ProShares Trust II: Form 10-Q for the period ended Jun 30, 2026

Filed with the SEC on Aug 7, 2026 and accepted by EDGAR at Aug 7, 2026, 15:46 ET.

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Management's discussion and analysis

As filed, 141,595 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.

This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and in this Quarterly Report on Form 10-Q for the period ended June 30, 2026, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.

Introduction

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

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

Each Geared Fund seeks investment results for a single day only, not for any other period. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -2x, 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period. Volatility of the benchmark may be at least as important to a Geared Fund’s return for the period as the return of the benchmark. Geared Funds that use leverage, are riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily.

Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”).

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

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

The Sponsor maintains a website at www.ProShares.com (http://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 (http://www.sec.gov).

Forward and Reverse Splits*

On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On November 4, 2025, the Trust issued a press release announcing a reverse share split on ProShares Ultra VIX Short-Term Futures and ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares and ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on November 20, 2025, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y680 for UVXY), (74347Y698 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On February 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares UltraShort Silver. The Reverse Split did not change the value of a shareholder’s investment. ProShares UltraShort Silver executed a 1:10 Reverse Split of its shares. The Reverse Split was effective at the market open on February 26, 2026, when the Fund began trading at its post-Reverse Split price. ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y672 for ZSL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

On May 11, 2026, the Trust issued a press release announcing a reverse share split on ProShares Ultra Bloomberg Natural Gas and ProShares UltraShort Bloomberg Crude Oil. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Bloomberg Natural Gas executed a 1:2 Reverse Split of its shares and ProShares UltraShort Bloomberg Crude Oil executed a 1:4 Reverse Split of its shares. The Reverse Split was effective at the market open on May 28, 2026, when the Fund began trading at its post-Reverse Split price. The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of its shares outstanding. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y664 for BOIL), (74347Y656 for SCO). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding.

* See Note 1 of the Notes to Financial Statements in Item 15 of part IV in this Annual Report on Form 10-K.

Liquidity and Capital Resources

In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, exchange traded funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and six months ended June 30, 2026 and 2025, each of the Funds earned interest income as follows:

Fund	Interest Income Three Months Ended June 30, 2026	Interest Income Three Months Ended June 30, 2025	Interest Income Six Months Ended June 30, 2026	Interest Income Six Months Ended June 30, 2025
ProShares Short VIX Short-Term Futures ETF	$1,082,679	$3,664,726	$2,304,724	$5,820,643
ProShares Ultra Bloomberg Crude Oil	2,632,705	3,240,612	4,551,207	6,745,716
ProShares Ultra Bloomberg Natural Gas	2,019,001	2,079,577	4,792,683	4,980,630
ProShares Ultra Euro	47,346	68,572	94,187	114,044
ProShares Ultra Gold	5,227,533	5,119,975	13,317,296	8,858,522
ProShares Ultra Silver	11,530,778	6,095,350	26,100,001	12,115,255
ProShares Ultra VIX Short-Term Futures ETF	1,737,367	2,804,863	3,712,951	5,692,389
ProShares Ultra Yen	219,316	580,313	519,892	1,108,434
ProShares UltraShort Bloomberg Crude Oil	6,034,097	1,176,354	7,365,892	3,111,177
ProShares UltraShort Bloomberg Natural Gas	811,304	3,919,799	2,624,020	8,363,249
ProShares UltraShort Euro	241,908	303,400	462,021	651,455
ProShares UltraShort Gold	689,377	712,768	1,259,553	925,475
ProShares UltraShort Silver	913,905	227,082	2,165,937	404,937
ProShares UltraShort Yen	204,564	208,788	415,903	417,761
ProShares VIX Mid-Term Futures ETF	263,794	216,994	656,606	498,093
ProShares VIX Short-Term Futures ETF	1,081,522	1,189,233	2,406,551	2,751,531

During the three and six months ended June 30, 2026 and June 30, 2025, each of the Funds earned dividend income from affiliated investments as follows:

Fund	Dividend Income Three Months Ended June 30, 2026	Dividend Income Three Months Ended June 30, 2025	Dividend Income Six Months Ended June 30, 2026	Dividend Income Six Months Ended June 30, 2025
ProShares Short VIX Short-Term Futures ETF	$583,084	$—	$790,653	$—
ProShares Ultra Bloomberg Crude Oil	1,114,675	—	1,803,495	—
ProShares Ultra Bloomberg Natural Gas	1,044,838	—	1,478,171	—
ProShares Ultra Gold	2,546,130	—	3,978,367	—
ProShares Ultra Silver	4,043,046	—	5,973,753	—
ProShares Ultra VIX Short-Term Futures ETF	760,092	—	1,098,093	—
ProShares Ultra Yen	120,938	—	174,435	—
ProShares UltraShort Bloomberg Crude Oil	3,019,466	—	3,700,898	—
ProShares UltraShort Bloomberg Natural Gas	443,285	—	744,332	—
ProShares UltraShort Euro	88,387	—	121,823	—
ProShares UltraShort Gold	237,897	—	321,487	—
ProShares UltraShort Silver	195,906	—	270,134	—
ProShares UltraShort Yen	61,871	—	85,276	—
ProShares VIX Mid-Term Futures ETF	152,911	—	219,783	—
ProShares VIX Short-Term Futures ETF	511,271	—	758,638	—

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

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

The large size of the positions in which a Fund may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Investments related to one benchmark, which in many cases is highly concentrated.

Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk).

Market Risk

Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying such Fund’s benchmark at a specified date and price, should it hold such derivative contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk.

For more information, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q.

Credit Risk

When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations.

The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions.

Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund.

Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank.

Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used.

The Sponsor attempts to minimize certain of these market and credit risks by normally:

executing and clearing trades with creditworthy counterparties, as determined by the Sponsor;
limiting the outstanding amounts due from counterparties to the Funds;
not posting margin directly with a counterparty;
requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds;
limiting the amount of margin or premium posted at a FCM; and
ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.

Off-Balance Sheet Arrangements and Contractual Obligations

As of August 5, 2026, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.

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

Critical Accounting Policies

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

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

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

For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June 30, 2026.

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.

Exchange traded funds are generally valued at the closing price, if available, or at the last sale price.

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

Interest income is recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations. Interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or segregated cash balances with brokers. Dividend income is recognized on an ex-dividend date basis.

Investment transactions are recorded on the trade date. Gains or losses realized on sales of securities are determined using the specific identification method.

Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions in VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually.

Results of Operations for the Three Months Ended June 30, 2026 Compared to the Three Months Ended June 30, 2025

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$183,969,223	$232,107,856
NAV end of period	$221,547,242	$279,925,400
Percentage change in NAV	20.4%	20.6%
Shares outstanding beginning of period	4,018,614	5,068,614
Shares outstanding end of period	3,868,614	6,568,614
Percentage change in shares outstanding	(3.7)%	29.6%
Shares created	500,000	16,400,000
Shares redeemed	650,000	14,900,000
Per share NAV beginning of period	$45.78	$45.79
Per share NAV end of period	$57.27	$42.62
Percentage change in per share NAV	25.1%	(6.9)%
Percentage change in benchmark	(37.6)%	(6.5)%
Benchmark annualized volatility	45.9%	114.0%

During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV was offset by a decrease from 4,018,614 outstanding Shares at March 31, 2026 to 3,868,614 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,068,614 outstanding Shares at March 31, 2025 to 6,568,614 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 25.1% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 6.9% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$1,008,388	$2,458,621
Management fee	541,259	973,113
Brokerage commission	99,757	205,533
Futures account fees	16,359	27,459
Net realized gain (loss)	32,421,061	2,460
Change in net unrealized appreciation (depreciation)	15,210,500	13,637,223
Net Income (loss)	$48,639,949	$16,098,304

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of futures prices during the three months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$602,898,547	$432,463,827
NAV end of period	$311,964,113	$420,493,513
Percentage change in NAV	(48.3)%	(2.8)%
Shares outstanding beginning of period	15,543,096	15,943,096
Shares outstanding end of period	9,593,096	18,693,096
Percentage change in shares outstanding	(38.3)%	17.2%
Shares created	8,000,000	9,200,000
Shares redeemed	13,950,000	6,450,000
Per share NAV beginning of period	$38.79	$27.13
Per share NAV end of period	$32.52	$22.49
Percentage change in per share NAV	(16.2)%	(17.1)%
Percentage change in benchmark	(7.1)%	(7.7)%
Benchmark annualized volatility	37.4%	35.6%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,543,096 outstanding Shares at March 31, 2026 to 9,593,096 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. The decrease in the Fund’s NAV was offset by an increase from 15,943,096 outstanding Shares at March 31, 2025 to 18,693,096 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 16.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 17.1% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 7.1% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 7.7% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of WTI Crude Oil during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$2,674,827	$2,227,570
Management fee	1,016,255	951,694
Brokerage commission	56,298	61,348
Net realized gain (loss)	145,524,039	(28,591,884)
Change in net unrealized appreciation (depreciation)	(187,941,169)	(41,335,786)
Net Income (loss)	$(39,742,303)	$(67,700,100)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of WTI Crude Oil during the three months ended June 30, 2026.

