAV

      (40.5 )%      (15.3 )% 

Percentage change in benchmark

      28.6 %      6.3 % 

Benchmark annualized volatility

      22.3 %      32.0 % 

 

22

Table of Contents

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 SubindexSM. 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 SubindexSM.

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

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 131,582      $ 507,144  

Management fee

      68,100        149,940  

Brokerage commission

      3,060        14,921  

Net realized gain (loss)

      (6,846,972 )       5,993,727  

Change in net unrealized appreciation (depreciation)

      (6,273,570 )       (9,520,751 ) 

Net Income (loss)

    $ (12,988,960 )     $ (3,019,880 ) 

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

 

23

Table of Contents

ProShares UltraShort Yen

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 20,559,703     $ 47,495,032  

NAV end of period

    $ 28,808,714     $ 34,904,924  

Percentage change in NAV

      40.1 %      (26.5 )% 

Shares outstanding beginning of period

      497,160       997,160  

Shares outstanding end of period

      647,160       897,160  

Percentage change in shares outstanding

      30.2 %      (10.0 )% 

Shares created

      500,000       300,000  

Shares redeemed

      350,000       400,000  

Per share NAV beginning of period

    $ 41.35     $ 47.63  

Per share NAV end of period

    $ 44.52     $ 38.91  

Percentage change in per share NAV

      7.7 %      (18.3 )% 

Percentage change in benchmark

      (2.6 )%      11.9 % 

Benchmark annualized volatility

      10.9 %      12.9 % 

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

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

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 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.

 

24

Table of Contents

ProShares VIX Mid-Term Futures ETF

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 21,537,610     $ 33,401,452  

NAV end of period

    $ 44,522,647     $ 38,983,834  

Percentage change in NAV

      106.7 %      16.7 % 

Shares outstanding beginning of period

      1,287,403       2,337,403  

Shares outstanding end of period

      2,812,403       2,587,403  

Percentage change in shares outstanding

      118.5 %      10.7 % 

Shares created

      1,600,000       825,000  

Shares redeemed

      75,000       575,000  

Per share NAV beginning of period

    $ 16.73     $ 14.29  

Per share NAV end of period

    $ 15.83     $ 15.07  

Percentage change in per share NAV

      (5.4 )%      5.5 % 

Percentage change in benchmark

      (5.0 )%      5.8 % 

Benchmark annualized volatility

      15.3 %      48.3 % 

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

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

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

 

25

Table of Contents

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 232,853      $ 290,687  

Management fee

      74,709        66,736  

Brokerage commission

      10,101        8,201  

Futures account fees

      4,599        4,605  

Net realized gain (loss)

      (1,349,262 )       2,713,929  

Change in net unrealized appreciation (depreciation)

      (1,372,511 )       455,038  

Net Income (loss)

    $ (2,488,920 )     $ 3,459,654  

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

ProShares VIX Short-Term Futures ETF

Fund Performance

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

 

     Three Months Ended
September 30, 2025		     Three Months Ended
September 30, 2024		  

NAV beginning of period

    $ 164,541,842     $ 148,420,028  

NAV end of period

    $ 329,584,482     $ 163,397,433  

Percentage change in NAV

      100.3 %      10.1 % 

Shares outstanding beginning of period

      3,516,252       3,425,237  

Shares outstanding end of period

      10,241,252       3,337,737  

Percentage change in shares outstanding

      191.3 %      (2.6 )% 

Shares created

      7,000,000       2,637,500  

Shares redeemed

      275,000       2,725,000  

Per share NAV beginning of period

    $ 46.79     $ 43.33  

Per share NAV end of period

    $ 32.18     $ 48.95  

Percentage change in per share NAV

      (31.2 )%      13.0 % 

Percentage change in benchmark

      (30.9 )%      13.7 % 

Benchmark annualized volatility

      38.8 %      130.9 % 

 

26

Table of Contents

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

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

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

Net Income/Loss

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

 

     Three Months Ended
September 30, 2025		      Three Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 1,746,868      $ 1,120,410  

Management fee

      628,098        298,739  

Brokerage commission

      160,166        109,695  

Futures account fees

      61,987        25,438  

Net realized gain (loss)

      (109,920,852 )       47,465,974  

Change in net unrealized appreciation (depreciation)

      (1,512,437 )       5,179,115  

Net Income (loss)

    $ (109,686,421 )     $ 53,765,499  

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

 

27

Table of Contents

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

ProShares Short VIX Short-Term Futures ETF

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 266,090,233     $ 267,184,359  

NAV end of period

    $ 243,299,521     $ 364,574,356  

Percentage change in NAV

      (8.6 )%      36.5 % 

Shares outstanding beginning of period

      5,318,614       5,168,614  

Shares outstanding end of period

      4,768,614       7,268,614  

Percentage change in shares outstanding

      (10.3 )%      40.6 % 

Shares created

      18,650,000       15,050,000  

Shares redeemed

      19,200,000       12,950,000  

Per share NAV beginning of period

    $ 50.03     $ 51.69  

Per share NAV end of period

    $ 51.02     $ 50.16  

Percentage change in per share NAV

      2.0 %      (3.0 )% 

Percentage change in benchmark

      (27.3 )%      (19.7 )% 

Benchmark annualized volatility

      79.8 %      82.9 % 

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

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

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

 

28

Table of Contents

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 5,430,710      $ 9,251,157  

Management fee

      2,130,449        2,616,334  

Brokerage commission

      458,281        688,357  

Futures account fees

      70,783        24,896  

Net realized gain (loss)

      28,980,200        47,773,242  

Change in net unrealized appreciation (depreciation)

      9,717,287        (13,008,316 ) 

Net Income (loss)

