7 unchanged sentences
The tables below provide information about each of the Currency Funds’ Financial Instruments, VIX Funds’ Financial Instruments, and Commodity Funds’ and the Commodity Index Funds’ Financial Instruments.
−Removed: As of September 30, 2024 and 2023, each of the Fund’s positions were as follows:
+Added: As of March 31, 2025 and 2024, each of the Fund’s positions were as follows:
ProShares Short VIX Short-Term Futures ETF
−Removed: As of September 30, 2024 and 2023, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2024 and 2023, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares Short VIX Short-Term Futures ETF Fund was exposed to inverse equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2025 and 2024, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: The September 30, 2024 and 2023 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
3 unchanged sentences
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
ProShares Ultra Bloomberg Crude Oil:
−Removed: As of September 30, 2024 and 2023, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares Ultra Bloomberg Crude Oil Fund was exposed to commodity price risk through its holding of Crude Oil futures contracts and swap agreements linked to the Bloomberg Commodity Balanced WTI Crude Oil Index SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2024
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2025
−Removed: Swap Agreements as of September 30, 2024
+Added: WTI Crude Oil (NYMEX)
+Added: Swap Agreements as of March 31, 2025
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2023
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2024
−Removed: Swap Agreements as of September 30, 2023
+Added: WTI Crude Oil (NYMEX)
+Added: Swap Agreements as of March 31, 2024
Reference Index
10 unchanged sentences
Bloomberg Commodity Balanced WTI Crude Oil Index
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2024 and 2023 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
−Removed: Additional gains (losses) associated with these contracts will be equal
−Removed: to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: Additional gains (losses) associated with these contracts will be equal to any such
+Added: subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra Bloomberg Natural Gas:
−Removed: As of September 30, 2024 and 2023, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts linked to the Bloomberg Natural Gas Subindex.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares Ultra Bloomberg Natural Gas Fund was exposed to commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
Natural Gas (NYMEX)
−Removed: 1,304,417,980
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
1,161,658,330
−Removed: Swap Agreements as of September 30, 2023
−Removed: Reference Index
−Removed: Notional Amount
−Removed: Bloomberg Natural Gas Subindex
−Removed: Citibank, N.A.
−Removed: Bloomberg Natural Gas Subindex
−Removed: Goldman Sachs International
−Removed: Bloomberg Natural Gas Subindex
−Removed: Societe General
−Removed: Bloomberg Natural Gas Subindex
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2023 swap notional values are calculated by multiplying the number of units times the closing level of the Index.
−Removed: The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract, as applicable.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
ProShares Ultra Euro:
−Removed: As of September 30, 2024 and 2023, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares Ultra Euro Fund was exposed to exchange rate price risk through its holdings of EUR/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Local Currency
1 unchanged sentence
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Local Currency
Goldman Sachs International
−Removed: The September 30, 2024 and 2023 USD market value equals the number of euros multiplied by the forward rate.
+Added: The March 31, 2025 and 2024 USD market value equals the number of euros multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the euro for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the euro for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra Gold:
−Removed: As of September 30, 2024 and 2023 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024 the ProShares Ultra Gold Fund was exposed to commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
Gold Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
Gold Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2024 and 2023 swap notional values equal units multiplied by the swap price.
−Removed: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap price, as applicable.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial
+Added: Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra Silver:
−Removed: As of September 30, 2024 and 2023 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024 the ProShares Ultra Silver Fund was exposed to commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
Silver Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
Silver Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2024 and 2023 and swap notional values equal units multiplied by the swap price.
−Removed: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap price, as applicable.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: These notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or swap contract price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares Ultra VIX Short-Term Futures ETF
−Removed: As of September 30, 2024 and 2023, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares Ultra VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract or the level of the Index, as applicable.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
2 unchanged sentences
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
ProShares Ultra Yen:
−Removed: As of September 30, 2024 and 2023, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following table provides information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares Ultra Yen Fund was exposed to exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following table provides information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Local Currency
4 unchanged sentences
(1,286,656,000
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Local Currency
2 unchanged sentences
6,445,204,856
−Removed: The September 30, 2024 and 2023 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate.
