5 unchanged sentences
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: 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
−Removed: for the fiscal year ended December 31, 2023 and in this Quarterly Report on Form 10-Q
−Removed: for the period ended September 30, 2024, 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: 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, 2024 and in this Quarterly Report on Form 10-Q for the period ended March 31, 2025, 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.
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:
7 unchanged sentences
Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds.
−Removed: The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of its corresponding benchmark.
−Removed: Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of its corresponding benchmark.
−Removed: Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half
−Removed: times (1.5x) or two times (2x) the daily performance of its corresponding benchmark.
+Added: 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.
+Added: Each “UltraShort” Fund seeks daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of its corresponding benchmark.
+Added: Each “Ultra” Fund seeks daily investment results, before fees and expenses, that correspond to either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark.
Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark.
1 unchanged sentence
Each Geared Fund seeks investment results for a single day only, not for any other period.
−Removed: This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x,
−Removed: 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period.
+Added: This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -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.
2 unchanged sentences
Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily.
−Removed: Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term
−Removed: Futures Index (the “Mid-Term
−Removed: VIX Index”) (each a “VIX Futures Index”).
+Added: Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”).
Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index.
6 unchanged sentences
Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV.
−Removed: Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share
−Removed: market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer.
+Added: Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer.
Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors.
1 unchanged sentence
Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public.
−Removed: The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K,
−Removed: Quarterly Reports on Form 10-Q,
−Removed: Current Reports on Form 8-K
−Removed: and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S.
+Added: The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S.
Securities and Exchange Commission (the “SEC”).
Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov.
−Removed: On June 7, 2023, the Trust issued a press release announcing a reverse share split on ProShares VIX Short-Term Futures ETF, ProShares Ultra VIX Short-Term Futures ETF and ProShares Ultra Bloomberg Natural Gas.
−Removed: The Splits did not change the value of a shareholder’s investment.
−Removed: ProShares VIX Short-Term Futures ETF executed a 1:5 Reverse Split of its shares.
−Removed: ProShares Ultra VIX Short-Term Futures ETF executed a 1:10 Reverse Split of its shares.
−Removed: ProShares Ultra Bloomberg Natural Gas ETF executed a 1:20 Reverse Split of its shares.
−Removed: The Reverse Splits were effective at the market open on June 23, 2023, when the Funds began trading at their post-Reverse Split prices.
−Removed: The ticker symbol for the Funds did not change, but the Funds issued new CUSIP numbers (74347Y789 for VIXY, 74347Y771 for UVXY, and 74347Y763 for BOIL).
−Removed: The Reverse Splits increased the price per share of the Funds with a proportionate decrease in the number of shares outstanding.
+Added: Forward and Reverse Splits
On March 20, 2024, the Trust issued a press release announcing a forward share split on ProShares Short VIX Short-Term Futures, ProShares UltraShort Bloomberg Natural Gas and a reverse share split on ProShares Ultra VIX Short-Term Futures.
24 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, 2024 and 2023, each of the Funds earned interest income as follows:
−Removed: Interest Income
−Removed: September 30, 2024
−Removed: Interest Income
−Removed: September 30, 2023
+Added: During the three months ended March 31, 2025 and 2024, each of the Funds earned interest income as follows:
Interest Income
−Removed: September 30, 2024
+Added: March 31, 2025
Interest Income
−Removed: September 30, 2023
+Added: March 31, 2024
ProShares Short VIX Short-Term Futures ETF
12 unchanged sentences
ProShares UltraShort Yen
−Removed: ProShares VIX Mid-Term
+Added: ProShares VIX Mid-Term Futures ETF
ProShares VIX Short-Term Futures ETF
5 unchanged sentences
Such market conditions could prevent a Fund from promptly liquidating its futures positions.
−Removed: Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange”
−Removed: between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments.
+Added: Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments.
This potential delay could be exacerbated to the extent a counterparty is not a United States person.
15 unchanged sentences
Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party
−Removed: accounts at the Fund’s custodian bank.
+Added: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank.
Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards.
8 unchanged sentences
ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for.
−Removed: Sheet Arrangements and Contractual Obligations
−Removed: As of November 5, 2024, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance
−Removed: sheet financing arrangements and have no loan guarantee arrangements or off-balance
−Removed: sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds.
+Added: Off-Balance Sheet Arrangements and Contractual Obligations
+Added: As of May 7, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds.
While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position.
10 unchanged sentences
For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets.
−Removed: Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended September 30, 2024.
