7 unchanged sentences
The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments.
−Removed: As of September 30, 2022 and 2021, each of the Fund’s positions were as follows:
+Added: As of March 31, 2023 and 2022, each of the Fund’s positions were as follows:
ProShares Short VIX Short-Term Futures ETF
−Removed: As of September 30, 2022 and 2021, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2023 and 2022, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2022
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2021
−Removed: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
5 unchanged sentences
ProShares Ultra Bloomberg Crude Oil:
−Removed: As of September 30, 2022 and 2021, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and its holding of swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil IndexSM.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2022
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2023
−Removed: Swap Agreements as of September 30, 2022
+Added: WTI Crude Oil (NYMEX)
+Added: Swap Agreements as of March 31, 2023
Reference Index
Notional Amount
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Citibank, N.A.
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Goldman Sachs International
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Morgan Stanley & Co.
International PLC
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Societe Generale
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: Futures Positions as of September 30, 2021
+Added: Bloomberg Commodity Balanced WTI Crude Oil
+Added: Futures Positions as of March 31, 2022
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2021
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2022
−Removed: Swap Agreements as of September 30, 2021
+Added: WTI Crude Oil (NYMEX)
+Added: Swap Agreements as of March 31, 2022
Reference Index
Notional Amount
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Citibank, N.A.
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Goldman Sachs International
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Morgan Stanley & Co.
International PLC
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
+Added: Bloomberg Commodity Balanced WTI Crude Oil
Societe Generale
−Removed: Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2022 and 2021 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: Bloomberg Commodity Balanced WTI Crude Oil
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
6 unchanged sentences
ProShares Ultra Bloomberg Natural Gas:
−Removed: As of September 30, 2022 and 2021, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts and swap agreements linked to the Bloomberg Natural Gas Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2022
−Removed: Futures Positions as of September 30, 2021
+Added: 2,111,493,440
+Added: Swap Agreements as of March 31, 2023
+Added: Reference Index
Notional Amount
+Added: Bloomberg Natural Gas Subindex
+Added: Citibank, N.A.
+Added: Bloomberg Natural Gas Subindex
+Added: Goldman Sachs International
+Added: Bloomberg Natural Gas Subindex
+Added: Futures Positions as of March 31, 2022
+Added: Notional Amount
Natural Gas (NYMEX)
−Removed: November 2021
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract, as applicable.
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
3 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra Euro:
−Removed: As of September 30, 2022 and 2021, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
−Removed: Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2021
+Added: As of March 31, 2023 and 2022, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2023
Local Currency
1 unchanged sentence
Goldman Sachs International
−Removed: The September 30, 2022 and 2021 USD market value equals the number of euros multiplied by the forward rate.
+Added: Foreign Currency Forward Contracts as of March 31, 2022
+Added: Local Currency
+Added: Goldman Sachs International
+Added: The March 31, 2023 and 2022 USD market value equals the number of euros multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
6 unchanged sentences
ProShares Ultra Gold:
−Removed: As of September 30, 2022 and 2021 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
Gold Futures (COMEX)
−Removed: December 2022
−Removed: Swap Agreements as of September 30, 2022
+Added: Swap Agreements as of March 31, 2023
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
Gold Futures (COMEX)
−Removed: December 2021
−Removed: Swap Agreements as of September 30, 2021
+Added: Swap Agreements as of March 31, 2022
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
−Removed: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract
−Removed: or swap price, as applicable.
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 swap notional values equal units multiplied by the swap price.
+Added: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
5 unchanged sentences
ProShares Ultra Silver:
−Removed: As of September 30, 2022 and 2021 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
Silver Futures (COMEX)
−Removed: December 2022
−Removed: Swap Agreements as of September 30, 2022
+Added: Swap Agreements as of March 31, 2023
Reference Index
5 unchanged sentences
Bloomberg Silver Subindex
−Removed: Morgan Stanley & Co.
−Removed: International PLC
−Removed: Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
Silver Futures (COMEX)
−Removed: December 2021
−Removed: Swap Agreements as of September 30, 2021
+Added: Swap Agreements as of March 31, 2022
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2022 and 2021 and swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 and swap notional values equal units multiplied by the swap price.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap price, as applicable.
4 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+Added: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra VIX Short-Term Futures ETF
−Removed: As of September 30, 2022 and 2021, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts and its holding of swap agreements linked to VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2022
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2021
−Removed: Swap Agreements as of September 30, 2021
−Removed: Reference Index
−Removed: Notional Amount
−Removed: iPath Series B S&P 500 VIX Short-Term Futures ETN iNAV Index
−Removed: Goldman Sachs International
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2022 and 2021 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
−Removed: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
3 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra Yen:
−Removed: As of September 30, 2022 and 2021, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following table provides information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2023
Local Currency
3 unchanged sentences
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2021
+Added: Foreign Currency Forward Contracts as of March 31, 2022
Local Currency
1 unchanged sentence
Goldman Sachs International
−Removed: The September 30, 2022 and 2021 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2023 and 2022 USD market values equal the number of yen multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
6 unchanged sentences
ProShares UltraShort Bloomberg Crude Oil:
−Removed: As of September 30, 2022 and 2021, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2022
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2023
−Removed: Futures Positions as of September 30, 2021
−Removed: Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2021
+Added: Futures Positions as of March 31, 2022
+Added: Notional Amount
WTI Crude Oil (NYMEX)
1 unchanged sentence
December 2022
−Removed: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: September 30, 2022 and 2021 short swap notional values are calculated by multiplying the number of units times the closing level of the Index.