ProShares Ultra Bloomberg Natural Gas*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$378,628,694	$232,237,503
NAV end of period	$307,407,986	$334,757,794
Percentage change in NAV	(18.8)%	44.1%
Shares outstanding beginning of period	11,811,524	1,361,524
Shares outstanding end of period	11,111,144	3,611,524
Percentage change in shares outstanding	(5.9)%	165.3%
Shares created	18,475,000	6,575,000
Shares redeemed	19,175,380	4,325,000
Per share NAV beginning of period	$32.06	$170.57
Per share NAV end of period	$27.67	$92.69
Percentage change in per share NAV	(13.7)%	(45.7)%
Percentage change in benchmark	(4.9)%	(22.2)%
Benchmark annualized volatility	36.0%	60.7%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. The decrease in the Fund’s NAV also resulted in part from a decrease from 11,811,524 outstanding Shares at March 31, 2026 to 11,111,144 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,361,524 outstanding Shares at March 31, 2025 to 3,611,524 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 13.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 45.7% for the three months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 4.9% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 22.2% for the three months ended June 30, 2025, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$1,644,562	$1,224,122
Management fee	948,756	548,526
Brokerage commission	439,496	288,858
Futures account fees	31,025	18,071
Net realized gain (loss)	(57,377,925)	(12,342,333)
Change in net unrealized appreciation (depreciation)	31,159,508	(84,894,992)
Net Income (loss)	$(24,573,855)	$(96,013,203)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2026.

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

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$6,347,565	$5,111,473
NAV end of period	$4,949,960	$8,708,069
Percentage change in NAV	(22.0)%	70.4%
Shares outstanding beginning of period	500,000	450,000
Shares outstanding end of period	400,000	650,000
Percentage change in shares outstanding	(20.0)%	44.4%
Shares created	—	200,000
Shares redeemed	100,000	—
Per share NAV beginning of period	$12.70	$11.36
Per share NAV end of period	$12.37	$13.40
Percentage change in per share NAV	(2.6)%	17.9%
Percentage change in benchmark	(1.1)%	8.9%
Benchmark annualized volatility	5.1%	10.2%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at March 31, 2026 to 400,000 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at March 31, 2025 to 650,000 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 2.6% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 17.9% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 1.1% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 8.9% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$34,285	$50,493
Management fee	13,061	18,079
Net realized gain (loss)	(45,142)	616,633
Change in net unrealized appreciation (depreciation)	(78,046)	415,771
Net Income (loss)	$(88,903)	$1,082,897

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$1,053,863,221	$480,619,425
NAV end of period	$640,891,713	$485,005,243
Percentage change in NAV	(39.2)%	0.9%
Shares outstanding beginning of period	17,400,000	15,000,000
Shares outstanding end of period	14,550,000	14,100,000
Percentage change in shares outstanding	(16.4)%	(6.0)%
Shares created	3,450,000	7,250,000
Shares redeemed	6,300,000	8,150,000
Per share NAV beginning of period	$60.57	$32.04
Per share NAV end of period	$44.05	$34.40
Percentage change in per share NAV	(27.3)%	7.4%
Percentage change in benchmark	(13.5)%	5.2%
Benchmark annualized volatility	24.3%	26.3%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The decrease in the Fund’s NAV also resulted in part from a decrease from 17,400,000 outstanding Shares at March 31, 2026 to 14,550,000 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV was offset by a decrease from 15,000,000 outstanding Shares at March 31, 2025 to 14,100,000 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 27.3% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 13.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 5.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$5,670,440	$3,895,862
Management fee	2,080,734	1,197,578
Brokerage commission	22,489	26,535
Net realized gain (loss)	(236,731,105)	86,158,116
Change in net unrealized appreciation (depreciation)	(6,380,474)	(61,454,302)
Net Income (loss)	$(237,441,139)	$28,599,676

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$1,852,945,623	$717,992,459
NAV end of period	$1,269,873,944	$708,196,011
Percentage change in NAV	(31.5)%	(1.4)%
Shares outstanding beginning of period	15,746,526	15,696,526
Shares outstanding end of period	18,496,526	15,046,526
Percentage change in shares outstanding	17.5%	(4.1)%
Shares created	7,600,000	5,000,000
Shares redeemed	4,850,000	5,650,000
Per share NAV beginning of period	$117.67	$45.74
Per share NAV end of period	$68.65	$47.07
Percentage change in per share NAV	(41.7)%	2.9%
Percentage change in benchmark	(20.5)%	3.7%
Benchmark annualized volatility	51.4%	33.6%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The decrease in the Fund’s NAV was offset by an increase from 15,746,526 outstanding Shares at March 31, 2026 to 18,496,526 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,696,526 outstanding Shares at March 31, 2025 to 15,046,526 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 41.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 20.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 3.7% for the three months ended June 30, 2025, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$11,276,436	$4,551,855
Management fee	4,220,154	1,485,223
Brokerage commission	77,234	58,272
Net realized gain (loss)	(612,192,543)	99,198,831
Change in net unrealized appreciation (depreciation)	(198,181,181)	(73,497,185)
Net Income (loss)	$(799,097,288)	$30,253,501

ProShares Ultra VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$295,275,255	$323,381,943
NAV end of period	$247,336,088	$579,408,908
Percentage change in NAV	(16.2)%	79.2%
Shares outstanding beginning of period	5,667,347	2,758,729
Shares outstanding end of period	9,967,347	6,198,729
Percentage change in shares outstanding	75.9%	124.7%
Shares created	19,350,000	7,870,000
Shares redeemed	15,050,000	4,430,000
Per share NAV beginning of period	$52.10	$117.22
Per share NAV end of period	$24.81	$93.47
Percentage change in per share NAV	(52.4)%	(20.3)%
Percentage change in benchmark	(37.6)%	(6.5)%
Benchmark annualized volatility	45.9%	114.0%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 5,667,347 outstanding Shares at March 31, 2026 to 9,967,347 outstanding Shares at June 30, 2026. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,758,729 outstanding Shares at March 31, 2025 to 6,198,729 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark. The Fund’s per Share NAV decrease of 52.4% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 20.3% for the three months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$824,272	$1,151,011
Management fee	919,269	906,425
Brokerage commission	644,706	621,171
Futures account fees	109,212	126,256
Net realized gain (loss)	(192,467,810)	56,043,330
Change in net unrealized appreciation (depreciation)	(56,863,823)	(88,992,737)
Net Income (loss)	$(248,507,361)	$(31,798,396)

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of futures prices, during the three months ended June 30, 2026.

* See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$45,015,244	$61,327,343
NAV end of period	$31,186,126	$66,461,439
Percentage change in NAV	(30.7)%	8.4%
Shares outstanding beginning of period	2,449,970	2,799,970
Shares outstanding end of period	1,799,970	2,849,970
Percentage change in shares outstanding	(26.5)%	1.8%
Shares created	—	350,000
Shares redeemed	650,000	300,000
Per share NAV beginning of period	$18.37	$21.90
Per share NAV end of period	$17.33	$23.32
Percentage change in per share NAV	(5.7)%	6.5%
Percentage change in benchmark	(2.4)%	4.2%
Benchmark annualized volatility	6.6%	13.7%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,449,970 outstanding Shares at March 31, 2026 to 1,799,970 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV also resulted in part from an increase from 2,799,970 outstanding Shares at March 31, 2025 to 2,849,970 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 5.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 6.5% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 2.4% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 4.2% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$249,161	$426,548
Management fee	91,093	153,765
Net realized gain (loss)	(1,505,101)	1,428,203
Change in net unrealized appreciation (depreciation)	(699,201)	2,283,730
Net Income (loss)	$(1,955,141)	$4,138,481

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended June 30, 2026.

