3 unchanged sentences
In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology.
−Removed: None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements.
−Removed: Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control.
The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements.
−Removed: 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 September 30, 2022, the following sixteen series of the Trust have commenced investment operations:
−Removed: (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”);
−Removed: (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: 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”);
−Removed: 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.
−Removed: The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc.
−Removed: (“NYSE Arca”).
−Removed: The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”).
−Removed: The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds”.
−Removed: The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds”.
−Removed: 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:
−Removed: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen.
−Removed: The Sponsor also serves as the Trust’s commodity pool operator.
−Removed: Wilmington Trust Company serves as the Trustee of the Trust (the “Trustee”).
−Removed: The Funds are commodity pools, as defined under the Commodity Exchange Act (the “CEA”), and the applicable regulations of the Commodity Futures Trading Commission (the “CFTC”) and are operated by the Sponsor, a commodity pool operator registered with the CFTC.
−Removed: 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 in several different ways.
−Removed: 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.
−Removed: References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks.
−Removed: References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories.
−Removed: As described in each Fund’s prospectus, each of the Funds intends to invest in “Financial Instruments” (Financial Instruments are instruments whose value is derived from the value of an underlying asset, rate or benchmark including futures contracts, swap agreements, forward contracts and other instruments) as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to the VIX Index, natural gas, crude oil, precious metals, or currencies, as applicable.
+Added: These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and in this Quarterly Report on Form 10-Q for the period ended March 31, 2023, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements.
+Added: Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following:
+Added: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets;
+Added: risks associated with a rising rate environment;
+Added: risks associated with regulatory and exchange daily price limits, position limits and accountability levels;
+Added: and risks related to market competition.
+Added: None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements.
+Added: Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions.
+Added: Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index.
Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.
−Removed: 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: The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark.
Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark.
3 unchanged sentences
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, -1x, -2x, 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, -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.
8 unchanged sentences
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 purchase and redeem Shares from a Fund and then only in Creation Units.
+Added: Only Authorized Participants may purchase
+Added: 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.
7 unchanged sentences
Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.
−Removed: Forward and Reverse Split
−Removed: 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:
−Removed: UVXY), a 1-for-4 reverse split of the shares of beneficial interest of ProShares UltraShort Bloomberg Crude Oil (ticker symbol:
−Removed: SCO), a 1-for-4 reverse split of the shares of beneficial interest of ProShares UltraShort Silver (ticker symbol:
−Removed: ZSL) and a 1-for-4 reverse split of the shares of beneficial interest of ProShares VIX Short-Term Futures ETF (ticker symbol:
−Removed: The reverse splits were effective prior to market open on May 26, 2021, when the funds began trading at their post-split price.
−Removed: The reverse splits were applied retroactively for all periods presented, reducing the number of shares outstanding and resulted in a proportionate increase in the price per share and the per share information of the 4 funds.
−Removed: Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse splits.
−Removed: On December 22, 2021, the Trust announced a 1-for-5 reverse split of the shares of beneficial interest of ProShares UltraShort Bloomberg Natural Gas ETF (ticker symbol:
−Removed: The reverse splits were effective prior to market open on January 14, 2022, when the funds began trading at their post-split price.
−Removed: The reverse splits were applied retroactively for all periods presented, reducing the number of shares outstanding and resulted in a proportionate increase in the price per share and the per share information of the fund.
−Removed: 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: Forward and Reverse Splits
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.
17 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 and nine months ended September 30, 2022 and 2021, each of the Funds earned interest income as follows:
−Removed: Interest Income
−Removed: September 30, 2022
−Removed: Interest Income
−Removed: September 30, 2021
+Added: During the three months ended March 31, 2023 and 2022, each of the Funds earned interest income as follows:
Interest Income
−Removed: September 30, 2022
+Added: March 31, 2023
Interest Income
−Removed: September 30, 2021
+Added: March 31, 2022
ProShares Short VIX Short-Term Futures ETF
46 unchanged sentences
not posting margin directly with a counterparty;
−Removed: requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to
−Removed: market daily, subject to certain minimum thresholds;
−Removed: limiting the amount of margin or premium posted at a FCM;
+Added: requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds;
+Added: limiting the amount of margin or premium posted at a futures commission merchant (FCM):
ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.
Off-Balance Sheet Arrangements and Contractual Obligations
−Removed: As of November 8, 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.
+Added: As of May 8, 2023, 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.
3 unchanged sentences
Critical Accounting Policies
−Removed: Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates.