These notional values will increase (decrease) proportionally with increases (decreases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of exposure to the yen for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of exposure to the yen for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Bloomberg Crude Oil:
−Removed: As of September 30, 2024 and 2023, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares UltraShort Bloomberg Crude Oil Fund was exposed to inverse commodity price risk through its holding of Crude Oil futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2024
WTI Crude Oil (NYMEX)
−Removed: WTI Crude Oil (NYMEX)
December 2025
−Removed: Futures Positions as of September 30, 2023
−Removed: Notional Amount
WTI Crude Oil (NYMEX)
−Removed: December 2023
+Added: Futures Positions as of March 31, 2024
+Added: Notional Amount
WTI Crude Oil (NYMEX)
1 unchanged sentence
December 2024
−Removed: The September 30, 2024 and 2023 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or the level of the Index, as applicable.
+Added: WTI Crude Oil (NYMEX)
+Added: The March 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
ProShares UltraShort Bloomberg Natural Gas:
−Removed: As of September 30, 2024 and 2023, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares UltraShort Bloomberg Natural Gas Fund was exposed to inverse commodity price risk through its holding of Natural Gas futures contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2024
−Removed: Futures Positions as of September 30, 2023
+Added: (1,147,718,160
+Added: Futures Positions as of March 31, 2024
Notional Amount
Natural Gas (NYMEX)
−Removed: November 2023
−Removed: The September 30, 2024 and 2023 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
−Removed: The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract as applicable.
+Added: The March 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of Contracts held times the valuation price times the contract multiplier.
+Added: The short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
ProShares UltraShort Euro:
−Removed: As of September 30, 2024 and 2023, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
−Removed: Local Currency
+Added: As of March 31, 2025 and 2024, the ProShares UltraShort Euro Fund was exposed to inverse exchange rate price risk through its holdings of Euro/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Goldman Sachs International
Goldman Sachs International
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
−Removed: Local Currency
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Goldman Sachs International
Goldman Sachs International
−Removed: The September 30, 2024 and 2023 USD market values equal the number of euros multiplied by the forward rate.
+Added: The March 31, 2025 and 2024 USD market values equal the number of euros multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the euro for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the euro for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the euro and multiplying by negative two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Gold:
−Removed: As of September 30, 2024 and 2023 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024 the ProShares UltraShort Gold Fund was exposed to inverse commodity price risk through its holding of Gold futures contracts and swap agreements linked to the Bloomberg Gold Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
Gold Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
Gold Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
5 unchanged sentences
Bloomberg Gold Subindex
−Removed: The September 30, 2024 and 2023 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2024 and 2023 swap notional values equal units multiplied by the swap price.
−Removed: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
−Removed: Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The March 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable.
+Added: Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Silver:
−Removed: As of September 30, 2024 and 2023 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to commodity price risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024 the ProShares UltraShort Silver Fund was exposed to inverse commodity price risk through its holding of Silver futures contracts and swap agreements linked to the Bloomberg Silver Subindex SM .
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to commodity price risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
Silver Futures (COMEX)
−Removed: December 2024
−Removed: Swap Agreements as of September 30, 2024
+Added: Swap Agreements as of March 31, 2025
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
Silver Futures (COMEX)
−Removed: December 2023
−Removed: Swap Agreements as of September 30, 2023
+Added: Swap Agreements as of March 31, 2024
Reference Index
8 unchanged sentences
Bloomberg Silver Subindex
−Removed: The September 30, 2024 and 2023 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
−Removed: The September 30, 2024 and 2023 swap notional values equal units multiplied by the swap price.
−Removed: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap price, as applicable.
+Added: The March 31, 2025 and 2024 short futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 swap notional values equal units multiplied by the swap price.
