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ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”).
−Removed: As of March 31, 2022, the following eighteen series of the Trust have commenced investment operations:
−Removed: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term
−Removed: Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”);
+Added: As of June 30, 2022, the following sixteen series of the Trust have commenced investment operations:
+Added: (i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”);
(ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”);
−Removed: (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Australian Dollar, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”);
−Removed: and (iv) ProShares Short Euro (the “Short Euro Fund”).
+Added: and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”);
Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund.
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The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”).
−Removed: The Leveraged Funds, the Short Euro Fund and the Geared VIX Funds, are collectively referred to as the “Geared Funds”.
+Added: The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds”.
The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds”.
−Removed: On May 11, 2021, the Trust announced a 1-for-10
−Removed: reverse split of the shares of beneficial interest of ProShares Ultra VIX Short-Term Futures ETF (ticker symbol:
−Removed: UVXY), a 1-for-4
−Removed: reverse split of the shares of beneficial interest of ProShares UltraShort Bloomberg Crude Oil (ticker symbol:
−Removed: SCO), a 1-for-4
−Removed: reverse split of the shares of beneficial interest of ProShares UltraShort Silver (ticker symbol:
−Removed: ZSL) and a 1-for-4
−Removed: reverse split of the shares of beneficial interest of ProShares VIX Short-Term Futures ETF (ticker symbol:
+Added: On May 11, 2021, the Trust announced a 1-for-10 reverse split of the shares of beneficial interest of ProShares Ultra VIX Short-Term Futures ETF (ticker symbol:
+Added: UVXY), a 1-for-4 reverse split of the shares of beneficial interest of ProShares UltraShort Bloomberg Crude Oil (ticker symbol:
+Added: SCO), a 1-for-4 reverse split of the shares of beneficial interest of ProShares UltraShort Silver (ticker symbol:
+Added: ZSL) and a 1-for-4 reverse split of the shares of beneficial interest of ProShares VIX Short-Term Futures ETF (ticker symbol:
The reverse splits were effective prior to market open on May 26, 2021, when the funds began trading at their post-split price.
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Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse splits.
+Added: On March 11, 2022, ProShares Capital Management LLC announced that it planned to close and liquidate ProShares UltraShort Australian Dollar ETF (ticker symbol:
+Added: CROC) and ProShares Short Euro ETF (ticker symbol:
+Added: EUFX), together, the “liquidated funds”.
+Added: The last day the liquidated funds accepted creation orders was on May 2, 2022.
+Added: Trading in each liquidated fund was suspended prior to market open on May 3, 2022.
+Added: Proceeds of the liquidation were sent to shareholders on May 12, 2022 (the “Distribution Date”).
+Added: From May 3, 2022 through the Distribution Date, shares of the liquidated funds did not trade on the NYSE Arca nor was there a secondary market for the shares.
+Added: Any shareholders that remained in a liquidated fund on the Distribution Date automatically had their shares redeemed for cash at the current net asset value on May 12, 2022.
+Added: On May 11, 2022, the Trust issued a press release announcing a forward share split on ProShares UltraShort Yen and ProShares Ultra Bloomberg Crude Oil and a reverse share split on ProShares UltraShort Bloomberg Natural Gas and ProShares UltraShort Bloomberg Crude Oil.
+Added: The Splits did not change the value of a shareholder’s investment.
+Added: Forward Split
+Added: ProShares UltraShort Yen executed a 2:1 Forward Split of its shares.
+Added: ProShares Ultra Bloomberg Crude Oil executed a 4:1 Forward Split of its shares.
+Added: The Forward Split was effective at the market open on May 26, 2022, when the Funds began trading at their post-Forward Split prices.
+Added: The ticker symbol for the Funds did not change.
+Added: The Forward Split decreased the price per share of the Funds with a proportionate increase in the number of shares outstanding.
+Added: Reverse Split
+Added: ProShares UltraShort Bloomberg Natural Gas executed a 1:4 Reverse Split of its shares.
+Added: ProShares UltraShort Bloomberg Crude Oil executed a 1:5 Reverse Split of its shares.
+Added: The Reverse Split was effective at the market open on May 26, 2022, when the Funds began trading at their post-Reverse Split prices.
+Added: The ticker symbol for the Funds did not change, but the Funds issued new CUSIP numbers (74347Y813 for KOLD and 74347Y797 for SCO).
+Added: The Reverse Split increased the price per share of the Funds with a proportionate decrease in the number of shares outstanding.
The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $350 in each of the following Funds:
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The Trust is not an investment company registered under the Investment Company Act of 1940, as amended.
−Removed: Groups of Funds are collectively referred to in this Quarterly Report on Form 10-Q
−Removed: in several different ways.
+Added: Groups of Funds are collectively referred to in this Quarterly Report on Form 10-Q in several different ways.
References to “Short Funds,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks.
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Financial Instruments also are used to produce economically “inverse”, “inverse leveraged” or “leveraged” investment results for the Geared Funds.
−Removed: Each “Short” Fund seeks daily investment results, before fees and expenses, that correspond to either one-half
−Removed: the inverse (-0.5x)
−Removed: or the inverse (-1x)
−Removed: of the daily performance of its corresponding benchmark.
−Removed: Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of its corresponding benchmark.
−Removed: Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half
−Removed: times (1.5x) or two times (2x) the daily performance of its corresponding benchmark.
+Added: Each “Short” Fund seeks daily investment results, before fees and expenses, that correspond to either one-half the inverse (-0.5x) or the inverse (-1x) of the daily performance of its corresponding benchmark.