+Added: Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America (“GAAP”) requires the application of appropriate accounting rules and guidance, as well as the use of estimates.
The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used.
4 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 September 30, 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 March 31, 2023.
Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes.
1 unchanged sentence
Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor.
−Removed: Futures contracts, except for those entered into by the Gold, Silver, Australian Dollar and Short Euro Funds, are generally valued at the last settled price on the applicable exchange on which that future trades.
−Removed: Futures contracts entered into by the Gold, Silver, Australian Dollar and Short Euro Funds are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined.
+Added: Futures contracts, except for those entered into by the Gold and Silver Funds, are generally valued at the last settled price on the applicable exchange on which that future trades.
+Added: Futures contracts entered into by the Gold and Silver Funds, are valued at the last sales price prior to the time at which the NAV per Share of a Fund is determined.
For financial reporting purposes, all futures contracts are valued at last settled price.
11 unchanged sentences
Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively.
−Removed: Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S.
+Added: Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association fees, give up fees, pit futures account fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S.
Commodity Futures Trading Commission regulated investments.
1 unchanged sentence
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 September 30, 2022 Compared to the Three Months Ended September 30, 2021
+Added: Results of Operations for the Three Months Ended March 31, 2023 Compared to the Three Months Ended March 31, 2022
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 September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,384,307 outstanding Shares at June 30, 2022 to 6,634,307 outstanding Shares at September 30, 2022.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,784,307 outstanding Shares at December 31, 2022 to 4,634,307 outstanding Shares at March 31, 2023.
The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 10,584,307 outstanding Shares at June 30, 2021 to 7,134,307 outstanding Shares at September 30, 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 one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 0.8% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 2.1% for the three months ended September 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 5.7% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 5.6% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2022.
+Added: By comparison, 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.
+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 one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the three months ended March 31, 2023 and 2022, 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 increase of 8.6% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 11.4% for the three months ended March 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 20.3% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 10.2% for the three months ended March 31, 2022, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to greater decrease in the value of futures prices during the three months ended September 30, 2022.
+Added: The Fund’s net income increased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of futures prices during the three months ended March 31, 2023.
ProShares Ultra Bloomberg Crude Oil*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
1,103,783,570
−Removed: 1,303,530,902
NAV end of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 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 Commodity Balanced WTI Crude Oil Index SM .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 25,493,096 outstanding Shares at June 30, 2022 to 27,643,096 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the three months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 66,643,096 outstanding Shares at June 30, 2021 to 51,643,096 outstanding Shares at September 30, 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 two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 37.0% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 8.0% for the three months ended September 30, 2021, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 18.6% for the three months ended September 30, 2022, as compared to the benchmark’s rise of 5.4% for the three months ended September 30, 2021, can be attributed to a decrease in the value of WTI Crude Oil during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 28,393,096 outstanding Shares at December 31, 2022 to 30,593,096 outstanding Shares at March 31, 2023.
+Added: By comparison, 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 .
+Added: The increase in the Fund’s NAV was offset by a decrease from 51,243,096 outstanding Shares at December 31, 2021 to 35,243,096 outstanding Shares at March 31, 2022.
+Added: For the three months ended March 31, 2023 and 2022, 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 12.3% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 76.1% for the three months ended March 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 5.4% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 36.7% for the three months ended March 31, 2022, can be attributed to a decrease in the value of WTI Crude Oil during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a decrease in the value of WTI Crude Oil during the three months ended September 30, 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 regarding the reverse Share split for ProShares Ultra Bloomberg Crude Oil.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of WTI Crude Oil, in conjunction with the timing of shareholder activity, during the three months ended March 31, 2023.
+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.
ProShares Ultra Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
NAV end of period
+Added: 1,139,983,773
Percentage change in NAV
9 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 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 (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 4,737,527 outstanding Shares at June 30, 2022 to 5,437,527 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the three months ended September 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 Natural Gas Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 1,987,527 outstanding Shares at June 30, 2021 to 1,737,527 outstanding Shares at September 30, 2021.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 34.6% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 136.3% for the three months ended September 30, 2021, was primarily due to lesser appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s rise of 25.3% for the three months ended September 30, 2022, as compared to the benchmark’s rise of 58.6% for the three months ended September 30, 2021, can be attributed to lesser increase in the value of Henry Hub Natural Gas during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 32,287,527 outstanding Shares at December 31, 2022 to 309,087,527 outstanding Shares at March 31, 2023.
+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 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 Natural Gas Subindex SM .