+Added: These short notional values will increase (decrease) proportionally with decreases (increases) in the price of the futures contract or swap contract price, as applicable.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the Index for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the Index for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index and multiplying by negative two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Swap counterparty risk generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to swap agreements is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
ProShares UltraShort Yen:
−Removed: As of September 30, 2024 and 2023, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
−Removed: The following tables provide information about the Fund’s positions in these Financial Instruments as of September 30, 2024 and 2023, which were sensitive to exchange rate price risk.
−Removed: Foreign Currency Forward Contracts as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares UltraShort Yen Fund was exposed to inverse exchange rate price risk through its holdings of Yen/USD foreign currency forward contracts.
+Added: The following tables provide information about the Fund’s positions in these Financial Instruments as of March 31, 2025 and 2024, which were sensitive to exchange rate price risk.
+Added: Foreign Currency Forward Contracts as of March 31, 2025
Local Currency
Goldman Sachs International
−Removed: 1,844,169,000
Goldman Sachs International
1 unchanged sentence
(5,373,110,574
−Removed: Foreign Currency Forward Contracts as of September 30, 2023
+Added: Foreign Currency Forward Contracts as of March 31, 2024
Local Currency
2 unchanged sentences
(5,644,914,574
−Removed: The September 30, 2024 and 2023 USD market values equal the number of yen multiplied by the forward rate.
+Added: The March 31, 2025 and 2024 USD market values equal the number of yen multiplied by the forward rate.
These short notional values will increase (decrease) proportionally with decreases (increases) in the forward price.
Additional gains (losses) associated with these contracts will be equal to any such subsequent decreases (increases) in short notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to have $2.00 of short exposure to the yen for every $1.00 of net assets.
−Removed: Future period
−Removed: returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to have $2.00 of short exposure to the yen for every $1.00 of net assets.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the appreciation or depreciation of the yen and multiplying by negative two.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
−Removed: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party
−Removed: accounts at the Fund’s third-party custodian.
−Removed: ProShares VIX Mid-Term
−Removed: As of September 30, 2024 and 2023, the ProShares VIX Mid-Term
−Removed: Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following table provides information about the Fund’s positions in VIX futures contracts as of September 30, 2024 and 2023, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2024
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
+Added: Counterparty risk related to foreign currency forward contracts is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with recovering collateral posted in segregated tri-party accounts at the Fund’s third-party custodian.
+Added: ProShares VIX Mid-Term Futures ETF
+Added: As of March 31, 2025 and 2024, the ProShares VIX Mid-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following table provides information about the Fund’s positions in VIX futures contracts as of March 31, 2025 and 2024, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: February 2025
VIX Futures (Cboe)
+Added: September 2025
VIX Futures (Cboe)
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: February 2024
VIX Futures (Cboe)
+Added: September 2024
VIX Futures (Cboe)
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
−Removed: Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in
−Removed: notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to match the performance of the Index.
+Added: Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index.
Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
ProShares VIX Short-Term Futures ETF
−Removed: As of September 30, 2024 and 2023, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
−Removed: The following tables provide information about the Fund’s positions in VIX futures contracts as of September 30, 2024 and 2023, which were sensitive to equity market volatility risk.
−Removed: Futures Positions as of September 30, 2024
+Added: As of March 31, 2025 and 2024, the ProShares VIX Short-Term Futures ETF Fund was exposed to equity market volatility risk through its holding of VIX futures contracts.
+Added: The following tables provide information about the Fund’s positions in VIX futures contracts as of March 31, 2025 and 2024, which were sensitive to equity market volatility risk.
+Added: Futures Positions as of March 31, 2025
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2024
−Removed: Futures Positions as of September 30, 2023
+Added: Futures Positions as of March 31, 2024
Notional Amount
1 unchanged sentence
VIX Futures (Cboe)
−Removed: November 2023
−Removed: The September 30, 2024 and 2023 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
+Added: The March 31, 2025 and 2024 futures notional values are calculated by multiplying the number of contracts held times the valuation price times the contract multiplier.