+Added: 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.
+Added: 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.
1 unchanged sentence
Each Geared Fund seeks investment results for a single day only, not for any other period.
−Removed: 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,
−Removed: 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period.
+Added: 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, -1x, -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.
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Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily.
−Removed: 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
−Removed: Futures Index (the “Mid-Term
−Removed: VIX Index”) (each a “VIX Futures Index”).
+Added: 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.
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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”).
−Removed: Only Authorized Participants may
−Removed: purchase and redeem Shares from a Fund and then only in Creation Units.
+Added: 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.
−Removed: Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share
−Removed: 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.
+Added: 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.
1 unchanged sentence
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.
−Removed: The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K,
−Removed: Quarterly Reports on Form 10-Q,
−Removed: Current Reports on Form 8-K
−Removed: 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.
+Added: The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S.
Securities and Exchange Commission (the “SEC”).
7 unchanged sentences
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.
−Removed: During the three months ended March 31, 2022 and 2021, each of the Funds earned interest income as follows:
+Added: During the three and six months ended June 30, 2022 and 2021, each of the Funds earned interest income as follows:
Interest Income
−Removed: March 31, 2022
+Added: June 30, 2022
Interest Income
−Removed: March 31, 2021
−Removed: ProShares Short Euro
+Added: June 30, 2021
+Added: Interest Income
+Added: June 30, 2022
+Added: Interest Income
+Added: June 30, 2021
ProShares Short VIX Short-Term Futures ETF
6 unchanged sentences
ProShares Ultra Yen
−Removed: ProShares UltraShort Australian Dollar
ProShares UltraShort Bloomberg Crude Oil
4 unchanged sentences
ProShares UltraShort Yen
−Removed: ProShares VIX Mid-Term
+Added: ProShares VIX Mid-Term Futures ETF
ProShares VIX Short-Term Futures ETF
5 unchanged sentences
Such market conditions could prevent a Fund from promptly liquidating its futures positions.
−Removed: Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange”
−Removed: between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments.
+Added: Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments.
This potential delay could be exacerbated to the extent a counterparty is not a United States person.
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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.
−Removed: 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
−Removed: accounts at the Fund’s custodian bank.
+Added: 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.
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ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.
−Removed: Sheet Arrangements and Contractual Obligations
−Removed: As of May 9, 2022, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance
−Removed: sheet financing arrangements and have no loan guarantee arrangements or off-balance
−Removed: 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.
+Added: Off-Balance Sheet Arrangements and Contractual Obligations
+Added: As of August 9, 2022, 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.
10 unchanged sentences
For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets.
−Removed: 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 March 31, 2022.
+Added: 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, 2022.
Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes.
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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.
−Removed: 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
−Removed: on principles that the Sponsor deems fair and equitable so long as such principles are consistent with normal industry standards.
+Added: 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.
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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.
−Removed: Results of Operations for the Three Months Ended March 31, 2022 Compared to the Three Months Ended March 31, 2021
−Removed: ProShares Short Euro
+Added: Results of Operations for the Three Months Ended June 30, 2022 Compared to the Three Months Ended June 30, 2021
+Added: ProShares Short VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 50,000 outstanding Shares at December 31, 2021 to 100,000 outstanding Shares at March 31, 2022.
−Removed: 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 inverse (-1x)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the three months ended March 31, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 100,000 outstanding Shares at December 31, 2020 to 50,000 outstanding Shares at March 31, 2021.
−Removed: 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 inverse (-1x)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 2.9% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 4.2% for the three months ended March 31, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s decline of 2.8% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 4.0% for the three months ended March 31, 2021, can be attributed to a lesser decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, 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-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 9,084,307 outstanding Shares at March 31, 2022 to 8,384,307 outstanding Shares at June 30, 2022.
+Added: By comparison, during the three months ended June 30, 2021, 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.
+Added: The increase in the Fund’s NAV was offset by a decrease from 11,184,307 outstanding Shares at March 31, 2021 to 10,584,307 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 11.8% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 18.0% for the three months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s rise of 10.3% for the three months ended June 30, 2022, as compared to the benchmark’s decline of 35.2% for the three months ended June 30, 2021, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
1 unchanged sentence
Brokerage commission
+Added: Futures account fees
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a lesser decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended March 31, 2022.
−Removed: ProShares Short VIX Short-Term Futures ETF
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to an increase in the value of futures prices during the three months ended June 30, 2022.
+Added: ProShares Ultra Bloomberg Crude Oil*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
+Added: 1,336,980,685
+Added: 1,088,579,093
NAV end of period
+Added: 1,060,867,238
+Added: 1,303,530,902
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 6,884,307 outstanding Shares at December 31, 2021 to 9,084,307 outstanding Shares at March 31, 2022.
−Removed: 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
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 9,884,307 outstanding Shares at December 31, 2020 to 11,184,307 outstanding Shares at March 31, 2021.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: For the three months ended March 31, 2022 and 2021, 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.
−Removed: The Fund’s per Share NAV decrease of 11.4% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 13.8% for the three months ended March 31, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 10.2% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 32.0% for the three months ended March 31, 2021, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily due to decrease in shareholder activity offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
+Added: The decrease in the Fund’s NAV offset by an increase from 8,810,774 outstanding Shares at March 31, 2022 to 25,493,096 outstanding Shares at June 30, 2022.