+Added: The increase in the Fund’s NAV was offset by a decrease from 7,587,527 outstanding Shares at December 31, 2021 to 2,587,527 outstanding Shares at March 31, 2022.
+Added: For the three months ended March 31, 2023 and 2022, 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 79.7% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 119.4% for the three months ended March 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 50.4% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 58.4% for the three months ended March 31, 2022, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
+Added: (1,061,634,864
Change in net unrealized appreciation (depreciation)
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to lesser increase in the value of Henry Hub Natural Gas during the three months ended September 30, 2022.
+Added: (1,109,154,913
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended March 31, 2023.
ProShares Ultra Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 850,000 outstanding Shares at June 30, 2022 to 1,450,000 outstanding Shares at September 30, 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 (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the three months ended September 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 euro versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from June 30, 2021 to September 30, 2021.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 13.7% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 5.1% for the three months ended September 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 6.0% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 2.3% for the three months ended September 30, 2021, can be attributed to greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 950,000 outstanding Shares at December 31, 2022 to 750,000 outstanding Shares at March 31, 2023.
+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 spot price of the euro versus the U.S.
+Added: By comparison, during the three months ended March 31, 2022, the
+Added: 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.
+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 three months ended March 31, 2023 and 2022, 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 2.0% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 6.4% for the three months ended March 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s rise of 1.31% for the three months ended March 31, 2023, as compared to the benchmark’s decline of 2.8% for the three months ended March 31, 2022, can be attributed to an increase in the value of the euro versus the U.S.
+Added: dollar during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
Management fee
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended September 30, 2022.
+Added: The Fund’s net income increased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to an increase in the value of the euro versus the U.S.
+Added: dollar during the three months ended March 31, 2023.
ProShares Ultra Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 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 Gold Subindex SM .
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 4,250,000 outstanding Shares at June 30, 2022 to 3,400,000 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the three months ended September 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 .
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 4,250,000 outstanding Shares at June 30, 2021 to 4,150,000 outstanding Shares at September 30, 2021.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 16.6% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 2.9% for the three months ended September 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 7.9% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 1.0% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of gold futures contracts during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM .
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 3,150,000 outstanding Shares at December 31, 2022 to 3,200,000 outstanding Shares at March 31, 2023.
+Added: By comparison, 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.
+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 March 31, 2023 and 2022, 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 14.1% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 12.2% for the three months ended March 31, 2022, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s rise of 8.1% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 6.6% for the three months ended March 31, 2022, can be attributed to a greater increase in the value of gold futures contracts during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
1 unchanged sentence
Brokerage commission
−Removed: Non-recurring fees and expenses
+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 September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of futures prices during the three months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in average net assets, which was offset by an increase in futures prices, during the three months ended March 31, 2023.
ProShares Ultra Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 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 .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 14,346,526 outstanding Shares at June 30, 2022 to 15,546,526 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the three months ended September 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 .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 14,396,526 outstanding Shares at June 30, 2021 to 15,146,526 outstanding Shares at September 30, 2021.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 15.9% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 31.0% for the three months ended September 30, 2021, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 6.5% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 16.0% for the three months ended September 30, 2021, can be attributed to a lesser decrease in the value of silver futures contracts during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 13,046,526 outstanding Shares at December 31, 2022 to 13,796,526 outstanding Shares at March 31, 2023.
+Added: 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 (2x) the daily performance of the Bloomberg Silver Subindex SM .
+Added: By comparison, 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 .
+Added: 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.
+Added: For the three months ended March 31, 2023 and 2022, 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 2.0% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 12.1% for the three months ended March 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s rise of 0.8% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 7.5% for the three months ended March 31, 2022, can be attributed to a lesser increase in the value of silver futures contracts during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a lesser decrease in the value of futures prices during the three months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a lesser increase in the value of futures prices during the three months ended March 31, 2023.
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 September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
12 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 67,228,420 outstanding Shares at June 30, 2022 to 77,328,420 outstanding Shares at September 30, 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 and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 30,128,420 outstanding Shares at June 30, 2021 to 41,778,420 outstanding Shares at September 30, 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 one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 11.3% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 12.5% for the three months ended September 30, 2021, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 5.7% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 5.6% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, 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 93,078,420 outstanding Shares at December 31, 2022 to 115,878,420 outstanding Shares at March 31, 2023.
+Added: By comparison, 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.