+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, 2025.
Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes.
2 unchanged sentences
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 and Silver 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 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.
+Added: Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades.
For financial reporting purposes, all futures contracts are valued at last settled price.
6 unchanged sentences
Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations.
−Removed: Additionally, interest income may be earned on Repurchase Agreements and/or cash held on deposit with brokers for futures contracts.
+Added: Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts.
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.
3 unchanged sentences
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, 2024 Compared to the Three Months Ended September 30, 2023
+Added: Results of Operations for the Three Months Ended March 31, 2025 Compared to the Three Months Ended March 31, 2024
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, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 4,868,614 outstanding Shares at June 30, 2024 to 7,268,614 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 6,668,614 outstanding Shares at June 30, 2023 to 6,068,614 outstanding Shares at September 30, 2023.
−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
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: For the three months ended September 30, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to one-half
−Removed: the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 18.2% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 1.9% for the three months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 13.7% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 6.1% for the three months ended September 30, 2023, 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, 2024.
+Added: During the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The decrease in the Fund’s NAV also resulted in part from a decrease from 5,318,614 outstanding Shares at December 31, 2024 to 5,068,614 outstanding Shares at March 31, 2025.
+Added: By comparison, during the three months ended March 31, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 5,168,614 outstanding Shares at December 31, 2023 to 5,568,614 outstanding Shares at March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV decrease of 8.5% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 9.1% for the three months ended March 31, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 12.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 16.2% for the three months ended March 31, 2024, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of futures prices during the three months ended September 30, 2024.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the forward Share split for ProShares Short VIX Short-Term Futures.
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of futures prices during the three months ended March 31, 2025.
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, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,743,096 outstanding Shares at June 30, 2024 to 23,393,096 outstanding Shares at September 30, 2024.
−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 Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 31,093,096 outstanding Shares at June 30, 2023 to 17,143,096 outstanding Shares at September 30, 2023.
+Added: During the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 15,943,096 outstanding Shares at March 31, 2025.
+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 Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the three months ended March 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 17,993,096 outstanding Shares at March 31, 2024.
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, 2024 and 2023, 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 24.3% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 48.4% for the three months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s decline of 12.6% for the three months ended September 30, 2024, as compared to the benchmark’s rise of 22.1% for the three months ended September 30, 2023, can be attributed to a decrease in the value of WTI Crude Oil during the period ended September 30, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 1.3% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 26.3% for the three months ended March 31, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s decline of 0.5% for the three months ended March 31, 2025, as compared to the benchmark’s rise of 12.8% for the three months ended March 31, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to a decrease in the value of WTI Crude Oil during the three months ended September 30, 2024.
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due a decrease in the value of WTI Crude Oil during the three months ended March 31, 2025.
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, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
−Removed: 1,141,021,278
NAV end of period
10 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 6,933,709 outstanding Shares at June 30, 2024 to 11,103,709 outstanding Shares at September 30, 2024.
−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 Bloomberg Natural Gas Subindex SM
−Removed: By comparison, during the three months ended September 30, 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 Natural Gas Subindex SM
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 3,284,375 outstanding Shares at June 30, 2023 to 3,223,709 outstanding Shares at September 30, 2023.
−Removed: For the three months ended September 30, 2024 and 2023, 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 24.7% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 22.3% for the three months ended September 30, 2023, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s decline of 10.2% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 9.2% for the three months ended September 30, 2023, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 7,223,047 outstanding Shares at December 31, 2024 to 2,723,047 outstanding Shares at March 31, 2025.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: By comparison, during the three months ended March 31, 2024, the
+Added: 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 Natural Gas Subindex SM .
+Added: The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 8,843,709 outstanding Shares at March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 55.5% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 54.0% for the three months ended March 31, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 31.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 28.7% for the three months ended March 31, 2024, can be attributed to an increase in the value of Henry Hub Natural Gas during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to a decrease in average net assets, in conjunction with a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2024.
−Removed: See Note 1 and Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares Ultra Bloomberg Natural Gas.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of Henry Hub Natural Gas during the three months ended March 31, 2025.
ProShares Ultra Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 500,000 outstanding Shares at June 30, 2024 to 450,000 outstanding Shares at September 30, 2024.
+Added: During the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 550,000 outstanding Shares at December 31, 2024 to 450,000 outstanding Shares at March 31, 2025.
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.
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 650,000 outstanding Shares at June 30, 2023 to 600,000 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S.