+Added: By comparison, during the three months ended June 30, 2021, 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 Commodity Balanced WTI Crude Oil Index SM
+Added: The increase in the Fund’s NAV was offset by a decrease from 82,843,096 outstanding Shares at March 31, 2021 to 66,643,096 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 9.7% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 48.9% for the three months ended June 30, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s rise of 6.8% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 23.1% for the three months ended June 30, 2021, can be attributed to a lesser increase in the value of WTI Crude Oil during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a increase in the value of futures prices during the three months ended March 31, 2022.
−Removed: ProShares Ultra Bloomberg Crude Oil
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a lesser increase in the value of WTI Crude Oil during the three months ended June 30, 2022.
+Added: See Note 1 of the Notes to Financial Statements in item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Bloomberg Crude Oil.
+Added: ProShares Ultra Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
−Removed: 1,103,783,570
NAV end of period
−Removed: 1,336,980,685
−Removed: 1,088,579,093
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, 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 Commodity Balance WTI Crude Oil Index SM
−Removed: The increase in the Fund’s NAV was offset by a decrease from 12,810,774 outstanding Shares at December 31, 2021 to 8,810,774 outstanding Shares at March 31, 2022.
−Removed: By comparison, during the three months ended March 31, 2021, 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 Commodity Balance WTI Crude Oil Index SM
−Removed: The increase in the Fund’s NAV was offset by a decrease from 24,810,774 outstanding Shares at December 31, 2020 to 20,710,774 outstanding Shares at March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 76.1% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 44.5% for the three months ended March 31, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 36.7% for the three months ended March 31, 2022, as compared to the benchmark’s rise of 22.0% for the three months ended March 31, 2021, can be attributed to an greater increase in the value of WTI Crude Oil during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 2,587,527 outstanding Shares at March 31, 2022 to 4,737,527 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM
+Added: By comparison, during the three months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,487,527 outstanding Shares at March 31, 2021 to 1,987,527 outstanding Shares at June 30, 2021.
+Added: 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 Natural Gas Subindex SM
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 29.5% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 65.8% for the three months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 6% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 30.3% for the three months ended June 30, 2021, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an greater increase in the value of WTI Crude Oil during the three months ended March 31, 2022.
−Removed: ProShares Ultra Bloomberg Natural Gas
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2022.
+Added: ProShares Ultra Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,587,527 outstanding Shares at December 31, 2021 to 2,587,527 outstanding Shares at March 31, 2022.
−Removed: 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 Natural Gas Subindex SM
−Removed: By comparison, during the three months ended March 31, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,087,527 outstanding Shares at December 31, 2020 to 3,487,527 outstanding Shares at March 31, 2021.
−Removed: The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 119.4% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 1.5% for the three months ended March 31, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 58.4% for the three months ended March 31, 2022, as compared to the benchmark’s rise of 3.0% for the three months ended March 31, 2021, can be attributed to a greater increase in the value of Henry Hub Natural Gas during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 500,000 outstanding Shares at March 31, 2022 to 850,000 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the three months ended June 30, 2021, 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.
+Added: There was no net change in the Fund’s outstanding Shares from March 31, 2021 to June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 11.1% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 1.6% for the three months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 5.3% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 1.1% for the three months ended June 30, 2021, can be attributed to a decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a greater increase in the value of Henry Hub Natural Gas during the three months ended March 31, 2022.
−Removed: ProShares Ultra Euro
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of the euro versus the U.S.
+Added: dollar during the three months ended June 30, 2022.
+Added: ProShares Ultra Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 650,000 outstanding Shares at December 31, 2021 to 500,000 outstanding Shares at March 31, 2022.
−Removed: 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.
−Removed: By comparison, during the three months ended March 31, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 300,000 outstanding Shares at December 31, 2020 to 250,000 outstanding Shares at March 31, 2021.
−Removed: 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.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 6.4% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 8.5% for the three months ended March 31, 2021, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s decline of 2.8% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 4.0% for the three months ended March 31, 2021, can be attributed to a lesser decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,300,000 outstanding Shares at March 31, 2022 to 4,250,000 outstanding Shares at June 30, 2022.
+Added: The decrease in the Fund’s NAV also resulted from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM
+Added: By comparison, during the three months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 3,950,000 outstanding Shares at March 31, 2021 to 4,250,000 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 15.7% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 5.5% for the three months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 7.6% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 3.2% for the three months ended June 30, 2021, can be attributed to a decrease in the value of gold futures contracts during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
Management fee
+Added: Brokerage commission
+Added: Futures account fees
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a lesser decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended March 31, 2022.
−Removed: ProShares Ultra Gold
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2022.
+Added: ProShares Ultra Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 3,900,000 outstanding Shares at December 31, 2021 to 5,300,000 outstanding Shares at March 31, 2022.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM
−Removed: By comparison, during the three months ended March 31, 2021, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex
−Removed: The decrease in the Fund’s NAV was offset by an increase from 3,900,000 outstanding Shares at December 31, 2020 to 3,950,000 outstanding Shares at March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 12.2% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 19.6% for the three months ended March 31, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 6.6% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 9.8% for the three months ended March 31, 2021, can be attributed to an increase in the value of gold futures contracts during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
+Added: The decrease in the Fund’s NAV was offset by an increase from 14,296,526 outstanding Shares at March 31, 2022 to 14,346,526 outstanding Shares at June 30, 2022.