+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 one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the three months ended March 31, 2023 and 2022, 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 decrease of 32.7% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 8.8% for the three months ended March 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 20.3% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 10.2% for the three months ended March 31, 2022, can be attributed to a decrease in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of futures prices, during the three months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of futures prices during the three months ended March 31, 2023.
ProShares Ultra Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 149,970 outstanding Shares at June 30, 2022 to 349,970 outstanding Shares at September 30, 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 (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the three months ended September 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.
−Removed: There was no net change in the Fund’s outstanding Shares from June 30, 2021 to September 30, 2021.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 13.3% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 0.8% for the three months ended September 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 6.5% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 0.2% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 399,970 outstanding Shares at December 31, 2022 to 299,970 outstanding Shares at March 31, 2023.
+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 Japanese yen versus the U.S.
+Added: By comparison, 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.
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2021 to March 31, 2022.
+Added: For the three months ended March 31, 2023 and 2022, 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 4.3% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 11.1% for the three months ended March 31, 2022, was primarily due to lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 1.16% for the three months ended March 31, 2023, as compared to the benchmark’s decline of 5.5% for the three months ended March 31, 2022, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
Management fee
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a lesser decrease in the value of the Japanese yen versus the U.S.
+Added: dollar, in conjunction with a significant increase in average shares outstanding during the three months ended March 31, 2023.
ProShares UltraShort Bloomberg Crude Oil*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 21,755,220 outstanding Shares at June 30, 2022 to 12,155,220 outstanding Shares at September 30, 2022.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,305,220 outstanding Shares at December 31, 2022 to 5,755,220 outstanding Shares at March 31, 2023.
The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: By comparison, during the three months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 876,760 outstanding Shares at June 30, 2021 to 1,236,760 outstanding Shares at September 30, 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 two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 31.7% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 16.5% for the three months ended September 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 18.6% for the three months ended September 30, 2022, as compared to the benchmark’s rise of 5.4% for the three months ended September 30, 2021, can be attributed to a decrease in the value of WTI Crude Oil during the period ended September 30, 2022.
+Added: By comparison, during the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 1,776,760 outstanding Shares at December 31, 2021 to 14,286,760 outstanding Shares at March 31, 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) the daily performance of the Bloomberg Commodity Balance WTI Crude Oil Index SM .
+Added: For the three months ended March 31, 2023 and 2022, 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 5.1% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 54.6% for the three months ended March 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 5.4% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 36.6% for the three months ended March 31, 2022, can be attributed to a decrease in the value of WTI Crude Oil during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a decrease in the value of WTI Crude Oil during the three months ended September 30, 2022.
+Added: The Fund’s net income increased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of WTI Crude Oil, in conjunction with the timing of shareholder activity, during the three months ended March 31, 2023.
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.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 4,966,856 outstanding Shares at June 30, 2022 to 13,966,856 outstanding Shares at September 30, 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) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: By comparison, during the three months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 226,242 outstanding Shares at June 30, 2021 to 986,242 outstanding Shares at September 30, 2021.
+Added: During the three months ended March 31, 2023, 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 Natural Gas Subindex SM .
+Added: The increase in the Fund’s NAV was offset by a decrease from 4,966,856 outstanding Shares at December 31, 2022 to 2,066,856 outstanding Shares at March 31, 2023.
+Added: By comparison, during the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 978,742 outstanding Shares at December 31, 2021 to 3,868,619 outstanding Shares at March 31, 2022.
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 .
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 59.3% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 67.4% for the three months ended September 30, 2021, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s rise of 25.3% for the three months ended September 30, 2022, as compared to the benchmark’s rise of 58.6% for the three months ended September 30, 2021, can be attributed to a lesser increase in the value of Henry Hub Natural Gas during the period ended September 30, 2022.
+Added: For the three months ended March 31, 2023 and 2022, 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 163.4% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 73.9% for the three months ended March 31, 2022, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 50.4% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 58.4% for the three months ended March 31, 2022, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a lesser increase in the value of Henry Hub Natural Gas, in conjunction with the timing of shareholder activity, during the three months ended September 30, 2022.
+Added: The Fund’s net income increased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of Henry Hub Natural Gas, during the three months ended March 31, 2023.
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.
1 unchanged sentence
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 2,050,000 outstanding Shares at June 30, 2022 to 2,600,000 outstanding Shares at September 30, 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 the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the three months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,050,000 outstanding Shares at June 30, 2021 to 1,950,000 outstanding Shares at September 30, 2021.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,550,000 outstanding Shares at December 31, 2022 to 2,050,000 outstanding Shares at March 31, 2023.
