ProShares Trust II 10-Q

Item 1. Financial Statements. Index Documents Page Statements of Financial Condition, Schedule of Investments, Statements of Operations, Statements of Changes in Shareholders’ Equity, and Statements of Cash Flows: ProShares Short VIX Short-Term Futures ETF F-2 ProShares Ultra Bloomberg Crude Oil F-8 ProShares Ultra Bloomberg Natural Gas F-12 ProShares Ultra Euro F-18 ProShares Ultra Gold F-23 ProShares Ultra Silver F-27 ProShares Ultra VIX Short-Term Futures ETF F-33 ProShares Ultra Yen F-38 ProShares UltraShort Bloomberg Crude Oil F-42 ProShares UltraShort Bloomberg Natural Gas F-47 ProShares UltraShort Euro F-52 ProShares UltraShort Gold F-57 ProShares UltraShort Silver F-62 ProShares UltraShort Yen F-67 ProShares VIX Mid-Term Futures ETF F-72 ProShares VIX Short-Term Futures ETF F-77 ProShares Trust II F-82 Notes to Financial Statements F-86 F-1 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ – and $ 24,931,067 , respectively) $ —   $ 24,937,875 Cash 178,250,108 160,200,226 Segregated cash balances with brokers for futures contracts 99,379,314 80,953,814 Receivable on open futures contracts 1,872,187 806,556 Interest receivable 655,920 438,452 Total assets 280,157,529 267,336,923 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts —   1,011,830 Brokerage commissions and futures account fees payable 4,584 6,902 Payable to Sponsor 227,545 227,958 Total liabilities 232,129 1,246,690 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 279,925,400 266,090,233 Total liabilities and shareholders’ equity $ 280,157,529 $ 267,336,923 Shares outstanding 6,568,614 5,318,614 Net asset value per share $ 42.62 $ 50.03 Market value per share (Note 2) $ 42.60 $ 50.06 See accompanying notes to financial statements. F-2 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires July 2025 4,021 $ 75,242,963 $ 8,535,463 VIX Futures - Cboe, expires August 2025 3,232 64,955,443 1,856,879 $ 10,392,342 See accompanying notes to financial statements. F-3 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 3,664,726 $ 3,457,223 $ 5,820,643 $ 6,766,508 Expenses Management fee 973,113 702,645 1,528,502 1,443,041 Brokerage commissions 205,533 170,317 332,745 341,916 Futures account fees 27,459 —   53,156 —   Total expenses 1,206,105 872,962 1,914,403 1,784,957 Net investment income (loss) 2,458,621 2,584,261 3,906,240 4,981,551 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 2,005 26,761,918 ( 17,634,848 ) 55,258,866 Short-term U.S. government and agency obligations 455 —   455 17,669 Net realized gain (loss) 2,460 26,761,918 ( 17,634,393 ) 55,276,535 Change in net unrealized appreciation (depreciation) on Futures contracts 13,636,368 ( 4,177,838 ) 13,401,093 ( 8,805,425 ) Short-term U.S. government and agency obligations 855 10,617 ( 6,808 ) ( 16,617 ) Change in net unrealized appreciation (depreciation) 13,637,223 ( 4,167,221 ) 13,394,285 ( 8,822,042 ) Net realized and unrealized gain (loss) 13,639,683 22,594,697 ( 4,240,108 ) 46,454,493 Net income (loss) $ 16,098,304 $ 25,178,958 $ ( 333,868 ) $ 51,436,044 See accompanying notes to financial statements. F-4 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 232,107,856 $ 313,978,799 $ 266,090,233 $ 267,184,359 Addition of 16,400,000 , 350,000 , 18,650,000 and 2,750,000 shares, respectively 607,449,230 18,814,510 713,832,219 147,244,261 Redemption of 14,900,000 , 1,050,000 , 17,400,000 and 3,050,000 shares, respectively ( 575,729,990 ) ( 59,259,752 ) ( 699,663,184 ) ( 167,152,149 ) Net addition (redemption) of 1,500,000 , ( 700,000 ), 1,250,000 and ( 300,000 ) shares, respectively 31,719,240 ( 40,445,242 ) 14,169,035 ( 19,907,888 ) Net investment income (loss) 2,458,621 2,584,261 3,906,240 4,981,551 Net realized gain (loss) 2,460 26,761,918 ( 17,634,393 ) 55,276,535 Change in net unrealized appreciation (depreciation) 13,637,223 ( 4,167,221 ) 13,394,285 ( 8,822,042 ) Net income (loss) 16,098,304 25,178,958 ( 333,868 ) 51,436,044 Shareholders’ equity, end of period $ 279,925,400 $ 298,712,515 $ 279,925,400 $ 298,712,515 See accompanying notes to financial statements. F-5 Table of Contents PROSHARES SHORT VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 333,868 ) $ 51,436,044 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 ( 303,335,606 ) ( 316,469,775 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 330,000,455 260,017,669 Net amortization and accretion on short-term U.S. government and agency obligations ( 1,733,327 ) ( 3,183,783 ) Net realized (gain) loss on investments ( 455 ) ( 17,669 ) Change in unrealized (appreciation) depreciation on investments 6,808 16,617 Decrease (Increase) in receivable on open futures contracts ( 1,065,631 ) 7,590,582 Decrease (Increase) in interest receivable ( 217,468 ) ( 39,379 ) Increase (Decrease) in payable to Sponsor ( 413 ) ( 17,749 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 2,318 ) ( 9,571 ) Increase (Decrease) in payable on open futures contracts ( 1,011,830 ) 1,683,430 Net cash provided by (used in) operating activities 22,306,347 1,006,416 Cash flow from financing activities Proceeds from addition of shares 713,832,219 147,244,261 Payment on shares redeemed ( 699,663,184 ) ( 182,674,465 ) Net cash provided by (used in) financing activities 14,169,035 ( 35,430,204 ) Net increase (decrease) in cash 36,475,382 ( 34,423,788 ) Cash, beginning of period 241,154,040 162,331,287 Cash, end of period $ 277,629,422 $ 127,907,499 See accompanying notes to financial statements. F-6 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 49,958,924 and $ 99,724,267 , respectively) $ 49,959,555 $ 99,751,500 Cash 231,962,841 259,419,820 Segregated cash balances with brokers for futures contracts 43,158,485 42,171,314 Segregated cash balances with brokers for swap agreements 93,833,888 84,264,200 Unrealized appreciation on swap agreements 4,023,623 38,215,610 Receivable from capital shares sold 1,124,724 —   Receivable on open futures contracts —   2,157,183 Interest receivable 658,446 692,226 Total assets 424,721,562 526,671,853 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 3,374,171 2,748,471 Payable on open futures contracts 524,439 70,422 Payable to Sponsor 329,439 432,896 Total liabilities 4,228,049 3,251,789 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 420,493,513 523,420,064 Total liabilities and shareholders’ equity $ 424,721,562 $ 526,671,853 Shares outstanding 18,693,096 19,043,096 Net asset value per share $ 22.49 $ 27.49 Market value per share (Note 2) $ 22.41 $ 27.50 See accompanying notes to financial statements. F-7 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 12 % of shareholders’ equity) U.S. Treasury Bills ^^ : $ 50,000,000 $ 49,959,555 4.401 % due 07/08/25 † Total short-term U.S. government and agency obligations (cost $ 49,958,924 ) $ 49,959,555 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires September 2025 1,454 $ 92,837,900 $ 1,361,508 WTI Crude Oil - NYMEX, expires December 2025 1,508 92,968,200 467,044 WTI Crude Oil - NYMEX, expires June 2026 1,535 94,157,110 1,453,986 $ 3,282,538 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 % 07/07/25 $ 50,274,921 $ 359,481 Swap agreement with Goldman Sachs International based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 07/07/25 218,162,730 1,559,931 Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.35 07/07/25 66,274,912 473,886 Swap agreement with Societe Generale based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.25 07/07/25 165,600,250 1,194,901 Swap agreement with UBS AG based on Bloomberg Commodity Balanced WTI Crude Oil Index 0.30 07/07/25 60,619,225 435,424 Total Unrealized Appreciation $ 4,023,623 † All or partial amount pledged as collateral for swap agreements. ^ 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. ^^ Rates shown represent discount rate at the time of purchase. * 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. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-8 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 3,240,612 $ 6,506,199 $ 6,745,716 $ 11,516,649 Expenses Management fee 951,694 1,344,787 1,916,607 2,821,804 Brokerage commissions 61,348 42,976 107,916 104,780 Total expenses 1,013,042 1,387,763 2,024,523 2,926,584 Net investment income (loss) 2,227,570 5,118,436 4,721,193 8,590,065 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 14,353,923 ) 11,985,445 ( 3,195,195 ) 28,452,282 Swap agreements ( 14,238,283 ) ( 5,028,524 ) ( 9,880,150 ) 71,623,239 Short-term U.S. government and agency obligations 322 696 322 13,201 Net realized gain (loss) ( 28,591,884 ) 6,957,617 ( 13,075,023 ) 100,088,722 Change in net unrealized appreciation (depreciation) on Futures contracts ( 8,595,750 ) ( 9,029,300 ) ( 7,581,547 ) 16,397,677 Swap agreements ( 32,742,289 ) 8,281,227 ( 34,191,987 ) 37,992,657 Short-term U.S. government and agency obligations 2,253 9,247 ( 26,602 ) ( 45,318 ) Change in net unrealized appreciation (depreciation) ( 41,335,786 ) ( 738,826 ) ( 41,800,136 ) 54,345,016 Net realized and unrealized gain (loss) ( 69,927,670 ) 6,218,791 ( 54,875,159 ) 154,433,738 Net income (loss) $ ( 67,700,100 ) $ 11,337,227 $ ( 50,153,966 ) $ 163,023,803 See accompanying notes to financial statements. F-9 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 432,463,827 $ 597,176,895 $ 523,420,064 $ 652,793,437 Addition of 9,200,000 , 5,050,000 , 14,900,000 and 9,100,000 shares, respectively 196,937,660 156,948,695 342,452,798 265,988,522 Redemption of 6,450,000 , 7,300,000 , 15,250,000 and 18,200,000 shares, respectively ( 141,207,874 ) ( 237,976,722 ) ( 395,225,383 ) ( 554,319,667 ) Net addition (redemption) of 2,750,000 , ( 2,250,000 ), ( 350,000 ) and ( 9,100,000 ) shares, respectively 55,729,786 ( 81,028,027 ) ( 52,772,585 ) ( 288,331,145 ) Net investment income (loss) 2,227,570 5,118,436 4,721,193 8,590,065 Net realized gain (loss) ( 28,591,884 ) 6,957,617 ( 13,075,023 ) 100,088,722 Change in net unrealized appreciation (depreciation) ( 41,335,786 ) ( 738,826 ) ( 41,800,136 ) 54,345,016 Net income (loss) ( 67,700,100 ) 11,337,227 ( 50,153,966 ) 163,023,803 Shareholders’ equity, end of period $ 420,493,513 $ 527,486,095 $ 420,493,513 $ 527,486,095 See accompanying notes to financial statements. F-10 Table of Contents PROSHARES ULTRA BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 50,153,966 ) $ 163,023,803 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 ( 656,357,446 ) ( 750,343,317 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 710,000,322 604,658,733 Net amortization and accretion on short-term U.S. government and agency obligations ( 3,877,211 ) ( 8,704,505 ) Net realized (gain) loss on investments ( 322 ) ( 13,201 ) Change in unrealized (appreciation) depreciation on investments 34,218,589 ( 37,947,339 ) Decrease (Increase) in receivable on open futures contracts 2,157,183 ( 201,572 ) Decrease (Increase) in interest receivable 33,780 253,393 Increase (Decrease) in payable to Sponsor ( 103,457 ) ( 105,131 ) Increase (Decrease) in brokerage commissions and futures account fees payable —   ( 5,682 ) Increase (Decrease) in payable on open futures contracts 454,017 ( 1,690,662 ) Net cash provided by (used in) operating activities 36,371,489 ( 31,075,480 ) Cash flow from financing activities Proceeds from addition of shares 341,328,074 271,243,544 Payment on shares redeemed ( 394,599,683 ) ( 554,319,667 ) Net cash provided by (used in) financing activities ( 53,271,609 ) ( 283,076,123 ) Net increase (decrease) in cash ( 16,900,120 ) ( 314,151,603 ) Cash, beginning of period 385,855,334 398,178,826 Cash, end of period $ 368,955,214 $ 84,027,223 See accompanying notes to financial statements. F-11 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 19,983,569 and $ 99,724,267 , respectively) $ 19,983,822 $ 99,751,500 Cash 193,483,868 205,241,492 Segregated cash balances with brokers for futures contracts 119,481,037 117,769,697 Receivable from capital shares sold 57,934,920 10,966,643 Interest receivable 536,397 825,264 Total assets 391,420,044 434,554,596 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 56,454,209 38,058,122 Brokerage commissions and futures account fees payable 6,340 13,669 Payable to Sponso r 201,701 401,306 Total liabilities 56,662,250 38,473,097 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 334,757,794 396,081,499 Total liabilities and shareholders’ equity $ 391,420,044 $ 434,554,596 Shares outstanding 7,223,047 7,223,047 Net asset value per share $ 46.35 $ 54.84 Market value per share (Note 2) $ 46.08 $ 55.82 See accompanying notes to financial statements. F-12 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 6 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.401 % due 07/08/25 $ 20,000,000 $ 19,983,822 Total short-term U.S. government and agency obligations (cost $ 19,983,569 ) $ 19,983,822 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/ Value Natural Gas - NYMEX, expires September 2025 19,184 $ 669,521,600 $ ( 29,767,704 ) ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-13 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 2,079,577 $ 6,418,687 $ 4,980,630 $ 12,870,827 Expenses Management fee 548,526 1,323,880 1,251,579 2,773,307 Brokerage commissions 288,858 785,377 571,013 1,488,469 Futures account fees 18,071 53,176 116,609 142,161 Total expenses 855,455 2,162,433 1,939,201 4,403,937 Net investment income (loss) 1,224,122 4,256,254 3,041,429 8,466,890 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 12,342,109 ) 211,772,181 210,263,119 ( 30,408,733 ) Short-term U.S. government and agency obligations ( 224 ) —   ( 224 ) —   Net realized gain (loss) ( 12,342,333 ) 211,772,181 210,262,895 ( 30,408,733 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 84,894,683 ) ( 60,263,391 ) ( 127,006,905 ) ( 196,642,739 ) Short-term U.S. government and agency obligations ( 309 ) —   ( 26,980 ) ( 13,607 ) Change in net unrealized appreciation (depreciation) ( 84,894,992 ) ( 60,263,391 ) ( 127,033,885 ) ( 196,656,346 ) Net realized and unrealized gain (loss) ( 97,237,325 ) 151,508,790 83,229,010 ( 227,065,079 ) Net income (loss) $ ( 96,013,203 ) $ 155,765,044 $ 86,270,439 $ ( 218,598,189 ) See accompanying notes to financial statements. F-14 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 232,237,503 $ 580,741,377 $ 396,081,499 $ 729,892,808 Addition of 13,150,000 , 4,870,000 , 18,450,000 and 12,890,000 shares, respectively 689,968,536 387,753,452 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 ( 491,435,042 ) ( 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 198,533,494 ( 195,862,600 ) ( 147,594,144 ) 29,349,202 Net investment income (loss) 1,224,122 4,256,254 3,041,429 8,466,890 Net realized gain (loss) ( 12,342,333 ) 211,772,181 210,262,895 ( 30,408,733 ) Change in net unrealized appreciation (depreciation) ( 84,894,992 ) ( 60,263,391 ) ( 127,033,885 ) ( 196,656,346 ) Net income (loss) ( 96,013,203 ) 155,765,044 86,270,439 ( 218,598,189 ) Shareholders’ equity, end of period $ 334,757,794 $ 540,643,821 $ 334,757,794 $ 540,643,821 See accompanying notes to financial statements. F-15 Table of Contents PROSHARES ULTRA BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 86,270,439 $ ( 218,598,189 ) 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 ( 387,844,619 ) —   Proceeds from sales or maturities of short-term U.S. government and agency obligations 469,917,565 65,000,000 Net amortization and accretion on short-term U.S. government and agency obligations ( 2,332,472 ) ( 554,490 ) Net realized (gain) loss on investments 224 —   Change in unrealized (appreciation) depreciation on investments 26,980 13,607 Decrease (Increase) in interest receivable 288,867 1,088,882 Increase (Decrease) in payable to Sponsor ( 199,605 ) ( 190,453 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 7,329 ) ( 39,977 ) Increase (Decrease) in payable on open futures contracts 18,396,087 22,386,869 Net cash provided by (used in) operating activities 184,516,137 ( 130,893,751 ) Cash flow from financing activities Proceeds from addition of shares 982,318,775 1,043,810,566 Payment on shares redeemed ( 1,176,881,196 ) ( 1,108,288,378 ) Net cash provided by (used in) financing activities ( 194,562,421 ) ( 64,477,812 ) Net increase (decrease) in cash ( 10,046,284 ) ( 195,371,563 ) Cash, beginning of period 323,011,189 701,114,381 Cash, end of period $ 312,964,905 $ 505,742,818 See accompanying notes to financial statements. F-16 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 7,457,557 $ 5,285,126 Segregated cash balances with brokers for foreign currency forward contracts 788,421 618,421 Unrealized appreciation on foreign currency forward contracts 446,814 2,312 Interest receivable 25,071 19,473 Total assets 8,717,863 5,925,332 Liabilities and shareholders’ equity Liabilities Payable to Sponso r 6,500 4,736 Unrealized depreciation on foreign currency forward contracts 3,294 169,440 Total liabilities 9,794 174,176 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 8,708,069 5,751,156 Total liabilities and shareholders’ equity $ 8,717,863 $ 5,925,332 Shares outstanding 650,000 550,000 Net asset value per share $ 13.40 $ 10.46 Market value per share (Note 2) $ 13.37 $ 10.45 See accompanying notes to financial statements. F-17 Table of Contents PROSHARES ULTRA EURO SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 07/11/25 7,517,921 $ 8,862,823 $ 227,343 Euro with UBS AG 07/11/25 7,367,502 8,685,494 219,471 Total Unrealized Appreciation $ 446,814 Contracts to Sell Euro with Goldman Sachs International 07/11/25 ( 114,000 ) $ ( 134,394 ) $ ( 3,294 ) Total Unrealized Depreciation $ ( 3,294 ) ^ 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. See accompanying notes to financial statements. F-18 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 68,572 $ 70,817 $ 114,044 $ 149,303 Expenses Management fee 18,079 13,944 29,891 29,879 Total expenses 18,079 13,944 29,891 29,879 Net investment income (loss) 50,493 56,873 84,153 119,424 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 616,633 ( 219,350 ) 777,150 ( 74,776 ) Net realized gain (loss) 616,633 ( 219,350 ) 777,150 ( 74,776 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 415,771 62,167 610,648 ( 447,347 ) Change in net unrealized appreciation (depreciation) 415,771 62,167 610,648 ( 447,347 ) Net realized and unrealized gain (loss) 1,032,404 ( 157,183 ) 1,387,798 ( 522,123 ) Net income (loss) $ 1,082,897 $ ( 100,310 ) $ 1,471,951 $ ( 402,699 ) See accompanying notes to financial statements. F-19 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 5,111,473 $ 6,804,048 $ 5,751,156 $ 7,114,015 Addition of 200,000 , – , 200,000 and 100,000 shares, respectively 2,513,699 —   2,513,699 1,140,357 Redemption of – , 100,000 , 100,000 