−Removed: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or the level of the Index, as applicable.
+Added: WTI Crude Oil (NYMEX)
+Added: The March 31, 2023 and 2022 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or the level of the Index, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
3 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Bloomberg Natural Gas:
−Removed: As of September 30, 2022 and 2021, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2022
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2021
−Removed: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract as applicable.
5 unchanged sentences
ProShares UltraShort Euro:
−Removed: As of September 30, 2022 and 2021, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2023
Local Currency
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2021
+Added: Goldman Sachs International
+Added: Foreign Currency Forward Contracts as of March 31, 2022
Local Currency
Goldman Sachs International
−Removed: The September 30, 2022 and 2021 USD market values equal the number of euros multiplied by the forward rate.
+Added: The March 31, 2023 and 2022 USD market values equal the number of euros multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
5 unchanged sentences
ProShares UltraShort Gold:
−Removed: As of September 30, 2022 and 2021 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
Gold Futures (COMEX)
−Removed: December 2022
−Removed: Swap Agreements as of September 30, 2022
+Added: Swap Agreements as of March 31, 2023
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
Gold Futures (COMEX)
−Removed: December 2021
−Removed: Swap Agreements as of September 30, 2021
+Added: Swap Agreements as of March 31, 2022
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2023 and 2022 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
4 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+Added: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Silver:
−Removed: As of September 30, 2022 and 2021 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
Silver Futures (COMEX)
−Removed: December 2022
−Removed: Swap Agreements as of September 30, 2022
+Added: Swap Agreements as of March 31, 2023
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
Silver Futures (COMEX)
−Removed: December 2021
−Removed: Swap Agreements as of September 30, 2021
+Added: Swap Agreements as of March 31, 2022
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The September 30, 2022 and 2021 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2022 and 2021 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2023 and 2022 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
4 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+Added: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Yen:
−Removed: As of September 30, 2022 and 2021, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2022 and 2021, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2023 and 2022, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2023
+Added: Reference Currency
Local Currency
1 unchanged sentence
1,438,381,000
+Added: 1,461,674,000
Goldman Sachs International
1 unchanged sentence
(5,475,162,574
−Removed: Foreign Currency Forward Contracts as of September 30, 2021
+Added: Foreign Currency Forward Contracts as of March 31, 2022
Local Currency
−Removed: Goldman Sachs International
+Added: 2,874,020,000
Goldman Sachs International
1 unchanged sentence
(7,652,928,574
−Removed: The September 30, 2022 and 2021 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2023 and 2022 USD market values equal the number of yen multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
6 unchanged sentences
ProShares VIX Mid-Term Futures ETF
−Removed: As of September 30, 2022 and 2021, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2023 and 2022, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: February 2023
VIX Futures (Cboe)
+Added: September 2023
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2021
−Removed: Notional Amount
+Added: Futures Positions as of March 31, 2022
VIX Futures (Cboe)
VIX Futures (Cboe)
−Removed: February 2022
VIX Futures (Cboe)
+Added: September 2022
VIX Futures (Cboe)
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
5 unchanged sentences
ProShares VIX Short-Term Futures ETF
−Removed: As of September 30, 2022 and 2021, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2022 and 2021, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2022
+Added: As of March 31, 2023 and 2022, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in VIX futures contracts as of March 31, 2023 and 2022, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2022
−Removed: Futures Positions as of September 30, 2021
+Added: Futures Positions as of March 31, 2022
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2021
−Removed: The September 30, 2022 and 2021 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
6 unchanged sentences
As described in Item 7 in the Annual Report on Form 10-K, it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark.
−Removed: Each Short Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) or the inverse (-1x) of the daily performance of its corresponding benchmark.
+Added: Each Short Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark.
Each UltraShort Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark.
38 unchanged sentences
Managing Market Risks
−Removed: Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x, -1x, -2x, 1.5x, or 2x), regardless of market direction or sentiment.
−Removed: At the close of the relevant markets each trading day (see NAV calculation times), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective.
+Added: Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x, -2x, 1.5x, or 2x), regardless of market direction or sentiment.
+Added: At the close of the relevant markets each trading day (see NAV calculation times in “Note 2 - Significant Accounting Policies - Final Net Asset Value for Fiscal Period”), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective.
As described in Item 7 of the Annual Report on Form 10-K, these adjustments are done through the use of various Financial Instruments.
−Removed: Factors common to all Funds that may require portfolio re-positioning are create/redeem activity and index rebalances.
+Added: Factors common to all Funds that may require portfolio re-positioning are creation/redemption activity and index rebalances.
For Geared Funds, the impact of the index’s movements each day also affects whether the Fund’s portfolio needs to be rebalanced.
5 unchanged sentences
As a result, the Fund’s short exposure may need to be decreased.
−Removed: Conversely, if the Index has fallen on a given day.
As a result, the Fund’s short exposure may need to be increased.
9 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.