What changed in this filing

/stocks — the workspaceLOADING

Item 1. Financial Statements

2025-08-08 compared with 2025-05-09 · 650 added, 352 removed, 2622 unchanged (28% of the section changed)

21 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

7 unchanged sentences

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

Principal Amount

Short-term U.S.

government and agency obligations

( 39 % of shareholders’ equity)

Treasury Bills ^^

4.367 % due 05/13/25

4.249 % due 06/12/25

Total short-term U.S.

government and agency obligations (cost $ 89,383,487 )

JUNE 30, 2025

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires April 2025

VIX Futures - Cboe, expires May 2025

Rates shown represent discount rate at the time of purchase.

VIX Futures - Cboe, expires July 2025

VIX Futures - Cboe, expires August 2025

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

1 unchanged sentence

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

17 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

3 unchanged sentences

( 699,663,184

Net addition (redemption) of ( 250,000

) and 400,000 shares, respectively

( 167,152,149

Net addition (redemption) of 1,500,000 , ( 700,000 ), 1,250,000 and ( 300,000 ) shares, respectively

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

29 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

4 unchanged sentences

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Receivable on open futures contracts

3 unchanged sentences

Payable on open futures contracts

Payable to Sponso

Payable to Sponsor

Total liabilities

2 unchanged sentences

Shareholders’ equity

Total liabilities and shareholders’ equity

Total liabilities

and shareholders’ equity

Shares outstanding

4 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Principal Amount

4 unchanged sentences

4.401 % due 07/08/25 †

4.367 % due 05/13/25 †

4.249 % due 06/12/25 †

Total short-term U.S.

3 unchanged sentences

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires June 2025

WTI Crude Oil - NYMEX, expires September 2025

WTI Crude Oil - NYMEX, expires December 2025

10 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index

Total Unrealized Appreciation

Total Unrealized

All or partial amount pledged as collateral for swap agreements.

The positions and counterparties herein are as of March 31, 2025.

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Reflects the floating financing rate, as of June 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Total Return Swap Agreements payment is due at termination/maturity.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

22 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

Addition of 9,200,000 , 5,050,000 , 14,900,000 and 9,100,000 shares, respectively

Redemption of 8,800,000 and 10,900,000 shares, respectively

Redemption of 6,450,000

, 15,250,000 and 18,200,000 shares, respectively

( 141,207,874

( 237,976,722

Net addition (redemption) of ( 3,100,000 ) and ( 6,850,000 ) shares, respectively

( 395,225,383

( 554,319,667

Net addition (redemption) of 2,750,000 , ( 2,250,000 ), ( 350,000

) and ( 9,100,000 ) shares, respectively

( 288,331,145

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

24 unchanged sentences

( 283,076,123

( 202,048,096

Net increase (decrease) in cash

( 314,151,603

( 151,828,645

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

Receivable from capital shares sold

Receivable on open futures contracts

Interest receivable

14 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Principal Amount

4 unchanged sentences

4.401 % due 07/08/25

4.249 % due 06/12/25

Total short-term U.S.

2 unchanged sentences

Notional Amount

(Depreciation)/Value

Natural Gas - NYMEX, expires May 2025

(Depreciation)/

Natural Gas - NYMEX, expires September 2025

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

1 unchanged sentence

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

( 242,180,914

Short-term U.S.

government and agency obligations

Net realized gain (loss)

( 242,180,914

Change in net unrealized appreciation (depreciation) on

1 unchanged sentence

( 127,006,905

( 196,642,739

Short-term U.S.

2 unchanged sentences

( 127,033,885

( 196,656,346

Net realized and unrealized gain (loss)

6 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

Addition of 13,150,000 , 4,870,000 , 18,450,000 and 12,890,000 shares, respectively

1,029,287,052

1,118,271,219

Redemption of 8,650,000 , 6,780,000 , 18,450,000 and 11,070,000 shares, respectively

1 unchanged sentence

( 583,616,052

( 1,176,881,196

( 1,088,922,017

Net addition (redemption) of 4,500,000 , ( 1,910,000 ), – and 1,820,000 shares, respectively

( 195,862,600

( 147,594,144

Net investment income (loss)

Net realized gain (loss)

( 242,180,914

Change in net unrealized appreciation (depreciation)

( 127,033,885

( 196,656,346

Net income (loss)

4 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

9 unchanged sentences

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable on open futures contracts

Decrease (Increase) in interest receivable

6 unchanged sentences

Proceeds from addition of shares

1,043,810,566

Payment on shares redeemed

5 unchanged sentences

( 195,371,563

( 157,759,566

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

16 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Foreign Currency Forward Contracts ^

7 unchanged sentences

Euro with UBS AG

Total Unrealized Appreciation

Total Unrealized

Contracts to Sell

Euro with Goldman Sachs International

Euro with UBS AG

Total Unrealized Appreciation

The positions and counterparties herein are as of March 31, 2025.

Total Unrealized

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

4 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

15 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

15 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

2 unchanged sentences

Segregated cash balances with brokers for futures contracts

Unrealized appreciation on swap agreements

Segregated cash balances with brokers for swap agreements

Receivable on open futures contracts

1 unchanged sentence

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable to Sponso

5 unchanged sentences

Total liabilities and shareholders’ equity

Shares outstanding

Net asset value per share

Market value per share (Note 2)

Shares outstanding (Note 1)

Net asset value per share (Note 1)

Market value per share (Note 1) (Note 2)

See accompanying notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Principal Amount

4 unchanged sentences

4.401 % due 07/08/25 †

4.367 % due 05/13/25

4.249 % due 06/12/25 †

Total short-term U.S.

government and agency obligations (cost $ 248,399,602 )

government and agency obligations

(cost $ 74,938,385 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

Gold Futures - COMEX, expires June 2025

Gold Futures - COMEX, expires August 2025

Total Return Swap Agreements ^

5 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Gold Subindex

Total Unrealized Appreciation

Total Unrealized

All or partial amount pledged as collateral for swap agreements.

The positions and counterparties herein are as of March 31, 2025.