ProShares UltraShort Bloomberg Crude Oil*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$989,256,741	$179,185,227
NAV end of period	$882,038,817	$135,277,470
Percentage change in NAV	(10.8)%	(24.5)%
Shares outstanding beginning of period	29,326,305	2,676,305
Shares outstanding end of period	24,863,302	1,876,305
Percentage change in shares outstanding	(15.2)%	(29.9)%
Shares created	44,587,500	2,475,000
Shares redeemed	49,050,503	3,275,000
Per share NAV beginning of period	$33.73	$66.95
Per share NAV end of period	$35.48	$72.10
Percentage change in per share NAV	5.2%	7.7%
Percentage change in benchmark	(7.1)%	(7.7)%
Benchmark annualized volatility	37.4%	35.6%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,326,305 outstanding Shares at March 31, 2026 to 24,863,302 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,676,305 outstanding Shares at March 31, 2025 to 1,876,305 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 5.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 7.7% for the three months ended June 30, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$5,902,089	$819,688
Management fee	2,707,032	294,244
Brokerage commission	444,442	62,422
Net realized gain (loss)	(233,392,515)	32,209,630
Change in net unrealized appreciation (depreciation)	329,969,647	14,026,830
Net Income (loss)	$102,479,221	$47,056,148

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

ProShares UltraShort Bloomberg Natural Gas

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$206,828,508	$573,853,468
NAV end of period	$139,983,262	$283,266,637
Percentage change in NAV	(32.3)%	(50.6)%
Shares outstanding beginning of period	9,483,712	29,133,712
Shares outstanding end of period	6,233,712	11,133,712
Percentage change in shares outstanding	(34.3)%	(61.8)%
Shares created	12,000,000	18,750,000
Shares redeemed	15,250,000	36,750,000
Per share NAV beginning of period	$21.81	$19.70
Per share NAV end of period	$22.46	$25.44
Percentage change in per share NAV	3.0%	29.2%
Percentage change in benchmark	(4.9)%	(22.2)%
Benchmark annualized volatility	36.0%	60.7%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,483,712 outstanding Shares at March 31, 2026 to 6,233,712 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas SubindexSM. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,133,712 outstanding Shares at March 31, 2025 to 11,133,712 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas SubindexSM.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.0% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 29.2% for the three months ended June 30, 2025, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$645,094	$2,395,490
Management fee	383,335	972,550
Brokerage commission	216,918	525,062
Futures account fees	9,242	26,697
Net realized gain (loss)	69,531,049	124,592,646
Change in net unrealized appreciation (depreciation)	(41,475,060)	80,955,495
Net Income (loss)	$28,701,083	$207,943,631

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a lesser decrease in the value of Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the three months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$36,987,692	$33,912,850
NAV end of period	$35,262,937	$31,567,012
Percentage change in NAV	(4.7)%	(6.9)%
Shares outstanding beginning of period	1,250,000	1,050,000
Shares outstanding end of period	1,150,000	1,150,000
Percentage change in shares outstanding	(8.0)%	9.5%
Shares created	400,000	300,000
Shares redeemed	500,000	200,000
Per share NAV beginning of period	$29.59	$32.30
Per share NAV end of period	$30.66	$27.45
Percentage change in per share NAV	3.6%	(15.0)%
Percentage change in benchmark	(1.1)%	8.9%
Benchmark annualized volatility	5.1%	10.2%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at March 31, 2026 to 1,150,000 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV was offset by an increase from 1,050,000 outstanding Shares at March 31, 2025 to 1,150,000 outstanding Shares at June 30, 2025.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.6% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 15.0% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$241,511	$224,338
Management fee	88,784	79,062
Net realized gain (loss)	276,107	(3,936,874)
Change in net unrealized appreciation (depreciation)	686,886	(1,538,631)
Net Income (loss)	$1,204,504	$(5,251,167)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the three months ended June 30, 2026.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$118,571,176	$45,122,935
NAV end of period	$111,193,073	$76,838,176
Percentage change in NAV	(6.2)%	70.3%
Shares outstanding beginning of period	5,786,631	886,745
Shares outstanding end of period	4,136,631	1,711,711
Percentage change in shares outstanding	(28.5)%	93.0%
Shares created	2,200,000	6,100,000
Shares redeemed	3,850,000	5,275,034
Per share NAV beginning of period	$20.49	$50.89
Per share NAV end of period	$26.88	$44.89
Percentage change in per share NAV	31.2%	(11.8)%
Percentage change in benchmark	(13.5)%	5.2%
Benchmark annualized volatility	24.3%	26.3%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,786,631 outstanding Shares at March 31, 2026 to 4,136,631 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold SubindexSM. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 886,745 outstanding Shares at March 31, 2025 to 1,711,711 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) the daily performance of the Bloomberg Gold SubindexSM.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 31.2% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 11.8% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$665,962	$504,356
Management fee	256,484	198,669
Brokerage commission	4,828	9,743
Net realized gain (loss)	18,754,588	5,846,099
Change in net unrealized appreciation (depreciation)	8,062,621	5,933,528
Net Income (loss)	$27,483,171	$12,283,983

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the three months ended June 30, 2026.

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

ProShares UltraShort Silver*

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$141,592,802	$32,867,619
NAV end of period	$91,231,174	$35,410,975
Percentage change in NAV	(35.6)%	7.7%
Shares outstanding beginning of period	6,190,818	111,026
Shares outstanding end of period	2,990,818	136,026
Percentage change in shares outstanding	(51.7)%	22.5%
Shares created	11,650,000	150,000
Shares redeemed	14,850,000	125,000
Per share NAV beginning of period	$22.87	$296.04
Per share NAV end of period	$30.50	$260.33
Percentage change in per share NAV	33.4%	(12.1)%
Percentage change in benchmark	(20.5)%	3.7%
Benchmark annualized volatility	51.4%	33.6%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,190,818 outstanding Shares at March 31, 2026 to 2,990,818 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver SubindexSM. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 111,026 outstanding Shares at March 31, 2025 to 136,026 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver SubindexSM.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 33.4% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 12.1% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 20.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 3.7% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$783,212	$148,415
Management fee	312,255	72,877
Brokerage commission	14,344	5,790
Net realized gain (loss)	38,498,831	(3,327,232)
Change in net unrealized appreciation (depreciation)	5,539,198	2,491,447
Net Income (loss)	$44,821,241	$(687,370)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2026.

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

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$29,016,468	$26,449,371
NAV end of period	$31,021,297	$20,559,703
Percentage change in NAV	6.9%	(22.3)%
Shares outstanding beginning of period	547,160	597,160
Shares outstanding end of period	547,160	497,160
Percentage change in shares outstanding	–%	(16.7)%
Shares created	150,000	100,000
Shares redeemed	150,000	200,000
Per share NAV beginning of period	$53.03	$44.29
Per share NAV end of period	$56.70	$41.35
Percentage change in per share NAV	6.9%	(6.6)%
Percentage change in benchmark	(2.4)%	4.2%
Benchmark annualized volatility	6.6%	13.7%

During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. There was no net change in the Fund’s outstanding Shares from March 31, 2026 to June 30, 2026. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 597,160 outstanding Shares at March 31, 2025 to 497,160 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 6.9% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 6.6% for the three months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$194,068	$155,622
Management fee	72,367	53,166
Net realized gain (loss)	1,084,676	(1,138,233)
Change in net unrealized appreciation (depreciation)	779,640	(710,709)
Net Income (loss)	$2,058,384	$(1,693,320)

The Fund’s net income increased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the three months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$71,221,078	$34,246,807
NAV end of period	$40,291,991	$21,537,610
Percentage change in NAV	(43.4)%	(37.2)%
Shares outstanding beginning of period	4,137,403	2,162,403
Shares outstanding end of period	2,812,403	1,287,403
Percentage change in shares outstanding	(32.0)%	(40.5)%
Shares created	100,000	25,000
Shares redeemed	1,425,000	900,000
Per share NAV beginning of period	$17.21	$15.84
Per share NAV end of period	$14.33	$16.73
Percentage change in per share NAV	(16.7)%	5.6%
Percentage change in benchmark	(16.5)%	6.1%
Benchmark annualized volatility	15.0%	50.3%

During the three months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,137,403 outstanding Shares at March 31, 2026 to 2,812,403 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,162,403 outstanding Shares at March 31, 2025 to 1,287,403 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 16.7% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 5.6% for the three months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 16.5% for the three months ended June 30, 2026, as compared to the benchmark’s rise of 6.1% for the three months ended June 30, 2025, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$292,017	$159,534
Management fee	111,544	49,547
Brokerage commission	7,648	5,909
Futures account fees	5,496	2,004
Net realized gain (loss)	(1,140,314)	4,727,074
Change in net unrealized appreciation (depreciation)	(9,099,123)	(1,835,417)
Net Income (loss)	$(9,947,420)	$3,051,191

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the three months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
NAV beginning of period	$173,679,251	$162,998,741
NAV end of period	$198,647,261	$164,541,842
Percentage change in NAV	14.4%	0.9%
Shares outstanding beginning of period	5,066,252	3,241,252
Shares outstanding end of period	9,341,252	3,516,252
Percentage change in shares outstanding	84.4%	8.5%
Shares created	6,500,000	2,500,000
Shares redeemed	2,225,000	2,225,000
Per share NAV beginning of period	$34.28	$50.29
Per share NAV end of period	$21.27	$46.79
Percentage change in per share NAV	(38.0)%	(7.0)%
Percentage change in benchmark	(37.6)%	(6.5)%
Benchmark annualized volatility	45.9%	114.0%

During the three months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 5,066,252 outstanding Shares at March 31, 2026 to 9,341,252 outstanding Shares at June 30, 2026. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,241,252 outstanding Shares at March 31, 2025 to 3,516,252 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the three months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 38.0% for the three months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 7.0% for the three months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2026.