+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 spot price of the euro versus the U.S.
+Added: By comparison, 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.
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.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 14.7% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 4.8% for the three months ended September 30, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 6.5% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 2.3% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
+Added: For the three months ended March 31, 2023 and 2022, 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 1.4% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 5.6% for the three months ended March 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s rise of 1.31% for the three months ended March 31, 2023, as compared to the benchmark’s decline of 2.8% for the three months ended March 31, 2022, can be attributed to an increase in the value of the euro versus the U.S.
+Added: dollar during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
Management fee
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the three months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to an increase in the value of the euro versus the U.S.
+Added: dollar during the three months ended March 31, 2023.
ProShares UltraShort Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,096,977 outstanding Shares at June 30, 2022 to 796,977 outstanding Shares at September 30, 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) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: By comparison, during the three months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 946,977 outstanding Shares at June 30, 2021 to 796,977 outstanding Shares at September 30, 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 two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 17.9% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 0.4% for the three months ended September 30, 2021, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 7.9% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 1.0% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of gold futures contracts during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 496,977 outstanding Shares at December 31, 2022 to 596,977 outstanding Shares at March 31, 2023.
+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 Gold Subindex SM .
+Added: By comparison, 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.
+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 Gold Subindex SM .
+Added: For the three months ended March 31, 2023 and 2022, 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 13.6% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 14.1% for the three months ended March 31, 2022, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s rise of 8.1% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 6.6% for the three months ended March 31, 2022, can be attributed to a greater increase in the value of gold futures contracts during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of the futures prices during the three months ended September 30, 2022.
+Added: The Fund’s net income increased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a greater increase in the value of the futures prices during the three months ended March 31, 2023.
ProShares UltraShort Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 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 .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 1,041,329 outstanding Shares at June 30, 2022 to 991,329 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the three months ended September 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 Bloomberg Silver Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 1,491,329 outstanding Shares at June 30, 2021 to 1,291,329 outstanding Shares at September 30, 2021.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 7.3% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 33.8% for the three months ended September 30, 2021, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 6.5% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 16.0% for the three months ended September 30, 2021, can be attributed to a lesser decrease in the value of the silver futures contracts during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,641,329 outstanding Shares at December 31, 2022 to 1,091,329 outstanding Shares at March 31, 2023.
+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 Silver Subindex SM .
+Added: By comparison, 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) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: 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.
+Added: For the three months ended March 31, 2023 and 2022, 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 4.2% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV decrease of 19.9% for the three months ended March 31, 2022, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s rise of 0.8% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 7.5% for the three months ended March 31, 2022, can be attributed to a lesser increase in the value of the silver futures contracts during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a lesser decrease in the value of futures prices during the three months ended September 30, 2022.
+Added: The Fund’s net income increased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a lesser increase in the value of futures prices during the three months ended March 31, 2023.
ProShares UltraShort Yen*
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 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 Japanese yen versus the U.S.
−Removed: There was no net change in the Fund’s outstanding Shares from June 30, 2022 to September 30, 2022.
−Removed: By comparison, during the three months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 698,580 outstanding Shares at June 30, 2021 to 598,580 outstanding Shares at September 30, 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 the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended September 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.
−Removed: The Fund’s per Share NAV increase of 14.0% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 0.0% for the three months ended September 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 6.5% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 0.2% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 398,580 outstanding Shares at December 31, 2022 to 448,580 outstanding Shares at March 31, 2023.
+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 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) 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, 2021 to March 31, 2022.
+Added: For the three months ended March 31, 2023 and 2022, 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 4.3% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 11.6% for the three months ended March 31, 2022, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 1.16% for the three months ended March 31, 2023, as compared to the benchmark’s decline of 5.5% for the three months ended March 31, 2022, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
Management fee
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended September 30, 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 regarding the forward Share split for ProShares UltraShort Yen.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a lesser decrease in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended March 31, 2023.
+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 Short Yen.
ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 2,712,403 outstanding Shares at June 30, 2022 to 3,112,403 outstanding Shares at September 30, 2022.
−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 the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: By comparison, during the three months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 3,037,403 outstanding Shares at June 30, 2021 to 3,962,403 outstanding Shares at September 30, 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 the daily performance of the S&P 500 VIX Mid-Term Futures Index.