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Reflects the floating financing rate, as of June 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Total Return Swap Agreements payment is due at termination/maturity.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

22 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

Addition of 850,000 and 450,000 shares, respectively

Redemption of 200,000 and 450,000 shares, respectively

Net addition (redemption) of 650,000 and – shares, respectively

Addition of 7,250,000 , 1,400,000 , 10,650,000 and 3,200,000 shares, respectively (Note 1)

Redemption of 8,150,000 , 2,200,000 , 8,950,000 and 4,000,000 shares, respectively (Note 1)

( 274,237,408

( 297,337,041

Net addition (redemption) of ( 900,000 ), ( 800,000 ), 1,700,000 and ( 800,000 ) shares, respectively (Note 1)

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

19 unchanged sentences

Payment on shares redeemed

( 290,457,542

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 100,542,981

Cash, beginning of period

3 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

Short-term U.S.

2 unchanged sentences

Segregated cash balances with brokers for swap agreements

Unrealized appreciation on swap agreements

Securities sold receivable

Receivable on open futures contracts

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

12 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Principal Amount

5 unchanged sentences

4.401 % due 07/08/25 †

4.249 % due 06/12/25 †

Total short-term U.S.

government and agency obligations (cost $ 337,920,160 )

government and agency obligations

(cost $ 119,913,242 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

Silver Futures - COMEX, expires May 2025

Silver Futures - COMEX, expires September 2025

Total Return Swap Agreements ^

7 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Silver Subindex

Total Unrealized Appreciation

Total Unrealized

All or partial amount pledged as collateral for swap agreements.

The positions and counterparties herein are as of March 31, 2025.

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

1 unchanged sentence

Rates shown represent discount rate at the time of purchase.

Reflects the floating financing rate, as of March 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Reflects the floating financing rate, as of June 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Total Return Swap Agreements payment is due at termination/maturity.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

22 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

2 unchanged sentences

( 238,571,882

( 157,507,303

( 484,819,747

( 222,319,260

Net addition (redemption) of ( 650,000 ), 1,100,000 , ( 1,700,000 ) and 950,000 shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

7 unchanged sentences

government and agency obligations

1,264,975,424

Net amortization and accretion on short-term U.S.

2 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in securities sold receivable

Decrease (Increase) in receivable on open futures contracts

8 unchanged sentences

( 484,819,747

( 222,319,260

Net cash provided by (used in) financing activities

6 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

2 unchanged sentences

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

1 unchanged sentence

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Principal Amount

4 unchanged sentences

4.401 % due 07/08/25

4.367 % due 05/13/25

Total short-term U.S.

government and agency obligations (cost $ 49,803,043 )

government and agency obligations

(cost $ 14,987,677 )

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires April 2025

VIX Futures - Cboe, expires May 2025

VIX Futures - COMEX, expires July 2025

VIX Futures - COMEX, expires August 2025

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

1 unchanged sentence

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

( 148,416,415

Short-term U.S.

1 unchanged sentence

Net realized gain (loss)

( 148,405,278

Change in net unrealized appreciation (depreciation) on

4 unchanged sentences

Net realized and unrealized gain (loss)

( 123,426,269

Net income (loss)

( 120,644,835

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

Addition of 39,350,000 , 7,030,000 , 84,700,000 and 9,850,000 shares, respectively

1,849,646,517

Redemption of 22,150,000 , 6,031,248 , 67,400,000 and 8,271,248 shares, respectively

( 680,802,268

( 198,060,505

( 1,643,522,618

( 286,888,403

Net addition (redemption) of 17,200,000 , 998,752 , 17,300,000 and 1,578,752 shares, respectively

1 unchanged sentence

Net realized gain (loss)

( 148,405,278

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 120,644,835

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 120,644,835

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

18 unchanged sentences

Proceeds from addition of shares

1,816,907,301

Payment on shares redeemed

( 1,643,522,618

( 286,888,403

Net cash provided by (used in) financing activities

6 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

Segregated cash balances with brokers for foreign currency forward contracts

15 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Foreign Currency Forward Contracts ^

Settlement Date

Contract Amount

7 unchanged sentences

10,693,068,856

Total Unrealized Depreciation

Total Unrealized

Contracts to Sell

3 unchanged sentences

( 336,493,000

Total Unrealized Appreciation

The positions and counterparties herein are as of March 31, 2025.

Total Unrealized

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

4 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

15 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

15 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

Short-term U.S.

government and agency obligations (Note 3) (cost $ 59,565,743 and $ – , respectively)

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

Interest receivable

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

11 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

Principal Amount

Short-term U.S.

government and agency obligations

( 33 % of shareholders’ equity)

Treasury Bills ^^

4.367 % due 05/13/25

4.249 % due 06/12/25

Total short-term U.S.

government and agency obligations (cost $ 59,565,743 )

JUNE 30, 2025

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

WTI Crude Oil - NYMEX, expires June 2025

WTI Crude Oil - NYMEX, expires September 2025

WTI Crude Oil - NYMEX, expires December 2025

WTI Crude Oil - NYMEX, expires June 2026

Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

20 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

2 unchanged sentences

( 255,467,536

( 369,844,906

( 182,672,052

Net addition (redemption) of ( 3,200,000 ), ( 1,000,000 ), 300,000 and 2,300,000 shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

17 unchanged sentences

Net cash provided by (used in) operating activities

( 113,088,216

Cash flow from financing activities

10 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

2 unchanged sentences

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

4 unchanged sentences

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Principal Amount

4 unchanged sentences

4.401 % due 07/08/25

4.367 % due 05/13/25

4.249 % due 06/12/25

Total short-term U.S.

government and agency obligations (cost $ 348,035,730 )

government and agency obligations

(cost $ 39,967,139 )

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Natural Gas - NYMEX, expires May 2025

1,147,718,160

Natural Gas – NYMEX, expires September 2025

Rates shown represent discount rate at the time of purchase.

3 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

1 unchanged sentence

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

3 unchanged sentences

Futures contracts

( 221,827,712

Short-term U.S.