The benchmark’s decline of 37.6% for the three months ended June 30, 2026, as compared to the benchmark’s decline of 6.5% for the three months ended June 30, 2025, can be attributed to a greater decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the three months ended June 30, 2026 and 2025:

	Three Months Ended June 30, 2026	Three Months Ended June 30, 2025
Net investment income (loss)	$964,820	$763,347
Management fee	470,210	286,187
Brokerage commission	108,204	117,436
Futures account fees	49,559	22,263
Net realized gain (loss)	(66,726,736)	44,564,970
Change in net unrealized appreciation (depreciation)	(30,205,248)	(21,523,329)
Net Income (loss)	$(95,967,164)	$23,804,988

The Fund’s net income decreased for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025, primarily due to a greater decrease in the value of the futures prices, during the three months ended June 30, 2026.

Results of Operations for the Six Months Ended June 30, 2026 Compared to the Six Months Ended June 30, 2025

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$242,351,037	$266,090,233
NAV end of period	$221,547,242	$279,925,400
Percentage change in NAV	(8.6)%	5.2%
Shares outstanding beginning of period	4,368,614	5,318,614
Shares outstanding end of period	3,868,614	6,568,614
Percentage change in shares outstanding	(11.4)%	23.5%
Shares created	1,000,000	18,650,000
Shares redeemed	1,500,000	17,400,000
Per share NAV beginning of period	$55.48	$50.03
Per share NAV end of period	$57.27	$42.62
Percentage change in per share NAV	3.2%	(14.8)%
Percentage change in benchmark	(16.4)%	5.1%
Benchmark annualized volatility	64.2%	94.3%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,368,614 outstanding Shares at December 31, 2025 to 3,868,614 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,318,614 outstanding Shares at December 31, 2024 to 6,568,614 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 14.8% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$1,834,409	$3,906,240
Management fee	1,031,026	1,528,502
Brokerage commission	199,725	332,745
Futures account fees	30,217	53,156
Net realized gain (loss)	13,730,650	(17,634,393)
Change in net unrealized appreciation (depreciation)	(3,781,548)	13,394,285
Net Income (loss)	$11,783,511	$(333,868)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$383,037,987	$523,420,064
NAV end of period	$311,964,113	$420,493,513
Percentage change in NAV	(18.6)%	(19.7)%
Shares outstanding beginning of period	19,843,096	19,043,096
Shares outstanding end of period	9,593,096	18,693,096
Percentage change in shares outstanding	(51.7)%	(1.8)%
Shares created	23,350,000	14,900,000
Shares redeemed	33,600,000	15,250,000
Per share NAV beginning of period	$19.30	$27.49
Per share NAV end of period	$32.52	$22.49
Percentage change in per share NAV	68.5%	(18.2)%
Percentage change in benchmark	34.2%	(8.1)%
Benchmark annualized volatility	38.3%	28.8%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,843,096 outstanding Shares at December 31, 2025 to 9,593,096 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil 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 18,693,096 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 68.5% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s rise of 34.2% for the six months ended June 30, 2026, as compared to the benchmark’s decline of 8.1% for the six months ended June 30, 2025, can be attributed to an increase in the value of WTI Crude Oil during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$4,053,242	$4,721,193
Management fee	2,134,963	1,916,607
Brokerage commission	166,497	107,916
Net realized gain (loss)	368,528,515	(13,075,023)
Change in net unrealized appreciation (depreciation)	(64,126,188)	(41,800,136)
Net Income (loss)	$308,455,569	$(50,153,966)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in the value of WTI Crude Oil during the six months ended June 30, 2026.

ProShares Ultra Bloomberg Natural Gas*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$534,978,667	$396,081,499
NAV end of period	$307,407,986	$334,757,794
Percentage change in NAV	(42.5)%	(15.5)%
Shares outstanding beginning of period	11,861,524	3,611,524
Shares outstanding end of period	11,111,144	3,611,524
Percentage change in shares outstanding	(6.3)%	–%
Shares created	45,225,000	9,225,000
Shares redeemed	45,975,380	9,225,000
Per share NAV beginning of period	$45.10	$109.67
Per share NAV end of period	$27.67	$92.69
Percentage change in per share NAV	(38.7)%	(15.5)%
Percentage change in benchmark	(8.9)%	2.2%
Benchmark annualized volatility	68.5%	61.3%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. The decrease in the Fund’s NAV also resulted in part from a decrease from 11,861,524 outstanding Shares at December 31, 2025 to 11,111,144 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas SubindexSM. There was no net change in the Fund’s outstanding Shares from December 31, 2024 to June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 38.7% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 15.5% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 8.9% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 2.2% for the six months ended June 30, 2025, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$3,348,050	$3,041,429
Management fee	1,992,507	1,251,579
Brokerage commission	852,057	571,013
Futures account fees	78,240	116,609
Net realized gain (loss)	15,028,178	210,262,895
Change in net unrealized appreciation (depreciation)	136,933,487	(127,033,885)
Net Income (loss)	$155,309,715	$86,270,439

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of Henry Hub Natural Gas, in conjunction with higher average net assets during the six months ended June 30, 2026.

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

ProShares Ultra Euro

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$5,925,856	$5,751,156
NAV end of period	$4,949,960	$8,708,069
Percentage change in NAV	(16.5)%	51.4%
Shares outstanding beginning of period	450,000	550,000
Shares outstanding end of period	400,000	650,000
Percentage change in shares outstanding	(11.1)%	18.2%
Shares created	50,000	200,000
Shares redeemed	100,000	100,000
Per share NAV beginning of period	$13.17	$10.46
Per share NAV end of period	$12.37	$13.40
Percentage change in per share NAV	(6.1)%	28.1%
Percentage change in benchmark	(2.8)%	13.7%
Benchmark annualized volatility	6.2%	9.6%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 450,000 outstanding Shares at December 31, 2025 to 400,000 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. The increase in the Fund’s NAV also resulted in part from an increase from 550,000 outstanding Shares at December 31, 2024 to 650,000 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.1% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 28.1% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 2.8% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 13.7% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the euro versus the U.S. dollar during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$66,317	$84,153
Management fee	27,870	29,891
Net realized gain (loss)	(224,784)	777,150
Change in net unrealized appreciation (depreciation)	(188,584)	610,648
Net Income (loss)	$(347,051)	$1,471,951

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the six months ended June 30, 2026.

ProShares Ultra Gold

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$1,014,686,941	$289,709,332
NAV end of period	$640,891,713	$485,005,243
Percentage change in NAV	(36.8)%	67.4%
Shares outstanding beginning of period	18,150,000	12,400,000
Shares outstanding end of period	14,550,000	14,100,000
Percentage change in shares outstanding	(19.8)%	13.7%
Shares created	9,600,000	10,650,000
Shares redeemed	13,200,000	8,950,000
Per share NAV beginning of period	$55.91	$23.36
Per share NAV end of period	$44.05	$34.40
Percentage change in per share NAV	(21.2)%	47.2%
Percentage change in benchmark	(7.4)%	24.4%
Benchmark annualized volatility	33.9%	21.0%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The decrease in the Fund’s NAV also resulted in part from the decrease from 18,150,000 outstanding Shares at December 31, 2025 to 14,550,000 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold SubindexSM. The increase in the Fund’s NAV also resulted in part by an increase from 12,400,000 outstanding Shares at December 31, 2024 to 14,100,000 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 21.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 47.2% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 7.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 24.4% for the six months ended June 30, 2025, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$12,208,361	$6,751,521
Management fee	5,010,657	2,061,122
Brokerage commission	76,645	45,879
Net realized gain (loss)	(7,878,443)	144,586,702
Change in net unrealized appreciation (depreciation)	(142,007,741)	(5,429,584)
Net Income (loss)	$(137,677,823)	$145,908,639

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in futures prices, during the six months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$2,237,285,267	$562,083,293
NAV end of period	$1,269,873,944	$708,196,011
Percentage change in NAV	(43.2)%	26.0%
Shares outstanding beginning of period	14,346,526	16,746,526
Shares outstanding end of period	18,496,526	15,046,526
Percentage change in shares outstanding	28.9%	(10.2)%
Shares created	19,750,000	9,850,000
Shares redeemed	15,600,000	11,550,000
Per share NAV beginning of period	$155.95	$33.56
Per share NAV end of period	$68.65	$47.07
Percentage change in per share NAV	(56.0)%	40.2%
Percentage change in benchmark	(15.5)%	22.9%
Benchmark annualized volatility	81.0%	33.6%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at December 31, 2025 to 18,496,526 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver SubindexSM. The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,046,526 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 56.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 40.2% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 15.5% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 22.9% for the six months ended June 30, 2025, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$21,434,839	$9,008,749
Management fee	10,454,233	3,001,678
Brokerage commission	184,682	104,828
Net realized gain (loss)	(252,637,503)	153,909,618
Change in net unrealized appreciation (depreciation)	(917,573,769)	65,780,286
Net Income (loss)	$(1,148,776,433)	$228,698,653

The Fund’s net income decreased for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.