−Removed: For the three months ended September 30, 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 0.6% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 5.6% for the three months ended September 30, 2021, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s rise of 1.1% for the three months ended September 30, 2022, as compared to the benchmark’s rise of 6.0% for the three months ended September 30, 2021, can be attributed to a lesser increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, 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 Mid-Term Futures Index.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 2,762,403 outstanding Shares at December 31, 2022 to 2,512,403 outstanding Shares at March 31, 2023.
+Added: By comparison, during the three months ended March 31, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 3,687,403 outstanding Shares at December 31, 2021 to 3,112,403 outstanding Shares at March 31, 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 the daily performance of the S&P 500 VIX Mid-Term Futures Index.
+Added: For the three months ended March 31, 2023 and 2022, 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 decrease of 11.9% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 2.7% for the three months ended March 31, 2022, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 11.4% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 3.3% for the three months ended March 31, 2022, can be attributed to a decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a lesser increase in the value of the futures prices during the three months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of the futures prices during the three months ended March 31, 2023.
ProShares VIX Short-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 18,757,826 outstanding Shares at June 30, 2022 to 25,582,826 outstanding Shares at September 30, 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 the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 11,307,826 outstanding Shares at June 30, 2021 to 16,257,826 outstanding Shares at September 30, 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 September 30, 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 decrease of 6.1% for the three months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 5.8% for the three months ended September 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2022.
−Removed: The benchmark’s decline of 5.7% for the three months ended September 30, 2022, as compared to the benchmark’s decline of 5.6% for the three months ended September 30, 2021, can be attributed to a greater decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2022.
+Added: During the three months ended March 31, 2023, 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 23,382,826 outstanding Shares at December 31, 2022 to 25,107,826 outstanding Shares at March 31, 2023.
+Added: By comparison, 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.
+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 the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: For the three months ended March 31, 2023 and 2022, 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 decrease of 20.8% for the three months ended March 31, 2023, as compared to the Fund’s per Share NAV increase of 9.9% for the three months ended March 31, 2022, was primarily due to deprecation in the value of the assets held by the Fund during the three months ended March 31, 2023.
+Added: The benchmark’s decline of 20.3% for the three months ended March 31, 2023, as compared to the benchmark’s rise of 10.2% for the three months ended March 31, 2022, can be attributed to a decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended March 31, 2023.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2022 and 2021:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2023 and 2022:
Three Months Ended
−Removed: September 30, 2022
+Added: March 31, 2023
Three Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2022 as compared to the three months ended September 30, 2021, primarily due to a greater decrease in the value of the futures prices, during the three months ended September 30, 2022.
−Removed: Results of Operations for the Nine Months Ended September 30, 2022 Compared to the Nine Months Ended September 30, 2021
−Removed: ProShares Short VIX Short-Term Futures ETF
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 6,884,307 outstanding Shares at December 31, 2021 to 6,634,307 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,884,307 outstanding Shares at December 31, 2020 to 7,134,307 outstanding Shares at September 30, 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 one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 21.2% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 31.5% for the nine months ended September 30, 2021, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 14.7% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 58.4% for the nine months ended September 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 September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income decreased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to an increase in the value of futures prices during the nine months ended September 30, 2022.
−Removed: ProShares Ultra Bloomberg Crude Oil*
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: 1,103,783,570
−Removed: NAV end of period
−Removed: 1,090,613,716
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 30, 2022, the decrease in the Fund’s NAV resulted primarily from a decrease from 51,243,096 outstanding Shares at December 31, 2021 to 27,643,096 outstanding Shares at September 30, 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 Commodity Balanced WTI Crude Oil Index SM .
−Removed: By comparison, during the nine months ended September 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 .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 99,243,096 outstanding Shares at December 31, 2020 to 51,643,096 outstanding Shares at September 30, 2021.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 21.7% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 132.2% for the nine months ended September 30, 2021, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 18.7% for the nine months ended September 30, 2022, as compared to the benchmark’s rise of 58.2% for the nine months ended September 30, 2021, can be attributed to a lesser increase in the value of WTI Crude Oil during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income decreased for the nine months ended September 30, 2022 as compared to the nine months ended September 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 nine months ended September 30, 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 regarding the reverse Share split for ProShares Ultra Bloomberg Crude Oil.
−Removed: ProShares Ultra Bloomberg Natural Gas
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 7,587,527 outstanding Shares at December 31, 2021 to 5,437,527 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 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 1,737,527 outstanding Shares at September 30, 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 nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 108.3% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 297.6% for the nine months ended September 30, 2021, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 86.6% for the nine months ended September 30, 2022, as compared to the benchmark’s rise of 113.0% for the nine months ended September 30, 2021, can be attributed to a lesser increase in the value of Henry Hub Natural Gas during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a lesser increase in the value of Henry Hub Natural Gas during the nine months ended September 30, 2022.