+Added: By comparison, during the three months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 13,846,526 outstanding Shares at March 31, 2021 to 14,396,526 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 36.6% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 11.2% for the three months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 19.4% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 6.5% for the three months ended June 30, 2021, can be attributed to a decrease in the value of silver futures contracts during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of futures prices during the three months ended March 31, 2022.
−Removed: ProShares Ultra Silver
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2022.
+Added: ProShares Ultra VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
+Added: 1,127,608,641
+Added: 1,284,373,170
NAV end of period
10 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
−Removed: The increase in the Fund’s NAV was offset by a decrease from 14,796,526 outstanding Shares at December 31, 2021 to 14,296,526 outstanding Shares at March 31, 2022.
−Removed: By comparison, during the three months ended March 31, 2021, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 14,696,526 outstanding Shares at December 31, 2020 to 13,846,526 outstanding Shares at March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 12.1% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 18.5% for the three months ended March 31, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 7.5% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 7.2% for the three months ended March 31, 2021, can be attributed to an increase in the value of silver futures contracts during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 83,528,420 outstanding Shares at March 31, 2022 to 67,228,420 outstanding Shares at June 30, 2022.
+Added: 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 and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: By comparison, during the three months ended June 30, 2021, 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.
+Added: The decrease in the Fund’s NAV was offset by an increase from 22,803,091 outstanding Shares at March 31, 2021 to 30,128,420 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 7.5% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 50.5% for the three months ended June 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s rise of 10.3% for the three months ended June 30, 2022, as compared to the benchmark’s decline of 35.2% for the three months ended June 30, 2021, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of futures prices during the three months ended March 31, 2022.
−Removed: ProShares Ultra VIX Short-Term Futures ETF
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to an increase in the value of futures prices during the three months ended June 30, 2022.
+Added: ProShares Ultra Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
−Removed: 1,356,204,199
NAV end of period
−Removed: 1,127,608,641
−Removed: 1,284,373,170
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 65,828,420 outstanding Shares at December 31, 2021 to 83,528,420 outstanding Shares at March 31, 2022.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half
−Removed: times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended March 31, 2021, 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
−Removed: times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 12,713,091 outstanding Shares at December 31, 2020 to 22,803,091 outstanding Shares at March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 8.8% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 47.2% for the three months ended March 31, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 10.2% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 32.0% for the three months ended March 31, 2021, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 49,970 outstanding Shares at March 31, 2022 to 149,970 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the three months ended June 30, 2021, 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 spot price of the Japanese yen versus the U.S.
+Added: There was no net change in the Fund’s outstanding Shares from March 31, 2021 to June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 20.3% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 1.1% for the three months ended June 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 10.3% for the three months ended June 30, 2022, as compared to the benchmark’s decline of 0.3% for the three months ended June 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended June 30, 2022.
+Added: ProShares UltraShort Bloomberg Crude Oil
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
+Added: Three Months Ended
+Added: June 30, 2022
+Added: Three Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the three months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily due to increase in shares outstanding and offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
+Added: The increase in the Fund’s NAV was offset by a increase from 14,286,760 outstanding Shares at March 31, 2022 to 21,755,220 outstanding Shares at June 30, 2022.
+Added: By comparison, during the three months ended June 30, 2021, 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 Commodity Balanced WTI Crude Oil Index SM
+Added: The decrease in the Fund’s NAV was offset by an increase from 636,994 outstanding Shares at March 31, 2021 to 876,760 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 21.0% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 37.1% for the three months ended June 30, 2021, was primarily due to lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s rise of 6.8% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 23.1% for the three months ended June 30, 2021, can be attributed to a lesser increase in the value of WTI Crude Oil during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
+Added: Three Months Ended
+Added: June 30, 2022
+Added: Three Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
Brokerage commission
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of futures prices during the three months ended March 31, 2022.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares Ultra VIX Short-Term Futures ETF.
−Removed: ProShares Ultra Yen
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a lesser increase in the value of WTI Crude Oil during the three months ended June 30, 2022.
+Added: 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.
+Added: ProShares UltraShort Bloomberg Natural Gas*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, 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 spot price of the Japanese yen versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2021 to March 31, 2022.
−Removed: By comparison, during the three months ended March 31, 2021, 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 spot price of the Japanese yen versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2020 to March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 11.1% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 13.4% for the three months ended March 31, 2021, was primarily due to lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s decline of 5.5% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 6.8% for the three months ended March 31, 2021, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a increase from 3,868,619 outstanding Shares at March 31, 2022 to 4,966,856 outstanding Shares at June 30, 2022.
+Added: The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM
+Added: By comparison, during the three months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 88,742 outstanding Shares at March 31, 2021 to 226,242 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 34.1% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 44.9% for the three months ended June 30, 2021, was primarily due to lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 6.0% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 30.3% for the three months ended June 30, 2021, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
Management fee
+Added: Brokerage commission
+Added: Futures account fees
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended March 31, 2022.
−Removed: ProShares UltraShort Australian Dollar
+Added: The Fund’s net income decreased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2022.
+Added: 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 Natural Gas.
+Added: ProShares UltraShort Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, 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)
−Removed: of the daily performance of the spot price of the Australian dollar versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2021 to March 31, 2022.
−Removed: By comparison, during the three months ended March 31, 2021, 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)
−Removed: of the daily performance of the spot price of the Australian dollar versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2020 to March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 6.2% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 1.6% for the three months ended March 31, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 3.0% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 1.5% for the three months ended March 31, 2021, can be attributed to an increase in the value of the Australian dollar versus the U.S.