    $ 44,128,197      $ 44,016,083  

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

ProShares Ultra Bloomberg Crude Oil

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 523,420,064     $ 652,793,437  

NAV end of period

    $ 359,079,095     $ 593,222,255  

Percentage change in NAV

      (31.4 )%      (9.1 )% 

Shares outstanding beginning of period

      19,043,096       24,843,096  

Shares outstanding end of period

      16,043,096       23,393,096  

Percentage change in shares outstanding

      (15.8 )%      (5.8 )% 

Shares created

      19,150,000       25,300,000  

Shares redeemed

      22,150,000       26,750,000  

Per share NAV beginning of period

    $ 27.49     $ 26.28  

Per share NAV end of period

    $ 22.38     $ 25.36  

Percentage change in per share NAV

      (18.6 )%      (3.5 )% 

Percentage change in benchmark

      (7.9 )%      (1.0 )% 

Benchmark annualized volatility

      26.3 %      22.0 % 

During the nine months ended September 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. 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 IndexSM.

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.

 

29

Table of Contents

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 6,293,153      $ 13,332,810  

Management fee

      2,836,491        4,088,647  

Brokerage commission

      155,007        169,844  

Net realized gain (loss)

      2,412,438        33,262,708  

Change in net unrealized appreciation (depreciation)

      (48,807,879 )       (4,696,794 ) 

Net Income (loss)

    $ (40,102,288 )     $ 41,898,724  

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

ProShares Ultra Bloomberg Natural Gas

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 396,081,499     $ 729,892,808  

NAV end of period

    $ 542,210,220     $ 651,821,105  

Percentage change in NAV

      36.9 %      (10.7 )% 

Shares outstanding beginning of period

      7,223,047       5,113,709  

Shares outstanding end of period

      18,373,047       11,103,709  

Percentage change in shares outstanding

      154.4 %      117.1 % 

Shares created

      46,650,000       23,240,000  

Shares redeemed

      35,500,000       17,250,000  

Per share NAV beginning of period

    $ 54.84     $ 142.73  

Per share NAV end of period

    $ 29.51     $ 58.70  

Percentage change in per share NAV

      (46.2 )%      (58.9 )% 

Percentage change in benchmark

      (16.4 )%      (27.1 )% 

Benchmark annualized volatility

      54.4 %      51.7 % 

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

 

30

Table of Contents

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

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 5,613,040      $ 13,384,747  

Management fee

      2,340,238        4,252,390  

Brokerage commission

      982,711        2,170,207  

Futures account fees

      166,011        188,737  

Net realized gain (loss)

      46,482,165        (402,539,202 ) 

Change in net unrealized appreciation (depreciation)

      (98,296,397 )       63,603,384  

Net Income (loss)

    $ (46,201,192 )     $ (325,551,071 ) 

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

 

31

Table of Contents

ProShares Ultra Euro

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 5,751,156     $ 7,114,015  

NAV end of period

    $ 7,272,104     $ 5,440,209  

Percentage change in NAV

      26.4 %      (23.5 )% 

Shares outstanding beginning of period

      550,000       600,000  

Shares outstanding end of period

      550,000       450,000  

Percentage change in shares outstanding

      —  %      (25.0 )% 

Shares created

      200,000       100,000  

Shares redeemed

      200,000       250,000  

Per share NAV beginning of period

    $ 10.46     $ 11.86  

Per share NAV end of period

    $ 13.22     $ 12.09  

Percentage change in per share NAV

      26.4 %      2.0 % 

Percentage change in benchmark

      13.3 %      0.8 % 

Benchmark annualized volatility

      8.9 %      5.3 % 

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

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

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 137,965      $ 168,360  

Management fee

      48,609        42,912  

Net realized gain (loss)

      997,841        107,862  

Change in net unrealized appreciation (depreciation)

      176,469        (260,299 ) 

Net Income (loss)

    $ 1,312,275      $ 15,923  

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

 

32

Table of Contents

ProShares Ultra Gold*

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 289,709,332     $ 191,502,023  

NAV end of period

    $ 809,280,918     $ 298,882,222  

Percentage change in NAV

      179.3 %      56.1 % 

Shares outstanding beginning of period

      12,400,000       12,000,000  

Shares outstanding end of period

      17,700,000       12,400,000  

Percentage change in shares outstanding

      42.7 %      3.3 % 

Shares created

      17,650,000       6,600,000  

Shares redeemed

      12,350,000       6,200,000  

Per share NAV beginning of period

    $ 23.36     $ 15.96  

Per share NAV end of period

    $ 45.72     $ 24.10  

Percentage change in per share NAV

      95.7 %      51.0 % 

Percentage change in benchmark

      44.8 %      27.2 % 

Benchmark annualized volatility

      18.8 %      14.3 % 

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. 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 SubindexSM. 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.

 

33

Table of Contents

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 11,149,141      $ 6,509,622  

Management fee

      3,488,004        1,611,610  

Brokerage commission

      64,523        27,209  

Net realized gain (loss)

      183,281,121        62,084,821  

Change in net unrealized appreciation (depreciation)

      139,114,900        27,452,000  

Net Income (loss)

    $ 333,545,162      $ 96,046,443  

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

 

*

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

ProShares Ultra Silver

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 562,083,293     $ 390,146,373  

NAV end of period

    $ 1,047,679,297     $ 666,782,470  

Percentage change in NAV

      86.4 %      70.9 % 

Shares outstanding beginning of period

      16,746,526       14,296,526  

Shares outstanding end of period

      13,846,526       16,446,526  

Percentage change in shares outstanding

      (17.3 )%      15.0 % 

Shares created

      14,550,000       12,150,000  

Shares redeemed

      17,450,000       10,000,000  

Per share NAV beginning of period

    $ 33.56     $ 27.29  

Per share NAV end of period

    $ 75.66     $ 40.54  

Percentage change in per share NAV

      125.4 %      48.6 % 

Percentage change in benchmark

      58.1 %      30.0 % 

Benchmark annualized volatility

      27.2 %      31.4 % 

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. 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 SubindexSM. 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.