−Removed: ProShares Ultra Euro
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 650,000 outstanding Shares at December 31, 2021 to 1,450,000 outstanding Shares at September 30, 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 (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the nine months ended September 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 September 30, 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 nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 28.2% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 11.9% for the nine months ended September 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 13.2% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 5.2% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income decreased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the nine months ended September 30, 2022.
−Removed: ProShares Ultra Gold
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 Gold Subindex SM .
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 3,900,000 outstanding Shares at December 31, 2021 to 3,400,000 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 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 .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 3,900,000 outstanding Shares at December 31, 2020 to 4,150,000 outstanding Shares at September 30, 2021.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 21.1% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 17.7% for the nine months ended September 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 9.3% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 7.9% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of gold futures contracts during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income decreased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2022.
−Removed: ProShares Ultra Silver
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 14,796,526 outstanding Shares at December 31, 2021 to 15,546,526 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 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 .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 14,696,526 outstanding Shares at December 31, 2020 to 15,146,526 outstanding Shares at September 30, 2021.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 40.2% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 37.5% for the nine months ended September 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 19.0% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 17.0% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of silver futures contracts during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2022.
−Removed: ProShares Ultra VIX Short-Term Futures ETF
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: 1,356,204,199
−Removed: NAV end of period
−Removed: 1,020,845,873
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 65,828,420 outstanding Shares at December 31, 2021 to 77,328,420 outstanding Shares at September 30, 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 times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the nine months ended September 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.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 12,713,091 outstanding Shares at December 31, 2020 to 41,778,420 outstanding Shares at September 30, 2021.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 3.7% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 77.1% for the nine months ended September 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 14.7% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 58.4% for the nine months ended September 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 September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: (1,757,407,418
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: (1,626,947,912
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to an increase in the value of futures prices during the nine months ended September 30, 2022.
−Removed: ProShares Ultra Yen
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 49,970 outstanding Shares at December 31, 2021 to 349,970 outstanding Shares at September 30, 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 (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the nine months ended September 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.
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2020 to September 30, 2021.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 38.6% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 15.0% for the nine months ended September 30, 2021, was primarily due to greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 20.3% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 7.2% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income decreased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the nine months ended September 30, 2022.
−Removed: ProShares UltraShort Bloomberg Crude Oil*
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 12,155,220 outstanding Shares at September 30, 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) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: By comparison, during the nine months ended September 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 .
−Removed: The decrease in the Fund’s NAV was offset by an increase from 416,994 outstanding Shares at December 31, 2020 to 1,236,760 outstanding Shares at September 30, 2021.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 52.8% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 67.4% for the nine months ended September 30, 2021, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 18.7% for the nine months ended September 30, 2022, as compared to the benchmark’s rise of 58.2% for the nine months ended September 30, 2021, can be attributed to a lesser increase in the value of WTI Crude Oil during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 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 nine months ended September 30, 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 regarding the reverse Share split for ProShares UltraShort Bloomberg Crude Oil.
−Removed: ProShares UltraShort Bloomberg Natural Gas*
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 978,742 outstanding Shares at December 31, 2021 to 13,966,856 outstanding Shares at September 30, 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) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: By comparison, during the nine months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 26,242 outstanding Shares at December 31, 2020 to 986,242 outstanding Shares at September 30, 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 two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV decrease of 93.0% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 85.3% for the nine months ended September 30, 2021, was primarily due to a greater depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 86.6% for the nine months ended September 30, 2022, as compared to the benchmark’s rise of 113.0% for the nine months ended September 30, 2021, can be attributed to a lesser increase in the value of Henry Hub Natural Gas during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income decreased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a lesser increase in the value of Henry Hub Natural Gas, during the nine months ended September 30, 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 regarding the reverse Share split for ProShares UltraShort Bloomberg Natural Gas.
−Removed: ProShares UltraShort Euro
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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.
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 2,100,000 outstanding Shares at December 31, 2021 to 2,600,000 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 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 1,950,000 outstanding Shares at September 30, 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 two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 34.8% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 10.7% for the nine months ended September 30, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 13.2% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 5.2% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of the euro versus the U.S.
−Removed: dollar during the nine months ended September 30, 2022.
−Removed: ProShares UltraShort Gold
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 .