−Removed: dollar during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 1,850,000 outstanding Shares at March 31, 2022 to 2,050,000 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the three months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,250,000 outstanding Shares at March 31, 2021 to 2,050,000 outstanding Shares at June 30, 2021.
+Added: The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 11.3% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 2.5% for the three months ended June 30, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 5.3% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 1.1% for the three months ended June 30, 2021, can be attributed to a decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
Management fee
−Removed: Brokerage commission
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of the Australian dollar versus the U.S.
−Removed: dollar during the three months ended March 31, 2022.
−Removed: ProShares UltraShort Bloomberg Crude Oil
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of the euro versus the U.S.
+Added: dollar during the three months ended June 30, 2022.
+Added: ProShares UltraShort Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 8,883,799 outstanding Shares at December 31, 2021 to 71,433,799 outstanding Shares at March 31, 2022.
−Removed: 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)
−Removed: the daily performance of the Bloomberg Commodity Balance WTI Crude Oil Index SM
−Removed: By comparison, during the three months ended March 31, 2021, 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)
−Removed: the daily performance of the Bloomberg Commodity Balance WTI Crude Oil Index
−Removed: The decrease in the Fund’s NAV was offset by an increase from 2,804,971 outstanding Shares at December 31, 2020 to 3,184,971 outstanding Shares at March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 54.6% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 38.0% for the three months ended March 31, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 36.6% for the three months ended March 31, 2022, as compared to the benchmark’s rise of 22.0% for the three months ended March 31, 2021, can be attributed to a greater increase in the value of WTI Crude Oil during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, 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 Gold Subindex SM
+Added: The increase in the Fund’s NAV was offset by a decrease from 1,196,977 outstanding Shares at March 31, 2022 to 1,096,977 outstanding Shares at June 30, 2022.
+Added: By comparison, during the three months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,096,977 outstanding Shares at March 31, 2021 to 946,977 outstanding Shares at June 30, 2021.
+Added: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 15.9% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 7.8% for the three months ended June 30, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 7.6% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 3.2% for the three months ended June 30, 2021, can be attributed to decrease in the value of gold futures contracts during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a greater increase in the value of WTI Crude Oil during the three months ended March 31, 2022.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares UltraShort Bloomberg Crude Oil.
−Removed: ProShares UltraShort Bloomberg Natural Gas
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to decrease in the value of the futures prices during the three months ended June 30, 2022.
+Added: ProShares UltraShort Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 3,914,966 outstanding Shares at December 31, 2021 to 15,474,477 outstanding Shares at March 31, 2022.
−Removed: 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)
−Removed: of the daily performance of the Bloomberg Natural Gas Subindex SM
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 104,966 outstanding Shares at December 31, 2020 to 354,966 outstanding Shares at March 31, 2021.
−Removed: The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Natural Gas Subindex
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 73.9% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 17.8% for the three months ended March 31, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 58.4% for the three months ended March 31, 2022, as compared to the benchmark’s rise of 3.0% for the three months ended March 31, 2021, can be attributed to a greater increase in the value of Henry Hub Natural Gas during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, 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 Silver Subindex SM
+Added: The increase in the Fund’s NAV was offset by a decrease from 1,091,329 outstanding Shares at March 31, 2022 to 1,041,329 outstanding Shares at June 30, 2022.
+Added: By comparison, during the three months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 1,616,744 outstanding Shares at March 31, 2021 to 1,491,329 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 48.0% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 16.3% for the three months ended June 30, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 19.4% for the three months ended June 30, 2022, as compared to the benchmark’s rise of 6.5% for the three months ended June 30, 2021, can be attributed to a decrease in the value of the silver futures contracts during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a greater increase in the value of Henry Hub Natural Gas, during the three months ended March 31, 2022.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares UltraShort Bloomberg Natural Gas.
−Removed: ProShares UltraShort Euro
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a decrease in the value of futures prices during the three months ended June 30, 2022.
+Added: ProShares UltraShort Yen*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,100,000 outstanding Shares at December 31, 2021 to 1,850,000 outstanding Shares at March 31, 2022.
−Removed: 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)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the three months ended March 31, 2021, 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)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: The increase in the Fund’s NAV was offset by a decrease from 2,350,000 outstanding Shares at December 31, 2020 to 2,250,000 outstanding Shares at March 31, 2021.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 5.6% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 8.4% for the three months ended March 31, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s decline of 2.8% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 4.0% for the three months ended March 31, 2021, can be attributed to a lesser decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 598,580 outstanding Shares at March 31, 2022 to 798,580 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the three months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 898,580 outstanding Shares at March 31, 2021 to 698,580 outstanding Shares at June 30, 2021.
+Added: 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.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 23.2% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 0.3% for the three months ended June 30, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s decline of 10.3% for the three months ended June 30, 2022, as compared to the benchmark’s decline of 0.3% for the three months ended June 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a lesser decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended March 31, 2022.
−Removed: ProShares UltraShort Gold
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended June 30, 2022.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares UltraShort Yen.
+Added: ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 846,977 outstanding Shares at December 31, 2021 to 1,196,977 outstanding Shares at March 31, 2022.
−Removed: 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)
−Removed: of the daily performance of the Bloomberg Gold Subindex SM
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 646,977 outstanding Shares at December 31, 2020 to 1,096,977 outstanding Shares at March 31, 2021.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Gold Subindex
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 14.1% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 19.6% for the three months ended March 31, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 6.6% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 9.8% for the three months ended March 31, 2021, can be attributed to an increase in the value of gold futures contracts during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,112,403 outstanding Shares at March 31, 2022 to 2,712,403 outstanding Shares at June 30, 2022.