1 unchanged sentence

Net realized gain (loss)

( 221,827,712

Change in net unrealized appreciation (depreciation) on

4 unchanged sentences

Net realized and unrealized gain (loss)

( 236,425,749

Net income (loss)

( 233,620,058

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

4 unchanged sentences

( 291,044,383

( 1,541,672,674

( 737,003,743

Net addition (redemption) of ( 18,000,000 ), 1,750,000 , 5,150,000 and 50,000 shares, respectively

2 unchanged sentences

Net realized gain (loss)

( 221,827,712

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 233,620,058

Shareholders’ equity, end of period

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 233,620,058

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

2 unchanged sentences

( 755,466,782

( 188,049,532

Proceeds from sales or maturities of short-term U.S.

10 unchanged sentences

Net cash provided by (used in) operating activities

( 554,254,845

Cash flow from financing activities

11 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on foreign currency forward contracts

10 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Foreign Currency Forward Contracts ^

7 unchanged sentences

Euro with UBS AG

Total Unrealized Depreciation

Total Unrealized

Contracts to Sell

1 unchanged sentence

Euro with UBS AG

Total Unrealized Depreciation

The positions and counterparties herein are as of March 31, 2025.

Total Unrealized

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

4 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

17 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

1 unchanged sentence

Redemption of 200,000 , 100,000 , 400,000 and 200,000 shares, respectively

Net addition (redemption) of ( 150,000 ) and ( 100,000 ) shares, respectively

Net addition (redemption) of 100,000 , ( 50,000 ), ( 50,000

) and ( 150,000 ) shares, respectively

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

18 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

2 unchanged sentences

Unrealized appreciation on swap agreements

Receivable from capital shares sold

Interest receivable

1 unchanged sentence

Payable on open futures contracts

Payable to Sponso

Unrealized depreciation on swap agreements

Payable to Sponsor

Total liabilities

3 unchanged sentences

Total liabilities and shareholders’ equity

Shares outstanding

Net asset value per share

Market value per share (Note 2)

Shares outstanding (Note 1)

Net asset value per share (Note 1)

Market value per share (Note 1) (Note 2)

See accompanying notes to financial statements.

1 unchanged sentence

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Gold Futures - COMEX, expires June 2025

Gold Futures - COMEX, expires August 2025

Total Return Swap Agreements ^

3 unchanged sentences

based on Bloomberg Gold Subindex

( 102,141,663

Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex

Swap agreement with UBS AG based on Bloomberg Gold Subindex

Total Unrealized Depreciation

The positions and counterparties herein are as of March 31, 2025.

Total Unrealized

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

New counterparties can be added at any time.

Reflects the floating financing rate, as of March 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Reflects the floating financing rate, as of June 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Total Return Swap Agreements payment is due at termination/maturity.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

18 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

Addition of 3,000,000 and 200,000 shares, respectively

Redemption of 400,000 and – shares, respectively

Net addition (redemption) of 2,600,000 and 200,000 shares, respectively

Addition of 12,200,000 , 225,000 , 13,700,000 and 325,000 shares, respectively (Note 1)

Redemption of 10,550,068 , 175,000 , 10,750,068 and 175,000 shares, respectively (Note 1)

( 246,529,689

( 252,430,165

Net addition (redemption) of 1,649,932 , 50,000 , 2,949,932 and 150,000 shares, respectively (Note 1)

Net investment income (loss)

6 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

10 unchanged sentences

Payment on shares redeemed

( 252,430,165

Net cash provided by (used in) financing activities

5 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

5 unchanged sentences

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Payable to Sponso

Unrealized depreciation on swap agreements

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Futures Contracts Sold

1 unchanged sentence

(Depreciation)/Value

Silver Futures - COMEX, expires May 2025

Silver Futures - COMEX, expires September 2025

Total Return Swap Agreements ^

7 unchanged sentences

Swap agreement with UBS AG based on Bloomberg Silver Subindex

Total Unrealized Depreciation

The positions and counterparties herein are as of March 31, 2025.

Total Unrealized

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

New counterparties can be added at any time.

Reflects the floating financing rate, as of March 31, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Reflects the floating financing rate, as of June 30, 2025, on the notional amount of the swap agreement paid to the counterparty or received from the counterparty, excluding any commissions.

Total Return Swap Agreements payment is due at termination/maturity.

5 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

18 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

17 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

3 unchanged sentences

Liabilities and shareholders’ equity

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on foreign currency forward contracts

10 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Foreign Currency Forward Contracts ^

7 unchanged sentences

Yen with UBS AG

Total Unrealized Depreciation

Total Unrealized

Contracts to Sell

3 unchanged sentences

( 3,863,915,424

Total Unrealized Appreciation

The positions and counterparties herein are as of March 31, 2025.

Total Unrealized

The positions and counterparties herein are as of June 30, 2025.

The Fund continually evaluates different counterparties for their transactions and counterparties are subject to change.

4 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

17 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

10 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

18 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

Segregated cash balances with brokers for futures contracts

Receivable from capital shares sold

Receivable on open futures contracts

1 unchanged sentence

Liabilities and shareholders’ equity

Payable for capital shares redeemed

Payable on open futures contracts

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

JUNE 30, 2025

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires July 2025

VIX Futures - Cboe, expires August 2025

VIX Futures - Cboe, expires September 2025

VIX Futures - Cboe, expires October 2025

VIX Futures - Cboe, expires November 2025

VIX Futures - Cboe, expires December 2025

VIX Futures - Cboe, expires January 2026

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

1 unchanged sentence

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

8 unchanged sentences

Futures contracts

Change in net unrealized appreciation (depreciation)

Short-term U.S.

government and agency obligations

Change in net unrealized

appreciation (depreciation)

Net realized and unrealized gain (loss)

4 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

1 unchanged sentence

Redemption of 900,000 , 8,250,000 , 1,975,000 and 8,550,000 shares, respectively

( 124,949,446

( 129,715,182

Net addition (redemption) of ( 875,000 ), ( 3,000,000 ), ( 650,000 ) and 75,000 shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

1 unchanged sentence

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

Purchases of short-term U.S.

government and agency obligations

Proceeds from sales or maturities of short-term U.S.

government and agency obligations

Net amortization and accretion on short-term U.S.

government and agency obligations

Net realized (gain) loss on investments

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in receivable on open futures contracts

14 unchanged sentences

STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

7 unchanged sentences

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Total liabilities

9 unchanged sentences

SCHEDULE OF INVESTMENTS

MARCH 31, 2025

Short-term U.S.

government and agency obligations

( 12 % of shareholders’ equity)

Treasury Bills ^^

4.249 % due 06/12/25

Total short-term U.S.

government and agency obligations (cost $ 19,832,000 )

JUNE 30, 2025

Futures Contracts Purchased

1 unchanged sentence

(Depreciation)/Value

VIX Futures - Cboe, expires April 2025

VIX Futures - Cboe, expires May 2025

Rates shown represent discount rate at the time of purchase.