−Removed: For the three months ended September 30, 2024 and 2023, 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 8.0% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 6.2% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 3.9% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 3.1% for the three months ended September 30, 2023, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
+Added: By comparison, during the three months ended March 31, 2024, 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.
+Added: There was no net change in the Fund’s outstanding Shares from December 31, 2023 to March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 8.6% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 4.4% for the three months ended March 31, 2024, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 4.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 2.3% for the three months ended March 31, 2024, can be attributed to an increase in the value of the euro versus the U.S.
+Added: dollar during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the euro versus the U.S.
−Removed: dollar during the three months ended September 30, 2024.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of the euro versus the U.S.
+Added: dollar during the three months ended March 31, 2025.
ProShares Ultra Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, 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
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 2,800,000 outstanding Shares at June 30, 2024 to 3,100,000 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,100,000 outstanding Shares at June 30, 2023 to 2,800,000 outstanding Shares at September 30, 2023.
−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 Bloomberg Gold Subindex SM
−Removed: For the three months ended September 30, 2024 and 2023, 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 24.7% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 9.6% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 12.9% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 3.9% for the three months ended September 30, 2023, can be attributed to an increase in the value of gold futures contracts during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, 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 3,100,000 outstanding Shares at December 31, 2024 to 3,750,000 outstanding Shares at March 31, 2025.
+Added: By comparison, during the three months ended March 31, 2024, 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: There was no net change in the Fund’s outstanding Shares from December 31, 2023 to March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 37.2% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 12.8% for the three months ended March 31, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 18.2% for the three months ended March 31, 2025, as compared to the benchmark’s rise of 7.4% for the three months ended March 31, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of futures prices during the three months ended September 30, 2024.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due a greater increase in the value of futures prices, during the three months ended March 31, 2025.
ProShares Ultra Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 15,246,526 outstanding Shares at June 30, 2024 to 16,446,526 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
−Removed: By comparison, during the three months ended September 30, 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 Silver Subindex SM
−Removed: The decrease in the Fund’s NAV was offset by an increase from 13,196,526 outstanding Shares at June 30, 2023 to 13,246,526 outstanding Shares at September 30, 2023.
−Removed: For the three months ended September 30, 2024 and 2023, 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 8.3% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 8.4% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 6.3% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 2.6% for the three months ended September 30, 2023, can be attributed to an increase in the value of silver futures contracts during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, 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 16,746,526 outstanding Shares at December 31, 2024 to 15,696,526 outstanding Shares at March 31, 2025.
+Added: By comparison, during the three months ended March 31, 2024, 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 14,296,526 outstanding Shares at December 31, 2023 to 14,146,526 outstanding Shares at March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 36.3% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 4.6% for the three months ended March 31, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 18.5% for the three months ended March 31, 2025, as compared to the benchmark’s rise of 3.8% for the three months ended March 31, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of futures prices during the three months ended September 30, 2024.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due a greater increase in the value of futures prices during the three months ended March 31, 2025.
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, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 9,843,643 outstanding Shares at June 30, 2024 to 11,443,643 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half
−Removed: times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 4,195,568 outstanding Shares at June 30, 2023 to 3,494,892 outstanding Shares at September 30, 2023.
−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 one and one-half
−Removed: times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: For the three months ended September 30, 2024 and 2023, 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 increase of 5.7% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 12.4% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 13.7% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 6.1% for the three months ended September 30, 2023, 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, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 13,693,643 outstanding Shares at December 31, 2024 to 13,793,643 outstanding Shares at March 31, 2025.
+Added: By comparison, during the three months ended March 31, 2024, 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 8,264,892 outstanding Shares at December 31, 2023 to 8,844,891 outstanding Shares at March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 12.9% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 25.4% for the three months ended March 31, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 12.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 16.2% for the three months ended March 31, 2024, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of futures prices, during the three months ended September 30, 2024.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares Ultra VIX Short Term Futures ETF.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of futures prices during the three months ended March 31, 2025.
ProShares Ultra Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: The increase in the Fund’s NAV was offset by a decrease from 2,199,970 outstanding Shares at June 30, 2024 to 2,149,970 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the three months ended September 30, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 449,970 outstanding Shares at June 30, 2023 to 699,970 outstanding Shares at September 30, 2023.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,799,970 outstanding Shares at March 31, 2025.
+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 spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the three months ended March 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 1,799,970 outstanding Shares at March 31, 2024.