 

34

Table of Contents

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 13,946,875      $ 13,696,814  

Management fee

      4,951,422        3,535,877  

Brokerage commission

      155,360        130,090  

Net realized gain (loss)

      292,493,503        87,203,275  

Change in net unrealized appreciation (depreciation)

      328,796,816        116,775,363  

Net Income (loss)

    $ 635,237,194      $ 217,675,452  

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

 

35

Table of Contents

ProShares Ultra VIX Short-Term Futures ETF

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 284,452,060     $ 348,555,743  

NAV end of period

    $ 648,094,422     $ 285,351,963  

Percentage change in NAV

      127.8 %      (18.1 )% 

Shares outstanding beginning of period

      13,693,643       8,264,892  

Shares outstanding end of period

      62,093,643       11,443,643  

Percentage change in shares outstanding

      353.4 %      38.5 % 

Shares created

      134,050,000       29,200,000  

Shares redeemed

      85,650,000       26,021,248  

Per share NAV beginning of period

    $ 20.77     $ 42.17  

Per share NAV end of period

    $ 10.44     $ 24.94  

Percentage change in per share NAV

      (49.7 )%      (40.8 )% 

Percentage change in benchmark

      (27.3 )%      (19.7 )% 

Benchmark annualized volatility

      79.8 %      82.9 % 

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

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

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 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.

 

36

Table of Contents

ProShares Ultra Yen

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 44,505,646     $ 30,205,770  

NAV end of period

    $ 53,309,336     $ 53,234,065  

Percentage change in NAV

      19.8 %      76.2 % 

Shares outstanding beginning of period

      2,199,970       1,099,970  

Shares outstanding end of period

      2,449,970       2,149,970  

Percentage change in shares outstanding

      11.4 %      95.5 % 

Shares created

      1,250,000       1,850,000  

Shares redeemed

      1,000,000       800,000  

Per share NAV beginning of period

    $ 20.23     $ 27.46  

Per share NAV end of period

    $ 21.76     $ 24.76  

Percentage change in per share NAV

      7.6 %      (9.8 )% 

Percentage change in benchmark

      6.4 %      (1.9 )% 

Benchmark annualized volatility

      10.6 %      10.4 % 

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

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

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

 

37

Table of Contents

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 1,220,048      $ 1,099,697  

Management fee

      430,261        295,486  

Net realized gain (loss)

      (201,447 )       (562,689 ) 

Change in net unrealized appreciation (depreciation)

      3,529,664        (1,803,229 ) 

Net Income (loss)

    $ 4,548,265      $ (1,266,221 ) 

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

ProShares UltraShort Bloomberg Crude Oil

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 121,997,334     $ 188,963,592  

NAV end of period

    $ 121,702,439     $ 96,729,953  

Percentage change in NAV

      (0.2 )%      (48.8 )% 

Shares outstanding beginning of period

      7,205,220       9,105,220  

Shares outstanding end of period

      6,955,220       4,955,220  

Percentage change in shares outstanding

      (3.5 )%      (45.6 )% 

Shares created

      25,450,000       14,900,000  

Shares redeemed

      25,700,000       19,050,000  

Per share NAV beginning of period

    $ 16.93     $ 20.75  

Per share NAV end of period

    $ 17.50     $ 19.52  

Percentage change in per share NAV

      3.4 %      (5.9 )% 

Percentage change in benchmark

      (7.9 )%      (1.0 )% 

Benchmark annualized volatility

      26.3 %      22.0 % 

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

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.

 

38

Table of Contents

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 3,113,410      $ 4,993,915  

Management fee

      1,090,747        1,255,680  

Brokerage commission

      169,510        149,398  

Net realized gain (loss)

      45,774,758        (323,060 ) 

Change in net unrealized appreciation (depreciation)

      13,783,712        (7,534,360 ) 

Net Income (loss)

    $ 62,671,880      $ (2,863,505 ) 

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

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 260,940,143     $ 140,963,092  

NAV end of period

    $ 158,537,958     $ 132,693,025  

Percentage change in NAV

      (39.2 )%      (5.9 )% 

Shares outstanding beginning of period

      5,983,712       2,933,712  

Shares outstanding end of period

      4,483,712       2,433,712  

Percentage change in shares outstanding

      (25.1 )%      (17.0 )% 

Shares created

      71,800,000       16,700,000  

Shares redeemed

      73,300,000       17,200,000  

Per share NAV beginning of period

    $ 43.61     $ 48.05  

Per share NAV end of period

    $ 35.36     $ 54.52  

Percentage change in per share NAV

      (18.9 )%      13.5 % 

Percentage change in benchmark

      (16.4 )%      (27.1 )% 

Benchmark annualized volatility

      54.4 %      51.7 % 

 

39

Table of Contents

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 SubindexSM. 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 SubindexSM.