and 200,000 shares, respectively —   ( 1,108,205 ) ( 1,028,737 ) ( 2,256,140 ) Net addition (redemption) of 200,000 , ( 100,000 ), 100,000 and ( 100,000 ) shares, respectively 2,513,699 ( 1,108,205 ) 1,484,962 ( 1,115,783 ) Net investment income (loss) 50,493 56,873 84,153 119,424 Net realized gain (loss) 616,633 ( 219,350 ) 777,150 ( 74,776 ) Change in net unrealized appreciation (depreciation) 415,771 62,167 610,648 ( 447,347 ) Net income (loss) 1,082,897 ( 100,310 ) 1,471,951 ( 402,699 ) Shareholders’ equity, end of period $ 8,708,069 $ 5,595,533 $ 8,708,069 $ 5,595,533 See accompanying notes to financial statements. F-20 Table of Contents PROSHARES ULTRA EURO STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 1,471,951 $ ( 402,699 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments ( 610,648 ) 447,347 Decrease (Increase) in interest receivable ( 5,598 ) 5,017 Increase (Decrease) in payable to Sponsor 1,764 ( 1,211 ) Net cash provided by (used in) operating activities 857,469 48,454 Cash flow from financing activities Proceeds from addition of shares 2,513,699 1,140,357 Payment on shares redeemed ( 1,028,737 ) ( 2,256,140 ) Net cash provided by (used in) financing activities 1,484,962 ( 1,115,783 ) Net increase (decrease) in cash 2,342,431 ( 1,067,329 ) Cash, beginning of period 5,903,547 6,785,459 Cash, end of period $ 8,245,978 $ 5,718,130 See accompanying notes to financial statements. F-21 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 74,938,385 and $ 74,793,200 , respectively) $ 74,939,332 $ 74,813,625 Cash 382,492,286 203,750,372 Segregated cash balances with brokers for futures contracts 27,540,000 11,408,000 Segregated cash balances with brokers for swap agreements 7,140,000 —   Receivable on open futures contracts 3,846,504 1,952,335 Interest receivable 1,050,711 371,587 Total assets 497,008,833 292,295,919 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 6,879,499 —   Payable to Sponso r 398,071 238,455 Unrealized depreciation on swap agreements 4,726,020 2,348,132 Total liabilities 12,003,590 2,586,587 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 485,005,243 289,709,332 Total liabilities and shareholders’ equity $ 497,008,833 $ 292,295,919 Shares outstanding (Note 1) 14,100,000 12,400,000 Net asset value per share (Note 1) $ 34.40 $ 23.36 Market value per share (Note 1) (Note 2) $ 34.66 $ 23.37 See accompanying notes to financial statements. F-22 Table of Contents PROSHARES ULTRA GOLD SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 15 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.401 % due 07/08/25 † $ 75,000,000 $ 74,939,332 Total short-term U.S. government and agency obligations (cost $ 74,938,385 ) $ 74,939,332 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires August 2025 1,736 $ 574,216,720 $ ( 3,455,626 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 07/07/25 $ 170,146,720 $ ( 2,029,284 ) Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.25 07/07/25 80,814,311 ( 963,847 ) Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 07/07/25 145,295,281 ( 1,732,889 ) Total Unrealized Depreciation $ ( 4,726,020 ) † All or partial amount pledged as collateral for swap agreements. ^ 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. ^^ Rates shown represent discount rate at the time of purchase. * 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. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-23 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 5,119,975 $ 2,819,359 $ 8,858,522 $ 4,833,274 Expenses Management fee 1,197,578 546,388 2,061,122 982,991 Brokerage commissions 26,535 8,123 45,879 17,996 Total expenses 1,224,113 554,511 2,107,001 1,000,987 Net investment income (loss) 3,895,862 2,264,848 6,751,521 3,832,287 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 42,515,493 7,565,606 71,847,565 14,530,658 Swap agreements 43,642,546 24,002,215 72,739,060 35,508,434 Short-term U.S. government and agency obligations 77 —   77 3,011 Net realized gain (loss) 86,158,116 31,567,821 144,586,702 50,042,103 Change in net unrealized appreciation (depreciation) on Futures contracts ( 33,165,219 ) ( 3,144,847 ) ( 3,032,218 ) ( 4,863,967 ) Swap agreements ( 28,291,491 ) ( 14,087,684 ) ( 2,377,888 ) ( 9,631,250 ) Short-term U.S. government and agency obligations 2,408 5,842 ( 19,478 ) ( 10,280 ) Change in net unrealized appreciation (depreciation) ( 61,454,302 ) ( 17,226,689 ) ( 5,429,584 ) ( 14,505,497 ) Net realized and unrealized gain (loss) 24,703,814 14,341,132 139,157,118 35,536,606 Net income (loss) $ 28,599,676 $ 16,605,980 $ 145,908,639 $ 39,368,893 See accompanying notes to financial statements. F-24 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 480,619,425 $ 215,970,841 $ 289,709,332 $ 191,502,023 Addition of 7,250,000 , 1,400,000 , 10,650,000 and 3,200,000 shares, respectively (Note 1) 250,023,550 27,209,437 346,724,313 56,539,425 Redemption of 8,150,000 , 2,200,000 , 8,950,000 and 4,000,000 shares, respectively (Note 1) ( 274,237,408 ) ( 43,330,233 ) ( 297,337,041 ) ( 70,954,316 ) Net addition (redemption) of ( 900,000 ), ( 800,000 ), 1,700,000 and ( 800,000 ) shares, respectively (Note 1) ( 24,213,858 ) ( 16,120,796 ) 49,387,272 ( 14,414,891 ) Net investment income (loss) 3,895,862 2,264,848 6,751,521 3,832,287 Net realized gain (loss) 86,158,116 31,567,821 144,586,702 50,042,103 Change in net unrealized appreciation (depreciation) ( 61,454,302 ) ( 17,226,689 ) ( 5,429,584 ) ( 14,505,497 ) Net income (loss) 28,599,676 16,605,980 145,908,639 39,368,893 Shareholders’ equity, end of period $ 485,005,243 $ 216,456,025 $ 485,005,243 $ 216,456,025 See accompanying notes to financial statements. F-25 Table of Contents PROSHARES ULTRA GOLD STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 145,908,639 $ 39,368,893 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 ( 865,029,856 ) ( 306,151,213 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 870,000,077 175,003,011 Net amortization and accretion on short-term U.S. government and agency obligations ( 5,115,329 ) ( 3,364,465 ) Net realized (gain) loss on investments ( 77 ) ( 3,011 ) Change in unrealized (appreciation) depreciation on investments 2,397,366 9,641,530 Decrease (Increase) in receivable on open futures contracts ( 1,894,169 ) ( 143,688 ) Decrease (Increase) in interest receivable ( 679,124 ) 62,974 Increase (Decrease) in payable to Sponsor 159,616 21,921 Increase (Decrease) in payable on open futures contracts —   ( 564,042 ) Net cash provided by (used in) operating activities 145,747,143 ( 86,128,090 ) Cash flow from financing activities Proceeds from addition of shares 346,724,313 56,539,425 Payment on shares redeemed ( 290,457,542 ) ( 70,954,316 ) Net cash provided by (used in) financing activities 56,266,771 ( 14,414,891 ) Net increase (decrease) in cash 202,013,914 ( 100,542,981 ) Cash, beginning of period 215,158,372 129,351,977 Cash, end of period $ 417,172,286 $ 28,808,996 See accompanying notes to financial statements. F-26 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 119,913,242 and $ 124,655,333 , respectively) $ 119,914,448 $ 124,689,375 Cash 473,999,292 376,597,126 Segregated cash balances with brokers for futures contracts 54,120,000 38,668,750 Segregated cash balances with brokers for swap agreements 68,642,665 76,561,398 Interest receivable 1,426,210 851,132 Total assets 718,102,615 617,367,781 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 2,893,550 2,258,150 Payable to Sponso r 541,680 507,430 Unrealized depreciation on swap agreements 6,471,374 52,518,908 Total liabilities 9,906,604 55,284,488 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 708,196,011 562,083,293 Total liabilities and shareholders’ equity $ 718,102,615 $ 617,367,781 Shares outstanding 15,046,526 16,746,526 Net asset value per share $ 47.07 $ 33.56 Market value per share (Note 2) $ 47.49 $ 33.67 See accompanying notes to financial statements. F-27 Table of Contents PROSHARES ULTRA SILVER SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 17 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.421 % due 07/03/25 † $ 20,000,000 $ 19,995,338 4.401 % due 07/08/25 † 100,000,000 99,919,110 Total short-term U.S. government and agency obligations (cost $ 119,913,242 ) $ 119,914,448 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires September 2025 3,488 $ 630,839,680 $ ( 9,137,947 ) Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 07/07/25 $ 349,579,617 $ ( 2,876,199 ) Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.30 07/07/25 30,768,707 ( 254,172 ) Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 07/07/25 208,753,789 ( 1,724,461 ) Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.25 07/07/25 196,478,081 ( 1,616,542 ) Total Unrealized Depreciation $ ( 6,471,374 ) † All or partial amount pledged as collateral for swap agreements. ^ 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. ^^ Rates shown represent discount rate at the time of purchase. * 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. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-28 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 6,095,350 $ 6,245,723 $ 12,115,255 $ 9,880,580 Expenses Management fee 1,485,223 1,244,817 3,001,678 2,118,718 Brokerage commissions 58,272 56,180 104,828 84,222 Total expenses 1,543,495 1,300,997 3,106,506 2,202,940 Net investment income (loss) 4,551,855 4,944,726 9,008,749 7,677,640 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 45,180,695 81,641,058 68,353,031 76,002,276 Swap agreements 54,018,148 139,039,383 85,556,599 140,207,453 Short-term U.S. government and agency obligations ( 12 ) —   ( 12 ) 4,797 Net realized gain (loss) 99,198,831 220,680,441 153,909,618 216,214,526 Change in net unrealized appreciation (depreciation) on Futures contracts ( 39,005,923 ) ( 29,355,888 ) 19,765,588 ( 19,075,042 ) Swap agreements ( 34,495,578 ) ( 57,934,788 ) 46,047,534 ( 46,575,112 ) Short-term U.S. government and agency obligations 4,316 11,419 ( 32,836 ) ( 20,504 ) Change in net unrealized appreciation (depreciation) ( 73,497,185 ) ( 87,279,257 ) 65,780,286 ( 65,670,658 ) Net realized and unrealized gain (loss) 25,701,646 133,401,184 219,689,904 150,543,868 Net income (loss) $ 30,253,501 $ 138,345,910 $ 228,698,653 $ 158,221,508 See accompanying notes to financial statements. F-29 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 717,992,459 $ 403,584,744 $ 562,083,293 $ 390,146,373 Addition of 5,000,000 , 5,150,000 , 9,850,000 and 7,450,000 shares, respectively 198,521,933 186,406,170 402,233,812 244,780,900 Redemption of 5,650,000 , 4,050,000 , 11,550,000 and 6,500,000 shares, respectively ( 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 ( 40,049,949 ) 28,898,867 ( 82,585,935 ) 22,461,640 Net investment income (loss) 4,551,855 4,944,726 9,008,749 7,677,640 Net realized gain (loss) 99,198,831 220,680,441 153,909,618 216,214,526 Change in net unrealized appreciation (depreciation) ( 73,497,185 ) ( 87,279,257 ) 65,780,286 ( 65,670,658 ) Net income (loss) 30,253,501 138,345,910 228,698,653 158,221,508 Shareholders’ equity, end of period $ 708,196,011 $ 570,829,521 $ 708,196,011 $ 570,829,521 See accompanying notes to financial statements. F-30 Table of Contents PROSHARES ULTRA SILVER STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 228,698,653 $ 158,221,508 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 ( 1,253,080,617 ) ( 669,157,487 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 1,264,975,424 332,004,797 Net amortization and accretion on short-term U.S. government and agency obligations ( 7,152,728 ) ( 5,853,530 ) Net realized (gain) loss on investments 12 ( 4,797 ) Change in unrealized (appreciation) depreciation on investments ( 46,014,698 ) 46,595,616 Decrease (Increase) in receivable on open futures contracts —   ( 3,689,701 ) Decrease (Increase) in interest receivable ( 575,078 ) ( 333,110 ) Increase (Decrease) in payable to Sponsor 34,250 119,289 Increase (Decrease) in payable on open futures contracts 635,400 ( 3,503,958 ) Net cash provided by (used in) operating activities 187,520,618 ( 145,601,373 ) Cash flow from financing activities Proceeds from addition of shares 402,233,812 247,509,728 Payment on shares redeemed ( 484,819,747 ) ( 222,319,260 ) Net cash provided by (used in) financing activities ( 82,585,935 ) 25,190,468 Net increase (decrease) in cash 104,934,683 ( 120,410,905 ) Cash, beginning of period 491,827,274 279,193,929 Cash, end of period $ 596,761,957 $ 158,783,024 See accompanying notes to financial statements. F-31 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 14,987,677 and $ 24,931,067 , respectively) $ 14,987,867 $ 24,937,875 Cash 181,428,744 88,749,502 Segregated cash balances with brokers for futures contracts 368,712,207 161,872,327 Receivable from capital shares sold 32,739,216 —   Receivable on open futures contracts —   9,002,751 Interest receivable 1,022,914 803,191 Total assets 598,890,948 285,365,646 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 19,038,638 613,972 Brokerage commissions and futures account fees payable 47,734 24,616 Payable to Sponsor 395,668 274,998 Total liabilities 19,482,040 913,586 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 579,408,908 284,452,060 Total liabilities and shareholders’ equity $ 598,890,948 $ 285,365,646 Shares outstanding 30,993,643 13,693,643 Net asset value per share $ 18.69 $ 20.77 Market value per share (Note 2) $ 18.75 $ 20.72 See accompanying notes to financial statements. F-32 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 3 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.401 % due 07/08/25 $ 15,000,000 $ 14,987,867 Total short-term U.S. government and agency obligations (cost $ 14,987,677 ) $ 14,987,867 Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - COMEX, expires July 2025 24,975 $ 467,356,200 $ ( 45,257,764 ) VIX Futures - COMEX, expires August 2025 19,969 401,329,105 ( 10,119,002 ) $ ( 55,376,766 ) ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-33 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 2,804,863 $ 2,335,823 $ 5,692,389 $ 5,094,065 Expenses Management fee 906,425 553,814 1,742,735 1,221,345 Brokerage commissions 621,171 454,606 1,508,883 941,152 Futures account fees 126,256 63,964 213,163 150,134 Total expenses 1,653,852 1,072,384 3,464,781 2,312,631 Net investment income (loss) 1,151,011 1,263,439 2,227,608 2,781,434 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 56,045,179 ( 57,413,186 ) 155,966,636 ( 148,416,415 ) Short-term U.S. government and agency obligations ( 1,849 ) 500 ( 1,919 ) 11,137 Net realized gain (loss) 56,043,330 ( 57,412,686 ) 155,964,717 ( 148,405,278 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 88,993,838 ) 11,693,863 ( 69,352,758 ) 24,978,991 Short-term U.S. government and agency obligations 1,101 4,577 ( 6,618 ) 18 Change in net unrealized appreciation (depreciation) ( 88,992,737 ) 11,698,440 ( 69,359,376 ) 24,979,009 Net realized and unrealized gain (loss) ( 32,949,407 ) ( 45,714,246 ) 86,605,341 ( 123,426,269 ) Net income (loss) $ ( 31,798,396 ) $ ( 44,450,807 ) $ 88,832,949 $ ( 120,644,835 ) See accompanying notes to financial statements. F-34 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 323,381,943 $ 278,240,649 $ 284,452,060 $ 348,555,743 Addition of 39,350,000 , 7,030,000 , 84,700,000 and 9,850,000 shares, respectively 968,627,629 196,405,861 1,849,646,517 291,112,693 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 287,825,361 ( 1,654,644 ) 206,123,899 4,224,290 Net investment income (loss) 1,151,011 1,263,439 2,227,608 2,781,434 Net realized gain (loss) 56,043,330 ( 57,412,686 ) 155,964,717 ( 148,405,278 ) Change in net unrealized appreciation (depreciation) ( 88,992,737 ) 11,698,440 ( 69,359,376 ) 24,979,009 Net income (loss) ( 31,798,396 ) ( 44,450,807 ) 88,832,949 ( 120,644,835 ) Shareholders’ equity, end of period $ 579,408,908 $ 232,135,198 $ 579,408,908 $ 232,135,198 See accompanying notes to financial statements. F-35 Table of Contents PROSHARES ULTRA VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 88,832,949 $ ( 120,644,835 ) 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 ( 283,607,982 ) ( 145,539,355 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 294,604,547 96,889,241 Net amortization and accretion on short-term U.S. government and agency obligations ( 1,055,094 ) ( 1,280,566 ) Net realized (gain) loss on investments 1,919 ( 11,137 ) Change in unrealized (appreciation) depreciation on investments 6,618 ( 18 ) Decrease (Increase) in receivable on open futures contracts 9,002,751 963,625 Decrease (Increase) in interest receivable ( 219,723 ) 469,869 Increase (Decrease) in payable to Sponsor 120,670 ( 118,635 ) Increase (Decrease) in brokerage commissions and futures account fees payable 23,118 ( 19,755 ) Increase (Decrease) in payable on open futures contracts 18,424,666 —   Net cash provided by (used in) operating activities 126,134,439 ( 169,291,566 ) Cash flow from financing activities Proceeds from addition of shares 1,816,907,301 291,112,693 Payment on shares redeemed ( 1,643,522,618 ) ( 286,888,403 ) Net cash provided by (used in) financing activities 173,384,683 4,224,290 Net increase (decrease) in cash 299,519,122 ( 165,067,276 ) Cash, beginning of period 250,621,829 337,411,617 Cash, end of period $ 550,140,951 $ 172,344,341 See accompanying notes to financial statements. F-36 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 59,198,302 $ 39,802,626 Segregated cash balances with brokers for foreign currency forward contracts 6,374,646 8,805,479 Unrealized appreciation on foreign currency forward contracts 764,251 146,194 Interest receivable 204,485 149,992 Total assets 66,541,684 48,904,291 Liabilities and shareholders’ equity Liabilities Payable to Sponso r 52,366 37,154 Unrealized depreciation on foreign currency forward contracts 27,879 4,361,491 Total liabilities 80,245 4,398,645 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 66,461,439 44,505,646 Total liabilities and shareholders’ equity $ 66,541,684 $ 48,904,291 Shares outstanding 2,849,970 2,199,970 Net asset value per share $ 23.32 $ 20.23 Market value per share (Note 2) $ 23.23 $ 20.35 See accompanying notes to financial statements. F-37 Table of Contents PROSHARES ULTRA YEN SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 07/11/25 9,002,886,056 $ 62,602,612 $ 381,895 Yen with UBS AG 07/11/25 10,693,068,856 74,355,495 382,356 Total Unrealized Appreciation $ 764,251 Contracts to Sell Yen with Goldman Sachs International 07/11/25 ( 288,210,000 ) $ ( 2,004,101 ) $ ( 7,296 ) Yen with UBS AG 07/11/25 ( 336,493,000 ) ( 2,339,844 ) ( 20,583 ) Total Unrealized Depreciation $ ( 27,879 ) ^ 