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: For the three months ended September 30, 2024 and 2023, 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 22.4% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 8.7% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 11.9% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 3.4% for the three months ended September 30, 2023, can be attributed to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 8.3% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 15.1% for the three months ended March 31, 2024, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 4.9% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 6.9% for the three months ended March 31, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended September 30, 2024.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended March 31, 2025.
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, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,405,220 outstanding Shares at June 30, 2024 to 4,955,220 outstanding Shares at September 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: By comparison, during the three months ended September 30, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 4,405,220 outstanding Shares at June 30, 2023 to 17,605,220 outstanding Shares at September 30, 2023.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: For the three months ended September 30, 2024 and 2023, 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 25.3% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 34.2% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s decline of 12.6% for the three months ended September 30, 2024, as compared to the benchmark’s rise of 22.1% for the three months ended September 30, 2023, can be attributed to a decrease in the value of WTI Crude Oil during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 7,205,220 outstanding Shares at December 31, 2024 to 10,705,220 outstanding Shares at March 31, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: By comparison, during the three months ended March 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 9,105,220 outstanding Shares at December 31, 2023 to 12,405,220 outstanding Shares at March 31, 2024.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: For the three months ended March 31, 2025 and 2024, 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 1.1% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 23.3% for the three months ended March 31, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s decline of 0.5% for the three months ended March 31, 2025, as compared to the benchmark’s rise of 12.8% for the three months ended March 31, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to a decrease in the value of WTI Crude Oil during the three months ended September 30, 2024.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due a decrease in the value of WTI Crude Oil, during the three months ended March 31, 2025.
ProShares UltraShort Bloomberg Natural Gas
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,983,712 outstanding Shares at June 30, 2024 to 2,433,712 outstanding Shares at September 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Natural Gas Subindex SM
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,133,712 outstanding Shares at June 30, 2023 to 3,633,712 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Natural Gas Subindex SM
−Removed: For the three months ended September 30, 2024 and 2023, 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 10.4% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 11.6% for the three months ended September 30, 2023, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s decline of 10.2% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 9.2% for the three months ended September 30, 2023, can be attributed to a greater decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 29,133,712 outstanding Shares at March 31, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: By comparison, during the three months ended March 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,933,712 outstanding Shares at December 31, 2023 to 1,233,712 outstanding Shares at March 31, 2024.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM .
+Added: For the three months ended March 31, 2025 and 2024, 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 54.8% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 59.2% for the three months ended March 31, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 31.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 28.7% for the three months ended March 31, 2024, can be attributed to an increase in the value of Henry Hub Natural Gas during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to a greater decrease in the value of Henry Hub Natural Gas during the three months ended September 30, 2024.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the forward Share split for ProShares UltraShort Bloomberg Natural Gas.
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of Henry Hub Natural Gas during the three months ended March 31, 2025.
ProShares UltraShort Euro
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at June 30, 2024 to 1,100,000 outstanding Shares at September 30, 2024.
−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)
−Removed: 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, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,750,000 outstanding Shares at June 30, 2023 to 1,400,000 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the three months ended September 30, 2024 and 2023, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark.
−Removed: The Fund’s per Share NAV decrease of 6.1% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 8.0% for the three months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 3.9% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 3.1% for the three months ended September 30, 2023, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,050,000 outstanding Shares at March 31, 2025.
+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, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,250,000 outstanding Shares at March 31, 2024.
+Added: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S.
+Added: For the three months ended March 31, 2025 and 2024, 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 7.5% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 6.2% for the three months ended March 31, 2024, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 4.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 2.3% for the three months ended March 31, 2024, can be attributed to an increase in the value of the euro versus the U.S.
+Added: dollar during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the euro versus the U.S.
−Removed: dollar during the three months ended September 30, 2024.
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of the euro versus the U.S.
+Added: dollar during the three months ended March 31, 2025.
ProShares UltraShort Gold
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 746,977 outstanding Shares at June 30, 2024 to 1,046,977 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Gold Subindex SM
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 546,977 outstanding Shares at June 30, 2023 to 446,977 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Gold Subindex SM
−Removed: For the three months ended September 30, 2024 and 2023, 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 20.1% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 11.2% for the three months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 12.9% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 3.9% for the three months ended September 30, 2023, can be attributed to an increase in the value of gold futures contracts during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 946,977 outstanding Shares at December 31, 2024 to 3,546,977 outstanding Shares at March 31, 2025.
+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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 446,977 outstanding Shares at December 31, 2023 to 646,977 outstanding Shares at March 31, 2024.
