7 unchanged sentences
The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments.
−Removed: As of June 30, 2022 and 2021, each of the Fund’s positions were as follows:
+Added: As of September 30, 2022 and 2021, each of the Fund’s positions were as follows:
ProShares Short VIX Short-Term Futures ETF
−Removed: As of June 30, 2022 and 2021, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of June 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Futures Positions as of June 30, 2021
+Added: November 2022
+Added: Futures Positions as of September 30, 2021
+Added: Notional Amount
VIX Futures (Cboe)
VIX Futures (Cboe)
−Removed: The June 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: November 2021
+Added: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
5 unchanged sentences
ProShares Ultra Bloomberg Crude Oil:
−Removed: As of June 30, 2022 and 2021, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: September 2022
−Removed: WTI Crude Oil (NYMEX)
December 2022
WTI Crude Oil (NYMEX)
−Removed: Swap Agreements as of June 30, 2022
+Added: WTI Crude Oil (NYMEX)
+Added: December 2023
+Added: Swap Agreements as of September 30, 2022
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: Futures Positions as of June 30, 2021
+Added: Futures Positions as of September 30, 2021
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: September 2021
−Removed: WTI Crude Oil (NYMEX)
December 2021
WTI Crude Oil (NYMEX)
−Removed: Swap Agreements as of June 30, 2021
+Added: WTI Crude Oil (NYMEX)
+Added: December 2022
+Added: Swap Agreements as of September 30, 2021
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The June 30, 2022 and 2021 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
2 unchanged sentences
ProShares Ultra Bloomberg Natural Gas:
−Removed: As of June 30, 2022 and 2021, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
Natural Gas (NYMEX)
−Removed: September 2022
−Removed: Futures Positions as of June 30, 2021
+Added: November 2022
+Added: Futures Positions as of September 30, 2021
Notional Amount
Natural Gas (NYMEX)
−Removed: September 2021
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: November 2021
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
1 unchanged sentence
ProShares Ultra Euro:
−Removed: As of June 30, 2022 and 2021, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of June 30, 2022
−Removed: Local Currency
+Added: As of September 30, 2022 and 2021, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of September 30, 2022
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of June 30, 2021
+Added: Foreign Currency Forward Contracts as of September 30, 2021
Local Currency
Goldman Sachs International
−Removed: The June 30, 2022 and 2021 USD market value equals the number of euros multiplied by the forward rate.
+Added: Goldman Sachs International
+Added: The September 30, 2022 and 2021 USD market value equals the number of euros multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the euro for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two.
See “Item 1A.
2 unchanged sentences
ProShares Ultra Gold:
−Removed: As of June 30, 2022 and 2021 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
Gold Futures (COMEX)
−Removed: Swap Agreements as of June 30, 2022
+Added: December 2022
+Added: Swap Agreements as of September 30, 2022
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of June 30, 2021
+Added: Futures Positions as of September 30, 2021
Notional Amount
Gold Futures (COMEX)
−Removed: Swap Agreements as of June 30, 2021
+Added: December 2021
+Added: Swap Agreements as of September 30, 2021
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The June 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
−Removed: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap price, as applicable.
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
+Added: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract
+Added: or swap price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to the swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+Added: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra Silver:
−Removed: As of June 30, 2022 and 2021 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
Silver Futures (COMEX)
−Removed: September 2022
−Removed: Swap Agreements as of June 30, 2022
+Added: December 2022
+Added: Swap Agreements as of September 30, 2022
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of June 30, 2021
+Added: Futures Positions as of September 30, 2021
Notional Amount
Silver Futures (COMEX)
−Removed: September 2021
−Removed: Swap Agreements as of June 30, 2021
+Added: December 2021
+Added: Swap Agreements as of September 30, 2021
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The June 30, 2022 and 2021 and swap notional values equal units multiplied by the swap price.
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 and swap notional values equal units multiplied by the swap price.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to the swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra VIX Short-Term Futures ETF
−Removed: As of June 30, 2022 and 2021, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts and its holding of swap agreements linked to VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts and its holding of swap agreements linked to VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Futures Positions as of June 30, 2021
+Added: November 2022
+Added: Futures Positions as of September 30, 2021
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Swap Agreements as of June 30, 2021
+Added: November 2021
+Added: Swap Agreements as of September 30, 2021
Reference Index
1 unchanged sentence
iPath Series B S&P 500 VIX Short-Term Futures ETN iNAV Index
−Removed: Goldman Sachs & Co.
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The June 30, 2022 and 2021 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: Goldman Sachs International
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
−Removed: Additional gains (losses) associated with these contracts will be equal to any such
−Removed: subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
+Added: Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $1.50 of exposure to the Index for every $1.00 of net assets.
4 unchanged sentences
ProShares Ultra Yen:
−Removed: As of June 30, 2022 and 2021, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following table provides information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of September 30, 2022
Local Currency
1 unchanged sentence
1,186,245,517
−Removed: Foreign Currency Forward Contracts as of June 30, 2021
+Added: 1,919,545,856
+Added: Goldman Sachs International
+Added: Foreign Currency Forward Contracts as of September 30, 2021
Local Currency
Goldman Sachs International
−Removed: The June 30, 2022 and 2021 USD market values equal the number of yen multiplied by the forward rate.