The notional values will increase (decrease) proportionally with increases (decreases) in the price of the futures contract.
Additional gains (losses) associated with these contracts will be equal to any such subsequent increases (decreases) in notional values, before accounting for spreads or transaction or financing costs.
−Removed: The Fund will generally attempt to adjust its positions in Financial Instruments each day
−Removed: to match the performance of the Index.
+Added: The Fund will generally attempt to adjust its positions in Financial Instruments each day to match the performance of the Index.
Future period returns, before fees and expenses, cannot be estimated simply by estimating the return of the Index.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
Qualitative Disclosure
−Removed: As described in Item 7 in the Annual Report on Form 10-K,
−Removed: it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark (referred to as the “Daily Target”).
−Removed: Each 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.
+Added: As described in Item 7 in the Annual Report on Form 10-K, it is the investment objective of each Geared Fund to seek daily investment results, before fees and expenses, which correspond to a multiple, the inverse or an inverse multiple of the daily performance, of its corresponding benchmark (referred to as the “Daily Target”).
+Added: Each Short Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark.
+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.
Each Ultra Fund seeks daily investment results, before fees and expenses, that correspond to one and one half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark.
2 unchanged sentences
Performance over longer periods of time will be influenced not only by the cumulative period performance of the corresponding benchmark but equally by the intervening volatility of the benchmark as well as fees and expenses, including costs associated with the use of Financial Instruments such as financing costs and trading spreads.
−Removed: Future period returns, before fees and expenses, cannot be estimated simply by estimating the percent change in the corresponding benchmark and multiplying by negative three, negative two, negative one, negative one-half,
−Removed: one, one and one-half,
−Removed: two or three.
+Added: Future period returns, before fees and expenses, cannot be estimated simply by estimating the percent change in the corresponding benchmark and multiplying by negative three, negative two, negative one, negative one-half, one, one and one-half, two or three.
Shareholders who invest in the Funds should actively manage and monitor their investments, as frequently as daily.
See “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K
−Removed: for additional information regarding performance for periods longer than a single day.
+Added: Risk Factors” in the Annual Report on Form 10-K for additional information regarding performance for periods longer than a single day.
Primary Market Risk Exposure
The primary market risks that the Funds are exposed to depend on each Fund’s investment objective and corresponding benchmark.
−Removed: For example, the primary market risk that the ProShares UltraShort Bloomberg Crude Oil and the ProShares Ultra Bloomberg Crude Oil Funds are exposed to are inverse and long exposure, respectively, to the price of crude oil as measured by the return of holding and periodically rolling crude oil futures contracts (the Bloomberg Commodity Index and its sub-indexes
−Removed: are based on the price of rolling futures positions, rather than on the cash price for immediate delivery of the corresponding commodity).
+Added: For example, the primary market risk that the ProShares UltraShort Bloomberg Crude Oil and the ProShares Ultra Bloomberg Crude Oil Funds are exposed to are inverse and long exposure, respectively, to the price of crude oil as measured by the return of holding and periodically rolling crude oil futures contracts (the Bloomberg Commodity Index and its sub-indexes are based on the price of rolling futures positions, rather than on the cash price for immediate delivery of the corresponding commodity).
Each Fund’s exposure to market risk is further influenced by a number of factors, including the liquidity of the markets in which the contracts are traded and the relationships among the contracts held.
The inherent uncertainty of each Fund’s trading strategies and other factors, could ultimately lead to a loss of all or substantially all of investors’ capital.
−Removed: As described in Item 7 in the Annual Report on Form 10-K,
−Removed: trading in certain futures contracts or forward agreements involves each Fund entering into contractual commitments to purchase or sell a commodity underlying a Fund’s benchmark at a specified date and price, should it hold such futures contracts or forward agreements into the deliverable period.
+Added: As described in Item 7 in the Annual Report on Form 10-K, trading in certain futures contracts or forward agreements involves each Fund entering into contractual commitments to purchase or sell a commodity underlying a Fund’s benchmark at a specified date and price, should it hold such futures contracts or forward agreements into the deliverable period.