+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, 2025 and 2024, 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 27.5% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 11.1% for the three months ended March 31, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 18.2% for the three months ended March 31, 2025, as compared to the benchmark’s rise of 7.4% for the three months ended March 31, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the futures prices during the three months ended September 30, 2024.
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due a greater increase in the value of the futures prices during the three months ended March 31, 2025.
ProShares UltraShort Silver
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,697,832 outstanding Shares at June 30, 2024 to 847,832 outstanding Shares at September 30, 2024.
−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)
−Removed: of the daily performance of the Bloomberg Silver Subindex SM
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 235,332 outstanding Shares at June 30, 2023 to 197,832 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Silver Subindex SM
−Removed: For the three months ended September 30, 2024 and 2023, 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 15.3% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 4.6% for the three months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 6.3% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 2.6% for the three months ended September 30, 2023, can be attributed to an increase in the value of the silver futures contracts during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,110,264 outstanding Shares at March 31, 2025.
+Added: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM .
+Added: By comparison, during the three months ended March 31, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 897,832 outstanding Shares at December 31, 2023 to 360,332 outstanding Shares at March 31, 2024.
+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: For the three months ended March 31, 2025 and 2024, 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 30.2% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 7.3% for the three months ended March 31, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 18.5% for the three months ended March 31, 2025, as compared to the benchmark’s rise of 3.8% for the three months ended March 31, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
4 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of futures prices during the three months ended September 30, 2024.
−Removed: * See Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares UltraShort Silver.
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to a greater increase in the value of futures prices during the three months ended March 31, 2025.
ProShares UltraShort Yen
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 997,160 outstanding Shares at June 30, 2024 to 897,160 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the three months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 797,160 outstanding Shares at June 30, 2023 to 697,160 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: For the three months ended September 30, 2024 and 2023, 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 18.3% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 10.5% for the three months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 11.9% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 3.4% for the three months ended September 30, 2023, can be attributed to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 547,160 outstanding Shares at December 31, 2024 to 597,160 outstanding Shares at March 31, 2025.
+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 spot price of the Japanese yen versus the U.S.
+Added: By comparison, during the three months ended March 31, 2024, 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: The increase in the Fund’s NAV also resulted in part from an increase from 697,160 outstanding Shares at December 31, 2023 to 797,160 outstanding Shares at March 31, 2024.
+Added: For the three months ended March 31, 2025 and 2024, 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 7.1% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV increase of 19.0% for the three months ended March 31, 2024, was primarily due to depreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 4.9% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 6.9% for the three months ended March 31, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
3 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income decreased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the Japanese yen versus the U.S.
−Removed: dollar during the three months ended September 30, 2024.
−Removed: See Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the forward Share split for ProShares UltraShort Yen.
−Removed: ProShares VIX Mid-Term
+Added: The Fund’s net income decreased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of the Japanese yen versus the U.S.
+Added: dollar during the three months ended March 31, 2025.
+Added: ProShares VIX Mid-Term Futures ETF
Fund Performance
−Removed: The following table provides summary performance information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,337,403 outstanding Shares at June 30, 2024 to 2,587,403 outstanding Shares at September 30, 2024.
−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
−Removed: Futures Index.
−Removed: By comparison, during the three months ended September 30, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 2,412,403 outstanding Shares at June 30, 2023 to 3,087,403 outstanding Shares at September 30, 2023.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term
−Removed: Futures Index.
−Removed: For the three months ended September 30, 2024 and 2023, 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 5.5% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 5.2% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 5.8% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 4.6% for the three months ended September 30, 2023, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term
−Removed: Futures Index during the period ended September 30, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,937,403 outstanding Shares at December 31, 2024 to 2,162,403 outstanding Shares at March 31, 2025.
+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 Mid-Term Futures Index.
+Added: By comparison, during the three months ended March 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,262,403 outstanding Shares at December 31, 2023 to 5,337,403 outstanding Shares at March 31, 2024.
+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, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 9.2% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 5.3% for the three months ended March 31, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 9.6% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 4.8% for the three months ended March 31, 2024, 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 March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the three months ended September 30, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the futures prices during the three months ended September 30, 2024.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due to an increase in the value of the futures prices during the three months ended March 31, 2025.
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, 2024 and 2023:
+Added: The following table provides summary performance information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
NAV beginning of period
11 unchanged sentences
Benchmark annualized volatility
−Removed: During the three months ended September 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The increase in the Fund’s NAV was offset by a decrease from 3,425,237 outstanding Shares at June 30, 2024 to 3,337,737 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the three months ended September 30, 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.