ProShares Ultra VIX Short-Term Futures ETF*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$400,406,136	$284,452,060
NAV end of period	$247,336,088	$579,408,908
Percentage change in NAV	(38.2)%	103.7%
Shares outstanding beginning of period	11,167,347	2,738,729
Shares outstanding end of period	9,967,347	6,198,729
Percentage change in shares outstanding	(10.7)%	126.3%
Shares created	29,950,000	16,940,000
Shares redeemed	31,150,000	13,480,000
Per share NAV beginning of period	$35.86	$103.86
Per share NAV end of period	$24.81	$93.47
Percentage change in per share NAV	(30.8)%	(10.0)%
Percentage change in benchmark	(16.4)%	5.1%
Benchmark annualized volatility	64.2%	94.3%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV also resulted in part from a decrease from 11,167,347 outstanding Shares at December 31, 2025 to 9,967,347 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,738,729 outstanding Shares at December 31, 2024 to 6,198,729 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 30.8% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 10.0% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$1,577,002	$2,227,608
Management fee	1,772,627	1,742,735
Brokerage commission	1,283,038	1,508,883
Futures account fees	178,377	213,163
Net realized gain (loss)	(116,442,087)	155,964,717
Change in net unrealized appreciation (depreciation)	23,175,576	(69,359,376)
Net Income (loss)	$(91,689,509)	$88,832,949

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of futures prices during the six months ended June 30, 2026.

* See Note 1 of the Notes to the Financial Statements in Item 1 of Part 1 in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$48,665,350	$44,505,646
NAV end of period	$31,186,126	$66,461,439
Percentage change in NAV	(35.9)%	49.3%
Shares outstanding beginning of period	2,549,970	2,199,970
Shares outstanding end of period	1,799,970	2,849,970
Percentage change in shares outstanding	(29.4)%	29.5%
Shares created	150,000	1,250,000
Shares redeemed	900,000	600,000
Per share NAV beginning of period	$19.08	$20.23
Per share NAV end of period	$17.33	$23.32
Percentage change in per share NAV	(9.2)%	15.3%
Percentage change in benchmark	(3.7)%	9.3%
Benchmark annualized volatility	7.7%	11.4%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,549,970 outstanding Shares at December 31, 2025 to 1,799,970 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,849,970 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 9.2% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 3.7% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 9.3% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$490,931	$817,655
Management fee	203,396	290,779
Net realized gain (loss)	(4,423,294)	3,070,845
Change in net unrealized appreciation (depreciation)	234,335	4,951,669
Net Income (loss)	$(3,698,028)	$8,840,169

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the six months ended June 30, 2026.

ProShares UltraShort Bloomberg Crude Oil*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$89,466,390	$121,997,334
NAV end of period	$882,038,817	$135,277,470
Percentage change in NAV	885.9%	10.9%
Shares outstanding beginning of period	1,138,805	1,801,305
Shares outstanding end of period	24,863,302	1,876,305
Percentage change in shares outstanding	2,083.3%	4.2%
Shares created	78,462,500	5,000,000
Shares redeemed	54,738,003	4,925,000
Per share NAV beginning of period	$78.56	$67.73
Per share NAV end of period	$35.48	$72.10
Percentage change in per share NAV	(54.8)%	6.5%
Percentage change in benchmark	34.2%	(8.1)%
Benchmark annualized volatility	38.3%	28.8%

During the six months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 1,138,805 outstanding Shares at December 31, 2025 to 24,863,302 outstanding Shares at June 30, 2026. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. The increase in the Fund’s NAV also resulted in part from an increase from 1,801,305 outstanding Shares at December 31, 2024 to 1,876,305 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 54.8% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 6.5% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

Net Income/Loss

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$7,157,719	$2,212,411
Management fee	3,345,203	775,568
Brokerage commission	563,868	123,198
Net realized gain (loss)	(330,228,695)	41,143,529
Change in net unrealized appreciation (depreciation)	272,945,806	17,511,380
Net Income (loss)	$(50,125,170)	$60,867,320

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to an increase in the value of WTI Crude Oil, during the six months ended June 30, 2026.

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

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$144,377,091	$260,940,143
NAV end of period	$139,983,262	$283,266,637
Percentage change in NAV	(3.0)%	8.6%
Shares outstanding beginning of period	4,033,712	5,983,712
Shares outstanding end of period	6,233,712	11,133,712
Percentage change in shares outstanding	54.5%	86.1%
Shares created	77,100,000	65,750,000
Shares redeemed	74,900,000	60,600,000
Per share NAV beginning of period	$35.79	$43.61
Per share NAV end of period	$22.46	$25.44
Percentage change in per share NAV	(37.3)%	(41.7)%
Percentage change in benchmark	(8.9)%	2.2%
Benchmark annualized volatility	68.5%	61.3%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas SubindexSM. The decrease in the Fund’s NAV was offset by an increase from 4,033,712 outstanding Shares at December 31, 2025 to 6,233,712 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 11,133,712 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas SubindexSM.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 37.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 41.7% for the six months ended June 30, 2025, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$1,497,836	$5,201,181
Management fee	1,100,457	2,059,769
Brokerage commission	732,352	1,029,562
Futures account fees	37,707	72,737
Net realized gain (loss)	249,415,454	(97,235,066)
Change in net unrealized appreciation (depreciation)	(53,365,642)	66,357,458
Net Income (loss)	$197,547,648	$(25,676,427)

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$35,498,605	$41,892,674
NAV end of period	$35,262,937	$31,567,012
Percentage change in NAV	(0.7)%	(24.6)%
Shares outstanding beginning of period	1,250,000	1,200,000
Shares outstanding end of period	1,150,000	1,150,000
Percentage change in shares outstanding	(8.0)%	(4.2)%
Shares created	500,000	350,000
Shares redeemed	600,000	400,000
Per share NAV beginning of period	$28.40	$34.91
Per share NAV end of period	$30.66	$27.45
Percentage change in per share NAV	8.0%	(21.4)%
Percentage change in benchmark	(2.8)%	13.7%
Benchmark annualized volatility	6.2%	9.6%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at December 31, 2025 to 1,150,000 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,150,000 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 8.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 21.4% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$413,787	$482,445
Management fee	170,057	169,010
Net realized gain (loss)	888,993	(5,567,827)
Change in net unrealized appreciation (depreciation)	1,292,682	(2,883,349)
Net Income (loss)	$2,595,462	$(7,968,731)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the euro versus the U.S. dollar during the six months ended June 30, 2026.

ProShares UltraShort Gold*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$81,475,214	$16,624,428
NAV end of period	$111,193,073	$76,838,176
Percentage change in NAV	36.5%	362.2%
Shares outstanding beginning of period	3,136,631	236,745
Shares outstanding end of period	4,136,631	1,711,711
Percentage change in shares outstanding	31.9%	623.0%
Shares created	13,050,000	6,850,000
Shares redeemed	12,050,000	5,375,034
Per share NAV beginning of period	$25.98	$70.22
Per share NAV end of period	$26.88	$44.89
Percentage change in per share NAV	3.5%	(36.1)%
Percentage change in benchmark	(7.4)%	24.4%
Benchmark annualized volatility	33.9%	21.0%

During the six months ended June 30, 2026, the increase in the Fund’s NAV resulted primarily from an increase from 3,136,631 outstanding Shares at December 31, 2025 to 4,136,631 outstanding Shares at June 30, 2026. The increase in the Fund’s NAV also resulted in part by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold SubindexSM. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 236,745 outstanding Shares at December 31, 2024 to 1,711,711 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold SubindexSM.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.5% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 36.1% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$1,088,696	$657,204
Management fee	480,471	256,449
Brokerage commission	11,873	11,822
Net realized gain (loss)	3,721,435	2,403,495
Change in net unrealized appreciation (depreciation)	21,345,466	1,607,812
Net Income (loss)	$26,155,597	$4,668,511

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.