See accompanying notes to financial statements.

VIX Futures - Cboe, expires July 2025

VIX Futures - Cboe, expires August 2025

See accompanying

notes to financial statements.

PROSHARES VIX SHORT-TERM FUTURES ETF

1 unchanged sentence

Three Months Ended

Six Months Ended

Investment Income

1 unchanged sentence

Brokerage commissions

Futures accounts fees

Futures account fees

Total expenses

17 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

2 unchanged sentences

( 156,024,747

( 365,733,482

Net addition (redemption) of 275,000 , 275,000 , 550,000 and 887,500 shares, respectively

7 unchanged sentences

STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

28 unchanged sentences

COMBINED STATEMENTS OF FINANCIAL CONDITION

March 31, 2025

June 30, 2025

December 31, 2024

Short-term U.S.

2 unchanged sentences

1,765,501,542

Segregated cash balances with brokers for futures contracts

4 unchanged sentences

Receivable from capital shares sold

Securities sold receivable

Receivable on open futures contracts

6 unchanged sentences

Brokerage commissions and futures account fees payable

Payable to Sponso

Payable to Sponsor

Unrealized depreciation on swap agreements

14 unchanged sentences

Three Months Ended

Six Months Ended

Investment Income

7 unchanged sentences

Futures contracts

( 288,399,020

Swap agreements

3 unchanged sentences

Net realized gain (loss)

( 199,970,152

Change in net unrealized appreciation (depreciation) on

1 unchanged sentence

( 165,477,989

( 104,237,226

( 169,234,257

Swap agreements

3 unchanged sentences

Change in net unrealized appreciation (depreciation)

Net realized and unrealized gain (loss)

( 256,039,064

Net income (loss)

( 127,143,015

( 180,306,004

Net realized and unrealized gain (loss)

Net income (loss)

See accompanying notes to financial statements.

2 unchanged sentences

Three Months Ended

Six Months Ended

Shareholders’ equity, beginning of period

1 unchanged sentence

3,088,679,681

Addition 132,675,000 and 41,065,000 shares, respectively

3,025,133,601

3,282,832,126

Redemption of 110,125,000 and 37,705,000 shares, respectively

Addition of 136,175,000 , 44,700,000 , 269,900,000 and 87,015,000 shares, respectively (Note 1)

3,965,828,522

1,659,368,580

Net addition (redemption) of 22,550,000 and 3,360,000 shares, respectively

7,387,912,135

3,456,902,022

Redemption of 131,425,068 , 48,398,748 , 241,950,068 and 87,453,748 shares, respectively (Note 1)

( 4,058,920,811

( 1,867,042,594

( 7,359,816,432

( 3,627,140,335

Net addition (redemption) of 4,749,932 , ( 3,698,748 ), 27,949,932 and ( 438,748 ) shares, respectively (Note 1)

( 207,674,014

( 170,238,313

Net investment income (loss)

Net realized gain (loss)

( 199,970,152

Change in net unrealized appreciation (depreciation)

Net income (loss)

( 256,039,064

( 127,143,015

( 180,306,004

Net income (loss)

Shareholders’ equity, end of period

1 unchanged sentence

3,121,155,340

3,651,955,802

3,121,155,340

See accompanying notes to financial statements.

1 unchanged sentence

COMBINED STATEMENTS OF CASH FLOWS

Three Months Ended

Six Months Ended

Cash flow from operating activities

Net income (loss)

( 231,588,146

Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:

11 unchanged sentences

Change in unrealized (appreciation) depreciation on investments

Decrease (Increase) in securities sold receivable

Decrease (Increase) in receivable on futures contracts

5 unchanged sentences

( 857,648,011

( 720,999,179

Cash flow from financing activities

6 unchanged sentences

Net cash provided by (used in) financing activities

Net increase (decrease) in cash

( 191,374,238

Net increase (decrease) in cash

( 1,049,022,249

8 unchanged sentences

NOTES TO FINANCIAL STATEMENTS

March 31, 2025

June 30, 2025

NOTE 1 - ORGANIZATION

ProShares Trust II (the “Trust”) is a Delaware statutory trust formed on October 9, 2007 and is currently organized into separate series (each, a “Fund” and collectively, the “Funds”).

As of March 31, 2025, the following sixteen series of the Trust have commenced investment operations:

As of June 30, 2025, the following sixteen series of the Trust have commenced investment operations:

(i) ProShares VIX Short-Term Futures ETF and ProShares VIX Mid-Term Futures ETF (each, a “Matching VIX Fund” and collectively, the “Matching VIX Funds”);

22 unchanged sentences

Share Splits and Reverse Share Splits

The table below includes forward and reverse Share splits for the Funds during the three months March 31, 2025, and during the year ended December 31, 2024.

The table below includes forward and reverse Share splits for the Funds during the six months June 30, 2025, and during the year ended December 31, 2024.

The ticker symbols for these Funds did not change, and each Fund continues to trade on its primary listing exchange, as applicable.