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
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 6,470,289      $ 2,521,302  

Management fee

      2,536,994        797,283  

Brokerage commission

      1,197,519        722,643  

Futures account fees

      84,863        33,910  

Net realized gain (loss)

      19,531,219        90,093,336  

Change in net unrealized appreciation (depreciation)

      39,267,521        (11,387,262 ) 

Net Income (loss)

    $ 65,269,029      $ 81,227,376  

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

 

40

Table of Contents

ProShares UltraShort Euro

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 41,892,674     $ 39,367,550  

NAV end of period

    $ 33,625,132     $ 32,912,508  

Percentage change in NAV

      (19.7 )%      (16.4 )% 

Shares outstanding beginning of period

      1,200,000       1,350,000  

Shares outstanding end of period

      1,200,000       1,100,000  

Percentage change in shares outstanding

      —  %      (18.5 )% 

Shares created

      550,000       50,000  

Shares redeemed

      550,000       300,000  

Per share NAV beginning of period

    $ 34.91     $ 29.16  

Per share NAV end of period

    $ 28.02     $ 29.92  

Percentage change in per share NAV

      (19.7 )%      2.6 % 

Percentage change in benchmark

      13.3 %      0.8 % 

Benchmark annualized volatility

      8.9 %      5.3 % 

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

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

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 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.

 

41

Table of Contents

ProShares UltraShort Gold*

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 16,624,428     $ 11,795,779  

NAV end of period

    $ 63,190,713     $ 18,058,490  

Percentage change in NAV

      280.1 %      53.1 % 

Shares outstanding beginning of period

      473,489       223,489  

Shares outstanding end of period

      3,773,421       523,489  

Percentage change in shares outstanding

      696.9 %      134.2 % 

Shares created

      16,350,000       625,000  

Shares redeemed

      13,050,068       325,000  

Per share NAV beginning of period

    $ 35.11     $ 52.78  

Per share NAV end of period

    $ 16.75     $ 34.50  

Percentage change in per share NAV

      (52.3 )%      (34.6 )% 

Percentage change in benchmark

      44.8 %      27.2 % 

Benchmark annualized volatility

      18.8 %      14.2 % 

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

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
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 1,042,530      $ 359,801  

Management fee

      411,660        105,887  

Brokerage commission

      14,541        3,138  

Net realized gain (loss)

      (6,736,886 )       (5,323,806 ) 

Change in net unrealized appreciation (depreciation)

      (6,443,295 )       (843,136 ) 

Net Income (loss)

    $ (12,137,651 )     $ (5,807,141 ) 

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

 

*

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

 

42

Table of Contents

ProShares UltraShort Silver

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 23,752,619     $ 65,149,686  

NAV end of period

    $ 30,352,080     $ 32,222,722  

Percentage change in NAV

      27.8 %      (50.5 )% 

Shares outstanding beginning of period

      560,264       897,832  

Shares outstanding end of period

      1,960,264       847,832  

Percentage change in shares outstanding

      249.9 %      (5.6 )% 

Shares created

      4,750,000       2,937,500  

Shares redeemed

      3,350,000       2,987,500  

Per share NAV beginning of period

    $ 42.40     $ 72.56  

Per share NAV end of period

    $ 15.48     $ 38.01  

Percentage change in per share NAV

      (63.5 )%      (47.6 )% 

Percentage change in benchmark

      58.1 %      30.0 % 

Benchmark annualized volatility

      27.2 %      31.4 % 

During the nine months ended September 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,960,264 outstanding Shares at September 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver SubindexSM. 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 SubindexSM. 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.

 

43

Table of Contents

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

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 392,152      $ 1,235,932  

Management fee

      202,348        380,119  

Brokerage commission

      13,179        34,808  

Net realized gain (loss)

      (13,283,190 )       (4,296,391 ) 

Change in net unrealized appreciation (depreciation)

      (8,834,171 )       (6,036,529 ) 

Net Income (loss)

    $ (21,725,209 )     $ (9,096,988 ) 

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

ProShares UltraShort Yen

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 26,080,295     $ 24,010,010  

NAV end of period

    $ 28,808,714     $ 34,904,924  

Percentage change in NAV

      10.5 %      45.4 % 

Shares outstanding beginning of period

      547,160       697,160  

Shares outstanding end of period

      647,160       897,160  

Percentage change in shares outstanding

      18.3 %      28.7 % 

Shares created

      750,000       900,000  

Shares redeemed

      650,000       700,000  

Per share NAV beginning of period

    $ 47.66     $ 34.44  

Per share NAV end of period

    $ 44.52     $ 38.91  

Percentage change in per share NAV

      (6.6 )%      13.0 % 

Percentage change in benchmark

      6.4 %      (1.9 )% 

Benchmark annualized volatility

      10.6 %      10.4 % 

 

44

Table of Contents

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
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 497,676      $ 964,632  

Management fee

      172,164        256,361  

Net realized gain (loss)

      (452,801 )       1,112,710  

Change in net unrealized appreciation (depreciation)

      (1,899,238 )       1,101,721  

Net Income (loss)

    $ (1,854,363 )     $ 3,179,063  

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

 

45

Table of Contents

ProShares VIX Mid-Term Futures ETF

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 28,111,210     $ 37,866,143  

NAV end of period

    $ 44,522,647     $ 38,983,834  

Percentage change in NAV

      58.4 %      3.0 % 

Shares outstanding beginning of period

      1,937,403       2,262,403  

Shares outstanding end of period

      2,812,403       2,587,403  

Percentage change in shares outstanding

      45.2 %      14.4 % 

Shares created

      2,925,000       9,450,000  

Shares redeemed

      2,050,000       9,125,000  

Per share NAV beginning of period

    $ 14.51     $ 16.74  

Per share NAV end of period

    $ 15.83     $ 15.07  

Percentage change in per share NAV

      9.1 %      (10.0 )% 

Percentage change in benchmark

      10.4 %      (8.8 )% 

Benchmark annualized volatility

      34.9 %      32.2 % 

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

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

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 593,847      $ 1,521,740  

Management fee

      188,230        354,943  

Brokerage commission

      28,555        94,413  

Futures account fees

      9,723        21,146  

Net realized gain (loss)

      4,085,004        (12,340,680 ) 

Change in net unrealized appreciation (depreciation)