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

ProShares UltraShort Silver*

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$197,022,578	$23,752,619
NAV end of period	$91,231,174	$35,410,975
Percentage change in NAV	(53.7)%	49.1%
Shares outstanding beginning of period	3,701,026	56,026
Shares outstanding end of period	2,990,818	136,026
Percentage change in shares outstanding	(19.2)%	142.8%
Shares created	62,490,000	265,000
Shares redeemed	63,200,208	185,000
Per share NAV beginning of period	$53.23	$423.96
Per share NAV end of period	$30.50	$260.33
Percentage change in per share NAV	(42.7)%	(38.6)%
Percentage change in benchmark	(15.5)%	22.9%
Benchmark annualized volatility	81.0%	29.4%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver SubindexSM. The decrease in the Fund’s NAV also resulted in part from a decrease from 3,701,026 outstanding Shares at December 31, 2025 to 2,990,818 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 56,026 outstanding Shares at December 31, 2024 to 136,026 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver SubindexSM.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 42.7% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 38.6% for the six months ended June 30, 2025, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 15.5% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 22.9% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$1,526,826	$260,570
Management fee	866,999	134,248
Brokerage commission	42,246	10,119
Net realized gain (loss)	733,506	(6,436,218)
Change in net unrealized appreciation (depreciation)	29,367,087	(2,560,601)
Net Income (loss)	$31,627,419	$(8,736,249)

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

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$35,516,416	$26,080,295
NAV end of period	$31,021,297	$20,559,703
Percentage change in NAV	(12.7)%	(21.2)%
Shares outstanding beginning of period	697,160	547,160
Shares outstanding end of period	547,160	497,160
Percentage change in shares outstanding	(21.5)%	(9.1)%
Shares created	350,000	250,000
Shares redeemed	500,000	300,000
Per share NAV beginning of period	$50.94	$47.66
Per share NAV end of period	$56.70	$41.35
Percentage change in per share NAV	11.3%	(13.2)%
Percentage change in benchmark	(3.7)%	9.3%
Benchmark annualized volatility	7.7%	11.4%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 697,160 outstanding Shares at December 31, 2025 to 547,160 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 547,160 outstanding Shares at December 31, 2024 to 497,160 outstanding Shares at June 30, 2025.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 11.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV decrease of 13.2% for the six months ended June 30, 2025, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$354,812	$310,658
Management fee	146,367	107,103
Net realized gain (loss)	2,453,412	(1,296,927)
Change in net unrealized appreciation (depreciation)	64,832	(2,515,360)
Net Income (loss)	$2,873,056	$(3,501,629)

The Fund’s net income increased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the Japanese yen versus the U.S. dollar during the six months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$45,911,058	$28,111,210
NAV end of period	$40,291,991	$21,537,610
Percentage change in NAV	(12.2)%	(23.4)%
Shares outstanding beginning of period	3,012,403	1,937,403
Shares outstanding end of period	2,812,403	1,287,403
Percentage change in shares outstanding	(6.6)%	(33.6)%
Shares created	1,700,000	1,325,000
Shares redeemed	1,900,000	1,975,000
Per share NAV beginning of period	$15.24	$14.51
Per share NAV end of period	$14.33	$16.73
Percentage change in per share NAV	(6.0)%	15.3%
Percentage change in benchmark	(5.3)%	16.2%
Benchmark annualized volatility	19.5%	41.7%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,012,403 outstanding Shares at December 31, 2025 to 2,812,403 outstanding Shares at June 30, 2026. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,937,403 outstanding Shares at December 31, 2024 to 1,287,403 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.0% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 5.3% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 16.2% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$602,664	$360,994
Management fee	241,608	113,521
Brokerage commission	22,594	18,454
Futures account fees	9,523	5,124
Net realized gain (loss)	(587,399)	5,434,266
Change in net unrealized appreciation (depreciation)	(1,563,390)	(210,933)
Net Income (loss)	$(1,548,125)	$5,584,327

The Fund’s net income decreased for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025, primarily due to a decrease in the value of the futures prices during the six months ended June 30, 2026.

Fund Performance

The following table provides summary performance information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
NAV beginning of period	$227,464,736	$133,641,615
NAV end of period	$198,647,261	$164,541,842
Percentage change in NAV	(12.7)%	23.1%
Shares outstanding beginning of period	8,841,252	2,966,252
Shares outstanding end of period	9,341,252	3,516,252
Percentage change in shares outstanding	5.7%	18.5%
Shares created	7,650,000	7,225,000
Shares redeemed	7,150,000	6,675,000
Per share NAV beginning of period	$25.73	$45.05
Per share NAV end of period	$21.27	$46.79
Percentage change in per share NAV	(17.3)%	3.9%
Percentage change in benchmark	(16.4)%	5.1%
Benchmark annualized volatility	64.2%	94.3%

During the six months ended June 30, 2026, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 8,841,252 outstanding Shares at December 31, 2025 to 9,341,252 outstanding Shares at June 30, 2026. By comparison, during the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,516,252 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures.

For the six months ended June 30, 2026 and 2025, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.3% for the six months ended June 30, 2026, as compared to the Fund’s per Share NAV increase of 3.9% for the six months ended June 30, 2025, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2026.

The benchmark’s decline of 16.4% for the six months ended June 30, 2026, as compared to the benchmark’s rise of 5.1% for the six months ended June 30, 2025, can be attributed to a decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2026.

The following table provides summary income information for the Fund for the six months ended June 30, 2026 and 2025:

	Six Months Ended June 30, 2026	Six Months Ended June 30, 2025
Net investment income (loss)	$1,955,077	$1,722,025
Management fee	936,708	652,682
Brokerage commission	189,645	288,163
Futures account fees	83,759	88,661
Net realized gain (loss)	(32,827,862)	76,774,233
Change in net unrealized appreciation (depreciation)	4,465,074	(14,541,848)
Net Income (loss)	$(26,407,711)	$63,954,410

Market risk

As filed, 54,518 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.

Quantitative Disclosure

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

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

The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments. As of June 30, 2026 and 2025, each of the Fund’s positions were as follows:

As of June 30, 2026 and 2025, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of June 30, 2026 and 2025, which were sensitive to equity market volatility risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Short	July 2026	3,674	$17.95	1,000	$(65,950,872)
VIX Futures (Cboe)	Short	August 2026	2,368	18.95	1,000	(44,871,232)

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Short	July 2025	4,021	$18.71	1,000	$(75,242,963)
VIX Futures (Cboe)	Short	August 2025	3,232	20.10	1,000	(64,955,443)

The June 30, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its position in Financial Instruments each day to have $0.50 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Bloomberg Crude Oil:

As of June 30, 2026 and 2025, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil IndexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
WTI Crude Oil (NYMEX)	Long	September 2026	525	$69.27	1,000	$36,366,750
WTI Crude Oil (NYMEX)	Long	December 2026	566	68.35	1,000	38,686,100
WTI Crude Oil (NYMEX)	Long	June 2027	585	66.66	1,000	38,996,100

Swap Agreements as of June 30, 2026

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Commodity Balanced WTI Crude Oil Index	Citibank, N.A.	Long	$97.5157	$62,978,759
Bloomberg Commodity Balanced WTI Crude Oil Index	Goldman Sachs International	Long	97.5157	163,484,486
Bloomberg Commodity Balanced WTI Crude Oil Index	Societe Generale	Long	97.5157	207,445,344
Bloomberg Commodity Balanced WTI Crude Oil Index	UBS AG	Long	97.5157	75,936,938

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
WTI Crude Oil (NYMEX)	Long	September 2025	1,454	$63.85	1,000	$92,837,900
WTI Crude Oil (NYMEX)	Long	December 2025	1,508	61.65	1,000	92,968,200
WTI Crude Oil (NYMEX)	Long	June 2026	1,535	61.34	1,000	94,157,110

Swap Agreements as of June 30, 2025

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Commodity Balanced WTI Crude Oil Index	Citibank, N.A.	Long	$77.8452	$50,274,921
Bloomberg Commodity Balanced WTI Crude Oil Index	Goldman Sachs International	Long	77.8452	218,162,730
Bloomberg Commodity Balanced WTI Crude Oil Index	Morgan Stanley & Co. International PLC	Long	77.8452	66,274,912
Bloomberg Commodity Balanced WTI Crude Oil Index	Societe Generale	Long	77.8452	165,600,250
Bloomberg Commodity Balanced WTI Crude Oil Index	UBS AG	Long	77.8452	60,619,225

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 swap notional values are calculated by multiplying the number of units times the closing level of the Index. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreement is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Bloomberg Natural Gas:

As of June 30, 2026 and 2025, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Natural Gas (NYMEX)	Long	September 2026	19,249	$3.19	10,000	$614,813,060

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Natural Gas (NYMEX)	Long	September 2025	19,184	$3.49	10,000	$669,521,600

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Euro:

As of June 30, 2026 and 2025, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of June 30, 2026

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Euro	Goldman Sachs International	Long	07/17/26	3,554,921	1.1577	$4,115,648
Euro	UBS AG	Long	07/17/26	5,265,502	1.1578	6,096,245
Euro	Goldman Sachs International	Short	07/17/26	(81,000)	1.1505	(93,195)
Euro	UBS AG	Short	07/17/26	(81,000)	1.1415	(92,460)

Foreign Currency Forward Contracts as of June 30, 2025

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Euro	Goldman Sachs International	Long	07/11/25	7,517,921	1.1487	$8,635,480
Euro	UBS AG	Long	07/11/25	7,367,502	1.1491	8,466,023
Euro	Goldman Sachs International	Short	07/11/25	(114,000)	1.1500	(131,100)

The June 30, 2026 and 2025 USD market value equals the number of euros multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Gold:

As of June 30, 2026 and 2025 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold SubindexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Gold Futures (COMEX)	Long	August 2026	911	$4,038.50	100	$367,907,350

Swap Agreements as of June 30, 2026

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.	Long	$357.8018	$513,880,285
Bloomberg Gold Subindex	Goldman Sachs International	Long	357.8018	94,104,736
Bloomberg Gold Subindex	UBS AG	Long	357.8018	304,968,995

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Gold Futures (COMEX)	Long	August 2025	1,736	$3,307.70	100	$574,216,720

Swap Agreements as of June 30, 2025

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.	Long	$307.2694	$170,146,720
Bloomberg Gold Subindex	Goldman Sachs International	Long	307.2694	80,814,311
Bloomberg Gold Subindex	UBS AG	Long	307.2694	145,295,281

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares Ultra Silver:

As of June 30, 2026 and 2025 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver SubindexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Silver Futures (COMEX)	Long	September 2026	2,412	$59.92	5,000	$722,659,320

Swap Agreements as of June 30, 2026

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.	Long	$438.7756	$776,411,607
Bloomberg Silver Subindex	Goldman Sachs International	Long	438.7756	172,913,127
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC	Long	438.7756	168,043,596
Bloomberg Silver Subindex	UBS AG	Long	438.7756	699,997,668

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Silver Futures (COMEX)	Long	September 2025	3,488	$36.17	5,000	$630,839,680

Swap Agreements as of June 30, 2025

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.	Long	$277.7636	$349,579,617
Bloomberg Silver Subindex	Goldman Sachs International	Long	277.7636	30,768,707
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC	Long	277.7636	208,753,789
Bloomberg Silver Subindex	UBS AG	Long	277.7636	196,478,081

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 swap notional values equal units multiplied by the swap price. These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

As of June 30, 2026 and 2025, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to equity market volatility risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Long	July 2026	12,313	$17.95	1,000	$221,026,969
VIX Futures (Cboe)	Long	August 2026	7,909	18.95	1,000	149,867,641

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (COMEX)	Long	July 2025	24,975	$18.71	1,000	$467,356,200
VIX Futures (COMEX)	Long	August 2025	19,969	20.10	1,000	401,329,105

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.50 of exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by one and one-half. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares Ultra Yen:

As of June 30, 2026 and 2025, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following table provides information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of June 30, 2026

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Yen	Goldman Sachs International	Long	07/17/26	4,976,213,056	0.006253	$31,116,579
Yen	UBS AG	Long	07/17/26	5,334,459,856	0.006251	33,345,147
Yen	Goldman Sachs International	Short	07/17/26	(52,416,000)	0.006206	(325,298)
Yen	UBS AG	Short	07/17/26	(131,909,000)	0.006199	(817,672)

Foreign Currency Forward Contracts as of June 30, 2025

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Yen	Goldman Sachs International	Long	07/11/25	9,002,886,056	0.006911	$62,220,717
Yen	UBS AG	Long	07/11/25	10,693,068,856	0.006918	73,973,139
Yen	Goldman Sachs International	Short	07/11/25	(288,210,000)	0.006928	(1,996,805)
Yen	UBS AG	Short	07/11/25	(336,493,000)	0.006892	(2,319,261)

The June 30, 2026 and 2025 USD market values equal the number of yen multiplied by the forward rate. These notional values will increase (decrease) proportionally with increases (decreases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Bloomberg Crude Oil:

As of June 30, 2026 and 2025, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
WTI Crude Oil (NYMEX)	Short	September 2026	8,124	$69.27	1,000	$(562,749,480)
WTI Crude Oil (NYMEX)	Short	December 2026	8,754	68.35	1,000	(598,335,900)
WTI Crude Oil (NYMEX)	Short	June 2027	9,046	66.66	1,000	(603,006,360)

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
WTI Crude Oil (NYMEX)	Short	September 2025	1,406	$63.85	1,000	$(89,772,840)
WTI Crude Oil (NYMEX)	Short	December 2025	1,458	61.65	1,000	(89,885,700)
WTI Crude Oil (NYMEX)	Short	June 2026	1,483	61.34	1,000	(90,967,220)

The June 30, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Bloomberg Natural Gas:

As of June 30, 2026 and 2025, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Natural Gas (NYMEX)	Short	September 2026	8,765	$3.19	10,000	$(279,954,100)

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Natural Gas (NYMEX)	Short	September 2025	16,234	$3.49	10,000	$(566,566,600)

The June 30, 2026 and 2025 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier. The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

ProShares UltraShort Euro:

As of June 30, 2026 and 2025, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of June 30, 2026

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Euro	Goldman Sachs International	Long	07/17/26	480,000	1.1599	$556,760
Euro	UBS AG	Long	07/17/26	7,040,000	1.1486	8,086,493
Euro	Goldman Sachs International	Short	07/17/26	(30,041,263)	1.1568	(34,752,134)
Euro	UBS AG	Short	07/17/26	(39,138,199)	1.1573	(45,293,671)

Foreign Currency Forward Contracts as of June 30, 2025

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Euro	Goldman Sachs International	Long	07/11/25	3,901,000	1.1638	$4,539,863
Euro	UBS AG	Long	07/11/25	2,761,000	1.1601	3,203,031
Euro	Goldman Sachs International	Short	07/11/25	(31,415,263)	1.1480	(36,063,540)
Euro	UBS AG	Short	07/11/25	(28,825,199)	1.1489	(33,116,311)

The June 30, 2026 and 2025 USD market values equal the number of euros multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Gold:

As of June 30, 2026 and 2025 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold SubindexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Gold Futures (COMEX)	Short	August 2026	372	$4,038.50	100	$(150,232,200)

Swap Agreements as of June 30, 2026

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.	Short	$357.8018	$(49,641,886)
Bloomberg Gold Subindex	Goldman Sachs International	Short	357.8018	(8,814,805)
Bloomberg Gold Subindex	UBS AG	Short	357.8018	(13,634,094)

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Gold Futures (COMEX)	Short	August 2025	98	$3,307.70	100	$(32,415,460)

Swap Agreements as of June 30, 2025

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Gold Subindex	Citibank, N.A.	Short	$307.2694	$(102,141,663)
Bloomberg Gold Subindex	Goldman Sachs International	Short	307.2694	(7,569,889)
Bloomberg Gold Subindex	UBS AG	Short	307.2694	(11,708,549)

The June 30, 2026 and 2025 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The June 30, 2026 and 2025 swap notional values equal units multiplied by the swap price. These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

ProShares UltraShort Silver:

As of June 30, 2026 and 2025 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver SubindexSM. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to commodity price risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Silver Futures (COMEX)	Short	September 2026	341	$59.92	5,000	$(102,167,010)

Swap Agreements as of June 30, 2026

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.	Short	$438.7756	$(9,169,411)
Bloomberg Silver Subindex	Goldman Sachs International	Short	438.7756	(30,076,312)
Bloomberg Silver Subindex	UBS AG	Short	438.7756	(40,951,852)

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
Silver Futures (COMEX)	Short	September 2025	190	$36.17	5,000	$(34,363,400)

Swap Agreements as of June 30, 2025

Reference Index	Counterparty	Long or Short	Index Close	Notional Amount at Value
Bloomberg Silver Subindex	Citibank, N.A.	Short	$277.7636	$(19,107,003)
Bloomberg Silver Subindex	Goldman Sachs International	Short	277.7636	(13,644,581)
Bloomberg Silver Subindex	Morgan Stanley & Co. International PLC	Short	277.7636	(1,882,126)
Bloomberg Silver Subindex	UBS AG	Short	277.7636	(1,803,827)

ProShares UltraShort Yen:

As of June 30, 2026 and 2025, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts. The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2026 and 2025, which were sensitive to exchange rate price risk.