Execution Date (Prior to

Opening of Trading)

Execution Date

(Prior to Opening

Type of Split

28 unchanged sentences

November 7, 2024

ProShares Ultra Gold

June 12, 2025

4-for-1 forward Share split

June 13, 2025

ProShares UltraShort Gold

June 12, 2025

1-for-2 reverse Share split

June 13, 2025

The reverse splits were applied retroactively for all periods presented, reducing the number of Shares outstanding for each of the Funds, and resulted in a proportionate increase in the price per Share and per Share information of each such Fund.

22 unchanged sentences

Statements of Cash Flows

The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated March 31, 2025 and 2024, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments.

The cash amounts shown in the Statements of Cash Flows are the amounts reported as cash in the Statements of Financial Condition dated June 30, 2025 and 2024, and represents cash, segregated cash balances with brokers for futures contracts, segregated cash with brokers for swap agreements and segregated cash with brokers for foreign currency forward agreements but does not include short-term investments.

Final Net Asset Value for Fiscal Period

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the three months ended March 31, 2025 were typically as follows.

The cut-off times and the times of the calculation of the Funds’ final net asset value for creation and redemption of fund Shares for the six months ended June 30, 2025 were typically as follows.

All times are Eastern Standard Time:

3 unchanged sentences

Ultra Silver and UltraShort Silver

March 31, 2025

June 30, 2025

Ultra Gold and UltraShort Gold

March 31, 2025

June 30, 2025

Ultra Bloomberg Crude Oil,

1 unchanged sentence

UltraShort Bloomberg Crude Oil and

March 31, 2025

June 30, 2025

UltraShort Bloomberg Natural Gas

March 31, 2025

June 30, 2025

UltraShort Euro and

UltraShort Yen

March 31, 2025

June 30, 2025

Short VIX Short-Term Futures ETF,

March 31, 2025

June 30, 2025

Ultra VIX Short-Term Futures ETF,

March 31, 2025

June 30, 2025

VIX Mid-Term Futures ETF and

VIX Short-Term Futures ETF

March 31, 2025

Although the Funds’ shares may continue to trade on secondary markets subsequent to the calculation of the final NAV, these times represent the final opportunity to transact in creation or redemption units for the three months ended March 31, 2025.

June 30, 2025

units for the six months ended June 30, 2025.

Market value per Share is determined at the close of the applicable primary listing exchange and may be later than when the Funds’ NAV per Share is calculated.

For financial reporting purposes, the Funds value investment transactions based upon the final closing price in their primary markets.

Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain of the Funds’ final creation/redemption NAV for the three months ended March 31, 2025.

Investment Valuation

6 unchanged sentences

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 generally valued at the last settled price.

Futures contracts valuations are typically categorized as Level I in the fair value hierarchy.

Futures contracts valuations are typically categorized as Level

I in the fair value hierarchy.

Swap agreements, forward agreements and foreign currency forward contracts valuations are typically categorized as Level II in the fair value hierarchy.

The Sponsor may in its sole discretion choose to determine a fair value price as the

basis for determining the market value of such position.

The Sponsor may in its sole discretion choose to determine a fair value price as the basis for determining the market value of such position.

Such fair value prices would generally be determined based on available inputs about the current value of the underlying financial instrument or commodity and would be based on principles that the Sponsor deems fair and equitable so long as such principles are consistent with industry standards.

19 unchanged sentences

Fair value measurements also require additional disclosure when the volume and level of activity for the asset or liability have significantly decreased, as well as when circumstances indicate that a transaction is not orderly.

The following table summarizes the valuation of investments at March 31, 2025 using the fair value hierarchy:

The following table summarizes the va lu

ation of investments at June 30, 2025 using the fair value hierarchy:

Level I - Quoted Prices

20 unchanged sentences

Combined Trust:

1,440,994,090

1,653,503,658

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no transfers into or out of Level 3 for the quarter ended March 31, 2025.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

There were no transfers into or out of Level 3 for the quarter ended June 30, 2025.

The following table summarizes the valuation of investments at December 31, 2024 using the fair value hierarchy:

22 unchanged sentences

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/ payable

on open futures.

There were no transfers into or out of Level 3 for the year ended December 31, 2024.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

There were no tran sfe

rs into or out of Level 3 for the year ended December 31, 2024.

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those securities.

14 unchanged sentences

Federal Income Tax

Each Fund is registered as a series of a Delaware

statutory trust and is treated as a partnership for U.S.

Each Fund is registered as a series of a Delaware statutory trust and is treated as a partnership for U.S.

federal income tax purposes.

4 unchanged sentences

The Funds are also not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will significantly change in the next twelve months.

On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are necessary based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

On an ongoing basis, management monitors its tax positions taken under the interpretation to determine if adjustments to conclusions are nece ssa

ry based on factors including, but not limited to, on-going analysis of tax law, regulation, and interpretations thereof.

Recently Issued Accounting Pronouncement

4 unchanged sentences

Segment Reporting

Each Fund included herein is deemed to be an individual reporting segment and the Sponsor acts as each Fund’s chief operating decision maker (“CODM”).

Each Fund included herein is deemed to be an individual reporting segment and the Officers of ProShares Trust II, collectively act as the chief operating decision maker (“CODM”).

The CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is guided by each Fund’s investment objective and principal investment strategies as described in its prospectus and executed by the Sponsor.

18 unchanged sentences

During periods of high demand for repurchase agreements, the Funds may be unable to invest available cash in these instruments to the extent desired by the Sponsor.

As of March 31, 2025 and December 31, 2024, the Funds did not have any open repurchase agreements.

As of June 30, 2025 and December 31, 2024, the Funds did not have any open repurchase agreements.

Accounting for Derivative Instruments

42 unchanged sentences

The value of a Fund’s options transactions, if any, will be affected by, among other things, changes in the value of a Fund’s underlying benchmark relative to the strike price, changes in interest rates, changes in the actual and implied volatility of the Fund’s underlying benchmark, and the remaining time until the options expire, or any combination thereof.

The value of the options

should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error.

The value of the options should not be expected to increase or decrease at the same rate as the level of the Fund’s underlying benchmark, which may contribute to tracking error.

Options may be less liquid than certain other securities.

25 unchanged sentences

The net amount of the excess, if any, of each Fund’s obligations over its entitlements with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the counterparty in a segregated account by the Funds’ Custodian.