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. See accompanying notes to financial statements. F-38 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 580,313 $ 483,557 $ 1,108,434 $ 853,811 Expenses Management fee 153,765 99,372 290,779 176,608 Total expenses 153,765 99,372 290,779 176,608 Net investment income (loss) 426,548 384,185 817,655 677,203 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts 1,428,203 ( 5,365,623 ) 3,070,845 ( 7,397,198 ) Net realized gain (loss) 1,428,203 ( 5,365,623 ) 3,070,845 ( 7,397,198 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts 2,283,730 ( 842,412 ) 4,951,669 ( 4,421,343 ) Change in net unrealized appreciation (depreciation) 2,283,730 ( 842,412 ) 4,951,669 ( 4,421,343 ) Net realized and unrealized gain (loss) 3,711,933 ( 6,208,035 ) 8,022,514 ( 11,818,541 ) Net income (loss) $ 4,138,481 $ ( 5,823,850 ) $ 8,840,169 $ ( 11,141,338 ) See accompanying notes to financial statements. F-39 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 61,327,343 $ 41,994,545 $ 44,505,646 $ 30,205,770 Addition of 350,000 , 500,000 , 1,250,000 and 1,300,000 shares, respectively 8,043,589 10,608,951 26,787,301 30,205,576 Redemption of 300,000 , 100,000 , 600,000 and 200,000 shares, respectively ( 7,047,974 ) ( 2,269,508 ) ( 13,671,677 ) ( 4,759,870 ) Net addition (redemption) of 50,000 , 400,000 , 650,000 and 1,100,000 shares, respectively 995,615 8,339,443 13,115,624 25,445,706 Net investment income (loss) 426,548 384,185 817,655 677,203 Net realized gain (loss) 1,428,203 ( 5,365,623 ) 3,070,845 ( 7,397,198 ) Change in net unrealized appreciation (depreciation) 2,283,730 ( 842,412 ) 4,951,669 ( 4,421,343 ) Net income (loss) 4,138,481 ( 5,823,850 ) 8,840,169 ( 11,141,338 ) Shareholders’ equity, end of period $ 66,461,439 $ 44,510,138 $ 66,461,439 $ 44,510,138 See accompanying notes to financial statements. F-40 Table of Contents PROSHARES ULTRA YEN STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 8,840,169 $ ( 11,141,338 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments ( 4,951,669 ) 4,421,343 Decrease (Increase) in interest receivable ( 54,493 ) ( 58,147 ) Increase (Decrease) in payable to Sponsor 15,212 10,971 Net cash provided by (used in) operating activities 3,849,219 ( 6,767,171 ) Cash flow from financing activities Proceeds from addition of shares 26,787,301 27,170,691 Payment on shares redeemed ( 13,671,677 ) ( 6,133,037 ) Net cash provided by (used in) financing activities 13,115,624 21,037,654 Net increase (decrease) in cash 16,964,843 14,270,483 Cash, beginning of period 48,608,105 29,977,711 Cash, end of period $ 65,572,948 $ 44,248,194 See accompanying notes to financial statements. F-41 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 96,876,764 $ 88,861,451 Segregated cash balances with brokers for futures contracts 43,919,954 31,873,660 Receivable from capital shares sold —   3,386,356 Receivable on open futures contracts 548,948 —   Interest receivable 350,902 341,824 Total assets 141,696,568 124,463,291 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 6,308,561 —   Payable on open futures contracts —   2,372,844 Payable to Sponso r 110,537 93,113 Total liabilities 6,419,098 2,465,957 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 135,277,470 121,997,334 Total liabilities and shareholders’ equity $ 141,696,568 $ 124,463,291 Shares outstanding 7,505,220 7,205,220 Net asset value per share $ 18.02 $ 16.93 Market value per share (Note 2) $ 18.06 $ 16.92 See accompanying notes to financial statements. F-42 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value WTI Crude Oil - NYMEX, expires September 2025 1,406 $ 89,772,840 $ 2,634,060 WTI Crude Oil - NYMEX, expires December 2025 1,458 89,885,700 8,465,935 WTI Crude Oil - NYMEX, expires June 2026 1,483 90,967,220 4,755,993 $ 15,855,988 See accompanying notes to financial statements. F-43 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 1,176,354 $ 2,290,280 $ 3,111,177 $ 4,533,047 Expenses Management fee 294,244 440,755 775,568 892,340 Brokerage commissions 62,422 43,839 123,198 97,800 Total expenses 356,666 484,594 898,766 990,140 Net investment income (loss) 819,688 1,805,686 2,212,411 3,542,907 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 32,210,113 ( 143,424 ) 41,144,012 ( 12,659,025 ) Short-term U.S. government and agency obligations ( 483 ) —   ( 483 ) 6,779 Net realized gain (loss) 32,209,630 ( 143,424 ) 41,143,529 ( 12,652,246 ) Change in net unrealized appreciation (depreciation) on Futures contracts 14,026,553 ( 1,560,618 ) 17,511,380 ( 35,992,048 ) Short-term U.S. government and agency obligations 277 8,523 —   ( 9,180 ) Change in net unrealized appreciation (depreciation) 14,026,830 ( 1,552,095 ) 17,511,380 ( 36,001,228 ) Net realized and unrealized gain (loss) 46,236,460 ( 1,695,519 ) 58,654,909 ( 48,653,474 ) Net income (loss) $ 47,056,148 $ 110,167 $ 60,867,320 $ ( 45,110,567 ) See accompanying notes to financial statements. F-44 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 179,185,227 $ 197,512,295 $ 121,997,334 $ 188,963,592 Addition of 9,900,000 , 4,200,000 , 20,000,000 and 12,650,000 shares, respectively 164,503,631 65,709,408 322,257,722 216,439,065 Redemption of 13,100,000 , 5,200,000 , 19,700,000 and 10,350,000 shares, respectively ( 255,467,536 ) ( 85,711,832 ) ( 369,844,906 ) ( 182,672,052 ) Net addition (redemption) of ( 3,200,000 ), ( 1,000,000 ), 300,000 and 2,300,000 shares, respectively ( 90,963,905 ) ( 20,002,424 ) ( 47,587,184 ) 33,767,013 Net investment income (loss) 819,688 1,805,686 2,212,411 3,542,907 Net realized gain (loss) 32,209,630 ( 143,424 ) 41,143,529 ( 12,652,246 ) Change in net unrealized appreciation (depreciation) 14,026,830 ( 1,552,095 ) 17,511,380 ( 36,001,228 ) Net income (loss) 47,056,148 110,167 60,867,320 ( 45,110,567 ) Shareholders’ equity, end of period $ 135,277,470 $ 177,620,038 $ 135,277,470 $ 177,620,038 See accompanying notes to financial statements. F-45 Table of Contents PROSHARES ULTRASHORT BLOOMBERG CRUDE OIL STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 60,867,320 $ ( 45,110,567 ) 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 ( 253,591,971 ) ( 242,128,850 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 254,917,637 190,006,779 Net amortization and accretion on short-term U.S. government and agency obligations ( 1,326,149 ) ( 2,612,937 ) Net realized (gain) loss on investments 483 ( 6,779 ) Change in unrealized (appreciation) depreciation on investments —   9,180 Decrease (Increase) in receivable on open futures contracts ( 548,948 ) ( 315,222 ) Decrease (Increase) in interest receivable ( 9,078 ) 11,852 Increase (Decrease) in payable to Sponsor 17,424 408 Increase (Decrease) in brokerage commissions and futures account fees payable —   ( 3,509 ) Increase (Decrease) in payable on open futures contracts ( 2,372,844 ) 152,793 Net cash provided by (used in) operating activities 57,953,874 ( 99,996,852 ) Cash flow from financing activities Proceeds from addition of shares 325,644,078 216,439,065 Payment on shares redeemed ( 363,536,345 ) ( 185,768,143 ) Net cash provided by (used in) financing activities ( 37,892,267 ) 30,670,922 Net increase (decrease) in cash 20,061,607 ( 69,325,930 ) Cash, beginning of period 120,735,111 141,574,168 Cash, end of period $ 140,796,718 $ 72,248,238 See accompanying notes to financial statements. F-46 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 39,967,139 and $ – , respectively) $ 39,967,644 $ —   Cash 159,550,456 177,262,462 Segregated cash balances with brokers for futures contracts 85,426,550 81,628,795 Receivable from capital shares sold 2,544,277 —   Receivable on open futures contracts 38,269,352 19,205,533 Interest receivable 590,035 405,754 Total assets 326,348,314 278,502,544 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 35,619,872 17,443,727 Payable on open futures contracts 7,203,197 —   Brokerage commissions and futures account fees payable 8,470 3,166 Payable to Sponsor 250,138 115,508 Total liabilities 43,081,677 17,562,401 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 283,266,637 260,940,143 Total liabilities and shareholders’ equity $ 326,348,314 $ 278,502,544 Shares outstanding 11,133,712 5,983,712 Net asset value per share $ 25.44 $ 43.61 Market value per share (Note 2) $ 25.61 $ 42.74 See accompanying notes to financial statements. F-47 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Principal Amount Value Short-term U.S. government and agency obligations ( 14 % of shareholders’ equity) U.S. Treasury Bills ^^ : 4.401 % due 07/08/25 $ 40,000,000 $ 39,967,644 Total short-term U.S. government and agency obligations (cost $ 39,967,139 ) $ 39,967,644 Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Natural Gas – NYMEX, expires September 2025 16,234 $ 566,566,600 $ 40,226,449 ^^ Rates shown represent discount rate at the time of purchase. See accompanying notes to financial statements. F-48 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 3,919,799 $ 1,577,496 $ 8,363,249 $ 2,924,574 Expenses Management fee 972,550 310,060 2,059,769 572,504 Brokerage commissions 525,062 304,998 1,029,562 566,252 Futures account fees 26,697 10,978 72,737 27,011 Total expenses 1,524,309 626,036 3,162,068 1,165,767 Net investment income (loss) 2,395,490 951,460 5,201,181 1,758,807 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 124,600,984 ( 44,563,292 ) ( 97,226,728 ) 91,065 Short-term U.S. government and agency obligations ( 8,338 ) —   ( 8,338 ) ( 1,743 ) Net realized gain (loss) 124,592,646 ( 44,563,292 ) ( 97,235,066 ) 89,322 Change in net unrealized appreciation (depreciation) on Futures contracts 80,953,188 20,547,016 66,356,953 44,377,650 Short-term U.S. government and agency obligations 2,307 3,543 505 ( 603 ) Change in net unrealized appreciation (depreciation) 80,955,495 20,550,559 66,357,458 44,377,047 Net realized and unrealized gain (loss) 205,548,141 ( 24,012,733 ) ( 30,877,608 ) 44,466,369 Net income (loss) $ 207,943,631 $ ( 23,061,273 ) $ ( 25,676,427 ) $ 46,225,176 See accompanying notes to financial statements. F-49 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 573,853,468 $ 94,345,355 $ 260,940,143 $ 140,963,092 Addition of 18,750,000 , 7,400,000 , 65,750,000 and 14,000,000 shares, respectively 423,029,768 367,052,728 1,589,675,595 697,107,902 Redemption of 36,750,000 , 5,650,000 , 60,600,000 and 13,950,000 shares, respectively ( 921,560,230 ) ( 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 ( 498,530,462 ) 76,008,345 48,002,921 ( 39,895,841 ) Net investment income (loss) 2,395,490 951,460 5,201,181 1,758,807 Net realized gain (loss) 124,592,646 ( 44,563,292 ) ( 97,235,066 ) 89,322 Change in net unrealized appreciation (depreciation) 80,955,495 20,550,559 66,357,458 44,377,047 Net income (loss) 207,943,631 ( 23,061,273 ) ( 25,676,427 ) 46,225,176 Shareholders’ equity, end of period $ 283,266,637 $ 147,292,427 $ 283,266,637 $ 147,292,427 See accompanying notes to financial statements. F-50 Table of Contents PROSHARES ULTRASHORT BLOOMBERG NATURAL GAS STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 25,676,427 ) $ 46,225,176 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 ( 755,466,782 ) ( 188,049,532 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 719,712,566 99,796,807 Net amortization and accretion on short-term U.S. government and agency obligations ( 4,221,261 ) ( 1,225,504 ) Net realized (gain) loss on investments 8,338 1,743 Change in unrealized (appreciation) depreciation on investments ( 505 ) 603 Decrease (Increase) in receivable on open futures contracts ( 19,063,819 ) ( 3,695,357 ) Decrease (Increase) in interest receivable ( 184,281 ) 110,095 Increase (Decrease) in payable to Sponsor 134,630 4,138 Increase (Decrease) in brokerage commissions and futures account fees payable 5,304 ( 7,188 ) Increase (Decrease) in payable on open futures contracts 7,203,197 ( 9,569,329 ) Net cash provided by (used in) operating activities ( 77,549,040 ) ( 56,408,348 ) Cash flow from financing activities Proceeds from addition of shares 1,587,131,318 706,719,280 Payment on shares redeemed ( 1,523,496,529 ) ( 732,066,710 ) Net cash provided by (used in) financing activities 63,634,789 ( 25,347,430 ) Net increase (decrease) in cash ( 13,914,251 ) ( 81,755,778 ) Cash, beginning of period 258,891,257 136,172,565 Cash, end of period $ 244,977,006 $ 54,416,787 See accompanying notes to financial statements. F-51 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 28,478,624 $ 36,236,198 Segregated cash balances with brokers for foreign currency forward contracts 4,741,088 4,402,112 Unrealized appreciation on foreign currency forward contracts 110,889 1,189,827 Interest receivable 99,347 129,971 Total assets 33,429,948 41,958,108 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 25,748 32,657 Unrealized depreciation on foreign currency forward contracts 1,837,188 32,777 Total liabilities 1,862,936 65,434 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 31,567,012 41,892,674 Total liabilities and shareholders’ equity $ 33,429,948 $ 41,958,108 Shares outstanding 1,150,000 1,200,000 Net asset value per share $ 27.45 $ 34.91 Market value per share (Note 2) $ 27.48 $ 34.92 See accompanying notes to financial statements. F-52 Table of Contents PROSHARES ULTRASHORT EURO SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Euro with Goldman Sachs International 07/11/25 3,901,000 $ 4,598,860 $ 58,997 Euro with UBS AG 07/11/25 2,761,000 3,254,923 51,892 Total Unrealized Appreciation $ 110,889 Contracts to Sell Euro with Goldman Sachs International 07/11/25 ( 31,415,263 ) $ ( 37,035,223 ) $ ( 971,683 ) Euro with UBS AG 07/11/25 ( 28,825,199 ) ( 33,981,816 ) ( 865,505 ) Total Unrealized Depreciation $ ( 1,837,188 ) ^ 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. See accompanying notes to financial statements. F-53 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 303,400 $ 429,872 $ 651,455 $ 888,189 Expenses Management fee 79,062 90,978 169,010 186,228 Total expenses 79,062 90,978 169,010 186,228 Net investment income (loss) 224,338 338,894 482,445 701,961 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 3,936,993 ) 900,760 ( 5,567,946 ) ( 43,101 ) Short-term U.S. government and agency obligations 119 —   119 4,641 Net realized gain (loss) ( 3,936,874 ) 900,760 ( 5,567,827 ) ( 38,460 ) Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 1,538,631 ) ( 199,005 ) ( 2,883,349 ) 2,768,728 Change in net unrealized appreciation (depreciation) ( 1,538,631 ) ( 199,005 ) ( 2,883,349 ) 2,768,728 Net realized and unrealized gain (loss) ( 5,475,505 ) 701,755 ( 8,451,176 ) 2,730,268 Net income (loss) $ ( 5,251,167 ) $ 1,040,649 $ ( 7,968,731 ) $ 3,432,229 See accompanying notes to financial statements. F-54 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 33,912,850 $ 38,712,882 $ 41,892,674 $ 39,367,550 Addition of 300,000 , 50,000 , 350,000 and 50,000 shares, respectively 8,827,978 1,591,183 10,400,342 1,591,183 Redemption of 200,000 , 100,000 , 400,000 and 200,000 shares, respectively ( 5,922,649 ) ( 3,117,731 ) ( 12,757,273 ) ( 6,163,979 ) Net addition (redemption) of 100,000 , ( 50,000 ), ( 50,000 ) and ( 150,000 ) shares, respectively 2,905,329 ( 1,526,548 ) ( 2,356,931 ) ( 4,572,796 ) Net investment income (loss) 224,338 338,894 482,445 701,961 Net realized gain (loss) ( 3,936,874 ) 900,760 ( 5,567,827 ) ( 38,460 ) Change in net unrealized appreciation (depreciation) ( 1,538,631 ) ( 199,005 ) ( 2,883,349 ) 2,768,728 Net income (loss) ( 5,251,167 ) 1,040,649 ( 7,968,731 ) 3,432,229 Shareholders’ equity, end of period $ 31,567,012 $ 38,226,983 $ 31,567,012 $ 38,226,983 See accompanying notes to financial statements. F-55 Table of Contents PROSHARES ULTRASHORT EURO STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 7,968,731 ) $ 3,432,229 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Proceeds from sales or maturities of short-term U.S. government and agency obligations 119 4,641 Net realized (gain) loss on investments ( 119 ) ( 4,641 ) Change in unrealized (appreciation) depreciation on investments 2,883,349 ( 2,768,728 ) Decrease (Increase) in interest receivable 30,624 21,175 Increase (Decrease) in payable to Sponsor ( 6,909 ) ( 3,976 ) Net cash provided by (used in) operating activities ( 5,061,667 ) 680,700 Cash flow from financing activities Proceeds from addition of shares 10,400,342 1,591,183 Payment on shares redeemed ( 12,757,273 ) ( 6,163,979 ) Net cash provided by (used in) financing activities ( 2,356,931 ) ( 4,572,796 ) Net increase (decrease) in cash ( 7,418,598 ) ( 3,892,096 ) Cash, beginning of period 40,638,310 41,090,342 Cash, end of period $ 33,219,712 $ 37,198,246 See accompanying notes to financial statements. F-56 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 60,595,160 $ 13,148,117 Segregated cash balances with brokers for futures contracts 1,488,000 588,800 Segregated cash balances with brokers for swap agreements 13,293,944 2,782,413 Unrealized appreciation on swap agreements 1,407,997 141,581 Interest receivable 204,285 61,820 Total assets 76,989,386 16,722,731 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 93,088 82,309 Payable to Sponsor 58,122 15,994 Total liabilities 151,210 98,303 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 76,838,176 16,624,428 Total liabilities and shareholders’ equity $ 76,989,386 $ 16,722,731 Shares outstanding (Note 1) 3,423,421 473,489 Net asset value per share (Note 1) $ 22.44 $ 35.11 Market value per share (Note 1) (Note 2) $ 22.26 $ 35.16 See accompanying notes to financial statements. F-57 Table of Contents PROSHARES ULTRASHORT GOLD SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Gold Futures - COMEX, expires August 2025 98 $ 32,415,460 $ 462,452 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Gold Subindex 0.25 % 07/07/25 $ ( 102,141,663 ) $ 1,184,233 Swap agreement with Goldman Sachs International based on Bloomberg Gold Subindex 0.20 07/07/25 ( 7,569,889 ) 88,017 Swap agreement with UBS AG based on Bloomberg Gold Subindex 0.25 07/07/25 ( 11,708,549 ) 135,747 Total Unrealized Appreciation $ 1,407,997 ^ 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 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. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-58 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 712,768 $ 176,727 $ 925,475 $ 319,930 Expenses Management fee 198,669 39,309 256,449 71,710 Brokerage commissions 9,743 1,283 11,822 2,218 Total expenses 208,412 40,592 268,271 73,928 Net investment income (loss) 504,356 136,135 657,204 246,002 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 5,683,372 ( 976,285 ) 4,105,748 ( 1,626,248 ) Swap agreements 162,727 ( 1,540,189 ) ( 1,702,253 ) ( 2,288,039 ) Net realized gain (loss) 5,846,099 ( 2,516,474 ) 2,403,495 ( 3,914,287 ) Change in net unrealized appreciation (depreciation) on Futures contracts 3,028,045 374,155 341,396 311,336 Swap agreements 2,905,483 890,281 1,266,416 608,521 Change in net unrealized appreciation (depreciation) 5,933,528 1,264,436 1,607,812 919,857 Net realized and unrealized gain (loss) 11,779,627 ( 1,252,038 ) 4,011,307 ( 2,994,430 ) Net income (loss) $ 12,283,983 $ ( 1,115,903 ) $ 4,668,511 $ ( 2,748,428 ) See accompanying notes to financial statements. F-59 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 45,122,935 $ 15,170,884 $ 16,624,428 $ 11,795,779 Addition of 12,200,000 , 225,000 , 13,700,000 and 325,000 shares, respectively (Note 1) 265,960,947 9,524,925 307,975,402 14,532,555 Redemption of 10,550,068 , 175,000 , 10,750,068 and 175,000 shares, respectively (Note 1) ( 246,529,689 ) ( 7,448,115 ) ( 252,430,165 ) ( 7,448,115 ) Net addition (redemption) of 1,649,932 , 50,000 , 2,949,932 and 150,000 shares, respectively (Note 1) 19,431,258 2,076,810 55,545,237 7,084,440 Net investment income (loss) 504,356 136,135 657,204 246,002 Net realized gain (loss) 5,846,099 ( 2,516,474 ) 2,403,495 ( 3,914,287 ) Change in net unrealized appreciation (depreciation) 5,933,528 1,264,436 1,607,812 919,857 Net income (loss) 12,283,983 ( 1,115,903 ) 4,668,511 ( 2,748,428 ) Shareholders’ equity, end of period $ 76,838,176 $ 16,131,791 $ 76,838,176 $ 16,131,791 See accompanying notes to financial statements. F-60 Table of Contents PROSHARES ULTRASHORT GOLD STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 4,668,511 $ ( 2,748,428 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments ( 1,266,416 ) ( 608,521 ) Decrease (Increase) in receivable on open futures contracts —   17,324 Decrease (Increase) in interest receivable ( 142,465 ) ( 13,921 ) Increase (Decrease) in payable to Sponsor 42,128 2,965 Increase (Decrease) in payable on open futures contracts 10,779 17,400 Net cash provided by (used in) operating activities 3,312,537 ( 3,333,181 ) Cash flow from financing activities Proceeds from addition of shares 307,975,402 14,532,555 Payment on shares redeemed ( 252,430,165 ) ( 7,448,115 ) Net cash provided by (used in) financing activities 55,545,237 7,084,440 Net increase (decrease) in cash 58,857,774 3,751,259 Cash, beginning of period 16,519,330 11,946,483 Cash, end of period $ 75,377,104 $ 15,697,742 See accompanying notes to financial statements. F-61 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 23,599,952 $ 10,846,306 Segregated cash balances with brokers for futures contracts 2,955,000 839,500 Segregated cash balances with brokers for swap agreements 8,414,702 9,082,795 Unrealized appreciation on swap agreements 287,652 2,954,018 Receivable on open futures contracts 92,037 8,500 Interest receivable 89,592 49,804 Total assets 35,438,935 23,780,923 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts —   9,092 Payable to Sponsor 27,960 19,212 Total liabilities 27,960 28,304 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 35,410,975 23,752,619 Total liabilities and shareholders’ equity $ 35,438,935 $ 23,780,923 Shares outstanding 1,360,264 560,264 Net asset value per share $ 26.03 $ 42.40 Market value per share (Note 2) $ 25.81 $ 42.00 See accompanying notes to financial statements. F-62 Table of Contents PROSHARES ULTRASHORT SILVER SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Futures Contracts Sold Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value Silver Futures - COMEX, expires September 2025 190 $ 34,363,400 $ 617,680 Total Return Swap Agreements ^ Rate Paid (Received) * Termination Date Notional Amount at Value ** Unrealized Appreciation (Depreciation)/Value Swap agreement with Citibank, N.A. based on Bloomberg Silver Subindex 0.25 % 07/07/25 $ ( 19,107,003 ) $ 150,872 Swap agreement with Goldman Sachs International based on Bloomberg Silver Subindex 0.25 07/07/25 ( 13,644,581 ) 107,740 Swap agreement with Morgan Stanley & Co. International PLC based on Bloomberg Silver Subindex 0.30 07/07/25 ( 1,882,126 ) 14,799 Swap agreement with UBS AG based on Bloomberg Silver Subindex 0.25 07/07/25 ( 1,803,827 ) 14,241 Total Unrealized Appreciation $ 287,652 ^ 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 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. ** For swap agreements, a positive amount represents “long” exposure to the benchmark index. A negative amount represents “short” exposure to the benchmark index. See accompanying notes to financial statements. F-63 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 227,082 $ 597,421 $ 404,937 $ 978,854 Expenses Management fee 72,877 139,041 134,248 230,179 Brokerage commissions 5,790 13,863 10,119 19,887 Total expenses 78,667 152,904 144,367 250,066 Net investment income (loss) 148,415 444,517 260,570 728,788 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts ( 778,764 ) ( 7,210,938 ) ( 2,520,178 ) ( 2,337,230 ) Swap agreements ( 2,548,468 ) ( 8,859,200 ) ( 3,916,040 ) ( 7,952,888 ) Net realized gain (loss) ( 3,327,232 ) ( 16,070,138 ) ( 6,436,218 ) ( 10,290,118 ) Change in net unrealized appreciation (depreciation) on Futures contracts 891,816 943,651 105,765 ( 806,615 ) Swap agreements 1,599,631 3,959,173 ( 2,666,366 ) 4,290,837 Change in net unrealized appreciation (depreciation) 2,491,447 4,902,824 ( 2,560,601 ) 3,484,222 Net realized and unrealized gain (loss) ( 835,785 ) ( 11,167,314 ) ( 8,996,819 ) ( 6,805,896 ) Net income (loss) $ ( 687,370 ) $ ( 10,722,797 ) $ ( 8,736,249 ) $ ( 6,077,108 ) See accompanying notes to financial statements. F-64 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 32,867,619 $ 24,245,029 $ 23,752,619 $ 65,149,686 Addition of 1,500,000 , 1,900,000 , 2,650,000 and 2,250,000 shares, respectively 43,067,889 90,286,838 80,052,403 116,105,726 Redemption of 1,250,000 , 562,500 , 1,850,000 and 1,450,000 shares, respectively ( 39,837,163 ) ( 27,610,327 ) ( 59,657,798 ) ( 98,979,561 ) Net addition (redemption) of 250,000 , 1,337,500 , 800,000 and 800,000 shares, respectively 3,230,726 62,676,511 20,394,605 17,126,165 Net investment income (loss) 148,415 444,517 260,570 728,788 Net realized gain (loss) ( 3,327,232 ) ( 16,070,138 ) ( 6,436,218 ) ( 10,290,118 ) Change in net unrealized appreciation (depreciation) 2,491,447 4,902,824 ( 2,560,601 ) 3,484,222 Net income (loss) ( 687,370 ) ( 10,722,797 ) ( 8,736,249 ) ( 6,077,108 ) Shareholders’ equity, end of period $ 35,410,975 $ 76,198,743 $ 35,410,975 $ 76,198,743 See accompanying notes to financial statements. F-65 Table of Contents PROSHARES ULTRASHORT SILVER STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 8,736,249 ) $ ( 6,077,108 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Change in unrealized (appreciation) depreciation on investments 2,666,366 ( 4,290,837 ) Decrease (Increase) in receivable on open futures contracts ( 83,537 ) 329,629 Decrease (Increase) in interest receivable ( 39,788 ) ( 78,721 ) Increase (Decrease) in payable to Sponsor 8,748 15,561 Increase (Decrease) in payable on open futures contracts ( 9,092 ) 823,698 Net cash provided by (used in) operating activities ( 6,193,552 ) ( 9,277,778 ) Cash flow from financing activities Proceeds from addition of shares 80,052,403 116,451,750 Payment on shares redeemed ( 59,657,798 ) ( 98,979,561 ) Net cash provided by (used in) financing activities 20,394,605 17,472,189 Net increase (decrease) in cash 14,201,053 8,194,411 Cash, beginning of period 20,768,601 64,596,871 Cash, end of period $ 34,969,654 $ 72,791,282 See accompanying notes to financial statements. F-66 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 18,769,338 $ 21,059,078 Segregated cash balances with brokers for foreign currency forward contracts 2,027,880 2,736,018 Unrealized appreciation on foreign currency forward contracts —   2,283,588 Interest receivable 66,314 76,797 Total assets 20,863,532 26,155,481 Liabilities and shareholders’ equity Liabilities Payable to Sponsor 16,828 19,957 Unrealized depreciation on foreign currency forward contracts 287,001 55,229 Total liabilities 303,829 75,186 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 20,559,703 26,080,295 Total liabilities and shareholders’ equity $ 20,863,532 $ 26,155,481 Shares outstanding 497,160 547,160 Net asset value per share $ 41.35 $ 47.66 Market value per share (Note 2) $ 41.38 $ 46.68 See accompanying notes to financial statements. F-67 Table of Contents PROSHARES ULTRASHORT YEN SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Foreign Currency Forward Contracts ^ Settlement Date Contract Amount in Local Currency Contract Amount in U.S. Dollars Unrealized Appreciation (Depreciation)/ Value Contracts to Purchase Yen with Goldman Sachs International 07/11/25 349,607,000 $ 2,431,033 $ ( 1,611 ) Yen with UBS AG 07/11/25 700,384,000 4,870,202 ( 3,194 ) Total Unrealized Depreciation $ ( 4,805 ) Contracts to Sell Yen with Goldman Sachs International 07/11/25 ( 3,117,111,165 ) $ ( 21,675,194 ) $ ( 135,272 ) Yen with UBS AG 07/11/25 ( 3,863,915,424 ) ( 26,868,184 ) ( 146,924 ) Total Unrealized Depreciation $ ( 282,196 ) ^ 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. See accompanying notes to financial statements. F-68 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 208,788 $ 456,243 $ 417,761 $ 771,660 Expenses Management fee 53,166 96,949 107,103 163,082 Total expenses 53,166 96,949 107,103 163,082 Net investment income (loss) 155,622 359,294 310,658 608,578 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Foreign currency forward contracts ( 1,138,324 ) 4,417,569 ( 1,297,018 ) 6,122,840 Short-term U.S. government and agency obligations 91 —   91 3,541 Net realized gain (loss) ( 1,138,233 ) 4,417,569 ( 1,296,927 ) 6,126,381 Change in net unrealized appreciation (depreciation) on Foreign currency forward contracts ( 710,709 ) 1,529,867 ( 2,515,360 ) 4,468,019 Change in net unrealized appreciation (depreciation) ( 710,709 ) 1,529,867 ( 2,515,360 ) 4,468,019 Net realized and unrealized gain (loss) ( 1,848,942 ) 5,947,436 ( 3,812,287 ) 10,594,400 Net income (loss) $ ( 1,693,320 ) $ 6,306,730 $ ( 3,501,629 ) $ 11,202,978 See accompanying notes to financial statements. F-69 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 26,449,371 $ 32,662,223 $ 26,080,295 $ 24,010,010 Addition of 100,000 , 400,000 , 250,000 and 600,000 shares, respectively 4,171,255 17,441,510 10,847,681 25,021,470 Redemption of 200,000 , 200,000 , 300,000 and 300,000 shares, respectively ( 8,367,603 ) ( 8,915,431 ) ( 12,866,644 ) ( 12,739,426 ) Net addition (redemption) of ( 100,000 ), 200,000 , ( 50,000 ) and 300,000 shares, respectively ( 4,196,348 ) 8,526,079 ( 2,018,963 ) 12,282,044 Net investment income (loss) 155,622 359,294 310,658 608,578 Net realized gain (loss) ( 1,138,233 ) 4,417,569 ( 1,296,927 ) 6,126,381 Change in net unrealized appreciation (depreciation) ( 710,709 ) 1,529,867 ( 2,515,360 ) 4,468,019 Net income (loss) ( 1,693,320 ) 6,306,730 ( 3,501,629 ) 11,202,978 Shareholders’ equity, end of period $ 20,559,703 $ 47,495,032 $ 20,559,703 $ 47,495,032 See accompanying notes to financial statements. F-70 Table of Contents PROSHARES ULTRASHORT YEN STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ ( 3,501,629 ) $ 11,202,978 Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Proceeds from sales or maturities of short-term U.S. government and agency obligations 91 3,541 Net realized (gain) loss on investments ( 91 ) ( 3,541 ) Change in unrealized (appreciation) depreciation on investments 2,515,360 ( 4,468,019 ) Decrease (Increase) in interest receivable 10,483 ( 66,460 ) Increase (Decrease) in payable to Sponsor ( 3,129 ) 15,004 Net cash provided by (used in) operating activities ( 978,915 ) 6,683,503 Cash flow from financing activities Proceeds from addition of shares 10,847,681 25,021,470 Payment on shares redeemed ( 12,866,644 ) ( 12,739,426 ) Net cash provided by (used in) financing activities ( 2,018,963 ) 12,282,044 Net increase (decrease) in cash ( 2,997,878 ) 18,965,547 Cash, beginning of period 23,795,096 25,242,327 Cash, end of period $ 20,797,218 $ 44,207,874 See accompanying notes to financial statements. F-71 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Cash $ 18,102,286 $ 24,122,440 Segregated cash balances with brokers for futures contracts 2,896,588 3,959,399 Receivable from capital shares sold 418,367 —   Receivable on open futures contracts 68,784 557 Interest receivable 65,523 99,278 Total assets 21,551,548 28,181,674 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts —   50,382 Brokerage commissions and futures account fees payable 643 1,656 Payable to Sponsor 13,295 18,426 Total liabilities 13,938 70,464 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 21,537,610 28,111,210 Total liabilities and shareholders’ equity $ 21,551,548 $ 28,181,674 Shares outstanding 1,287,403 1,937,403 Net asset value per share $ 16.73 $ 14.51 Market value per share (Note 2) $ 16.76 $ 14.46 See accompanying notes to financial statements. F-72 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires October 2025 187 $ 3,947,009 $ 165,078 VIX Futures - Cboe, expires November 2025 336 7,156,800 ( 264,054 ) VIX Futures - Cboe, expires December 2025 336 7,144,536 ( 76,044 ) VIX Futures - Cboe, expires January 2026 150 3,296,009 ( 13,647 ) $ ( 188,667 ) See accompanying notes to financial statements. F-73 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 216,994 $ 1,106,849 $ 498,093 $ 1,622,013 Expenses Management fee 49,547 191,320 113,521 288,207 Brokerage commissions 5,909 66,049 18,454 86,212 Futures account fees 2,004 10,537 5,124 16,541 Total expenses 57,460 267,906 137,099 390,960 Net investment income (loss) 159,534 838,943 360,994 1,231,053 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 4,726,990 ( 8,949,418 ) 5,434,182 ( 15,057,887 ) Short-term U.S. government and agency obligations 84 —   84 3,278 Net realized gain (loss) 4,727,074 ( 8,949,418 ) 5,434,266 ( 15,054,609 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 1,835,417 ) 1,092,860 ( 210,933 ) 3,882,651 Short-term U.S. government and agency obligations —   2,519 —   2,519 Change in net unrealized appreciation (depreciation) ( 1,835,417 ) 1,095,379 ( 210,933 ) 3,885,170 Net realized and unrealized gain (loss) 2,891,657 ( 7,854,039 ) 5,223,333 ( 11,169,439 ) Net income (loss) $ 3,051,191 $ ( 7,015,096 ) $ 5,584,327 $ ( 9,938,386 ) See accompanying notes to financial statements. F-74 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 34,246,807 $ 84,603,064 $ 28,111,210 $ 37,866,143 Addition of 25,000 , 5,250,000 , 1,325,000 and 8,625,000 shares, respectively 418,368 80,762,930 20,545,980 135,188,877 Redemption of 900,000 , 8,250,000 , 1,975,000 and 8,550,000 shares, respectively ( 16,178,756 ) ( 124,949,446 ) ( 32,703,907 ) ( 129,715,182 ) Net addition (redemption) of ( 875,000 ), ( 3,000,000 ), ( 650,000 ) and 75,000 shares, respectively ( 15,760,388 ) ( 44,186,516 ) ( 12,157,927 ) 5,473,695 Net investment income (loss) 159,534 838,943 360,994 1,231,053 Net realized gain (loss) 4,727,074 ( 8,949,418 ) 5,434,266 ( 15,054,609 ) Change in net unrealized appreciation (depreciation) ( 1,835,417 ) 1,095,379 ( 210,933 ) 3,885,170 Net income (loss) 3,051,191 ( 7,015,096 ) 5,584,327 ( 9,938,386 ) Shareholders’ equity, end of period $ 21,537,610 $ 33,401,452 $ 21,537,610 $ 33,401,452 See accompanying notes to financial statements. F-75 Table of Contents PROSHARES VIX MID-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 5,584,327 $ ( 9,938,386 ) 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 —   ( 49,330,764 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 84 3,278 Net amortization and accretion on short-term U.S. government and agency obligations —   ( 189,132 ) Net realized (gain) loss on investments ( 84 ) ( 3,278 ) Change in unrealized (appreciation) depreciation on investments —   ( 2,519 ) Decrease (Increase) in receivable on open futures contracts ( 68,227 ) ( 10,685,557 ) Decrease (Increase) in interest receivable 33,755 ( 79,106 ) Increase (Decrease) in payable to Sponsor ( 5,131 ) 43,729 Increase (Decrease) in brokerage commissions and futures account fees payable ( 1,013 ) 1,208 Increase (Decrease) in payable on open futures contracts ( 50,382 ) —   Net cash provided by (used in) operating activities 5,493,329 ( 70,180,527 ) Cash flow from financing activities Proceeds from addition of shares 20,127,613 135,188,877 Payment on shares redeemed ( 32,703,907 ) ( 56,875,919 ) Net cash provided by (used in) financing activities ( 12,576,294 ) 78,312,958 Net increase (decrease) in cash ( 7,082,965 ) 8,132,431 Cash, beginning of period 28,081,839 37,611,189 Cash, end of period $ 20,998,874 $ 45,743,620 See accompanying notes to financial statements. F-76 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ — and $ 24,931,067 , respectively) $ —   $ 24,937,875 Cash 92,957,291 54,919,200 Segregated cash balances with brokers for futures contracts 72,336,124 50,955,604 Receivable on open futures contracts —   2,613,474 Interest receivable 429,360 310,926 Total assets 165,722,775 133,737,079 Liabilities and shareholders’ equity Liabilities Payable on open futures contracts 1,054,685 —   Brokerage commissions and futures account fees payable 8,568 9,271 Payable to Sponsor 117,680 86,193 Total liabilities 1,180,933 95,464 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 164,541,842 133,641,615 Total liabilities and shareholders’ equity $ 165,722,775 $ 133,737,079 Shares outstanding 3,516,252 2,966,252 Net asset value per share $ 46.79 $ 45.05 Market value per share (Note 2) $ 46.88 $ 45.02 See accompanying notes to financial statements. F-77 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF SCHEDULE OF INVESTMENTS JUNE 30, 2025 (unaudited) Futures Contracts Purchased Number of Contracts Notional Amount at Value Unrealized Appreciation (Depreciation)/Value VIX Futures - Cboe, expires July 2025 4,728 $ 88,477,693 $ ( 7,787,496 ) VIX Futures - Cboe, expires August 2025 3,778 75,928,733 ( 2,354,217 ) $ ( 10,141,713 ) See accompanying notes to financial statements. F-78 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 1,189,233 $ 1,619,921 $ 2,751,531 $ 3,378,183 Expenses Management fee 286,187 310,061 652,682 646,437 Brokerage commissions 117,436 39,404 288,163 79,663 Futures account fees 22,263 31,267 88,661 64,538 Total expenses 425,886 380,732 1,029,506 790,638 Net investment income (loss) 763,347 1,239,189 1,722,025 2,587,545 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 44,564,343 ( 27,512,354 ) 76,773,606 ( 59,271,318 ) Short-term U.S. government and agency obligations 627 —   627 4,830 Net realized gain (loss) 44,564,970 ( 27,512,354 ) 76,774,233 ( 59,266,488 ) Change in net unrealized appreciation (depreciation) on Futures contracts ( 21,523,129 ) 4,018,755 ( 14,535,040 ) 7,003,274 Short-term U.S. government and agency obligations ( 200 ) 3,454 ( 6,808 ) ( 11,885 ) Change in net unrealized appreciation (depreciation) ( 21,523,329 ) 4,022,209 ( 14,541,848 ) 6,991,389 Net realized and unrealized gain (loss) 23,041,641 ( 23,490,145 ) 62,232,385 ( 52,275,099 ) Net income (loss) $ 23,804,988 $ ( 22,250,956 ) $ 63,954,410 $ ( 49,687,554 ) See accompanying notes to financial statements. F-79 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 162,998,741 $ 162,936,051 $ 133,641,615 $ 157,321,746 Addition of 2,500,000 , 925,000 , 7,225,000 and 1,875,000 shares, respectively 133,762,860 42,851,982 332,679,299 95,632,291 Redemption of 2,225,000 , 650,000 , 6,675,000 and 987,500 shares, respectively ( 156,024,747 ) ( 35,117,049 ) ( 365,733,482 ) ( 54,846,455 ) Net addition (redemption) of 275,000 , 275,000 , 550,000 and 887,500 shares, respectively ( 22,261,887 ) 7,734,933 ( 33,054,183 ) 40,785,836 Net investment income (loss) 763,347 1,239,189 1,722,025 2,587,545 Net realized gain (loss) 44,564,970 ( 27,512,354 ) 76,774,233 ( 59,266,488 ) Change in net unrealized appreciation (depreciation) ( 21,523,329 ) 4,022,209 ( 14,541,848 ) 6,991,389 Net income (loss) 23,804,988 ( 22,250,956 ) 63,954,410 ( 49,687,554 ) Shareholders’ equity, end of period $ 164,541,842 $ 148,420,028 $ 164,541,842 $ 148,420,028 See accompanying notes to financial statements. F-80 Table of Contents PROSHARES VIX SHORT-TERM FUTURES ETF STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 63,954,410 $ ( 49,687,554 ) 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 ( 164,117,321 ) ( 153,292,911 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 189,961,871 149,944,134 Net amortization and accretion on short-term U.S. government and agency obligations ( 912,856 ) ( 1,754,522 ) Net realized (gain) loss on investments ( 627 ) ( 4,830 ) Change in unrealized (appreciation) depreciation on investments 6,808 11,885 Decrease (Increase) in receivable on open futures contracts 2,613,474 ( 2,310,106 ) Decrease (Increase) in interest receivable ( 118,434 ) 5,529 Increase (Decrease) in payable to Sponsor 31,487 ( 23,353 ) Increase (Decrease) in brokerage commissions and futures account fees payable ( 703 ) ( 659 ) Increase (Decrease) in payable on open futures contracts 1,054,685 ( 580 ) Net cash provided by (used in) operating activities 92,472,794 ( 57,112,967 ) Cash flow from financing activities Proceeds from addition of shares 332,679,299 95,632,291 Payment on shares redeemed ( 365,733,482 ) ( 54,846,455 ) Net cash provided by (used in) financing activities ( 33,054,183 ) 40,785,836 Net increase (decrease) in cash 59,418,611 ( 16,327,131 ) Cash, beginning of period 105,874,804 95,126,975 Cash, end of period $ 165,293,415 $ 78,799,844 See accompanying notes to financial statements. F-81 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF FINANCIAL CONDITION June 30, 2025 (unaudited) December 31, 2024 Assets Short-term U.S. government and agency obligations (Note 3) (cost $ 319,748,936 and $ 473,690,268 , respectively) $ 319,752,668 $ 473,819,625 Cash 2,207,202,869 1,765,501,542 Segregated cash balances with brokers for futures contracts 921,413,259 622,689,660 Segregated cash balances with brokers for foreign currency forward contracts 13,932,035 16,562,030 Segregated cash balances with brokers for swap agreements 191,325,199 172,690,806 Unrealized appreciation on swap agreements 5,719,272 41,311,209 Unrealized appreciation on foreign currency forward contracts 1,321,954 3,621,921 Receivable from capital shares sold 94,761,504 14,352,999 Receivable on open futures contracts 44,697,812 35,746,889 Interest receivable 7,475,512 5,627,491 Total assets 3,807,602,084 3,151,924,172 Liabilities and shareholders’ equity Liabilities Payable for capital shares redeemed 52,182,103 20,192,198 Payable on open futures contracts 87,261,806 44,527,123 Brokerage commissions and futures account fees payable 76,339 59,280 Payable to Sponsor 2,773,278 2,525,993 Unrealized depreciation on swap agreements 11,197,394 54,867,040 Unrealized depreciation on foreign currency forward contracts 2,155,362 4,618,937 Total liabilities 155,646,282 126,790,571 Commitments and Contingencies (Note 2) Shareholders’ equity Shareholders’ equity 3,651,955,802 3,025,133,601 Total liabilities and shareholders’ equity $ 3,807,602,084 $ 3,151,924,172 Shares outstanding (Note 1) 125,998,328 98,048,396 See accompanying notes to financial statements. F-82 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF OPERATIONS (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Investment Income Interest $ 31,608,406 $ 36,592,197 $ 62,559,311 $ 67,381,467 Expenses Management fee 8,240,705 7,448,120 16,091,243 14,618,380 Brokerage commissions 1,988,079 1,987,015 4,152,582 3,830,567 Futures account fees 222,750 169,922 549,450 400,385 Total expenses 10,451,534 9,605,057 20,793,275 18,849,332 Net investment income (loss) 21,156,872 26,987,140 41,766,036 48,532,135 Realized and unrealized gain (loss) on investment activity Net realized gain (loss) on Futures contracts 328,054,378 192,957,311 513,310,950 ( 95,441,709 ) Swap agreements 81,036,670 147,613,685 142,797,216 237,098,199 Foreign currency forward contracts ( 3,030,481 ) ( 266,644 ) ( 3,016,969 ) ( 1,392,235 ) Short-term U.S. government and agency obligations ( 9,131 ) 1,196 ( 9,201 ) 71,141 Net realized gain (loss) 406,051,436 340,305,548 653,081,996 140,335,396 Change in net unrealized appreciation (depreciation) on Futures contracts ( 165,477,989 ) ( 68,861,582 ) ( 104,237,226 ) ( 169,234,257 ) Swap agreements ( 91,024,244 ) ( 58,891,791 ) 8,077,709 ( 13,314,347 ) Foreign currency forward contracts 450,161 550,617 163,608 2,368,057 Short-term U.S. government and agency obligations 13,008 59,741 ( 125,625 ) ( 125,457 ) Change in net unrealized appreciation (depreciation) ( 256,039,064 ) ( 127,143,015 ) ( 96,121,534 ) ( 180,306,004 ) Net realized and unrealized gain (loss) 150,012,372 213,162,533 556,960,462 ( 39,970,608 ) Net income (loss) $ 171,169,244 $ 240,149,673 $ 598,726,498 $ 8,561,527 See accompanying notes to financial statements. F-83 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Shareholders’ equity, beginning of period $ 3,573,878,847 $ 3,088,679,681 $ 3,025,133,601 $ 3,282,832,126 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 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) ( 93,092,289 ) ( 207,674,014 ) 28,095,703 ( 170,238,313 ) Net investment income (loss) 21,156,872 26,987,140 41,766,036 48,532,135 Net realized gain (loss) 406,051,436 340,305,548 653,081,996 140,335,396 Change in net unrealized appreciation (depreciation) ( 256,039,064 ) ( 127,143,015 ) ( 96,121,534 ) ( 180,306,004 ) Net income (loss) 171,169,244 240,149,673 598,726,498 8,561,527 Shareholders’ equity, end of period $ 3,651,955,802 $ 3,121,155,340 $ 3,651,955,802 $ 3,121,155,340 See accompanying notes to financial statements. F-84 Table of Contents PROSHARES TRUST II COMBINED STATEMENTS OF CASH FLOWS (unaudited) Six Months Ended June 30, 2025 2024 Cash flow from operating activities Net income (loss) $ 598,726,498 $ 8,561,527 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 ( 4,922,432,200 ) ( 2,820,463,204 ) Proceeds from sales or maturities of short-term U.S. government and agency obligations 5,104,090,758 1,973,332,631 Net amortization and accretion on short-term U.S. government and agency obligations ( 27,726,427 ) ( 28,723,434 ) Net realized (gain) loss on investments 9,201 ( 71,141 ) Change in unrealized (appreciation) depreciation on investments ( 8,115,692 ) 11,071,747 Decrease (Increase) in receivable on futures contracts ( 8,950,923 ) ( 12,140,043 ) Decrease (Increase) in interest receivable ( 1,848,021 ) 1,359,942 Increase (Decrease) in payable to Sponsor 247,285 ( 226,522 ) Increase (Decrease) in brokerage commissions and futures account fees payable 17,059 ( 85,133 ) Increase (Decrease) in payable on futures contracts 42,734,683 9,735,619 Net cash provided by (used in) operating activities 776,752,221 ( 857,648,011 ) Cash flow from financing activities Proceeds from addition of shares 7,307,503,630 3,397,347,736 Payment on shares redeemed ( 7,327,826,527 ) ( 3,588,721,974 ) Net cash provided by (used in) financing activities ( 20,322,897 ) ( 191,374,238 ) Net increase (decrease) in cash 756,429,324 ( 1,049,022,249 ) Cash, beginning of period 2,577,444,038 2,597,706,107 Cash, end of period $ 3,333,873,362 $ 1,548,683,858 See accompanying notes to financial statements. F-85 Table of Contents PROSHARES TRUST II NOTES TO FINANCIAL STATEMENTS June 30, 2025 (unaudited) 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 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”); (ii) ProShares Short VIX Short-Term Futures ETF and ProShares Ultra VIX Short-Term Futures ETF (each, a “Geared VIX Fund” and collectively, the “Geared VIX Funds”); and (iii) ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Bloomberg Natural Gas, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Bloomberg Natural Gas, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen (each, a “Leveraged Fund” and collectively, the “Leveraged Funds”); Each of the Funds listed above issues common units of beneficial interest (“Shares”), which represent units of fractional undivided beneficial interest in and ownership of only that Fund. The Shares of each Fund, other than the Matching VIX Funds and the Geared VIX Funds, are listed on the NYSE Arca, Inc. (“NYSE Arca”). The Matching VIX Funds and the Geared VIX Funds are listed on the Cboe BZX Exchange (“Cboe BZX”). The Leveraged Funds and the Geared VIX Funds, are collectively referred to as the “Geared Funds” in these Notes to Financial Statements. The Geared VIX Funds and the Matching VIX Funds are collectively referred to as the “VIX Funds” in these Notes to Financial Statements. The Trust had no operations prior to November 24, 2008, other than matters relating to its organization, the registration of each series under the Securities Act of 1933, as amended, and the sale and issuance to ProShare Capital Management LLC (the “Sponsor”) of fourteen Shares at an aggregate purchase price of $ 350 in each of the following Funds: ProShares UltraShort Bloomberg Crude Oil, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Euro, ProShares UltraShort Yen, ProShares Ultra Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares Ultra Euro and ProShares Ultra Yen. Groups of Funds are collectively referred to in several different ways. References to “Short Fund,” “UltraShort Funds,” or “Ultra Funds” refer to the different Funds based upon their investment objectives, but without distinguishing among the Funds’ benchmarks. References to “Commodity Index Funds,” “Commodity Funds” and “Currency Funds” refer to the different Funds according to their general benchmark categories without distinguishing among the Funds’ investment objectives or Fund-specific benchmarks. References to “VIX Funds” refer to the different Funds based upon their investment objective and their general benchmark categories. The “Short” Fund seeks daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of its corresponding benchmark. 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 either one and one-half times (1.5x) or two times (2x) the daily performance of its corresponding benchmark. Each Matching VIX Fund seeks investment results, before fees and expenses, both for a single day and over time, that match (1x) the performance of its corresponding benchmark. Daily performance is measured from the calculation of each Fund’s net asset value (“NAV”) to the Fund’s next NAV calculation. The Geared Funds do not seek to achieve their stated investment objectives over a period of time greater than a single day because mathematical compounding prevents the Geared Funds from achieving such results. Accordingly, results over periods of time greater than a single day should not be expected to be a simple multiple (e.g., -0.5x, -2x, 1.5x, or 2x) of the period return of the corresponding benchmark and will likely differ significantly. F-86 Table of Contents Share Splits and Reverse Share Splits 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. Fund Execution Date (Prior to Opening of Trading) Type of Split Date Trading Resumed at Post- Split Price ProShares Short VIX Short-Term Futures April 10, 2024 2-for-1 forward Share split April 11, 2024 ProShares UltraShort Bloomberg Natural Gas April 10, 2024 2-for-1 forward Share split April 11, 2024 ProShares Ultra VIX Short-Term Futures April 10, 2024 1-for-5 reverse Share split April 11, 2024 ProShares VIX Short-Term Futures November 6, 2024 1-for-4 reverse Share split November 7, 2024 ProShares Ultra Bloomberg Natural Gas November 6, 2024 1-for-5 reverse Share split November 7, 2024 ProShares UltraShort Silver November 6, 2024 1-for-4 reverse Share split November 7, 2024 ProShares UltraShort Yen November 6, 2024 2-for-1 forward Share split 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. Therefore, the reverse splits did not change the aggregate net asset value of a shareholder’s investment at the time of the reverse split. The forward splits were applied retroactively for all periods presented, increasing the number of Shares outstanding for each of the Funds, and resulted in a proportionate decrease in the price per Share and per Share information of each such Fund. Therefore, the forward splits did not change the aggregate net asset value of a shareholder’s investment at the time of the forward split. NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES Each Fund is an investment company, as defined by Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 “Financial Services — Investment Companies.” As such, the Funds follow the investment company accounting and reporting guidance. The following is a summary of significant accounting policies followed by each Fund, as applicable, in preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited financial statements were prepared in accordance with GAAP for interim financial information and with the instructions for Form 10-Q and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). In the opinion of management, all material adjustments, consisting only of normal recurring adjustments, considered necessary for a fair statement of the interim period financial statements have been made. Interim period results are not necessarily indicative of results for a full-year period. These financial statements and the notes thereto should be read in conjunction with the Trust’s and the Funds’ financial statements included in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 28, 2025. Use of Estimates & Indemnifications The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the normal course of business, the Trust enters into contracts that contain a variety of representations which provide general indemnifications. The Trust’s maximum exposure under these arrangements cannot be known; however, the Trust expects any risk of material or significant loss to be remote. Basis of Presentation Pursuant to rules and regulations of the SEC, these financial statements are presented for the Trust as a whole, as the SEC registrant, and for each Fund individually. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular Fund shall be enforceable only against the assets of such Fund and not against the assets of the Trust generally or any other Fund. Accordingly, the assets of each Fund of the Trust include only those funds and other assets that are paid to, held by or distributed to the Trust for the purchase of Shares in that Fund. F-87 Table of Contents 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 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 six months ended June 30, 2025 were typically as follows. All times are Eastern Standard Time: Fund Create/Redeem Cut-off* NAV Calculation Time NAV Calculation Date Ultra Silver and UltraShort Silver 1:00 p.m. 1:25 p.m. June 30, 2025 Ultra Gold and UltraShort Gold 1:00 p.m. 1:30 p.m. June 30, 2025 Ultra Bloomberg Crude Oil, Ultra Bloomberg Natural Gas, UltraShort Bloomberg Crude Oil and June 30, 2025 UltraShort Bloomberg Natural Gas 2:00 p.m. 2:30 p.m. June 30, 2025 Ultra Euro, June 30, 2025 Ultra Yen, June 30, 2025 UltraShort Euro and UltraShort Yen 3:00 p.m. 4:00 p.m. June 30, 2025 Short VIX Short-Term Futures ETF, June 30, 2025 Ultra VIX Short-Term Futures ETF, June 30, 2025 VIX Mid-Term Futures ETF and VIX Short-Term Futures ETF 2:00 p.m. 4:00 p.m. June 30, 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 redempt ion 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 six months ended June 30, 2025. Investment Valuation Short-term investments are valued at amortized cost which approximates fair value for daily NAV purposes. For financial reporting purposes, short-term investments are valued at their market price using information provided by a third-party pricing service or market quotations. In each of these situations, valuations are typically categorized as Level I in the fair value hierarchy. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. These instruments are classified as Level II in the fair value hierarchy. Derivatives (e.g., futures contracts, options, swap agreements, forward agreements and foreign currency forward contracts) are generally valued using independent sources and/or agreements with counterparties or other procedures as determined by the Sponsor. Futures contracts, are generally valued at the last settled price on the applicable exchange on which that future trades. Futures contracts valuations are typically categorized as Level F-88 Table of Contents 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. 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. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted. Depending on the source and relevant significance of valuation inputs, these instruments may be classified as Level II or Level III in the fair value hierarchy. Fair value pricing may require subjective determinations about the value of an investment. While the Funds’ policies are intended to result in a calculation of its respective Fund’s NAV that fairly reflects investment values as of the time of pricing, such Fund cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that a Fund could obtain for an investment if it were to dispose of that investment as of the time of pricing (for instance, in a forced or distressed sale). The prices used by such Fund may differ from the value that would be realized if the investments were sold and the differences could be material to the financial statements. Fair Value of Financial Instruments The Funds disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The disclosure requirements establish a fair value hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs); and (2) the Funds’ own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs). The three levels defined by the disclosure requirements hierarchy are as follows: Level I – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level II – Inputs other than quoted prices included within Level I that are observable for the asset or liability, either directly or indirectly. Level II assets include the following: quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs). Level III – Unobservable pricing input at the measurement date for the asset or liability. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available. In some instances, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest input level that is significant to the fair value measurement in its entirety. 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. F-89 Table of Contents The following table summarizes the va lu ation of investments at June 30, 2025 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ —   $ 10,392,342 $ —  $ —  $ 10,392,342 ProShares Ultra Bloomberg Crude Oil 49,959,555 3,282,538 —  4,023,623 57,265,716 ProShares Ultra Bloomberg Natural Gas 19,983,822 ( 29,767,704 ) —  —  ( 9,783,882 ) ProShares Ultra Euro —  —  443,520 —  443,520 ProShares Ultra Gold 74,939,332 ( 3,455,626 ) —  ( 4,726,020 ) 66,757,686 ProShares Ultra Silver 119,914,448 ( 9,137,947 ) —  ( 6,471,374 ) 104,305,127 ProShares Ultra VIX Short-Term Futures ETF 14,987,867 ( 55,376,766 ) —  —  ( 40,388,899 ) ProShares Ultra Yen —  —  736,372 —  736,372 ProShares UltraShort Bloomberg Crude Oil —   15,855,988 —  —  15,855,988 ProShares UltraShort Bloomberg Natural Gas 39,967,644 40,226,449 —  —  80,194,093 ProShares UltraShort Euro —  —  ( 1,726,299 ) —  ( 1,726,299 ) ProShares UltraShort Gold —  462,452 —  1,407,997 1,870,449 ProShares UltraShort Silver —  617,680 —  287,652 905,332 ProShares UltraShort Yen —  —  ( 287,001 ) —  ( 287,001 ) ProShares VIX Mid-Term Futures ETF —  ( 188,667 ) —  —  ( 188,667 ) ProShares VIX Short-Term Futures ETF —   ( 10,141,713 ) —  —  ( 10,141,713 ) Combined Trust: $ 319,752,668 $ ( 37,230,974 ) $ ( 833,408 ) $ ( 5,478,122 ) $ 276,210,164 * 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 June 30, 2025. The following table summarizes the valuation of investments at December 31, 2024 using the fair value hierarchy: Level I - Quoted Prices Level II - Other Significant Observable Inputs Fund Short-Term U.S. Government and Agencies Futures Contracts * Foreign Currency Forward Contracts Swap Agreements Total ProShares Short VIX Short-Term Futures ETF $ 24,937,875 $ ( 3,008,751 ) $ —  $ —  $ 21,929,124 ProShares Ultra Bloomberg Crude Oil 99,751,500 10,864,085 —  38,215,610 148,831,195 ProShares Ultra Bloomberg Natural Gas 99,751,500 97,239,201 —  —  196,990,701 ProShares Ultra Euro —  —  ( 167,128 ) —  ( 167,128 ) ProShares Ultra Gold 74,813,625 ( 423,408 ) —  ( 2,348,132 ) 72,042,085 ProShares Ultra Silver 124,689,375 ( 28,903,535 ) —  ( 52,518,908 ) 43,266,932 ProShares Ultra VIX Short-Term Futures ETF 24,937,875 13,975,992 —  —  38,913,867 ProShares Ultra Yen —  —  ( 4,215,297 ) —  ( 4,215,297 ) ProShares UltraShort Bloomberg Crude Oil —  ( 1,655,392 ) —  —  ( 1,655,392 ) ProShares UltraShort Bloomberg Natural Gas —  ( 26,130,504 ) —  —  ( 26,130,504 ) ProShares UltraShort Euro —  —  1,157,050 —  1,157,050 F-90 Table of Contents ProShares UltraShort Gold $ —  $ 121,056 $ —  $ 141,581 $ 262,637 ProShares UltraShort Silver —  511,915 —  2,954,018 3,465,933 ProShares UltraShort Yen —  —  2,228,359 —  2,228,359 ProShares VIX Mid-Term Futures ETF —  22,266 —  —  22,266 ProShares VIX Short-Term Futures ETF 24,937,875 4,393,327 —  —  29,331,202 Combined Trust: $ 473,819,625 $ 67,006,252 $ ( 997,016 ) $ ( 13,555,831 ) $ 526,273,030 * 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 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. Investment Transactions and Related Income Investment transactions are recorded on the trade date. All such transactions are recorded on the identified cost basis and marked to market daily. Unrealized appreciation (depreciation) on open contracts are reflected in the Statements of Financial Condition and changes in the unrealized appreciation (depreciation) between periods are reflected in the Statements of Operations. Interest income is generally recognized on an accrual basis and includes the amortization of discount on short-term U.S. government and agency obligations and is reflected in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts. Brokerage Commissions and Futures Account Fees Each Fund pays its respective brokerage commissions, including applicable exchange fees, National Futures Association (“NFA”) fees, give-up fees, pit brokerage fees and other transaction related fees and expenses charged in connection with trading activities for each Fund’s investment in U.S. Commodity Futures Trading Commission (“CFTC”) regulated investments. The effects of trading spreads, financing costs/fees associated with Financial Instruments, and costs relating to the purchase of U.S. Treasury securities or similar high credit quality short-term fixed-income would also be borne by the Funds. Brokerage commissions on futures contracts are recognized on a half-turn basis (e.g., the first half is recognized when the contract is purchased (opened) and the second half is recognized when the transaction is closed). The Sponsor is currently paying brokerage commissions on VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02 % of the Matching VIX Fund’s average net assets annually. Federal Income Tax 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. Accordingly, no Fund expects to incur U.S. federal income tax liability; rather, each beneficial owner of a Fund’s Shares is required to take into account its allocable share of its Fund’s income, gain, loss, deductions and other items for its Fund’s taxable year ending with or within the beneficial owner’s taxable year. Management of the Funds has reviewed all open tax years and major jurisdictions (i.e., last three years and the interim tax period since then, as applicable) and concluded that there is no tax liability resulting from unrecognized tax benefits relating to uncertain income tax positions taken or expected to be taken in future tax returns. 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 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 In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments were issued to enhance transparency and decision usefulness of income tax disclosures related to rate reconciliation and income taxes paid information. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements. F-91 Table of Contents Segment Reporting 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. The financial information provided to and reviewed by the CODM is consistent with that presented in each Fund’s financial statements. NOTE 3 – INVESTMENTS Short-Term Investments The Funds may purchase U.S. Treasury Bills, agency securities, and other high-credit quality short-term fixed income or similar securities with original maturities of one year or less. A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. Repurchase Agreements The Funds may enter into repurchase agreements. Repurchase agreements are primarily used by the Funds as short-term investments for cash positions. Under a repurchase agreement, a Fund purchases one or more debt securities and simultaneously agrees to sell those securities back to the seller at a mutually agreed-upon future price and date, normally one day or a few days later. The resale price is greater than the purchase price, reflecting an agreed-upon market interest rate during the purchaser’s holding period. While the maturities of the underlying securities in repurchase transactions may be more than one year, the term of each repurchase agreement will always be less than one year. The Funds follow certain procedures designed to minimize the risks inherent in such agreements. These procedures include affecting repurchase transactions generally with major global financial institutions whose creditworthiness is monitored by the Sponsor. In addition, the value of the collateral underlying the repurchase agreement is required to be at least equal to the repurchase price, including any accrued interest income earned on the repurchase agreement. The collateral underlying the repurchase agreement is held by the Fund’s custodian. A repurchase agreement is subject to the risk that the counterparty to the repurchase agreement that sells the securities may default on its obligation to repurchase them. In this circumstance, a Fund may lose money because it may not be able to sell the securities at the agreed upon time and price, the securities may lose value before they can be sold, the selling institution may declare bankruptcy, or the Fund may have difficulty exercising rights to the collateral. 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 June 30, 2025 and December 31, 2024, the Funds did not have any open repurchase agreements. Accounting for Derivative Instruments In seeking to achieve each Fund’s investment objective, the Sponsor uses a mathematical approach to investing. Using this approach, the Sponsor determines the type, quantity and mix of investment positions, including derivative positions, which the Sponsor believes in combination, should produce returns consistent with a Fund’s objective. All open derivative positions at period end are reflected on each respective Fund’s Schedule of Investments. Certain Funds utilized a varying level of derivative instruments in conjunction with investment securities in seeking to meet their investment objectives during the period. While the volume of open positions may vary on a daily basis as each Fund transacts derivatives contracts in order to achieve the appropriate exposure to meet its investment objective, the volume of these open positions relative to the net assets of each respective Fund at the date of this report is generally representative of open positions throughout the reporting period. Following is a description of the derivative instruments used by the Funds during the reporting period, including the primary underlying risk exposures related to each instrument type. F-92 Table of Contents Futures Contracts The Funds may enter into futures contracts to gain exposure to changes in the value of, or as a substitute for investing directly in (or shorting), an underlying Index, currency or commodity. A futures contract obligates the seller to deliver (and the purchaser to accept) the future delivery of a specified quantity and type of asset at a specified time and place. The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity, if applicable, or by making an offsetting sale or purchase of an identical futures contract on the same or linked exchange before the designated date of delivery, or by cash settlement at expiration of contract. Upon entering into a futures contract, each Fund is required to deposit and maintain as collateral at least such initial margin as required by the exchange on which the transaction is affected. The initial margin is segregated as cash and/or securities balances with brokers for futures contracts, as disclosed in the Statements of Financial Condition, and is restricted as to its use. The Funds that enter into futures contracts maintain collateral at the broker in the form of cash and/or securities. Pursuant to the futures contract, each Fund generally agrees to receive from or pay to the broker(s) an amount of cash equal to the daily fluctuation in value of the futures contract. Such receipts or payments are known as variation margin and are recorded by each Fund as unrealized gains or losses. Each Fund will realize a gain or loss upon closing of a futures transaction. Futures contracts involve, to varying degrees, elements of market risk (specifically exchange rate sensitivity, commodity price risk or equity market volatility risk) and exposure to loss in excess of the amount of variation margin. The face or contract amounts reflect the extent of the total exposure each Fund has in the particular classes of instruments. Additional risks associated with the use of futures contracts are imperfect correlation between movements in the price of the futures contracts and the market value of the underlying Index or commodity and the possibility of an illiquid market for a futures contract. With futures contracts, there is minimal but some counterparty risk to the Funds since futures contracts are exchange-traded and the credit risk resides with the Funds’ clearing broker or clearinghouse itself. Many futures exchanges and boards of trade limit the amount of fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract, no trades may be made that day at a price beyond that limit or trading may be suspended for specified times during the trading day. Futures contracts prices could move to the limit for several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and potentially subjecting a Fund to substantial losses. If trading is not possible, or if a Fund determines not to close a futures position in anticipation of adverse price movements, the Fund will be required to make daily cash payments of variation margin. The risk the Fund will be unable to close out a futures position will be minimized by entering into such transactions on a national exchange with an active and liquid secondary market. Option Contracts An option is a contract that gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity or other instrument at a specific (or strike) price within a specified period of time, regardless of the market price of that instrument. There are two types of options: calls and puts. A call option conveys to the option buyer the right to purchase a particular futures contract at a stated price at any time during the life of the option. A put option conveys to the option buyer the right to sell a particular futures contract at a stated price at any time during the life of the option. Options written by a Fund may be wholly or partially covered (meaning that the Fund holds an offsetting position) or uncovered. In the case of the purchase of an option, the risk of loss of an investor’s entire investment (i.e., the premium paid plus transaction charges) reflects the nature of an option as a wasting asset that may become worthless when the option expires. Where an option is written or granted (i.e., sold) uncovered, the seller may be liable to pay substantial additional margin, and the risk of loss is unlimited, as the seller will be obligated to deliver, or take delivery of, an asset at a predetermined price which may, upon exercise of the option, be significantly different from the market value. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). When a Fund purchases an option, the Fund pays a premium which is included as an asset on the Statement of Financial Condition and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed. F-93 Table of Contents Certain options transactions may subject the writer (seller) to unlimited risk of loss in the event of an increase in the price of the contract to be purchased or delivered. 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. Options may be less liquid than certain other securities. A Fund’s ability to trade options will be dependent on the willingness of counterparties to trade such options with the Fund. In a less liquid market for options, a Fund may have difficulty closing out certain option positions at desired times and prices. A Fund may experience substantial downside from specific option positions and certain option positions may expire worthless. Over-the-counter options generally are not assignable except by agreement between the parties concerned, and no party or purchaser has any obligation to permit such assignments. The over-the-counter market for options is relatively illiquid, particularly for relatively small transactions. The use of options transactions exposes a Fund to liquidity risk and counterparty credit risk, and in certain circumstances may expose the Fund to unlimited risk of loss. The Funds may buy and sell options on futures contracts, which may present even greater volatility and risk of loss. Each Oil Fund (ProShares UltraShort Bloomberg Crude Oil and ProShares Ultra Bloomberg Crude Oil) may, but is not required to, seek to use swap agreements or options strategies that limit losses (i.e., have “floors”) or are otherwise designed to prevent the Fund’s net asset value from going to zero. These investment strategies will not prevent an Oil Fund from losing value, and their use may not prevent a Fund’s NAV from going to zero. Rather, they are intended to allow an Oil Fund to preserve a small portion of its value in the event of significant movements in its benchmark or Financial Instruments based on its benchmark. There can be no guarantee that an Oil Fund will be able to implement such strategies, continue to use such strategies, or that such strategies will be successful. Each Oil Fund will incur additional costs as a result of using such strategies. Use of strategies designed to limit losses may also place “caps” or “ceilings” on performance and could significantly limit Fund gains, could cause a Fund to perform in a manner not consistent with its investment objective and could otherwise have a significant impact on Fund performance. Swap Agreements Certain of the Funds enter into swap agreements for purposes of pursuing their investment objectives or as a substitute for investing directly in (or shorting) an underlying Index, currency or commodity, or to create an economic hedge against a position. Swap agreements are two-party contracts that have traditionally been entered into primarily with institutional investors in over-the-counter (“OTC”) markets for a specified period, ranging from a day to more than one year. However, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) provides for significant reforms of the OTC derivative markets, including a requirement to execute certain swap transactions on a CFTC-regulated market and/or to clear such transactions through a CFTC-regulated central clearing organization. In a standard swap transaction, two parties agree to exchange the returns earned or realized on a particular predetermined investment, instrument or Index in exchange for a fixed or floating rate of return in respect of a predetermined notional amount. Transaction or commission costs are reflected in the benchmark level at which the transaction is entered into. The gross returns to be exchanged are calculated with respect to a notional amount and the benchmark returns to which the swap is linked. Swap agreements do not involve the delivery of underlying instruments. Generally, swap agreements entered into by the Funds calculate and settle the obligations of the parties to the agreement on a “net basis” with a single payment. Consequently, each Fund’s current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of such obligations (or rights) (the “net amount”). In a typical swap agreement entered into by a Matching VIX Fund or Ultra Fund, the Matching VIX Fund or Ultra Fund would be entitled to settlement payments in the event the level of the benchmark increases and would be required to make payments to the swap counterparties in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. In a typical swap agreement entered into by a Short Fund or an UltraShort Fund, the Short Fund or UltraShort Fund would be required to make payments to the swap counterparties in the event the level of the benchmark increases and would be entitled to settlement payments in the event the level of the benchmark decreases, adjusted for any transaction costs or trading spreads on the notional amount the Funds may pay. 