Foreign Currency Forward Contracts as of June 30, 2026

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Yen	UBS AG	Long	07/17/26	49,460,000	0.006277	$310,461
Yen	Goldman Sachs International	Short	07/17/26	(5,045,974,165)	0.006251	(31,543,864)
Yen	UBS AG	Short	07/17/26	(5,078,154,424)	0.006247	(31,724,668)

Foreign Currency Forward Contracts as of June 30, 2025

Reference Currency	Counterparty	Long or Short	Settlement Date	Local Currency	Forward Rate	Market Value USD
Yen	Goldman Sachs International	Long	07/11/25	349,607,000	0.006958	$2,432,644
Yen	UBS AG	Long	07/11/25	700,384,000	0.006958	4,873,396
Yen	Goldman Sachs International	Short	07/11/25	(3,117,111,165)	0.006910	(21,539,922)
Yen	UBS AG	Short	07/11/25	(3,863,915,424)	0.006916	(26,721,260)

The June 30, 2026 and 2025 USD market values equal the number of yen multiplied by the forward rate. These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price. Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets. Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day. Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.

As of June 30, 2026 and 2025, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following table provides information about the Fund’s positions in VIX futures contracts as of June 30, 2026 and 2025, which were sensitive to equity market volatility risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Long	October 2026	394	$20.44	1,000	$8,051,587
VIX Futures (Cboe)	Long	November 2026	647	20.68	1,000	13,377,954
VIX Futures (Cboe)	Long	December 2026	648	20.70	1,000	13,416,257
VIX Futures (Cboe)	Long	January 2027	253	21.55	1,000	5,452,125

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Long	October 2025	187	$21.11	1,000	$3,947,009
VIX Futures (Cboe)	Long	November 2025	336	21.30	1,000	7,156,800
VIX Futures (Cboe)	Long	December 2025	336	21.26	1,000	7,144,536
VIX Futures (Cboe)	Long	January 2026	150	21.98	1,000	3,296,009

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

As of June 30, 2026 and 2025, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts. The following tables provide information about the Fund’s positions in VIX futures contracts as of June 30, 2026 and 2025, which were sensitive to equity market volatility risk.

Futures Positions as of June 30, 2026

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Long	July 2026	6,593	$17.95	1,000	$118,348,965
VIX Futures (Cboe)	Long	August 2026	4,234	18.95	1,000	80,230,066

Futures Positions as of June 30, 2025

Contract	Long or Short	Expiration	Contracts	Valuation Price	Contract Multiplier	Notional Amount at Value
VIX Futures (Cboe)	Long	July 2025	4,728	$18.71	1,000	$88,477,693
VIX Futures (Cboe)	Long	August 2025	3,778	20.10	1,000	75,928,733

The June 30, 2026 and 2025 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier. The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract. Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs. The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index. Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Qualitative Disclosure

As described in Item 7 in the Annual Report on Form 10-K, it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark (referred to as the “Daily Target”). Each Short Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. Each UltraShort Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark. Each Ultra Fund seeks daily investment results, before fees and expenses, that correspond to one and one half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of a benchmark. The Geared Funds do not seek to achieve these stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Performance over longer periods of time will be influenced not only by the cumulative period performance of the corresponding benchmark but equally by the intervening volatility of the benchmark as well as fees and expenses, including costs associated with the use of Financial Instruments such as financing costs and trading spreads. Future period returns, before fees and expenses, cannot be estimated simply by estimating the percent change in the corresponding benchmark and multiplying by negative three, negative two, negative one, negative one-half, one, one and one-half, two or three. Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily. See “Item 1A. Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.

Primary Market Risk Exposure

The primary market risks that the Funds are exposed to depend on each Fund’s investment objective and corresponding benchmark. For example, the primary market risk that the ProShares UltraShort Bloomberg Crude Oil and the ProShares Ultra Bloomberg Crude Oil Funds are exposed to are inverse and long exposure, respectively, to the price of crude oil as measured by the return of holding and periodically rolling crude oil futures contracts (the Bloomberg Commodity Index and its sub-indexes are based on the price of rolling futures positions, rather than on the cash price for immediate delivery of the corresponding commodity).

Each Fund’s exposure to market risk is further influenced by a number of factors, including the liquidity of the markets in which the contracts are traded and the relationships among the contracts held. The inherent uncertainty of each Fund’s trading strategies and other factors, could ultimately lead to a loss of all or substantially all of investors’ capital.

As described in Item 7 in the Annual Report on Form 10-K, trading in certain futures contracts or forward agreements involves each Fund entering into contractual commitments to purchase or sell a commodity underlying a Fund’s benchmark at a specified date and price, should it hold such futures contracts or forward agreements into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, it is required to make delivery of that commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity can rise is unlimited, entering into commitments to sell commodities would expose a Fund to theoretically unlimited risk.

Commodity Price Sensitivity

As further described in “Item 1A. Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares. With regard to the Commodity Index Funds or the Commodity Funds, several factors may affect the price of a commodity underlying a Commodity Index Fund or a Commodity Fund, and in turn, the Financial Instruments and other assets, if any, owned by such a Fund. The impact of changes in the price of a physical commodity or of a commodity index (comprised of commodity futures contracts) will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an UltraShort Fund and daily decreases in the price of an underlying commodity or commodity index will negatively impact the daily performance of Shares of an Ultra Fund.

Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns. For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).

Exchange Rate Sensitivity

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 the value of the foreign currencies or the U.S. dollar, and, in turn, the Financial Instruments and other assets, if any, owned by a Fund. The impact of changes in the price of a currency will affect investors differently depending upon the Fund in which investors invest. Daily increases in the price of a currency will negatively impact the daily performance of Shares of a Short Fund or an UltraShort Fund and daily decreases in the price of a currency will negatively impact the daily performance of Shares of an Ultra Fund.

Equity Market Volatility Sensitivity

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

Managing Market Risks

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

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

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

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

Controls and procedures

As filed, 1,891 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.

Disclosure Controls and Procedures

Under the supervision and with the participation of the principal executive officer and principal financial officer of the Trust, Trust management has evaluated the effectiveness of the Trust’s and the Funds’ disclosure controls and procedures, and have concluded that the disclosure controls and procedures of the Trust and the Funds (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “1934 Act”)) were effective, as of June 30, 2026, including providing reasonable assurance that information required to be disclosed in the reports that the Trust files or submits under the 1934 Act on behalf of the Trust and the Funds is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that such information is accumulated and communicated to management, including the principal executive officer and principal financial officer, of the Trust as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

There were no changes in the Trust’s or the Funds’ internal control over financial reporting that occurred during the quarter ended June 30, 2026 that have materially affected, or are reasonably likely to materially affect, the Trust’s or the Funds’ internal control over financial reporting.

Certifications

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

Risk factors

As filed, 291 characters, with its headings, lists and tables. Extracted from the main document; charts and exhibits are in the original on sec.gov.

There have been no other material changes to the risk factors previously included in our Annual Report on Form 10-K for the year ending December 31, 2025. Please refer to the “Risk Factors” discussed in Part I, Item 1A of our Annual Report on Form 10-K for previously disclosed risk factors.

Figures reported in this filing

Standardized line items from the XBRL in this filing, for the period ended 2026-06-30. Comparative periods it repeats are left out.

Figures reported in this filing
Line item	Period	Value	XBRL concept
Revenue	3 months2026-04-01 to 2026-06-30	$49.7m	us-gaap:Revenues
Revenue	6 months2026-01-01 to 2026-06-30	$94.3m	us-gaap:Revenues
Net income	3 months2026-04-01 to 2026-06-30	−$1.20bn	us-gaap:NetIncomeLoss
Net income	6 months2026-01-01 to 2026-06-30	−$723.9m	us-gaap:NetIncomeLoss
Operating cash flow	6 months2026-01-01 to 2026-06-30	−$1.50bn	us-gaap:NetCashProvidedByUsedInOperatingActivities
Share repurchases	6 months2026-01-01 to 2026-06-30	$13.23bn	us-gaap:PaymentsForRepurchaseOfCommonStock
Cash and equivalents	At period end2026-06-30	$505.0m	us-gaap:Cash
Total assets	At period end2026-06-30	$4.89bn	us-gaap:Assets
Total liabilities	At period end2026-06-30	$324.0m	us-gaap:Liabilities
Shareholders' equity	At period end2026-06-30	$4.56bn	us-gaap:StockholdersEquity

Source: SEC EDGAR, the filing index for accession 0001193125-26-340159. Last ingested by Listed: Nov 6, 2026, 15:31 ET. Listed shows no prices and gives no investment advice.