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 2,306,641 outstanding Shares at June 30, 2023 to 2,268,987 outstanding Shares at September 30, 2023.
−Removed: For the three months ended September 30, 2024 and 2023, 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 13.0% for the three months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 6.6% for the three months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended September 30, 2024.
−Removed: The benchmark’s rise of 13.7% for the three months ended September 30, 2024, as compared to the benchmark’s decline of 6.1% for the three months ended September 30, 2023, 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, 2024.
+Added: During the three months ended March 31, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index.
+Added: The increase in the Fund’s NAV also resulted in part from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,241,252 outstanding Shares at March 31, 2025.
+Added: By comparison, during the three months ended March 31, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,150,237 outstanding Shares at March 31, 2024.
+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 Short-Term Futures Index.
+Added: For the three months ended March 31, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark.
+Added: The Fund’s per Share NAV increase of 11.6% for the three months ended March 31, 2025, as compared to the Fund’s per Share NAV decrease of 16.6% for the three months ended March 31, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended March 31, 2025.
+Added: The benchmark’s rise of 12.4% for the three months ended March 31, 2025, as compared to the benchmark’s decline of 16.2% for the three months ended March 31, 2024, can be attributed to an increase in the value of the near-term futures contracts on the VIX futures curve during the period ended March 31, 2025.
Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the three months ended September 30, 2024 and 2023:
+Added: The following table provides summary income information for the Fund for the three months ended March 31, 2025 and 2024:
Three Months Ended
−Removed: September 30, 2024
+Added: March 31, 2025
Three Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−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, 2024 as compared to the three months ended September 30, 2023, primarily due to an increase in the value of the futures prices, during the three months ended September 30, 2024.
−Removed: See Note 1 and Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares VIX Short-Term Futures ETF.
−Removed: Results of Operations for the Nine Months Ended September 30, 2024 Compared to the Nine Months Ended September 30, 2023
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 5,168,614 outstanding Shares at December 31, 2023 to 7,268,614 outstanding Shares at September 30, 2024.
−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 one-half
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 11,568,614 outstanding Shares at December 31, 2022 to 6,068,614 outstanding Shares at September 30, 2023.
−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
−Removed: the inverse (-0.5x)
−Removed: of the daily performance of the S&P 500 VIX Short-Term Futures Index
−Removed: For the nine months ended September 30, 2024 and 2023, 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 3.0% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 46.9% for the nine months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 19.7% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 58.4% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of futures prices during the nine months ended September 30, 2024.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the forward Share split for ProShares Short VIX Short-Term Futures.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 23,393,096 outstanding Shares at September 30, 2024.
−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 Commodity Balanced WTI Crude Oil Index SM
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 28,393,096 outstanding Shares at December 31, 2022 to 17,143,096 outstanding Shares at September 30, 2023.
−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 nine months ended September 30, 2024 and 2023, 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 3.5% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 16.5% for the nine months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 1.0% for the nine months ended September 30, 2024, as compared to the benchmark’s rise of 10.5% for the nine months ended September 30, 2023, can be attributed to a decrease in the value of WTI Crude Oil during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a decrease in the value of WTI Crude Oil during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, 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 Natural Gas Subindex SM
−Removed: The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 11,103,709 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the nine months ended September 30, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 322,875 outstanding Shares at December 31, 2022 to 3,223,709 outstanding Shares at September 30, 2023.
−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 Bloomberg Natural Gas Subindex SM
−Removed: For the nine months ended September 30, 2024 and 2023, 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 58.9% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 85.1% for the nine months ended September 30, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 27.1% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 54.0% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Net realized gain (loss)
−Removed: (1,441,441,743
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: (1,230,421,982
−Removed: The Fund’s net income increased for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2024.
−Removed: See Note 1 and Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares Ultra Bloomberg Natural Gas.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at December 31, 2023 to 450,000 outstanding Shares at September 30, 2024.
−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 spot price of the euro versus the U.S.
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 950,000 outstanding Shares at December 31, 2022 to 600,000 outstanding Shares at September 30, 2023.
−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, 2024 and 2023, 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 2.0% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 3.5% for the nine months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s rise of 0.8% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 1.2% for the nine months ended September 30, 2023, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to an increase in the value of the euro versus the U.S.