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 F-94 Table of Contents 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. Swap agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. This could cause a Fund to have to enter into a new transaction with the same counterparty, enter into a transaction with a different counterparty or seek to achieve its investment objective through any number of different investments or investment techniques. Swap agreements involve, to varying degrees, elements of market risk and exposure to loss in excess of the unrealized gain/loss reflected. The notional amounts reflect the extent of the total investment exposure each Fund has under the swap agreement, which may exceed the NAV of each Fund. Additional risks associated with the use of swap agreements are imperfect correlations between movements in the notional amount and the price of the underlying reference Index and the inability of counterparties to perform. Each Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. A Fund will typically enter into swap agreements only with major global financial institutions. The creditworthiness of each of the firms that is a party to a swap agreement is monitored by the Sponsor. 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 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. The Funds, as applicable, collateralize swap agreements by segregating or designating cash and/or certain securities as indicated on the Statements of Financial Condition or Schedules of Investments. As noted above, collateral posted in connection with OTC derivative transactions is held for the benefit of the counterparty in a segregated tri-party account at the Custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks in connection with OTC swaps by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to certain minimum thresholds. In the event of a bankruptcy of a counterparty, such Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. 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 June 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Forward Contracts Certain of the Funds enter into forward contracts for the purpose of pursuing their investment objectives and as a substitute for investing directly in (or shorting) commodities and/or currencies. A forward contract is an agreement between two parties to purchase or sell a specified quantity of an asset at or before a specified date in the future at a specified price. Forward contracts are typically traded in OTC markets and all details of the contracts are negotiated between the counterparties to the agreement. Accordingly, the forward contracts are valued by reference to the contracts traded in the OTC markets. F-95 Table of Contents The contractual obligations of a buyer or seller may generally be satisfied by taking or making physical delivery of the underlying commodity or currency, establishing an opposite position in the contract and recognizing the profit or loss on both positions simultaneously on the delivery date or, in some instances, paying a cash settlement before the designated date of delivery. The forward contracts are adjusted by the daily fluctuation of the underlying commodity or currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. Forward contracts have traditionally not been cleared or guaranteed by a third party. As a result of the Dodd-Frank Act, the CFTC now regulates non-deliverable forwards (including deliverable forwards where the parties do not take delivery). Certain non-deliverable forward contracts, such as non-deliverable foreign exchange forwards, may be subject to regulation as swap agreements, including mandatory clearing. Changes in the forward markets may entail increased costs and result in increased reporting requirements. The Funds may collateralize OTC forward commodity contracts by segregating or designating cash and/or certain securities as indicated on their Statements of Financial Condition or Schedules of Investments. Such collateral is held for the benefit of the counterparty in a segregated tri-party account at a third party custodian to protect the counterparty against non-payment by the Funds. The collateral held in this account is restricted as to its use. In the event of a default by the counterparty, the Funds will seek withdrawal of this collateral from the segregated account and may incur certain costs in exercising its right with respect to the collateral. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Funds may experience significant delays in obtaining any recovery in a bankruptcy or other reorganizational proceeding. The Funds may obtain only limited recovery or may obtain no recovery in such circumstances. The Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, in an amount approximately equal to what the counterparty owes the Fund, subject to minimum thresholds. In the event of the bankruptcy of a counterparty, the Fund will have direct access to the collateral received from the counterparty, generally as of the day prior to the bankruptcy, because there is a one day time lag between the Fund’s request for collateral and the delivery of such collateral. 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 June 30, 2025, the collateral posted by counterparties consisted of cash and/or U.S. Treasury securities. Participants in trading foreign exchange forward contracts often do not require margin deposits, but rely upon internal credit limitations and their judgments regarding the creditworthiness of their counterparties. In recent years, however, many OTC market participants in foreign exchange trading have begun to require their counterparties to post margin. A Fund will typically enter into forward contracts only with major global financial institutions. The creditworthiness of each of the firms that is a party to a forward contract is monitored by the Sponsor. The counterparty/credit risk for cleared derivative transactions is generally lower than for OTC derivatives since generally a clearing organization becomes substituted for each counterparty to a cleared derivative contract and, in effect, guarantees the parties’ performance under the contract as each party to a trade looks only to the clearing organization for performance of financial obligations. In addition, cleared derivative transactions benefit from daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. F-96 Table of Contents 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 June 30, 2025 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 10,392,342 * $ —  ProShares Ultra VIX Short-Term Futures ETF —  55,376,766 * ProShares VIX Mid- Term Futures ETF 165,078 * 353,745 * ProShares VIX Short- Term Futures ETF —  10,141,713 * 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 ProShares Ultra Bloomberg Crude Oil 7,306,161 * —  ProShares Ultra Bloomberg Natural Gas —  29,767,704 * ProShares Ultra Gold —  8,181,646 * ProShares Ultra Silver —  15,609,321 * ProShares UltraShort Bloomberg Crude Oil 15,855,988 * —  ProShares UltraShort Bloomberg Natural Gas 40,226,449 * —  ProShares UltraShort Gold 1,870,449 * —  ProShares UltraShort Silver 905,332 * —  Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 446,814 3,294 ProShares Ultra Yen 764,251 27,879 ProShares UltraShort Euro 110,889 1,837,188 ProShares UltraShort Yen —  287,001 Combined Trust: $ 78,043,753 * $ 121,586,257 * * 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. F-97 Table of Contents Fair Value of Derivative Instruments as of December 31, 2024 Asset Derivatives Liability Derivatives Derivatives Not Accounted for as Hedging Instruments Fund Statements of Financial Condition Location Unrealized Appreciation Statements of Financial Condition Location Unrealized Depreciation VIX Futures Contracts Receivable on open futures contracts Payable on open futures contracts ProShares Short VIX Short-Term Futures ETF $ 482,967 * $ 3,491,718 * ProShares Ultra VIX Short-Term Futures ETF 15,626,836 * 1,650,844 * ProShares VIX Mid- Term Futures ETF 240,639 * 218,373 * ProShares VIX Short- Term Futures ETF 5,943,933 * 1,550,606 * 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 ProShares Ultra Bloomberg Crude Oil 49,079,695 * —  ProShares Ultra Bloomberg Natural Gas 97,239,201 * —  ProShares Ultra Gold —  2,771,540 * ProShares Ultra Silver —  81,422,443 * ProShares UltraShort Bloomberg Crude Oil 1,888,681 * 3,544,073 * ProShares UltraShort Bloomberg Natural Gas —  26,130,504 * ProShares UltraShort Gold 262,637 * —  ProShares UltraShort Silver 3,465,933 * —  Foreign Exchange Contracts Unrealized appreciation on foreign currency forward contracts Unrealized depreciation on foreign currency forward contracts ProShares Ultra Euro 2,312 169,440 ProShares Ultra Yen 146,194 4,361,491 ProShares UltraShort Euro 1,189,827 32,777 ProShares UltraShort Yen 2,283,588 55,229 Combined Trust: $ 177,852,443 * $ 125,399,038 * * 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. F-98 Table of Contents 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 Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income 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 $ 2,005 $ 13,636,368 ProShares Ultra VIX Short-Term Futures ETF 56,045,179 ( 88,993,838 ) ProShares VIX Mid-Term Futures ETF 4,726,990 ( 1,835,417 ) ProShares VIX Short-Term Futures ETF 44,564,343 ( 21,523,129 ) Commodities Contracts 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 ( 28,592,206 ) ( 41,338,039 ) ProShares Ultra Bloomberg Natural Gas ( 12,342,109 ) ( 84,894,683 ) ProShares Ultra Gold 86,158,039 ( 61,456,710 ) ProShares Ultra Silver 99,198,843 ( 73,501,501 ) ProShares UltraShort Bloomberg Crude Oil 32,210,113 14,026,553 ProShares UltraShort Bloomberg Natural Gas 124,600,984 80,953,188 ProShares UltraShort Gold 5,846,099 5,933,528 ProShares UltraShort Silver ( 3,327,232 ) 2,491,447 Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 616,633 415,771 ProShares Ultra Yen 1,428,203 2,283,730 ProShares UltraShort Euro ( 3,936,993 ) ( 1,538,631 ) ProShares UltraShort Yen ( 1,138,324 ) ( 710,709 ) Combined Trust $ 406,060,567 $ ( 256,052,072 ) F-99 Table of Contents 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 Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income 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 $ ( 17,634,848 ) $ 13,401,093 ProShares Ultra VIX Short-Term Futures ETF 155,966,636 ( 69,352,758 ) ProShares VIX Mid-Term Futures ETF 5,434,182 ( 210,933 ) ProShares VIX Short-Term Futures ETF 76,773,606 ( 14,535,040 ) Commodities Contracts 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 ( 13,075,345 ) ( 41,773,534 ) ProShares Ultra Bloomberg Natural Gas 210,263,119 ( 127,006,905 ) ProShares Ultra Gold 144,586,625 ( 5,410,106 ) ProShares Ultra Silver 153,909,630 65,813,122 ProShares UltraShort Bloomberg Crude Oil 41,144,012 17,511,380 ProShares UltraShort Bloomberg Natural Gas ( 97,226,728 ) 66,356,953 ProShares UltraShort Gold 2,403,495 1,607,812 ProShares UltraShort Silver ( 6,436,218 ) ( 2,560,601 ) Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro 777,150 610,648 ProShares Ultra Yen 3,070,845 4,951,669 ProShares UltraShort Euro ( 5,567,946 ) ( 2,883,349 ) ProShares UltraShort Yen ( 1,297,018 ) ( 2,515,360 ) Combined Trust: $ 653,091,197 $ ( 95,995,909 ) F-100 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the three months ended June 30, 2024 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income 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 $ 26,761,918 $ ( 4,177,838 ) ProShares Ultra VIX Short-Term Futures ETF ( 57,413,186 ) 11,693,863 ProShares VIX Mid-Term Futures ETF ( 8,949,418 ) 1,092,860 ProShares VIX Short-Term Futures ETF ( 27,512,354 ) 4,018,755 Commodities Contracts 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 6,956,921 ( 748,073 ) ProShares Ultra Bloomberg Natural Gas 211,772,181 ( 60,263,391 ) ProShares Ultra Gold 31,567,821 ( 17,232,531 ) ProShares Ultra Silver 220,680,441 ( 87,290,676 ) ProShares UltraShort Bloomberg Crude Oil ( 143,424 ) ( 1,560,618 ) ProShares UltraShort Bloomberg Natural Gas ( 44,563,292 ) 20,547,016 ProShares UltraShort Gold ( 2,516,474 ) 1,264,436 ProShares UltraShort Silver ( 16,070,138 ) 4,902,824 Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro ( 219,350 ) 62,167 ProShares Ultra Yen ( 5,365,623 ) ( 842,412 ) ProShares UltraShort Euro 900,760 ( 199,005 ) ProShares UltraShort Yen 4,417,569 1,529,867 Combined Trust $ 340,304,352 $ ( 127,202,756 ) F-101 Table of Contents The Effect of Derivative Instruments on the Statement of Operations For the six months ended June 30, 2024 Derivatives Not Accounted for as Hedging Instruments Location of Gain (Loss) on Derivatives Recognized in Income Fund Realized Gain (Loss) on Derivatives Recognized in Income Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income 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 $ 55,258,866 $ ( 8,805,425 ) ProShares Ultra VIX Short-Term Futures ETF ( 148,416,415 ) 24,978,991 ProShares VIX Mid-Term Futures ETF ( 15,057,887 ) 3,882,651 ProShares VIX Short-Term Futures ETF ( 59,271,318 ) 7,003,274 Commodities Contracts 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 100,075,521 54,390,334 ProShares Ultra Bloomberg Natural Gas ( 30,408,733 ) ( 196,642,739 ) ProShares Ultra Gold 50,039,092 ( 14,495,217 ) ProShares Ultra Silver 216,209,729 ( 65,650,154 ) ProShares UltraShort Bloomberg Crude Oil ( 12,659,025 ) ( 35,992,048 ) ProShares UltraShort Bloomberg Natural Gas 91,065 44,377,650 ProShares UltraShort Gold ( 3,914,287 ) 919,857 ProShares UltraShort Silver ( 10,290,118 ) 3,484,222 Foreign Exchange Contracts Net realized gain (loss) on foreign currency forward contracts/ changes in unrealized appreciation (depreciation) on foreign currency forward contracts ProShares Ultra Euro ( 74,776 ) ( 447,347 ) ProShares Ultra Yen ( 7,397,198 ) ( 4,421,343 ) ProShares UltraShort Euro ( 43,101 ) 2,768,728 ProShares UltraShort Yen 6,122,840 4,468,019 Combined Trust: $ 140,264,255 $ ( 180,180,547 ) Offsetting Assets and Liabilities Each Fund is subject to master netting agreements or similar arrangements that allow for amounts owed between each Fund and the counterparty to be netted upon an early termination. The party that has the larger payable pays the excess of the larger amount over the smaller amount to the other party. The master netting agreements or similar arrangements do not apply to amounts owed to/from different counterparties. As described above, the Funds utilize derivative instruments to achieve their investment objective during the year. The amounts shown in the Statements of Financial Condition do not take into consideration the effects of legally enforceable master netting agreements or similar arrangements. 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 June 30, 2025. F-102 Table of Contents Fair Values of Derivative Instruments as of June 30, 2025 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ 4,023,623 $ —   $ 4,023,623 $ —   $ —   $ —   ProShares Ultra Euro Foreign currency forward contracts 446,814 —   446,814 3,294 —   3,294 ProShares Ultra Gold Swap agreements —   —   —   4,726,020 —   4,726,020 ProShares Ultra Silver Swap agreements —   —   —   6,471,374 —   6,471,374 ProShares Ultra Yen Foreign currency forward contracts 764,251 —   764,251 27,879 —   27,879 ProShares UltraShort Euro Foreign currency forward contracts 110,889 —   110,889 1,837,188 —   1,837,188 ProShares UltraShort Gold Swap agreements 1,407,997 —   1,407,997 —   —   —   ProShares UltraShort Silver Swap agreements 287,652 —   287,652 —   —   —   ProShares UltraShort Yen Foreign currency forward contracts —   —   —   287,001 —   287,001 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. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. 