Should a Fund enter into a contractual commitment to sell a physical commodity, it is required to make delivery of that commodity at the contract price and then repurchase the contract at prevailing market prices or settle in cash.
2 unchanged sentences
As further described in “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K,
−Removed: the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
+Added: Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
With regard to the Commodity Index Funds or the Commodity Funds, several factors may affect the price of a commodity underlying a Commodity Index Fund or a Commodity Fund, and in turn, the Financial Instruments and other assets, if any, owned by such a Fund.
2 unchanged sentences
Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns.
−Removed: For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1
−Removed: period benchmark return, the two-day
−Removed: period return for a theoretical two-times
−Removed: fund would be equal to a (1.2 *0.8)-1
−Removed: period Fund return (rather than simply two times the period return of the benchmark).
+Added: For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).
Exchange Rate Sensitivity
As further described in “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K,
−Removed: the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
+Added: Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
With regard to the Currency Funds, several factors may affect
4 unchanged sentences
Additionally, performance over time is a cumulative effect of geometrically linking each day’s leveraged or inverse leveraged returns.
−Removed: For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1
−Removed: period benchmark return, the two-day
−Removed: period return for a theoretical two-times
−Removed: fund would be equal to a (1.2 *0.8)-1
−Removed: period Fund return (rather than simply two times the period return of the benchmark).
+Added: For instance, if a corresponding benchmark was up 10% and then down 10%, which would result in a (1.1*0.9)-1 = -1% period benchmark return, the two-day period return for a theoretical two-times fund would be equal to a (1.2 *0.8)-1 = -4% period Fund return (rather than simply two times the period return of the benchmark).
Equity Market Volatility Sensitivity
As further described in “Item 1A.
−Removed: Risk Factors” in the Annual Report on Form 10-K,
−Removed: the value of the Shares of each VIX Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
+Added: Risk Factors” in the Annual Report on Form 10-K, the value of the Shares of each VIX Fund relates directly to the value of, and realized profit or loss from, the Financial Instruments and other assets held by the Fund and fluctuations in the price of these assets could materially adversely affect an investment in the Shares.
Several factors may affect the price and/or liquidity of VIX futures contracts and other assets, if any, owned by a VIX Fund.
1 unchanged sentence
Managing Market Risks
−Removed: Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x,
−Removed: 1.5x, or 2x), regardless of market direction or sentiment.
+Added: Each Fund seeks to remain fully exposed to the corresponding benchmark at the levels implied by the relevant investment objective (-0.5x, -2x, 1.5x, or 2x), regardless of market direction or sentiment.
At the close of the relevant markets each trading day (see NAV calculation times in “Note 2—Significant Accounting Policies—Final Net Asset Value for Fiscal Period”), each Fund will seek to position its portfolio so that its exposure to its benchmark is consistent with its investment objective.
−Removed: As described in Item 7 of the Annual Report on Form 10-K,
−Removed: these adjustments are done through the use of various Financial Instruments.
−Removed: Factors common to all Funds that may require portfolio re-positioning
−Removed: are creation/redemption activity and index rebalances.
+Added: As described in Item 7 of the Annual Report on Form 10-K, these adjustments are done through the use of various Financial Instruments.
+Added: Factors common to all Funds that may require portfolio re-positioning are creation/redemption activity and index rebalances.
For Geared Funds, the impact of the index’s movements each day also affects whether the Fund’s portfolio needs to be rebalanced.
13 unchanged sentences
The cash positions that result from use of such Financial Instruments are held in a manner to minimize both interest rate and credit risk.
−Removed: During the reporting period, cash positions were maintained in both non-interest
−Removed: bearing and interest bearing demand deposit accounts.
+Added: During the reporting period, cash positions were maintained in both non-interest bearing and interest bearing demand deposit accounts.
The Funds may also invest a portion of this cash in cash equivalents (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities).
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.