−Removed: The increase in the Fund’s NAV was offset by a decrease from 846,977 outstanding Shares at December 31, 2021 to 796,977 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 646,977 outstanding Shares at December 31, 2020 to 796,977 outstanding Shares at September 30, 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) of the daily performance of the Bloomberg Gold Subindex SM .
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 17.3% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 10.7% for the nine months ended September 30, 2021, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 9.3% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 7.9% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of gold futures contracts during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of the futures prices during the nine months ended September 30, 2022.
−Removed: ProShares UltraShort Silver
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 .
−Removed: There was no net change in the Fund’s outstanding Shares from December 31, 2021 to September 30, 2022.
−Removed: By comparison, during the nine months ended September 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 1,291,329 outstanding Shares at September 30, 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) of the daily performance of the Bloomberg Silver Subindex SM .
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 27.2% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 12.8% for the nine months ended September 30, 2021, was primarily due to a greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 19.0% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 17.0% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of the silver futures contracts during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of futures prices during the nine months ended September 30, 2022.
−Removed: ProShares UltraShort Yen*
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 Japanese yen versus the U.S.
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 598,580 outstanding Shares at December 31, 2021 to 798,580 outstanding Shares at September 30, 2022.
−Removed: By comparison, during the nine months ended September 30, 2021, the decrease in the Fund’s NAV resulted primarily from a decrease from 698,580 outstanding Shares at December 31, 2020 to 598,580 outstanding Shares at September 30, 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 two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the nine months ended September 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.
−Removed: The Fund’s per Share NAV increase of 56.7% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV increase of 14.9% for the nine months ended September 30, 2021, was primarily due to greater appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s decline of 20.3% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 7.2% for the nine months ended September 30, 2021, can be attributed to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to a greater decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the nine months ended September 30, 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 regarding the reverse Share split for ProShares UltraShort Yen.
−Removed: ProShares VIX Mid-Term Futures ETF
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 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 3,112,403 outstanding Shares at September 30, 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 Futures Index.
−Removed: By comparison, during the nine months ended September 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 3,962,403 outstanding Shares at September 30, 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 Futures Index.
−Removed: For the nine months ended September 30, 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 15.9% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 12.3% for the nine months ended September 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 17.8% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 11.4% for the nine months ended September 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 September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Non-recurring fees and expenses
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to an increase in the value of the futures prices during the nine months ended September 30, 2022.
−Removed: ProShares VIX Short-Term Futures ETF
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
−Removed: NAV beginning of period
−Removed: NAV end of period
−Removed: Percentage change in NAV
−Removed: Shares outstanding beginning of period
−Removed: Shares outstanding end of period
−Removed: Percentage change in shares outstanding
−Removed: Shares created
−Removed: Shares redeemed
−Removed: Per share NAV beginning of period
−Removed: Per share NAV end of period
−Removed: Percentage change in per share NAV
−Removed: Percentage change in benchmark
−Removed: Benchmark annualized volatility
−Removed: During the nine months ended September 30, 2022, the increase in the Fund’s NAV resulted primarily from an increase from 17,832,826 outstanding Shares at December 31, 2021 to 25,582,826 outstanding Shares at September 30, 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 nine months ended September 30, 2021, the increase in the Fund’s NAV resulted primarily from an increase from 5,331,579 outstanding Shares at December 31, 2020 to 16,257,826 outstanding Shares at September 30, 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 nine months ended September 30, 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 13.1% for the nine months ended September 30, 2022, as compared to the Fund’s per Share NAV decrease of 58.8% for the nine months ended September 30, 2021, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2022.
−Removed: The benchmark’s rise of 14.7% for the nine months ended September 30, 2022, as compared to the benchmark’s decline of 58.4% for the nine months ended September 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 September 30, 2022.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2022 and 2021:
−Removed: Nine Months Ended
−Removed: September 30, 2022
−Removed: Nine Months Ended
−Removed: September 30, 2021
+Added: March 31, 2022
Net investment income (loss)
2 unchanged sentences
Futures account fees
−Removed: Non-recurring fees and expenses
Net realized gain (loss)
1 unchanged sentence
Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2022 as compared to the nine months ended September 30, 2021, primarily due to an increase in the value of the futures prices during the nine months ended September 30, 2022.
+Added: The Fund’s net income decreased for the three months ended March 31, 2023 as compared to the three months ended March 31, 2022, primarily due to a decrease in the value of the futures prices during the three months ended March 31, 2023.
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.