+Added: 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.
+Added: By comparison, during the three months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 2,162,403 outstanding Shares at March 31, 2021 to 3,037,403 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 12.2% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 12.2% for the three months ended June 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s rise of 12.9% for the three months ended June 30, 2022, as compared to the benchmark’s decline of 11.9% for the three months ended June 30, 2021, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of the futures prices during the three months ended March 31, 2022.
−Removed: ProShares UltraShort Silver
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to an increase in the value of the futures prices during the three months ended June 30, 2022.
+Added: ProShares VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, 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)
−Removed: of the daily performance of the Bloomberg Silver Subindex SM
−Removed: The decrease in the Fund’s NAV was offset by an increase from 991,329 outstanding Shares at December 31, 2021 to 1,091,329 outstanding Shares at March 31, 2022.
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 1,041,744 outstanding Shares at December 31, 2020 to 1,616,744 outstanding Shares at March 31, 2021.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Silver Subindex
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 19.9% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 0.7% for the three months ended March 31, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 7.5% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 7.2% for the three months ended March 31, 2021, can be attributed to an increase in the value of the silver futures contracts during the period ended March 31, 2022.
+Added: During the three months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,382,826 outstanding Shares at March 31, 2022 to 18,757,826 outstanding Shares at June 30, 2022.
+Added: 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 Short-Term Futures Index.
+Added: By comparison, during the three months ended June 30, 2021, 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.
+Added: The decrease in the Fund’s NAV was offset by an increase from 9,375,329 outstanding Shares at March 31, 2021 to 11,307,826 outstanding Shares at June 30, 2021.
+Added: For the three months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 9.6% for the three months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 35.6% for the three months ended June 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2022.
+Added: The benchmark’s rise of 10.3% for the three months ended June 30, 2022, as compared to the benchmark’s decline of 35.2% for the three months ended June 30, 2021, can be attributed to an increase in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended June 30, 2022 and 2021:
Three Months Ended
−Removed: March 31, 2022
+Added: June 30, 2022
Three Months Ended
−Removed: March 31, 2021
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of futures prices during the three months ended March 31, 2022.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares UltraShort Silver.
+Added: The Fund’s net income increased for the three months ended June 30, 2022 as compared to the three months ended June 30, 2021, primarily due to an increase in the value of the futures prices during the three months ended June 30, 2022.
+Added: Results of Operations for the Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021
+Added: ProShares Short VIX Short-Term Futures ETF
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, 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-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV was offset by an increase from 6,884,307 outstanding Shares at December 31, 2021 to 8,384,307 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, 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.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 9,884,307 outstanding Shares at December 31, 2020 to 10,584,307 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, 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.
+Added: The Fund’s per Share NAV decrease of 21.8% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 34.3% for the six months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 21.6% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 56.0% for the six months ended June 30, 2021, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to an increase in the value of futures prices during the six months ended June 30, 2022.
+Added: ProShares Ultra Bloomberg Crude Oil*
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: 1,103,783,570
+Added: NAV end of period
+Added: 1,060,867,238
+Added: 1,303,530,902
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily due to the change in shares outstanding and offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
+Added: The decrease in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by an decrease from 51,243,096 outstanding Shares at December 31, 2021 to 25,493,096 outstanding Shares at June 30, 2022
+Added: By comparison, during the six months ended June 30, 2021, 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 Commodity Balance WTI Crude Oil Index SM
+Added: The increase in the Fund’s NAV was offset by a decrease from 99,243,096 outstanding Shares at December 31, 2020 to 66,643,096 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 93.2% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 115.0% for the six months ended June 30, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 45.9% for the six months ended June 30, 2022, as compared to the benchmark’s rise of 50.1% for the six months ended June 30, 2021, can be attributed to a lesser increase in the value of WTI Crude Oil during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: 1,162,711,373
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a lesser increase in the value of WTI Crude Oil, in conjunction with the timing of shareholder activity, during the six months ended June 30, 2022.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Bloomberg Crude Oil.
+Added: ProShares Ultra Bloomberg Natural Gas
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,587,527 outstanding Shares at December 31, 2021 to 4,737,527 outstanding Shares at June 30, 2022.
+Added: 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 Natural Gas Subindex SM
+Added: By comparison, during the six months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,087,527 outstanding Shares at December 31, 2020 to 1,987,527 outstanding Shares at June 30, 2021.
+Added: 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 Natural Gas Subindex SM
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 54.7% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 68.3% for the six months ended June 30, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 48.9% for the six months ended June 30, 2022, as compared to the benchmark’s rise of 34.2% for the six months ended June 30, 2021, can be attributed to a greater increase in the value of Henry Hub Natural Gas during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater increase in the value of Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the six months ended June 30, 2022.
+Added: ProShares Ultra Euro
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 650,000 outstanding Shares at December 31, 2021 to 850,000 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
+Added: By comparison, during the six months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 300,000 outstanding Shares at December 31, 2020 to 250,000 outstanding Shares at June 30, 2021.
+Added: 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.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 16.8% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 7.1% for the six months ended June 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 7.9% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 2.9% for the six months ended June 30, 2021, can be attributed to a greater decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater decrease in the value of the euro versus the U.S.
+Added: dollar during the six months ended June 30, 2022.
+Added: ProShares Ultra Gold
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 3,900,000 outstanding Shares at December 31, 2021 to 4,250,000 outstanding Shares at June 30, 2022.