The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian.

The net amount of the excess, if any, of each Fund’s entitlements over its obligations with respect to each OTC swap agreement is accrued on a daily basis and an amount of cash

and/or securities having an aggregate value at least equal to such accrued excess is maintained for the benefit of the Fund in a segregated account by a third party custodian.

Until a swap agreement is settled in cash, the gain or loss on the notional amount less any transaction costs or trading spreads payable by each Fund on the notional amount are recorded as “unrealized appreciation or depreciation on swap agreements” and, when cash is exchanged, the gain or loss realized is recorded as “realized gains or losses on swap agreements.” Swap agreements are generally valued at the last settled price of the benchmark referenced asset.

9 unchanged sentences

The Sponsor may use various techniques to minimize credit risk including early termination and payment, using different counterparties, limiting the net amount due from any individual counterparty and generally requiring collateral to be posted by the counterparty in an amount approximately equal to that owed to the Funds.

All of the outstanding swap agreements at March 31, 2025 contractually terminate within one month but may be terminated without penalty by either party at any time.

All of the outstanding swap agreements at June 30, 2025 contractually terminate within one month but may be terminated without penalty by either party at any time.

Upon termination, the Fund is obligated to pay or receive the “unrealized appreciation or depreciation” amount.

9 unchanged sentences

To the extent any such collateral is insufficient, the Funds will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings.

As of March 31, 2025, the collateral posted by counterparties consisted of cash and/or U.S.

As of June 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S.

Treasury securities.

22 unchanged sentences

To the extent any such collateral is insufficient, the Fund will be exposed to counterparty risk as described above, including the possible delays in recovering amounts as a result of bankruptcy proceedings.

As of March 31, 2025, the collateral posted by counterparties consisted of cash and/or U.S.

As of June 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S.

Treasury securities.

6 unchanged sentences

The following tables indicate the location of derivative related items on the Statements of Financial Condition as well as the effect of derivative instruments on the Statements of Operations during the reporting period.

Fair Value of Derivative Instruments as of March 31, 2025

Fair Value of Derivative Instruments as of June 30, 2025

Asset Derivatives

Liability Derivatives

Derivatives Not Accounted for

as Hedging Instruments

Derivatives Not

Accounted for as

Hedging Instruments

Statements of

3 unchanged sentences

VIX Futures Contracts

Receivable on open futures contracts

Payable on open futures contracts

Receivable on open

futures contracts

Payable on open

futures contracts

ProShares Short VIX

Short-Term Futures ETF

ProShares Ultra VIX

Short-Term Futures ETF

ProShares VIX Mid-

Term Futures ETF

ProShares VIX Short-

Term Futures ETF

Commodities Contracts

Receivables on

contracts and/or

appreciation on

swap agreements

Payable on open

futures contracts

and/or unrealized

depreciation on

swap agreements

ProShares Ultra

Bloomberg Crude Oil

ProShares Ultra

Bloomberg Natural Gas

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort

Bloomberg Crude Oil

ProShares UltraShort

Bloomberg Natural Gas

ProShares UltraShort

Foreign Exchange Contracts

appreciation on

foreign currency

forward contracts

depreciation on

foreign currency

forward contracts

ProShares Ultra Euro

ProShares Ultra Yen

ProShares UltraShort

Combined Trust:

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

Fair Value of Derivative Instruments as of December 31, 2024

Asset Derivatives

Liability Derivatives

Derivatives Not

Accounted for as

Hedging Instruments

Statements of

Financial Condition

Statements of

Financial Condition

VIX Futures Contracts

Receivable on

Payable on open

futures contracts

ProShares Short VIX

Short-Term Futures ETF

ProShares Ultra VIX

Short-Term Futures ETF

ProShares VIX Mid-

Term Futures ETF

ProShares VIX Short-

Term Futures ETF

Commodities Contracts

Receivables on

contracts and/or

appreciation on

swap agreements

Payable on open

futures contracts

and/or unrealized

depreciation on

swap agreements

ProShares Ultra

Bloomberg Crude Oil

ProShares Ultra

Bloomberg Natural Gas

ProShares Ultra Gold

ProShares Ultra Silver

ProShares UltraShort

Bloomberg Crude Oil

ProShares UltraShort

Bloomberg Natural Gas

ProShares UltraShort

Foreign Exchange Contracts

appreciation on

foreign currency

forward contracts

depreciation on

foreign currency

forward contracts

ProShares Ultra Euro

ProShares Ultra Yen

ProShares UltraShort

Combined Trust:

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended June 30, 2025

Derivatives Not Accounted

for as Hedging Instruments

Location of Gain

(Loss) on Derivatives

Recognized in Income

Realized Gain

Recognized in

(Depreciation) on

Recognized in

VIX Futures Contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts

ProShares Short VIX Short-Term Futures ETF

3 unchanged sentences

Commodities Contracts

Receivables on open futures contracts and/or unrealized appreciation on swap agreements

Payable on open futures contracts and/or unrealized depreciation on swap agreements

Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements

ProShares Ultra Bloomberg Crude Oil

7 unchanged sentences

Foreign Exchange Contracts

Unrealized appreciation on foreign currency forward contracts

Unrealized depreciation on foreign currency forward contracts

Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts

ProShares Ultra Euro

3 unchanged sentences

Combined Trust

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

Fair Value of Derivative Instruments as of December 31, 2024

Asset Derivatives

Liability Derivatives

( 256,052,072

The Effect of Derivative Instruments on the Statement of Operations

For the six months ended June 30, 2025

Derivatives Not Accounted

for as Hedging Instruments

Statements of

Financial Condition

Statements of

Financial Condition

Location of Gain

(Loss) on Derivatives

Recognized in Income

Realized Gain

Recognized in

(Depreciation) on

Recognized in

VIX Futures Contracts

Receivable on open futures contracts

Payable on open futures contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts

ProShares Short VIX Short-Term Futures ETF

3 unchanged sentences

Commodities Contracts

Receivables on open futures contracts and/or unrealized appreciation on swap agreements

Payable on open futures contracts and/or unrealized depreciation on swap agreements

Net realized gain (loss) on futures contracts and/or swap agreements/ changes in unrealized appreciation (depreciation) on futures contracts and/or swap agreements

ProShares Ultra Bloomberg Crude Oil

ProShares Ultra Bloomberg Natural Gas

( 127,006,905

ProShares Ultra Gold

5 unchanged sentences

Foreign Exchange Contracts

Unrealized appreciation on foreign currency forward contracts

Unrealized depreciation on foreign currency forward contracts

Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts

ProShares Ultra Euro

3 unchanged sentences

Combined Trust:

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments.