−Removed: dollar during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, 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
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 3,000,000 outstanding Shares at December 31, 2023 to 3,100,000 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 3,150,000 outstanding Shares at December 31, 2022 to 2,800,000 outstanding Shares at September 30, 2023.
−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 Bloomberg Gold Subindex SM
−Removed: For the nine months ended September 30, 2024 and 2023, 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 51.0% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 4.3% for the nine months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s rise of 27.2% for the nine months ended September 30, 2024, as compared to the benchmark’s rise of 1.3% for the nine months ended September 30, 2023, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a greater increase in futures prices, during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM
−Removed: The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 16,446,526 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the nine months ended September 30, 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 Silver Subindex SM
−Removed: The decrease in the Fund’s NAV was offset by an increase from 13,046,526 outstanding Shares at December 31, 2022 to 13,246,526 outstanding Shares at September 30, 2023
−Removed: For the nine months ended September 30, 2024 and 2023, 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 48.6% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 22.0% for the nine months ended September 30, 2023, was primarily due to an appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s rise of 30.0% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 6.9% for the nine months ended September 30, 2023, can be attributed to an increase in the value of silver futures contracts during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to an increase in the value of futures prices during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half
−Removed: times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 11,443,643 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the nine months ended September 30, 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
−Removed: times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 1,861,568 outstanding Shares at December 31, 2022 to 3,494,892 outstanding Shares at September 30, 2023
−Removed: For the nine months ended September 30, 2024 and 2023, 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 decrease of 40.8% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 76.4% for the nine months ended September 30, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 19.7% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 58.4% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of near-term futures contracts on the VIX futures curve during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−Removed: Net realized gain (loss)
−Removed: Change in net unrealized appreciation (depreciation)
−Removed: Net Income (loss)
−Removed: (141,365,058)
−Removed: (678,999,178)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of futures prices during the nine months ended September 30, 2024.
−Removed: * See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares Ultra VIX Short Term Futures ETF.
−Removed: ProShares Ultra Yen
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,149,970 outstanding Shares at September 30, 2024.
−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, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 399,970 outstanding Shares at December 31, 2022 to 699,970 outstanding Shares at September 30, 2023.
−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: For the nine months ended September 30, 2024 and 2023, 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 9.8% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 27.6% for the nine months ended September 30, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 1.9% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 12.2% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,105,220 outstanding Shares at December 31, 2023 to 4,955,220 outstanding Shares at September 30, 2024.
−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)
−Removed: of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: By comparison, during the nine months ended September 30, 2023, the increase in the Fund’s NAV resulted primarily from an increase from 9,305,220 outstanding Shares at December 31, 2022 to 17,605,220 outstanding Shares at September 30, 2023.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: For the nine months ended September 30, 2024 and 2023, 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 5.9% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 29.6% for the nine months ended September 30, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 1.0% for the nine months ended September 30, 2024, as compared to the benchmark’s rise of 10.5% for the nine months ended September 30, 2023, can be attributed to a decrease in the value of WTI Crude Oil during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a decrease in the value of WTI Crude Oil, during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,933,712 outstanding Shares at December 31, 2023 to 2,433,712 outstanding Shares at September 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Natural Gas Subindex SM
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 9,933,712 outstanding Shares at December 31, 2022 to 3,633,712 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Natural Gas Subindex SM
−Removed: For the nine months ended September 30, 2024 and 2023, 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 13.5% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 127.7% for the nine months ended September 30, 2023, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 27.1% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 54.0% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of Henry Hub Natural Gas during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of Henry Hub Natural Gas during the nine months ended September 30, 2024.
−Removed: See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the forward 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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,100,000 outstanding Shares at September 30, 2024.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,550,000 outstanding Shares at December 31, 2022 to 1,400,000 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the euro versus the U.S.
−Removed: For the nine months ended September 30, 2024 and 2023, 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 2.6% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 6.7% for the nine months ended September 30, 2023, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s rise of 0.8% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 1.2% for the nine months ended September 30, 2023, can be attributed to an increase in the value of the euro versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to an increase in the value of the euro versus the U.S.
−Removed: dollar during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 446,977 outstanding Shares at December 31, 2023 to 1,046,977 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Gold Subindex SM
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted from a decrease from 496,977 outstanding Shares at December 31, 2022 to 446,977 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Gold Subindex SM
−Removed: For the nine months ended September 30, 2024 and 2023, 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 34.6% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 3.4% for the nine months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s rise of 27.2% for the nine months ended September 30, 2024, as compared to the benchmark’s rise of 1.3% for the nine months ended September 30, 2023, can be attributed to a greater increase in the value of gold futures contracts during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a greater increase in the value of the futures prices during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Silver Subindex SM
−Removed: The decrease in the Fund’s NAV also resulted in part from a decrease from 897,832 outstanding Shares at December 31, 2023 to 847,832 outstanding Shares at September 30, 2024.