+Added: 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 Gold Subindex SM
+Added: By comparison, during the six months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM
+Added: The decrease in the Fund’s NAV was offset by an increase from 3,900,000 outstanding Shares at December 31, 2020 to 4,250,000 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 5.4% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 15.2% for the six months ended June 30, 2021, was primarily due to lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 1.5% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 7.0% for the six months ended June 30, 2021, can be attributed to a lesser decrease in the value of gold futures contracts during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a lesser decrease in the value of futures prices during the six months ended June 30, 2022.
+Added: ProShares Ultra Silver
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 14,796,526 outstanding Shares at December 31, 2021 to 14,346,526 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 14,696,526 outstanding Shares at December 31, 2020 to 14,396,526 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 28.9% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 9.4% for the six months ended June 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 13.4% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 1.2% for the six months ended June 30, 2021, can be attributed to a greater decrease in the value of silver futures contracts during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater decrease in the value of futures prices during the six months ended June 30, 2022.
+Added: ProShares Ultra VIX Short-Term Futures ETF
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: 1,356,204,199
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, 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 and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 65,828,420 outstanding Shares at December 31, 2021 to 67,228,420 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, 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.
+Added: The decrease in the Fund’s NAV was offset by an increase from 12,713,091 outstanding Shares at December 31, 2020 to 30,128,420 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 17.0% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 73.8% for the six months ended June 30, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 21.6% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 56.0% for the six months ended June 30, 2021, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: (1,559,026,428
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: (1,611,315,344
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to an increase in the value of futures prices during the six months ended June 30, 2022.
+Added: ProShares Ultra Yen
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 49,970 outstanding Shares at December 31, 2021 to 149,970 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the six months ended June 30, 2021, 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 spot price of the Japanese yen versus the U.S.
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2020 to June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 29.2% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 14.4% for the six months ended June 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 15.2% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 7.1% for the six months ended June 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the six months ended June 30, 2022.
+Added: ProShares UltraShort Bloomberg Crude Oil
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 1,776,760 outstanding Shares at December 31, 2021 to 21,755,220 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
+Added: By comparison, during the six months ended June 30, 2021, 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) the daily performance of the Bloomberg Commodity Balance WTI Crude Oil Index SM
+Added: The decrease in the Fund’s NAV was offset by an increase from 416,994 outstanding Shares at December 31, 2020 to 876,760 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 64.2% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 61.0% for the six months ended June 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 45.9% for the six months ended June 30, 2022, as compared to the benchmark’s rise of 50.1% for the six months ended June 30, 2021, can be attributed to a lesser increase in the value of WTI Crude Oil during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a lesser increase in the value of WTI Crude Oil, in conjunction with the timing of shareholder activity, during the six months ended June 30, 2022.
+Added: 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.
+Added: ProShares UltraShort Bloomberg Natural Gas
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM
+Added: The decrease in the Fund’s NAV was offset by an increase from 978,742 outstanding Shares at December 31, 2021 to 4,966,856 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 26,242 outstanding Shares at December 31, 2020 to 226,242 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 82.8% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 54.7% for the six months ended June 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 48.9% for the six months ended June 30, 2022, as compared to the benchmark’s rise of 34.2% for the six months ended June 30, 2021, can be attributed to a greater increase in the value of Henry Hub Natural Gas during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater increase in the value of Henry Hub Natural Gas, during the six months ended June 30, 2022.
+Added: 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 Natural Gas.
+Added: ProShares UltraShort Euro
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, 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 euro versus the U.S.
+Added: The increase in the Fund’s NAV was offset by a decrease from 2,100,000 outstanding Shares at December 31, 2021 to 2,050,000 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,350,000 outstanding Shares at December 31, 2020 to 2,050,000 outstanding Shares at June 30, 2021.
+Added: 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.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 17.5% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 5.7% for the six months ended June 30, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 7.9% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 2.9% for the six months ended June 30, 2021, can be attributed to a greater decrease in the value of the euro versus the U.S.
+Added: dollar during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater decrease in the value of the euro versus the U.S.
+Added: dollar during the six months ended June 30, 2022.
+Added: ProShares UltraShort Gold
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 846,977 outstanding Shares at December 31, 2021 to 1,096,977 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV also resulted from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM
+Added: By comparison, during the six months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 646,977 outstanding Shares at December 31, 2020 to 946,977 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 0.5% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 10.3% for the six months ended June 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 1.5% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 7.0% for the six months ended June 30, 2021, can be attributed to a lesser decrease in the value of gold futures contracts during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income decreased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a lesser decrease in the value of the futures prices during the six months ended June 30, 2022.
+Added: ProShares UltraShort Silver
+Added: Fund Performance
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: NAV beginning of period
+Added: NAV end of period
+Added: Percentage change in NAV
+Added: Shares outstanding beginning of period
+Added: Shares outstanding end of period
+Added: Percentage change in shares outstanding
+Added: Shares created
+Added: Shares redeemed
+Added: Per share NAV beginning of period
+Added: Per share NAV end of period
+Added: Percentage change in per share NAV
+Added: Percentage change in benchmark
+Added: Benchmark annualized volatility
+Added: During the six months ended June 30, 2022, 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 Silver Subindex SM
+Added: The increase in the Fund’s NAV also resulted in part from the timing of shareholder activity, which was offset by an increase from 991,329 outstanding Shares at December 31, 2021 to 1,041,329 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 1,041,744 outstanding Shares at December 31, 2020 to 1,491,329 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 18.6% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 15.7% for the six months ended June 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 13.4% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 1.2% for the six months ended June 30, 2021, can be attributed to a greater decrease in the value of the silver futures contracts during the period ended June 30, 2022.