+Added: Goldman Sachs International
+Added: The September 30, 2022 and 2021 USD market values equal the number of yen multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the yen for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two.
See “Item 1A.
2 unchanged sentences
ProShares UltraShort Bloomberg Crude Oil:
−Removed: As of June 30, 2022 and 2021, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: September 2022
−Removed: WTI Crude Oil (NYMEX)
December 2022
WTI Crude Oil (NYMEX)
−Removed: Futures Positions as of June 30, 2021
−Removed: Notional Amount
WTI Crude Oil (NYMEX)
−Removed: September 2021
+Added: December 2023
+Added: Futures Positions as of September 30, 2021
+Added: Notional Amount
WTI Crude Oil (NYMEX)
1 unchanged sentence
WTI Crude Oil (NYMEX)
−Removed: The June 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
+Added: WTI Crude Oil (NYMEX)
+Added: December 2022
+Added: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: September 30, 2022 and 2021 short swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or the level of the Index, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Bloomberg Natural Gas:
−Removed: As of June 30, 2022 and 2021, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
Natural Gas (NYMEX)
−Removed: September 2022
−Removed: Futures Positions as of June 30, 2021
+Added: November 2022
+Added: Futures Positions as of September 30, 2021
Notional Amount
Natural Gas (NYMEX)
−Removed: September 2021
−Removed: The June 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
+Added: November 2021
+Added: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract as applicable.
−Removed: Additional gains (losses) associated with these contracts will be equal to any such subsequent
−Removed: decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
1 unchanged sentence
ProShares UltraShort Euro:
−Removed: As of June 30, 2022 and 2021, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of September 30, 2022
Local Currency
Goldman Sachs International
−Removed: Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of June 30, 2021
+Added: Foreign Currency Forward Contracts as of September 30, 2021
Local Currency
Goldman Sachs International
−Removed: Goldman Sachs International
−Removed: The June 30, 2022 and 2021 USD market values equal the number of euros multiplied by the forward rate.
+Added: The September 30, 2022 and 2021 USD market values equal the number of euros multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the euro for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two.
See “Item 1A.
1 unchanged sentence
ProShares UltraShort Gold:
−Removed: As of June 30, 2022 and 2021 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
Gold Futures (COMEX)
−Removed: Swap Agreements as of June 30, 2022
+Added: December 2022
+Added: Swap Agreements as of September 30, 2022
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of June 30, 2021
+Added: Futures Positions as of September 30, 2021
Notional Amount
Gold Futures (COMEX)
−Removed: Swap Agreements as of June 30, 2021
+Added: December 2021
+Added: Swap Agreements as of September 30, 2021
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The June 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The June 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
+Added: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to the swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Silver:
−Removed: As of June 30, 2022 and 2021 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
Silver Futures (COMEX)
−Removed: September 2022
−Removed: Swap Agreements as of June 30, 2022
+Added: December 2022
+Added: Swap Agreements as of September 30, 2022
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of June 30, 2021
+Added: Futures Positions as of September 30, 2021
Notional Amount
Silver Futures (COMEX)
−Removed: September 2021
−Removed: Swap Agreements as of June 30, 2021
+Added: December 2021
+Added: Swap Agreements as of September 30, 2021
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The June 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The June 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
+Added: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to the swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+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 recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Yen:
−Removed: As of June 30, 2022 and 2021, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of June 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of September 30, 2022
Local Currency
+Added: Goldman Sachs International
1,169,990,000
2 unchanged sentences
(12,349,528,574
−Removed: Foreign Currency Forward Contracts as of June 30, 2021
+Added: Foreign Currency Forward Contracts as of September 30, 2021
Local Currency
3 unchanged sentences
(4,049,118,875
−Removed: The June 30, 2022 and 2021 USD market values equal the number of yen multiplied by the forward rate.
+Added: The September 30, 2022 and 2021 USD market values equal the number of yen multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the yen for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two.
See “Item 1A.
2 unchanged sentences
ProShares VIX Mid-Term Futures ETF
−Removed: As of June 30, 2022 and 2021, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of June 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2022
+Added: February 2023
VIX Futures (Cboe)
−Removed: December 2022
VIX Futures (Cboe)
−Removed: Futures Positions as of June 30, 2021
+Added: Futures Positions as of September 30, 2021
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2021
+Added: February 2022
VIX Futures (Cboe)
−Removed: December 2021
VIX Futures (Cboe)
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to match the performance of the Index.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index.
Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index.
2 unchanged sentences
ProShares VIX Short-Term Futures ETF
−Removed: As of June 30, 2022 and 2021, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in VIX futures contracts as of June 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of June 30, 2022
+Added: As of September 30, 2022 and 2021, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of September 30, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Futures Positions as of June 30, 2021
+Added: November 2022
+Added: Futures Positions as of September 30, 2021
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: The June 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: November 2021
+Added: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to match the performance of the Index.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index.
Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index.
32 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
−Removed: With regard to the Currency Funds, several factors may affect
−Removed: the value of the foreign currencies or the U.S.
+Added: With regard to the Currency Funds, several factors may affect the value of the foreign currencies or the U.S.
dollar, and, in turn, the Financial Instruments and other assets, if any, owned by a Fund.
32 unchanged sentences
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.