−Removed: By comparison, during the nine months ended September 30, 2023, the decrease in the Fund’s NAV resulted primarily from a decrease from 410,332 outstanding Shares at December 31, 2022 to 197,832 outstanding Shares at September 30, 2023.
−Removed: The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the Bloomberg Silver Subindex SM
−Removed: For the nine months ended September 30, 2024 and 2023, 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 47.6% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 10.2% for the nine months ended September 30, 2023, was primarily due to a depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s rise of 30.0% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 6.9% for the nine months ended September 30, 2023, can be attributed to an increase in the value of the silver futures contracts during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to an increase in the value of futures prices during the nine months ended September 30, 2024.
−Removed: See Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares UltraShort Silver.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 697,160 outstanding Shares at December 31, 2023 to 897,160 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x)
−Removed: of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: By comparison, during the nine months ended September 30, 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)
−Removed: of the daily performance of the spot price of the Japanese yen versus the U.S.
−Removed: The increase in the Fund’s NAV was offset by a decrease from 797,160 outstanding Shares at December 31, 2022 to 697,160 outstanding Shares at September 30, 2023
−Removed: For the nine months ended September 30, 2024 and 2023, 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 13.0% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV increase of 39.9% for the nine months ended September 30, 2023, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 1.9% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 12.2% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of the Japanese yen versus the U.S.
−Removed: dollar during the nine months ended September 30, 2024.
−Removed: See Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the forward Share split for ProShares UltraShort Yen.
−Removed: ProShares VIX Mid-Term
−Removed: Fund Performance
−Removed: The following table provides summary performance information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,262,403 outstanding Shares at December 31, 2023 to 2,587,403 outstanding Shares at September 30, 2024.
−Removed: The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term
−Removed: Futures Index.
−Removed: By comparison, during the nine months ended September 30, 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
−Removed: Futures Index.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 2,762,403 outstanding Shares at December 31, 2022 to 3,087,403 outstanding Shares at September 30, 2023
−Removed: For the nine months ended September 30, 2024 and 2023, 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 10.0% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 36.1% for the nine months ended September 30, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 8.8% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 35.0% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of the futures contracts that made the S&P 500 VIX Mid-Term
−Removed: Futures Index during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−Removed: Net investment income (loss)
−Removed: Management fee
−Removed: Brokerage commission
−Removed: Futures account fees
−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, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of the futures prices during the nine months ended September 30, 2024.
−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, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
−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, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,337,737 outstanding Shares at September 30, 2024.
−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 nine months ended September 30, 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.
−Removed: The decrease in the Fund’s NAV was offset by an increase from 1,169,141 outstanding Shares at December 31, 2022 to 2,268,987 outstanding Shares at September 30, 2023
−Removed: For the nine months ended September 30, 2024 and 2023, 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 21.0% for the nine months ended September 30, 2024, as compared to the Fund’s per Share NAV decrease of 59.1% for the nine months ended September 30, 2023, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the nine months ended September 30, 2024.
−Removed: The benchmark’s decline of 19.7% for the nine months ended September 30, 2024, as compared to the benchmark’s decline of 58.4% for the nine months ended September 30, 2023, can be attributed to a lesser decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended September 30, 2024.
−Removed: Net Income/Loss
−Removed: The following table provides summary income information for the Fund for the nine months ended September 30, 2024 and 2023:
−Removed: Nine Months Ended
−Removed: September 30, 2024
−Removed: Nine Months Ended
−Removed: September 30, 2023
+Added: March 31, 2024
Net investment income (loss)
5 unchanged sentences
Net Income (loss)
−Removed: The Fund’s net income increased for the nine months ended September 30, 2024 as compared to the nine months ended September 30, 2023, primarily due to a lesser decrease in the value of the futures prices during the nine months ended September 30, 2024.
−Removed: See Note 1 and Note 8 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q
−Removed: regarding the reverse Share split for ProShares VIX Short-Term Futures ETF.
+Added: The Fund’s net income increased for the three months ended March 31, 2025 as compared to the three months ended March 31, 2024, primarily due an increase in the value of the futures prices during the three months ended March 31, 2025.
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.