+Added: Net Income/Loss
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
+Added: Net investment income (loss)
+Added: Management fee
+Added: Brokerage commission
+Added: Futures account fees
+Added: Net realized gain (loss)
+Added: Change in net unrealized appreciation (depreciation)
+Added: Net Income (loss)
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater decrease in the value of futures prices during the six months ended June 30, 2022.
ProShares UltraShort Yen*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: Three Months Ended
−Removed: March 31, 2021
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, 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)
−Removed: of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2021 to March 31, 2022.
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 349,290 outstanding Shares at December 31, 2020 to 449,290 outstanding Shares at March 31, 2021.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 11.6% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV increase of 14.7% for the three months ended March 31, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s decline of 5.5% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 6.8% for the three months ended March 31, 2021, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended March 31, 2022.
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 598,980 outstanding Shares at December 31, 2021 to 798,580 outstanding Shares at June 30, 2022.
+Added: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the six months ended June 30, 2021, 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.
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2020 to June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 37.5% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV increase of 15.0% for the six months ended June 30, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s decline of 15.2% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 7.1% for the six months ended June 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: Three Months Ended
−Removed: March 31, 2021
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended March 31, 2022.
−Removed: ProShares VIX Mid-Term
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the six months ended June 30, 2022.
+Added: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares UltraShort Yen.
+Added: ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: Three Months Ended
−Removed: March 31, 2021
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,687,403 outstanding Shares at December 31, 2021 to 3,112,403 outstanding Shares at March 31, 2022.
−Removed: 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
−Removed: Futures Index.
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 1,962,403 outstanding Shares at December 31, 2020 to 2,162,403 outstanding Shares at March 31, 2021.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term
−Removed: Futures Index.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 2.7% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 5.4% for the three months ended March 31, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 3.3% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 5.1% for the three months ended March 31, 2021, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term
−Removed: Futures Index during the period ended March 31, 2022.
+Added: During the six months ended June 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,687,403 outstanding Shares at December 31, 2021 to 2,712,403 outstanding Shares at June 30, 2022.
+Added: 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.
+Added: By comparison, during the six months ended June 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 1,962,403 outstanding Shares at December 31, 2020 to 3,037,403 outstanding Shares at June 30, 2021.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 16.9% for the six months ended June 30, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 16.5% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 16.4% for the six months ended June 30, 2021, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: Three Months Ended
−Removed: March 31, 2021
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of the futures prices during the three months ended March 31, 2022.
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to an increase in the value of the futures prices during the six months ended June 30, 2022.
ProShares VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended March 31, 2022 and 2021:
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: Three Months Ended
−Removed: March 31, 2021
+Added: The following table provides summary performance information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 17,832,826 outstanding Shares at December 31, 2021 to 24,382,826 outstanding Shares at March 31, 2022.
−Removed: 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 Index.
−Removed: By comparison, during the three months ended March 31, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 5,331,579 outstanding Shares at December 31, 2020 to 9,375,329 outstanding Shares at March 31, 2021.
−Removed: 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.
−Removed: For the three months ended March 31, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV increase of 9.9% for the three months ended March 31, 2022, as compared to the Fund’s per Share NAV decrease of 32.3% for the three months ended March 31, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2022.
−Removed: The benchmark’s rise of 10.2% for the three months ended March 31, 2022, as compared to the benchmark’s decline of 32.0% for the three months ended March 31, 2021, can be attributed to an increase in the value of the near-term futures contracts on the VIX futures curve during the period ended March 31, 2022.
+Added: During the six months ended June 30, 2022, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 17,832,826 outstanding Shares at December 31, 2021 to 18,757,826 outstanding Shares at June 30, 2022.
+Added: By comparison, during the six months ended June 30, 2021, 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.
+Added: The decrease in the Fund’s NAV was offset by an increase from 5,331,579 outstanding Shares at December 31, 2020 to 11,307,826 outstanding Shares at June 30, 2021.
+Added: For the six months ended June 30, 2022 and 2021, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 20.4% for the six months ended June 30, 2022, as compared to the Fund’s per Share NAV decrease of 56.2% for the six months ended June 30, 2021, was primarily due to appreciation in the value of the assets held by the Fund during the six months ended June 30, 2022.
+Added: The benchmark’s rise of 21.6% for the six months ended June 30, 2022, as compared to the benchmark’s decline of 56.0% for the six months ended June 30, 2021, can be attributed to an increase in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2022.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended March 31, 2022 and 2021:
−Removed: Three Months Ended
−Removed: March 31, 2022
−Removed: Three Months Ended
−Removed: March 31, 2021
+Added: The following table provides summary income information for the Fund for the six months ended June 30, 2022 and 2021:
+Added: Six Months Ended
+Added: June 30, 2022
+Added: Six Months Ended
+Added: June 30, 2021
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended March 31, 2022 as compared to the three months ended March 31, 2021, primarily due to an increase in the value of the futures prices during the three months ended March 31, 2022.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares VIX Short-Term Futures ETF.
+Added: The Fund’s net income increased for the six months ended June 30, 2022 as compared to the six months ended June 30, 2021, primarily due to an increase in the value of the futures prices during the six months ended June 30, 2022.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.