      (1,583,444 )       4,340,208  

Net Income (loss)

    $ 3,095,407      $ (6,478,732 ) 

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

 

46

Table of Contents

ProShares VIX Short-Term Futures ETF

Fund Performance

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

 

     Nine Months Ended
September 30, 2025		     Nine Months Ended
September 30, 2024		  

NAV beginning of period

    $ 133,641,615     $ 157,321,746  

NAV end of period

    $ 329,584,482     $ 163,397,433  

Percentage change in NAV

      146.6 %      3.9 % 

Shares outstanding beginning of period

      2,966,252       2,537,737  

Shares outstanding end of period

      10,241,252       3,337,737  

Percentage change in shares outstanding

      245.3 %      31.5 % 

Shares created

      14,225,000       4,512,500  

Shares redeemed

      6,950,000       3,712,500  

Per share NAV beginning of period

    $ 45.05     $ 61.99  

Per share NAV end of period

    $ 32.18     $ 48.95  

Percentage change in per share NAV

      (28.6 )%      (21.0 )% 

Percentage change in benchmark

      (27.3 )%      (19.7 )% 

Benchmark annualized volatility

      79.8 %      82.9 % 

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

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

 

47

Table of Contents

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

Net Income/Loss

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

 

     Nine Months Ended
September 30, 2025		      Nine Months Ended
September 30, 2024		  

Net investment income (loss)

    $ 3,468,893      $ 3,707,955  

Management fee

      1,280,780        945,176  

Brokerage commission

      448,329        189,358  

Futures account fees

      150,648        89,976  

Net realized gain (loss)

      (33,146,619 )       (11,800,514 ) 

Change in net unrealized appreciation (depreciation)

      (16,054,285 )       12,170,504  

Net Income (loss)

    $ (45,732,011 )     $ 4,077,945  

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

 

48

Table of Contents

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Quantitative Disclosure

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

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

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

ProShares Short VIX Short-Term Futures ETF

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

 

Futures Positions as of September 30, 2025  

Contract

    Long or
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Short        October 2025        4,007      $ 17.59        1,000      $ (70,475,116 ) 

VIX Futures (Cboe)

      Short        November 2025        2,665        19.25        1,000        (51,299,118 ) 

 

Futures Positions as of September 30, 2024  

Contract

    Long or
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Short        October 2024        5,429      $ 18.84        1,000      $ (102,295,932 ) 

VIX Futures (Cboe)

      Short        November 2024        4,431        18.10        1,000        (80,190,023 ) 

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

 

49

Table of Contents

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 IndexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

 

Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

WTI Crude Oil (NYMEX)

      Long        December 2025        841      $ 61.96        1,000      $ 52,108,360  

WTI Crude Oil (NYMEX)

      Long        June 2026        850        61.22        1,000        52,037,000  

WTI Crude Oil (NYMEX)

      Long        December 2026        855        61.02        1,000        52,172,100  

 

Swap Agreements as of September 30, 2025  

Reference Index

   

Counterparty

    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Citibank, N.A.      Long      $ 77.9690      $ 50,354,875  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Goldman Sachs International      Long        77.9690        218,509,682  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Morgan Stanley & Co. International PLC      Long        77.9690        66,380,312  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Societe Generale      Long        77.9690        165,863,610  

Bloomberg Commodity Balanced WTI Crude Oil Index

    UBS AG      Long        77.9690        60,715,630  

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

WTI Crude Oil (NYMEX)

      Long      December 2024      2,269      $ 67.77        1,000      $ 153,770,130  

WTI Crude Oil (NYMEX)

      Long      June 2025      2,326        66.93        1,000        155,679,180  

WTI Crude Oil (NYMEX)

      Long      December 2025      2,361        66.39        1,000        156,746,790  

 

Swap Agreements as of September 30, 2024  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Citibank, N.A.      Long      $ 80.8609      $ 143,374,704  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Goldman Sachs International      Long        80.8609        226,614,289  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Morgan Stanley & Co.
International PLC		      Long        80.8609        68,842,383  

Bloomberg Commodity Balanced WTI Crude Oil Index

    Societe Generale      Long        80.8609        172,015,554  

Bloomberg Commodity Balanced WTI Crude Oil Index

    UBS AG      Long        80.8609        109,053,861  

 

50

Table of Contents

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

ProShares Ultra Bloomberg Natural Gas:

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

 

Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Natural Gas (NYMEX)

      Long        November 2025        32,831      $ 3.30        10,000      $ 1,084,407,930  

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Natural Gas (NYMEX)

      Long        November 2024        44,626      $ 2.92        10,000      $ 1,304,417,980  

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

ProShares Ultra Euro:

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

 

Foreign Currency Forward Contracts as of September 30, 2025  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward Rate      Market Value
USD		  

Euro

    Goldman Sachs International      Long        10/10/25        6,075,921       1.1741      $ 7,133,499  

Euro

    UBS AG      Long        10/10/25        6,478,502       1.1740        7,605,889  

Euro

    Goldman Sachs International      Short        10/10/25        (81,000 )      1.1794        (95,532 ) 

Euro

    UBS AG      Short        10/10/25        (134,000 )      1.1693        (156,691 ) 

 

Foreign Currency Forward Contracts as of September 30, 2024  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward Rate      Market Value
USD		  

Euro

    Goldman Sachs International      Long        10/04/24        4,874,921       1.1085      $ 5,403,839  

Euro

    UBS AG      Long        10/04/24        5,080,502       1.1087        5,632,724  

Euro

    Goldman Sachs International      Short        10/04/24        (56,000 )      1.1048        (61,871 ) 

Euro

    UBS AG      Short        10/04/24        (127,000 )      1.1116        (141,168 ) 

 

51

Table of Contents

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 SubindexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

