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, 2023 and 2022, each of the Fund’s positions were as follows:
+Added: As of March 31, 2024 and 2023, each of the Fund’s positions were as follows:
ProShares Short VIX Short-Term Futures ETF
−Removed: As of September 30, 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.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2023 and 2022, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2023
−Removed: Futures Positions as of September 30, 2022
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2022
−Removed: The September 30, 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, 2024 and 2023 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.
6 unchanged sentences
ProShares Ultra Bloomberg Crude Oil:
−Removed: As of September 30, 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 Index SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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 Index SM
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2023
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2024
−Removed: Swap Agreements as of September 30, 2023
+Added: WTI Crude Oil (NYMEX)
+Added: Swap Agreements as of March 31, 2024
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: Futures Positions as of September 30, 2022
+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
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: The September 30, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2023 and 2022 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: The March 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2024 and 2023 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
−Removed: Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
+Added: Additional gains (losses) associated with these contracts will be equal to any such
+Added: subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
The Fund will generally attempt to adjust its positions in Financial Instruments each day
8 unchanged sentences
ProShares Ultra Bloomberg Natural Gas:
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
1,161,658,330
−Removed: Swap Agreements as of September 30, 2023
+Added: Futures Positions as of March 31, 2023
+Added: Notional Amount
+Added: Natural Gas (NYMEX)
+Added: 2,111,493,440
+Added: Swap Agreements as of March 31, 2023
Reference Index
5 unchanged sentences
Bloomberg Natural Gas Subindex
−Removed: Societe General
−Removed: Bloomberg Natural Gas Subindex
−Removed: Futures Positions as of September 30, 2022
−Removed: Notional Amount
−Removed: Natural Gas (NYMEX)
−Removed: The September 30, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2023 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: The March 31, 2024 and 2023 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.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract, as applicable.
10 unchanged sentences
ProShares Ultra Euro:
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
−Removed: Local Currency
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
−Removed: Local Currency
+Added: Foreign Currency Forward Contracts as of March 31, 2023
Goldman Sachs International
−Removed: The September 30, 2023 and 2022 USD market value equals the number of euros multiplied by the forward rate.
+Added: Goldman Sachs International
+Added: The March 31, 2024 and 2023 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.
10 unchanged sentences
ProShares Ultra Gold:
−Removed: As of September 30, 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
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023 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, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
Gold Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2022
+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: The September 30, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2023 and 2022 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2024 and 2023 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.
10 unchanged sentences
ProShares Ultra Silver:
−Removed: As of September 30, 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
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023 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, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
Silver Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2022
+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: The September 30, 2023 and 2022 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2023 and 2022 and swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2024 and 2023 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.
10 unchanged sentences
ProShares Ultra VIX Short-Term Futures ETF
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2023
−Removed: Futures Positions as of September 30, 2022
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2022
−Removed: The September 30, 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, 2024 and 2023 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 or the level of the Index, as applicable.
6 unchanged sentences
ProShares Ultra Yen:
−Removed: As of September 30, 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.
−Removed: The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Local Currency
2 unchanged sentences
6,445,204,856
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
+Added: Foreign Currency Forward Contracts as of March 31, 2023
Local Currency
−Removed: Goldman Sachs International
+Added: GOLDMAN SACHS
+Added: INTERNATIONAL
1,492,519,517
1 unchanged sentence
GOLDMAN SACHS INTERNATIONAL
−Removed: The September 30, 2023 and 2022 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2024 and 2023 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.
10 unchanged sentences
ProShares UltraShort Bloomberg Crude Oil:
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2023
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2024
−Removed: Futures Positions as of September 30, 2022
−Removed: Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2022
+Added: Futures Positions as of March 31, 2023
+Added: Notional Amount
WTI Crude Oil (NYMEX)
1 unchanged sentence
December 2023
−Removed: The September 30, 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: WTI Crude Oil (NYMEX)
+Added: The March 31, 2024 and 2023 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 or the level of the Index, as applicable.
7 unchanged sentences
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
−Removed: accounts at the Fund’s third-party custodian.
ProShares UltraShort Bloomberg Natural Gas:
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
Natural Gas (NYMEX)
−Removed: Futures Positions as of September 30, 2022
+Added: Futures Positions as of March 31, 2023
Notional Amount
Natural Gas (NYMEX)
−Removed: The September 30, 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, 2024 and 2023 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.
8 unchanged sentences
ProShares UltraShort Euro:
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
−Removed: Local Currency
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Goldman Sachs International
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
−Removed: Local Currency
+Added: Foreign Currency Forward Contracts as of March 31, 2023
Goldman Sachs International
−Removed: The September 30, 2023 and 2022 USD market values equal the number of euros multiplied by the forward rate.
+Added: Goldman Sachs International
+Added: The March 31, 2024 and 2023 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.
6 unchanged sentences
Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
+Added: for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
accounts at the Fund’s third-party custodian.
ProShares UltraShort Gold:
−Removed: As of September 30, 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
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023 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, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
Gold Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2022
+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: The September 30, 2023 and 2022 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, 2023 and 2022 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2024 and 2023 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, 2024 and 2023 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.
10 unchanged sentences
ProShares UltraShort Silver:
−Removed: As of September 30, 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
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023 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, 2024 and 2023, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
Silver Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2022
+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: The September 30, 2023 and 2022 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, 2023 and 2022 swap notional values equal units multiplied by the swap price.
+Added: The March 31, 2024 and 2023 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, 2024 and 2023 swap notional values equal units multiplied by the swap price.
These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to
−Removed: adjust its positions in Financial Instruments each day
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day
to have $2.00 of short exposure to the Index for every $1.00 of net assets.
7 unchanged sentences
ProShares UltraShort Yen:
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2023 and 2022, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Local Currency
2 unchanged sentences
(5,644,914,574
−Removed: Foreign Currency Forward Contracts as of September 30, 2022
+Added: Foreign Currency Forward Contracts as of March 31, 2023
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: The September 30, 2023 and 2022 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2024 and 2023 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.
10 unchanged sentences
ProShares VIX Mid-Term
−Removed: As of September 30, 2023 and 2022, the ProShares VIX Mid-Term
+Added: As of March 31, 2024 and 2023, 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, 2023 and 2022, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2023
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2024 and 2023, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: February 2024
VIX Futures (Cboe)
+Added: September 2024
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2022
+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: The September 30, 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, 2024 and 2023 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.
7 unchanged sentences
ProShares VIX Short-Term Futures ETF
−Removed: As of September 30, 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.
−Removed: The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2023 and 2022, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2023
+Added: As of March 31, 2024 and 2023, 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, 2024 and 2023, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2022
+Added: Futures Positions as of March 31, 2023
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: The September 30, 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, 2024 and 2023 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.
8 unchanged sentences
As described in Item 7 in the Annual Report on Form 10-K,
−Removed: 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.
+Added: it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark (referred to as the “Daily Target”).
Each Short Fund seeks daily investment results, before fees and expenses, that correspond to one-half
41 unchanged sentences
the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
−Removed: With regard to the Currency Funds, several factors may affect
−Removed: the value of the foreign currencies or the U.S.
+Added: With regard to the Currency Funds, several factors may affect the value of the foreign currencies or the U.S.
dollar, and, in turn, the Financial Instruments and other assets, if any, owned by a Fund.
40 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.