Only current day’s variation margin is reported within the Statements of Financial Condition in receivable/payable on open futures.

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended March 31, 2025

For the three months ended June 30, 2024

Derivatives Not Accounted

5 unchanged sentences

Recognized in

(Depreciation)

(Depreciation) on

Recognized in

13 unchanged sentences

ProShares UltraShort Bloomberg Natural Gas

( 221,827,712

ProShares UltraShort Gold

7 unchanged sentences

Combined Trust

( 127,202,756

The Effect of Derivative Instruments on the Statement of Operations

For the three months ended March 31, 2024

For the six months ended June 30, 2024

Derivatives Not Accounted

5 unchanged sentences

Recognized in

(Depreciation)

(Depreciation) on

Recognized in

VIX Futures Contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on

futures contracts

Net realized gain (loss) on futures contracts/ changes in unrealized appreciation (depreciation) on futures contracts

ProShares Short VIX Short-Term Futures ETF

ProShares Ultra VIX Short-Term Futures ETF

( 148,416,415

ProShares VIX Mid-Term Futures ETF

5 unchanged sentences

( 196,642,739

( 136,379,348

ProShares Ultra Gold

19 unchanged sentences

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Financial Condition.

The following table presents each Fund’s derivatives by investment type and by counterparty net of amounts available for offset under a master netting agreement and the related collateral received or pledged by the Funds as of March 31, 2025.

Fair Values of Derivative Instruments as of March 31, 2025

Fair Values of Derivative Instruments as of June 30, 2025

Gross Amounts

36 unchanged sentences

Foreign currency forward contracts

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at March 31, 2025.

Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at June 30, 2025.

These amounts may be collateralized by cash or financial instruments, segregated for the benefit of the Funds or the counterparties, depending on whether the related contracts are in an appreciated or depreciated position at period end.

1 unchanged sentence

These amounts may be un-collateralized due to timing differences related to market movements or due to minimum thresholds for collateral movement, as further described above under the caption “Accounting for Derivative Instruments”.

Gross Amounts Not Offset in the Statements of Financial Condition as of March 31, 2025

Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2025

Amounts of Recognized Assets /

(Liabilities) presented in the

Statements of Financial

Statements of Financial Condition

Financial Instruments for

38 unchanged sentences

of Recognized

Assets presented

Statements of

Gross Amounts

Offset in the

Statements of

Net Amounts of

Assets presented

Statements of

6 unchanged sentences

Net Amounts of

presented in the

Statements of

the Statements

ProShares Ultra Bloomberg Crude Oil

25 unchanged sentences

Statements of Financial

Financial Instruments

for the Benefit of (the

84 unchanged sentences

Authorized Participants may sell the Shares included in the Creation Units they purchase from the Funds to other investors in the secondary market.

Transaction fees three months ended March 31, 2025 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:

Transaction fees three and six months ended June 30, 2025 which are included in the Addition and/or Redemption of Shares on the Statements of Changes in Shareholders’ Equity, were as follows:

Three Months Ended

March 31, 2025

Six Months Ended

June 30, 2025

ProShares Short VIX Short-Term Futures ETF

16 unchanged sentences

NOTE 6 – FINANCIAL HIGHLIGHTS

S elected Data for a Share Outstanding Throughout the Three months Ended March 31, 2025

For the Three Months Ended March 31, 2025 (unaudited)

Per Share Operating

Net asset value, at December 31, 2024

Selected data for a Share outstanding throughout the three months ended June 30, 2025

For the Three Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at March 31, 2025

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

The amount shown for a share outstanding throughout the period may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended June 30, 2025.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Three Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at March 31, 2025

Market value per share, at December 31, 2024 †

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended March 31, 2025.

Percentages are not annualized for the period ended June 30, 2025.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Three Months Ended March 31, 2025 (unaudited)

Per Share Operating

Net asset value, at December 31, 2024

For the Three Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at March 31, 2025

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2025

Market value per share, at March 31, 2025 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

Percentages are annualized.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended June 30, 2025.

The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded.

Selected data for a Share outstanding throughout the three months ended June 30, 202 4

For the Three Months Ended June 30, 2024 (unaudited)

Per Share Operating Performance

Futures ETF *

Natural Gas *

Net asset value, at March 31, 2024

Market value per share, at December 31, 2024 †

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at March 31, 2024 †

Market value per share, at June 30, 2024 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended March 31, 2025.

Percentages are not annualized for the period ended June 30, 2024.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Three Months Ended March 31, 2025 (unaudited)

Per Share Operating

Net asset value, at December 31, 2024

For the Three Months Ended June 30, 2024 (unaudited)

Per Share Operating Performance

Futures ETF *

Natural Gas *

Net asset value, at March 31, 2024

Net investment income (loss)

1 unchanged sentence

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at March 31, 2024 †

Market value per share, at June 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended June 30, 2024.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Three Months Ended June

30, 2024 (unaudited)

Per Share Operating Performance

Net asset value, at March 31, 2024

Market value per share, at December 31, 2024 †

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at March 31, 2024 †

Market value per share, at June 30, 2024 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended March 31, 2025.

Percentages are not annualized for the period ended June 30, 2024.

The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded.