 

Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Gold Futures (COMEX)

      Long        December 2025        2,411      $ 3,873.20        100      $ 933,828,520  

 

Swap Agreements as of September 30, 2025  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Gold Subindex

    Citibank, N.A.      Long      $ 353.9054      $ 424,720,428  

Bloomberg Gold Subindex

    Goldman Sachs International      Long        353.9054        93,079,951  

Bloomberg Gold Subindex

    UBS AG      Long        353.9054        167,347,561  

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Gold Futures (COMEX)

      Long        December 2024        1,004      $ 2,659.40        100      $ 267,003,760  

 

Swap Agreements as of September 30, 2024  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Gold Subindex

    Citibank, N.A.      Long      $ 256.4490      $ 142,005,537  

Bloomberg Gold Subindex

    Goldman Sachs International      Long        256.4490        67,448,138  

Bloomberg Gold Subindex

    UBS AG      Long        256.4490        121,264,368  

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

 

52

Table of Contents

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 SubindexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2025 and 2024, which were sensitive to commodity price risk.

 

Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Silver Futures (COMEX)

      Long        December 2025        4,589      $ 46.64        5,000      $ 1,070,154,800  

 

Swap Agreements as of September 30, 2025  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Silver Subindex

    Citibank, N.A.      Long      $ 353.5489      $ 470,370,599  

Bloomberg Silver Subindex

    Goldman Sachs International      Long        353.5489        39,163,672  

Bloomberg Silver Subindex

    Morgan Stanley & Co.
International PLC		      Long        353.5489        265,710,383  

Bloomberg Silver Subindex

    UBS AG      Long        353.5489        250,085,358  

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Silver Futures (COMEX)

      Long        December 2024        3,954      $ 31.46        5,000      $ 621,924,660  

 

Swap Agreements as of September 30, 2024  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Silver Subindex

    Citibank, N.A.      Long      $ 251.8376      $ 316,950,428  

Bloomberg Silver Subindex

    Goldman Sachs International      Long        251.8376        27,896,806  

Bloomberg Silver Subindex

    Morgan Stanley & Co.
International PLC		      Long        251.8376        189,269,052  

Bloomberg Silver Subindex

    UBS AG      Long        251.8376        178,139,138  

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

ProShares Ultra VIX Short-Term Futures ETF

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

 

53

Table of Contents
Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Long      October 2025      31,952      $ 17.59        1,000      $ 561,971,776  

VIX Futures (Cboe)

      Long      November 2025      21,292        19.25        1,000        409,853,966  

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Long      October 2024      12,712      $ 18.84        1,000      $ 239,525,860  

VIX Futures (Cboe)

      Long      November 2024      10,409        18.10        1,000        188,376,878  

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

ProShares Ultra Yen:

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

 

Foreign Currency Forward Contracts as of September 30, 2025  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward Rate      Market Value
USD		  

Yen

    Goldman Sachs International      Long        10/10/25        8,304,233,056       0.006810      $ 56,549,383  

Yen

    UBS AG      Long        10/10/25        8,398,795,856       0.006808        57,181,304  

Yen

    Goldman Sachs International      Short        10/10/25        (232,040,000 )      0.006776        (1,572,260 ) 

Yen

    UBS AG      Short        10/10/25        (721,530,000 )      0.006724        (4,851,320 ) 

 

Foreign Currency Forward Contracts as of September 30, 2024  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward Rate      Market Value
USD		  

Yen

    Goldman Sachs International      Long        10/04/24        8,074,137,056       0.006967      $ 56,252,032  

Yen

    UBS AG      Long        10/04/24        9,098,731,856       0.006991        63,607,294  

Yen

    Goldman Sachs International      Short        10/04/24        (604,074,000 )      0.006967        (4,208,522 ) 

Yen

    UBS AG      Short        10/04/24        (1,280,959,000 )      0.006973        (8,932,441 ) 

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

 

54

Table of Contents

ProShares UltraShort Bloomberg Crude Oil:

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

 

Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

WTI Crude Oil (NYMEX)

      Short      December 2025      1,308      $ 61.96        1,000      $ (81,043,680 ) 

WTI Crude Oil (NYMEX)

      Short      June 2026      1,325        61.22        1,000        (81,116,500 ) 

WTI Crude Oil (NYMEX)

      Short      December 2026      1,331        61.02        1,000        (81,217,620 ) 

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

WTI Crude Oil (NYMEX)

      Short      December 2024      942      $ 67.77        1,000      $ (63,839,340 ) 

WTI Crude Oil (NYMEX)

      Short      June 2025      965        66.93        1,000        (64,587,450 ) 

WTI Crude Oil (NYMEX)

      Short      December 2025      980        66.39        1,000        (65,062,200 ) 

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

ProShares UltraShort Bloomberg Natural Gas:

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

 

Futures Positions as of September 30, 2025  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Natural Gas (NYMEX)

      Short        November 2025        9,600      $ 3.30        10,000      $ (317,088,000 ) 

 

Futures Positions as of September 30, 2024  

Contract

    Long or 
Short		      Expiration      Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Natural Gas (NYMEX)

      Short        November 2024        9,079      $ 2.92        10,000      $ (265,379,170 ) 

 

55

Table of Contents

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

ProShares UltraShort Euro:

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

 

Foreign Currency Forward Contracts as of September 30, 2025  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward Rate      Market Value
USD		  

Euro

    Goldman Sachs International      Long        10/10/25        2,946,000       1.1826      $ 3,483,891  

Euro

    UBS AG      Long        10/10/25        1,242,000       1.1741        1,458,249  

Euro

    Goldman Sachs International      Short        10/10/25        (33,832,263 )      1.1739        (39,715,940 ) 

Euro

    UBS AG      Short        10/10/25        (27,722,199 )      1.1739        (32,544,188 ) 

 

Foreign Currency Forward Contracts as of September 30, 2024  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward Rate      Market Value
USD		  

Euro

    Goldman Sachs International      Long        10/04/24        2,449,000       1.1163      $ 2,733,800  

Euro

    UBS AG      Long        10/04/24        4,937,000       1.1127        5,493,208  

Euro

    Goldman Sachs International      Short        10/04/24        (33,971,263 )      1.1082        (37,647,518 ) 

Euro

    UBS AG      Short        10/04/24        (32,544,199 )      1.1088        (36,083,920 ) 

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

ProShares UltraShort Gold:

As of September 30, 2025 and 2024 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold SubindexSM. 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.

 

56

Table of Contents
Futures Positions as of September 30, 2025  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Gold Futures (COMEX)

      Short      December 2025      118      $ 3,873.20        100      $ (45,703,760 ) 

 

Swap Agreements as of September 30, 2025  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Gold Subindex

    Citibank, N.A.      Short      $ 353.9054      $ (58,656,740 ) 

Bloomberg Gold Subindex

    Goldman Sachs International      Short        353.9054        (8,718,813 ) 

Bloomberg Gold Subindex

    UBS AG      Short        353.9054        (13,485,622 ) 

 

Futures Positions as of September 30, 2024  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Gold Futures (COMEX)

      Short      December 2024      57      $ 2,659.40        100      $ (15,158,580 ) 

 

Swap Agreements as of September 30, 2024  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Gold Subindex

    Citibank, N.A.      Short      $ 256.4490      $ (4,820,548 ) 

Bloomberg Gold Subindex

    Goldman Sachs International      Short        256.4490        (6,317,878 ) 

Bloomberg Gold Subindex

    UBS AG      Short        256.4490        (9,772,030 ) 

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

ProShares UltraShort Silver:

As of September 30, 2025 and 2024 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver SubindexSM. 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.

 

57

Table of Contents
Futures Positions as of September 30, 2025  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Silver Futures (COMEX)

      Short      December 2025      95      $ 46.64        5,000      $ (22,154,000 ) 

 

Swap Agreements as of September 30, 2025  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Silver Subindex

    Citibank, N.A.      Short      $ 353.5489      $ (16,586,295 ) 

Bloomberg Silver Subindex

    Goldman Sachs International      Short        353.5489        (17,367,383 ) 

Bloomberg Silver Subindex

    Morgan Stanley & Co.
International PLC		      Short        353.5489        (2,395,647 ) 

Bloomberg Silver Subindex

    UBS AG      Short        353.5489        (2,295,985 ) 

 

Futures Positions as of September 30, 2024  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

Silver Futures (COMEX)

      Short      December 2024      154      $ 31.46        5,000      $ (24,222,660 ) 

 

Swap Agreements as of September 30, 2024  

Reference Index

    Counterparty    Long or
Short		      Index Close      Notional Amount
at Value		  

Bloomberg Silver Subindex

    Citibank, N.A.      Short      $ 251.8376      $ (22,532,595 ) 

Bloomberg Silver Subindex

    Goldman Sachs International      Short        251.8376        (12,371,018 ) 

Bloomberg Silver Subindex

    Morgan Stanley & Co.
International PLC		      Short        251.8376        (1,706,452 ) 

Bloomberg Silver Subindex

    UBS AG      Short        251.8376        (3,643,614 ) 

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

ProShares UltraShort Yen:

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

 

58

Table of Contents
Foreign Currency Forward Contracts as of September 30, 2025  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward
Rate		      Market Value
USD		  

Yen

    Goldman Sachs International      Long        10/10/25        1,489,706,000       0.006809      $ 10,142,954  

Yen

    UBS AG      Long        10/10/25        895,877,000       0.006707        6,008,656  

Yen

    Goldman Sachs International      Short        10/10/25        (5,019,125,165 )      0.006808        (34,169,835 ) 

Yen

    UBS AG      Short        10/10/25        (5,878,242,424 )      0.006794        (39,934,401 ) 

 

Foreign Currency Forward Contracts as of September 30, 2024  

Reference Currency

    Counterparty    Long or
Short		      Settlement
Date		      Local Currency     Forward
Rate		      Market Value
USD		  

Yen

    Goldman Sachs International      Long        10/04/24        766,460,000       0.007045      $ 5,400,022  

Yen

    UBS AG      Long        10/04/24        1,844,169,000       0.007031        12,965,860  

Yen

    Goldman Sachs International      Short        10/04/24        (5,401,596,165 )      0.006961        (37,598,687 ) 

Yen

    UBS AG      Short        10/04/24        (7,246,500,574 )      0.006960        (50,438,174 ) 

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

ProShares VIX Mid-Term Futures ETF

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

 

Futures Positions as of September 30, 2025  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Long      January 2026      422      $ 20.69        1,000      $ 8,730,547  

VIX Futures (Cboe)

      Long      February 2026      703        21.12        1,000        14,846,376  

VIX Futures (Cboe)

      Long      March 2026      703        21.23        1,000        14,926,166  

VIX Futures (Cboe)

      Long      April 2026      281        21.45        1,000        6,027,450  

 

Futures Positions as of September 30, 2024  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Long      January 2025      379      $ 18.55        1,000      $ 7,030,715  

VIX Futures (Cboe)

      Long      February 2025      689        18.85        1,000        12,987,994  

VIX Futures (Cboe)

      Long      March 2025      689        18.98        1,000        13,073,775  

VIX Futures (Cboe)

      Long      April 2025      309        19.09        1,000        5,898,347  

 

59

Table of Contents

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

ProShares VIX Short-Term Futures ETF

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

 

Futures Positions as of September 30, 2025  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Long      October 2025      10,829      $ 17.59        1,000      $ 190,460,452  

VIX Futures (Cboe)

      Long      November 2025      7,218        19.25        1,000        138,940,726  

 

Futures Positions as of September 30, 2024  

Contract

    Long or
Short		      Expiration    Contracts      Valuation
Price		      Contract
Multiplier		      Notional Amount
at Value		  

VIX Futures (Cboe)

      Long      October 2024      4,851      $ 18.84        1,000      $ 91,404,968  

VIX Futures (Cboe)

      Long      November 2024      3,974        18.10        1,000        71,919,465  

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

 

60

Table of Contents

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

 

61

Table of Contents

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.