Selected Data for a Share Outstanding Throughout the Three months Ended March 31, 2024

For the Three Months Ended March 31, 2024 (unaudited)

Per Share Operating

S elected Data for a Share Outstanding Throughout the six months Ended June 30, 2025

For the Six Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at December 31, 2024

2 unchanged sentences

Change in net asset value from operations

Net asset value, at March 31, 2024

Net asset value, at June 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at March 31, 2024 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

The amount shown for a share outstanding throughout the period

may not accord with the change in aggregate gains and losses during the period because of timing of creation and redemption units in relation to fluctuating net asset value during the period.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended March 31, 2024.

Percentages are not annualized for the period ended June 30, 2025.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Three Months Ended March 31, 2024 (unaudited)

Per Share Operating

For the Six Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at December 31, 2024

2 unchanged sentences

Change in net asset value from operations

Net asset value, at March 31, 2024

Net asset value, at June 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at March 31, 2024 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

3 unchanged sentences

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

1 unchanged sentence

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended March 31, 2024.

Percentages are not annualized for the period ended June 30, 2025.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Three Months Ended March 31, 2024 (unaudited)

Per Share Operating

For the Six Months Ended June 30, 2025 (unaudited)

Per Share Operating Performance

Net asset value, at December 31, 2024

2 unchanged sentences

Change in net asset value from operations

Net asset value, at March 31, 2024

Net asset value, at June 30, 2025

Market value per share, at December 31, 2024 †

Market value per share, at March 31, 2024 †

Market value per share, at June 30, 2025 †

Total Return, at net asset value^

6 unchanged sentences

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended March 31, 2024.

Percentages are not annualized for the period ended June 30, 2025.

The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded.

Selected Data for a Share Outstanding Throughout the six months Ended June 30, 2024

For the Six Months Ended June 30, 2024 (unaudited)

Per Share Operating Performance

Futures ETF *

Natural Gas *

Net asset value, at December 31, 2023

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at December 31, 2023 †

Market value per share, at June 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended June 30, 2024.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Six Months Ended June 30, 2024 (unaudited)

Per Share Operating Performance

Futures ETF *

Natural Gas *

Net asset value, at December 31, 2023

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at December 31, 2023 †

Market value per share, at June 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended June 30, 2024.

The expense ratio would be 0.95 %, 0.95 %, 0.95 %, 0.95 %, 0.95 % and 0.95 %, respectively, if brokerage commissions and futures account fees were excluded.

For the Six Months Ended June 30, 2024 (unaudited)

Per Share Operating Performance

Net asset value, at December 31, 2023

Net investment income (loss)

Net realized and unrealized gain (loss)#

Change in net asset value from operations

Net asset value, at June 30, 2024

Market value per share, at December 31, 2023 †

Market value per share, at June 30, 2024 †

Total Return, at net asset value^

Total Return, at market value^

Ratios to Average Net Assets**

Expense ratio^^

Net investment income gain (loss)

See Note 1 of these Notes to Financial Statements.

Percentages are annualized.

Market values are determined at the close of the applicable primary listing exchange, which may be later than when the Funds’ net asset value is calculated.

Percentages are not annualized for the period ended June 30, 2024.

The expense ratio would be 0.95 %, 0.95 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded.

NOTE 7 – RISK

66 unchanged sentences

Title VII of the Dodd-Frank Act (“Title VII”) created a regulatory regime for derivatives, with the CFTC responsible for the regulation of swaps and the SEC responsible for the regulation of “security-based swaps.” Although some of the SEC requirements have not yet been made effective, the CFTC requirements are largely in place.

The CFTC requirements include rules for some of the types of derivatives transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps.

The CFTC requirements include rules for some of the types of derivatives

transactions in which the Funds engages, including mandatory clearing and exchange trading, reporting, and margin for OTC swaps.

Title VII also created new categories of regulated market participants, such as “swap dealers,” “security-based swap dealers,” “major swap participants,” and “major security-based swap participants” who are, or will be, subject to significant new capital, registration, recordkeeping, reporting, disclosure, business conduct and other regulatory requirements.

75 unchanged sentences

In early July 2020, in anticipation of the roll of the Oil Funds’ benchmark, and in order to help manage the impact of recent extraordinary conditions and volatility in the markets for crude oil and related Financial Instruments, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts.

Natural Disasters and Public Health Disruptions, such as the COVID-19 Pandemic, May Have a Significant Negative Impact on the Performance of Each Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, COVID-19 including its variants), have been and may continue to be highly disruptive to economies and markets.

These conditions have led, and may continue to lead, to increased or extreme market volatility, illiquidity and significant market losses.

Natural Disasters and Public Health Disruptions, May Have a Significant Negative Impact on the Performance of Each Fund.

Natural or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally, and widespread disease, including public health disruptions, pandemics and epidemics (for example, the COVID-19 pandemic), have been and may continue to be highly disruptive to economies and markets.

These conditions have led, and could lead, to increased or extreme market volatility, illiquidity and significant market losses.

Such natural disaster and health crises could exacerbate political, social, and economic risks, and result in significant breakdowns, delays, shutdowns, social isolation, civil unrest, periods of high unemployment, shortages in and disruptions to the medical care and consumer goods and services industries, and other disruptions to important global, local and regional supply chains affected, with potential corresponding results on the operating performance of the Funds and their investments.

17 unchanged sentences

The potential threat of trade disputes may also negatively affect investor confidence in the markets generally and investment growth.

Risks of Government Regulation

The Financial Industry Regulatory Authority (“FINRA”) issued a notice on March 8, 2022 seeking comment on measures that could prevent or restrict investors from buying a broad range of public securities designated as “complex products”—which could include the leveraged and inverse leveraged funds offered by ProShares.

The ultimate impact, if any, of these measures remains unclear.

However, if regulations are adopted, they could, among other things, prevent or restrict investors’ ability to buy Shares in the Funds.

NOTE 8 – SUBSEQUENT EVENTS

Management has evaluated the possibility of subsequent events existing in the Trust’s

and the Funds’ financial statements through the date the financial statements were issued.

Management has evaluated the possibility of subsequent events existing in the Trust’s and the Funds’ financial statements through the date the financial statements were issued.

Management has determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date.

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.

What changed 10-Q

Item 1. Financial Statements