 

62

Table of Contents

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.

 

63

Table of Contents

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
of
Shares
Redeemed		      Average
Price Per
Share		  

ProShares Short VIX Short-Term Futures ETF

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        950,000      $ 43.75  
     08/01/25 to 08/31/25        600,000      $ 45.63  
     09/01/25 to 09/30/25        250,000      $ 50.28  

ProShares Ultra Bloomberg Crude Oil

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        3,650,000      $ 24.66  
     08/01/25 to 08/31/25        1,450,000      $ 23.66  
     09/01/25 to 09/30/25        1,800,000      $ 23.43  

ProShares Ultra Bloomberg Natural Gas

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        5,650,000      $ 44.71  
     08/01/25 to 08/31/25        6,300,000      $ 31.29  
     09/01/25 to 09/30/25        5,100,000      $ 29.44  

 

64

Table of Contents

ProShares Ultra Euro

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        50,000      $ 12.57  
     08/01/25 to 08/31/25        50,000      $ 12.96  
     09/01/25 to 09/30/25        —       $ —   

ProShares Ultra Gold

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        2,000,000      $ 35.33  
     08/01/25 to 08/31/25        250,000      $ 35.32  
     09/01/25 to 09/30/25        1,150,000      $ 42.60  

ProShares Ultra Silver

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        1,950,000      $ 53.11  
     08/01/25 to 08/31/25        1,200,000      $ 51.66  
     09/01/25 to 09/30/25        2,750,000      $ 64.48  

ProShares Ultra VIX Short-Term Futures ETF

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        600,000      $ 17.35  
     08/01/25 to 08/31/25        10,600,000      $ 13.85  
     09/01/25 to 09/30/25        7,050,000      $ 11.28  

ProShares Ultra Yen

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        100,000      $ 22.93  
     08/01/25 to 08/31/25        200,000      $ 22.08  
     09/01/25 to 09/30/25        100,000      $ 21.55  

ProShares UltraShort Bloomberg Crude Oil

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        500,000      $ 16.93  
     08/01/25 to 08/31/25        4,000,000      $ 17.53  
     09/01/25 to 09/30/25        1,500,000      $ 17.29  

ProShares UltraShort Bloomberg Natural Gas

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        8,000,000      $ 28.54  
     08/01/25 to 08/31/25        2,850,000      $ 35.17  
     09/01/25 to 09/30/25        1,850,000      $ 37.46  

ProShares UltraShort Euro

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        —       $ —   
     08/01/25 to 08/31/25        150,000      $ 28.24  
     09/01/25 to 09/30/25        —       $ —   

ProShares UltraShort Gold

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        750,000      $ 22.02  
     08/01/25 to 08/31/25        950,000      $ 21.80  
     09/01/25 to 09/30/25        600,000      $ 18.17  

ProShares UltraShort Silver

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        600,000      $ 24.02  
     08/01/25 to 08/31/25        250,000      $ 22.86  
     09/01/25 to 09/30/25        650,000      $ 18.47  

ProShares UltraShort Yen

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        50,000      $ 42.61  
     08/01/25 to 08/31/25        50,000      $ 43.89  
     09/01/25 to 09/30/25        250,000      $ 44.48  

 

65

Table of Contents

ProShares VIX Mid-Term Futures ETF

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        50,000      $ 16.78  
     08/01/25 to 08/31/25        —       $ —   
     09/01/25 to 09/30/25        25,000      $ 16.11  

ProShares VIX Short-Term Futures ETF

Common Units of Beneficial Interest

         
     07/01/25 to 07/31/25        75,000      $ 44.68  
     08/01/25 to 08/31/25        —       $ —   
     09/01/25 to 09/30/25        200,000      $ 33.11  

 

*

The registration statement covers an indeterminate amount of securities to be offered or sold.

 

66

Table of Contents
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.
 
67

Table of Contents

Item 6. Exhibits.

 

Exhibit
No.

   

Description of Document

 31.1    Certification by Principal Executive Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)
 31.2    Certification by Principal Financial Officer of the Trust Pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended (1)
 32.1*    Certification by Principal Executive Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
 32.2*    Certification by Principal Financial Officer of the Trust Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (1)
101.INS    Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. (1)
101.SCH    Inline XBRL Taxonomy Extension Schema (1)

 

(1)

Filed herewith.

*

These certifications are furnished to the SEC pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and are deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall they be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.

 

68

Table of Contents

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

 

69

Source: View Original Filing on SEC EDGAR

Stock BOIL logo
ProShares Ultra Bloomberg Natural Gas

NYSE:BOIL

BOIL Rankings

N/A Ranked by Market Cap
N/A Ranked by Dividends

BOIL Latest News

Jun 7, 2023
ProShares Announces ETF Share Splits

BOIL Latest SEC Filings

Nov 4, 2025
[8-K] ProShares Trust II Reports Material Event
Nov 4, 2025
[8-K] ProShares Trust II Reports Material Event

BOIL Stock Data

4.32M
Commodity Contracts Brokers & Dealers
BETHESDA