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”. F-103 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of June 30, 2025 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ 359,481 $ ( 359,481 ) $ —   $ —   Goldman Sachs International 1,559,931 ( 1,559,931 ) —   —   Morgan Stanley & Co. International PLC 473,886 ( 473,886 ) —   —   Societe Generale 1,194,901 ( 1,194,901 ) —   —   UBS AG 435,424 ( 318,137 ) —   117,287 ProShares Ultra Euro Goldman Sachs International 224,049 —   —   224,049 UBS AG 219,471 —   —   219,471 ProShares Ultra Gold Citibank, N.A. ( 2,029,284 ) —   2,029,284 —   Goldman Sachs International ( 963,847 ) —   963,847 —   UBS AG ( 1,732,889 ) —   1,732,889 —   ProShares Ultra Silver Citibank, N.A. ( 2,876,199 ) —   2,876,199 —   Goldman Sachs International ( 254,172 ) 254,172 —   —   Morgan Stanley & Co. International PLC ( 1,724,461 ) 1,724,460 1 —   UBS AG ( 1,616,542 ) 1,616,542 —   —   ProShares Ultra Yen Goldman Sachs International 374,599 —   —   374,599 UBS AG 361,773 —   —   361,773 ProShares UltraShort Euro Goldman Sachs International ( 912,686 ) —   912,686 —   UBS AG ( 813,613 ) —   813,613 —   ProShares UltraShort Gold Citibank, N.A. 1,184,233 ( 1,184,233 ) —   —   Goldman Sachs International 88,017 —   —   88,017 UBS AG 135,747 —   —   135,747 ProShares UltraShort Silver Citibank, N.A. 150,872 —   —   150,872 Goldman Sachs International 107,740 —   —   107,740 Morgan Stanley & Co. International PLC 14,799 —   —   14,799 UBS AG 14,241 —   —   14,241 ProShares UltraShort Yen Goldman Sachs International ( 136,883 ) —   136,883 —   UBS AG ( 150,118 ) —   150,118 —   F-104 Table of Contents 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 December 31, 2024: Fair Values of Derivative Instruments as of December 31, 2024 Assets Liabilities Fund Gross Amounts of Recognized Assets presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Assets presented in the Statements of Financial Condition Gross Amounts of Recognized Liabilities presented in the Statements of Financial Condition Gross Amounts Offset in the Statements of Financial Condition Net Amounts of Liabilities presented in the Statements of Financial Condition ProShares Ultra Bloomberg Crude Oil Swap agreements $ 38,215,610 $ —   $ 38,215,610 $ —   $ —   $ —   ProShares Ultra Euro Foreign currency forward contracts 2,312 —   2,312 169,440 —   169,440 ProShares Ultra Gold Swap agreements —   —   —   2,348,132 —   2,348,132 ProShares Ultra Silver Swap agreements —   —   —   52,518,908 —   52,518,908 ProShares Ultra Yen Foreign currency forward contracts 146,194 —   146,194 4,361,491 —   4,361,491 ProShares UltraShort Euro Foreign currency forward contracts 1,189,827 —   1,189,827 32,777 —   32,777 ProShares UltraShort Gold Swap agreements 141,581 —   141,581 —   —   —   ProShares UltraShort Silver Swap agreements 2,954,018 —   2,954,018 —   —   —   ProShares UltraShort Yen Foreign currency forward contracts 2,283,588 —   2,283,588 55,229 —   55,229 Asset (Liability) amounts shown in the table below represent amounts owed to (by) the Funds for the derivative-related investments at December 31, 2024. 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. Amounts shown in the column labeled “Net Amount” represent the uncollateralized portions of these amounts at period end. 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” F-105 Table of Contents Gross Amounts Not Offset in the Statements of Financial Condition as of December 31, 2024 Fund Amounts of Recognized Assets / (Liabilities) presented in the Statements of Financial Condition Financial Instruments for the Benefit of (the Funds) / the Counterparties Cash Collateral for the Benefit of (the Funds) / the Counterparties Net Amount ProShares Ultra Bloomberg Crude Oil Citibank, N.A. $ 7,607,910 $ ( 6,395,678 ) $ —   $ 1,212,232 Goldman Sachs International 12,024,863 ( 10,093,437 ) —   1,931,426 Morgan Stanley & Co. International PLC 3,652,992 ( 3,010,925 ) —   642,067 Societe Generale 9,139,394 ( 7,689,268 ) —   1,450,126 UBS AG 5,790,451 ( 4,212,271 ) —   1,578,180 ProShares Ultra Euro Goldman Sachs International ( 84,115 ) —   84,115 —   UBS AG ( 83,013 ) —   83,013 —   ProShares Ultra Gold Citibank, N.A. ( 1,008,254 ) 1,008,254 —   —   Goldman Sachs International ( 478,889 ) 478,889 —   —   UBS AG ( 860,989 ) 860,989 —   —   ProShares Ultra Silver Citibank, N.A. ( 23,367,397 ) 15,165,751 8,201,646 —   Goldman Sachs International ( 2,057,658 ) 2,057,658 —   —   Morgan Stanley & Co. International PLC ( 13,960,418 ) —   13,960,418 —   UBS AG ( 13,133,435 ) 13,133,435 —   —   ProShares Ultra Yen Goldman Sachs International ( 2,164,084 ) —   2,164,084 —   UBS AG ( 2,051,213 ) —   2,051,213 —   ProShares UltraShort Euro Goldman Sachs International 584,165 ( 507,449 ) —   76,716 UBS AG 572,885 ( 271,576 ) —   301,309 ProShares UltraShort Gold Citibank, N.A. 32,589 —   —   32,589 Goldman Sachs International 42,928 —   —   42,928 UBS AG 66,064 —   —   66,064 ProShares UltraShort Silver Citibank, N.A. 1,653,589 ( 1,565,508 ) —   88,081 Goldman Sachs International 907,867 ( 865,802 ) —   42,065 Morgan Stanley & Co. International PLC 125,172 —   —   125,172 UBS AG 267,390 —   —   267,390 ProShares UltraShort Yen Goldman Sachs International 1,253,912 ( 1,241,201 ) —   12,711 UBS AG 974,447 ( 954,822 ) —   19,625 F-106 Table of Contents NOTE 4 – AGREEMENTS Management Fee Each Leveraged Fund, and each Geared VIX Fund, pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.95 % per annum of its average daily NAV of such Fund. Each Matching VIX Fund pays the Sponsor a Management Fee, monthly in arrears, in an amount equal to 0.85 % per annum of its average daily NAV of such Fund. Each Fund accrues the Management Fee daily at an annualized rate based on its average daily net assets. The Management Fee is paid in consideration of the Sponsor’s trading advisory services and the other services provided to the Fund that the Sponsor pays directly. From the Management Fee, the Sponsor pays all of the routine operational, administrative and other ordinary expenses of each Fund, generally as determined by the Sponsor, including but not limited to, (i) the fees and expenses of the Administrator, Custodian, Transfer Agent, Distributor (as each is defined below), and ProFunds Distributors, Inc., an affiliated broker-dealer of the Sponsor, as well as accounting and auditing fees and expenses, (ii) any Index licensors for the Funds; and (iii) the normal and expected expenses incurred in connection with the continuous offering of Shares of each Fund after the commencement of its trading operations. Fees associated with a Fund’s trading operations may include expenses such as tax preparation expenses, legal fees not in excess of $ 100,000 per annum, ongoing SEC registration fees not exceeding 0.021 % per annum of the NAV of a Fund and Financial Industry Regulatory Authority (“FINRA”) filing fees, individual Schedule K-1 preparation and mailing fees not exceeding 0.10 % per annum of the net assets of a Fund, and report preparation and mailing expenses. Non-Recurring Fees and Expenses Each Fund pays all of its non-recurring and unusual fees and expenses, if any, as determined by the Sponsor. Non-recurring and unusual fees and expenses are fees and expenses that are unexpected or unusual in nature, such as legal claims and liabilities, litigation costs or indemnification or other material expenses which are not currently anticipated obligations of the Funds. The Administrator BNY Mellon Asset Servicing, a division of The Bank of New York Mellon (“BNY Mellon”), serves as the Administrator of the Funds (the “Administrator”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into an administration and accounting agreement (the “Administration and Accounting Agreement”) in connection therewith. Pursuant to the terms of the Administration and Accounting Agreement and under the supervision and direction of the Sponsor and the Trust, BNY Mellon prepares and files certain regulatory filings on behalf of the Funds. BNY Mellon may also perform other services for the Funds pursuant to the Administration and Accounting Agreement as mutually agreed upon by the Sponsor, the Trust and BNY Mellon from time to time. The Administrator’s fees are paid on behalf of the Funds by the Sponsor. The Custodian BNY Mellon serves as the Custodian of the Funds (the “Custodian”). The Trust, on its own behalf and on behalf of each Fund, and BNY Mellon have entered into a custody agreement (the “Custody Agreement”) in connection therewith. Pursuant to the terms of the Custody Agreement, BNY Mellon is responsible for the holding and safekeeping of assets delivered to it by the Funds, and performing various administrative duties in accordance with instructions delivered to BNY Mellon by the Funds. The Custodian’s fees are paid on behalf of the Funds by the Sponsor. The Transfer Agent BNY Mellon serves as the Transfer Agent of the Funds (the “Transfer Agent”) for entities that have entered into an Authorized Participant Agreement with one or more of the Funds (“Authorized Participants”) and has entered into a transfer agency and service agreement (the “Transfer Agency and Service Agreement”). Pursuant to the terms of the Transfer Agency and Service Agreement, BNY Mellon is responsible for processing purchase and redemption orders and maintaining records of ownership of the Funds. The Transfer Agent Fees are paid on behalf of the Funds by the Sponsor. The Distributor SEI Investments Distribution Co. (“SEI”) serves as Distributor of the Funds and assists the Sponsor and the Administrator with certain functions and duties relating to distribution and marketing, including taking creation and redemption orders, consulting with the marketing staff of the Sponsor and its affiliates with respect to compliance with the requirements of FINRA and/or the NFA in connection with marketing efforts, and reviewing and filing of marketing materials with FINRA and/or the NFA. SEI retains all marketing materials separately for each Fund, at c/o SEI, One Freedom Valley Drive, Oaks, PA 19456. The Sponsor, on behalf of each Fund, has entered into a Distribution Services Agreement with SEI. The Sponsor pays SEI for performing its duties on behalf of the Funds. F-107 Table of Contents NOTE 5 – CREATION AND REDEMPTION OF CREATION UNITS Each Fund issues and redeems shares from time to time, but only in one or more Creation Units. A Creation Unit is a block of 50,000 Shares of a Geared Fund and 25,000 Shares of a Matching VIX Fund. Creation Units may be created or redeemed only by Authorized Participants. As a result of the reverse share splits as described in Note 1, certain redemptions as disclosed in the Statements of Changes in Shareholders’ Equity reflect payment of fractional share balances on beneficial shareholder accounts. Except when aggregated in Creation Units, the Shares are not redeemable securities. Retail investors, therefore, generally will not be able to purchase or redeem Shares directly from or with a Fund. Rather, most retail investors will purchase or sell Shares in the secondary market with the assistance of a broker. Thus, some of the information contained in these Notes to Financial Statements—such as references to the Transaction Fees imposed on purchases and redemptions is not relevant to retail investors. Transaction Fees on Creation and Redemption Transactions The manner by which Creation Units are purchased or redeemed is governed by the terms of the Authorized Participant Agreement and Authorized Participant Procedures Handbook. By placing a purchase order, an Authorized Participant agrees to: (1) deposit cash with the Custodian; and (2) if permitted by the Sponsor in its sole discretion, enter into or arrange for an exchange of futures contract for related position or block trade with the relevant fund whereby the Authorized Participant would also transfer to such Fund a number and type of exchange-traded futures contracts at or near the closing settlement price for such contracts on the purchase order date. Authorized Participants may pay a fixed transaction fee (typically $ 250 ) in connection with each order to create or redeem a Creation Unit in order to compensate BNY Mellon, as the Administrator, the Custodian and the Transfer Agent of each Fund and its Shares, for services in processing the creation and redemption of Creation Units and to offset the costs of increasing or decreasing derivative positions. Authorized Participants also may pay a variable transaction fee to the Fund of up to 0.10 % (and a variable transaction fee to the Matching VIX Funds of up to 0.05 %) of the value of the Creation Unit that is purchased or redeemed unless the transaction fee is waived or otherwise adjusted by the Sponsor. The Sponsor provides such Authorized Participant with prompt notice in advance of any such waiver or adjustment of the transaction fee. 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 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 Six Months Ended Fund June 30, 2025 June 30, 2025 ProShares Short VIX Short-Term Futures ETF $ 366,662 $ 435,664 ProShares Ultra Bloomberg Crude Oil —   —   ProShares Ultra Bloomberg Natural Gas —   —   ProShares Ultra Euro —   —   ProShares Ultra Gold —   —   ProShares Ultra Silver —   —   ProShares Ultra VIX Short-Term Futures ETF 944,505 1,903,526 ProShares Ultra Yen —   —   ProShares UltraShort Bloomberg Crude Oil —   —   ProShares UltraShort Bloomberg Natural Gas —   —   ProShares UltraShort Euro —   —   ProShares UltraShort Gold —   —   ProShares UltraShort Silver —   —   ProShares UltraShort Yen —   —   ProShares VIX Mid-Term Futures ETF 4,743 15,783 ProShares VIX Short-Term Futures ETF 110,702 272,806 Combined Trust: $ 1,426,612 $ 2,627,779 F-108 Table of Contents NOTE 6 – FINANCIAL HIGHLIGHTS 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 Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold * Ultra Silver Net asset value, at March 31, 2025 $ 45.79 $ 27.13 $ 85.29 $ 11.36 $ 32.04 $ 45.74 Net investment income (loss) 0.23 0.12 0.30 0.08 0.27 0.31 Net realized and unrealized gain (loss)# ( 3.40 ) ( 4.76 ) ( 39.24 ) 1.96 2.09 1.02 Change in net asset value from operations ( 3.17 ) ( 4.64 ) ( 38.94 ) 2.04 2.36 1.33 Net asset value, at June 30, 2025 $ 42.62 $ 22.49 $ 46.35 $ 13.40 $ 34.40 $ 47.07 Market value per share, at March 31, 2025 † $ 45.76 $ 27.06 $ 85.76 $ 11.38 $ 32.18 $ 46.16 Market value per share, at June 30, 2025 † $ 42.60 $ 22.41 $ 46.08 $ 13.37 $ 34.66 $ 47.49 Total Return, at net asset value^ ( 6.9 )% ( 17.1 )% ( 45.7 )% 17.9 % 7.4 % 2.9 % Total Return, at market value^ ( 6.9 )% ( 17.2 )% ( 46.3 )% 17.5 % 7.7 % 2.9 % Ratios to Average Net Assets** Expense ratio^^ 1.18 % 1.01 % 1.48 % 0.95 % 0.97 % 0.99 % Net investment income gain (loss) 2.40 % 2.22 % 2.12 % 2.65 % 3.09 % 2.91 % * 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. F-109 Table of Contents For the Three Months Ended June 30, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold * Net asset value, at March 31, 2025 $ 23.44 $ 21.90 $ 16.74 $ 19.70 $ 32.30 $ 25.44 Net investment income (loss) 0.07 0.15 0.13 0.14 0.20 0.14 Net realized and unrealized gain (loss)# ( 4.82 ) 1.27 1.15 5.60 ( 5.05 ) ( 3.14 ) Change in net asset value from operations ( 4.75 ) 1.42 1.28 5.74 ( 4.85 ) ( 3.00 ) Net asset value, at June 30, 2025 $ 18.69 $ 23.32 $ 18.02 $ 25.44 $ 27.45 $ 22.44 Market value per share, at March 31, 2025 † $ 23.43 $ 21.89 $ 16.76 $ 19.57 $ 32.27 $ 25.34 Market value per share, at June 30, 2025 † $ 18.75 $ 23.23 $ 18.06 $ 25.61 $ 27.48 $ 22.26 Total Return, at net asset value^ ( 20.3 )% 6.5 % 7.7 % 29.2 % ( 15.0 )% ( 11.8 )% Total Return, at market value^ ( 20.0 )% 6.1 % 7.8 % 30.9 % ( 14.8 )% ( 12.2 )% Ratios to Average Net Assets** Expense ratio^^ 1.73 % 0.95 % 1.15 % 1.49 % 0.95 % 1.00 % Net investment income gain (loss) 1.21 % 2.64 % 2.65 % 2.34 % 2.70 % 2.41 % * 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. F-110 Table of Contents For the Three Months Ended June 30, 2025 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at March 31, 2025 $ 29.60 $ 44.29 $ 15.84 $ 50.29 Net investment income (loss) 0.14 0.29 0.12 0.32 Net realized and unrealized gain (loss)# ( 3.71 ) ( 3.23 ) 0.77 ( 3.82 ) Change in net asset value from operations ( 3.57 ) ( 2.94 ) 0.89 ( 3.50 ) Net asset value, at June 30, 2025 $ 26.03 $ 41.35 $ 16.73 $ 46.79 Market value per share, at March 31, 2025 † $ 29.33 $ 44.30 $ 15.85 $ 50.26 Market value per share, at June 30, 2025 † $ 25.81 $ 41.38 $ 16.76 $ 46.88 Total Return, at net asset value^ ( 12.1 )% ( 6.6 )% 5.6 % ( 7.0 )% Total Return, at market value^ ( 12.0 )% ( 6.6 )% 5.7 % ( 6.7 )% Ratios to Average Net Assets** Expense ratio^^ 1.03 % 0.95 % 0.99 % 1.26 % Net investment income gain (loss) 1.93 % 2.78 % 2.74 % 2.27 % ** 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 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-111 Table of Contents 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 Short VIX Short-Term Futures ETF * Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas * Ultra Euro Ultra Gold* Ultra Silver Net asset value, at March 31, 2024 $ 56.38 $ 33.19 $ 65.67 $ 11.34 $ 18.00 $ 28.53 Net investment income (loss) 0.50 0.29 0.62 0.11 0.19 0.35 Net realized and unrealized gain (loss)# 4.47 0.03 11.68 ( 0.26 ) 1.14 8.56 Change in net asset value from operations 4.97 0.32 12.30 ( 0.15 ) 1.33 8.91 Net asset value, at June 30, 2024 $ 61.35 $ 33.51 $ 77.97 $ 11.19 $ 19.33 $ 37.44 Market value per share, at March 31, 2024 † $ 56.37 $ 33.00 $ 64.30 $ 11.32 $ 18.07 $ 28.74 Market value per share, at June 30, 2024 † $ 61.39 $ 33.50 $ 78.35 $ 11.17 $ 19.26 $ 37.09 Total Return, at net asset value^ 8.8 % 1.0 % 18.7 % ( 1.3 )% 7.4 % 31.2 % Total Return, at market value^ 8.9 % 1.5 % 21.9 % ( 1.3 )% 6.6 % 29.1 % Ratios to Average Net Assets** Expense ratio^^ 1.18 % 0.98 % 1.54 % 0.95 % 0.96 % 0.99 % Net investment income gain (loss) 3.49 % 3.62 % 3.04 % 3.87 % 3.94 % 3.77 % * 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, 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. F-112 Table of Contents For the Three Months Ended June 30, 2024 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF * Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas * UltraShort Euro UltraShort Gold* Net asset value, at March 31, 2024 $ 31.46 $ 23.33 $ 15.92 $ 76.47 $ 30.97 $ 46.90 Net investment income (loss) 0.15 0.20 0.16 0.38 0.28 0.35 Net realized and unrealized gain (loss)# ( 8.03 ) ( 3.30 ) ( 0.51 ) ( 27.48 ) 0.61 ( 4.06 ) Change in net asset value from operations ( 7.88 ) ( 3.10 ) ( 0.35 ) ( 27.10 ) 0.89 ( 3.71 ) Net asset value, at June 30, 2024 $ 23.58 $ 20.23 $ 15.57 $ 49.37 $ 31.86 $ 43.19 Market value per share, at March 31, 2024 † $ 31.60 $ 23.35 $ 16.02 $ 78.35 $ 30.96 $ 46.76 Market value per share, at June 30, 2024 † $ 23.54 $ 20.30 $ 15.57 $ 49.19 $ 31.83 $ 43.34 Total Return, at net asset value^ ( 25.0 )% ( 13.3 )% ( 2.2 )% ( 35.4 )% 2.9 % ( 7.9 )% Total Return, at market value^ ( 25.5 )% ( 13.1 )% ( 2.8 )% ( 37.2 )% 2.8 % ( 7.3 )% Ratios to Average Net Assets** Expense ratio^^ 1.84 % 0.95 % 1.04 % 1.92 % 0.95 % 0.98 % Net investment income gain (loss) 2.17 % 3.67 % 3.89 % 2.92 % 3.54 % 3.29 % * 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, 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. F-113 Table of Contents For the Three Months Ended June 30, 2024 (unaudited) Per Share Operating Performance UltraShort Silver * UltraShort Yen * VIX Mid- Term Futures ETF VIX Short- Term Futures ETF * Net asset value, at March 31, 2024 $ 67.29 $ 40.97 $ 15.85 $ 51.72 Net investment income (loss) 0.36 0.39 0.13 0.41 Net realized and unrealized gain (loss)# ( 22.77 ) 6.27 ( 1.69 ) ( 8.80 ) Change in net asset value from operations ( 22.41 ) 6.66 ( 1.56 ) ( 8.39 ) Net asset value, at June 30, 2024 $ 44.88 $ 47.63 $ 14.29 $ 43.33 Market value per share, at March 31, 2024 † $ 66.84 $ 40.92 $ 15.85 $ 51.84 Market value per share, at June 30, 2024 † $ 45.32 $ 47.56 $ 14.33 $ 43.40 Total Return, at net asset value^ ( 33.3 )% 16.3 % ( 9.9 )% ( 16.2 )% Total Return, at market value^ ( 32.2 )% 16.2 % ( 9.6 )% ( 16.3 )% Ratios to Average Net Assets** Expense ratio^^ 1.04 % 0.95 % 1.19 % 1.04 % Net investment income gain (loss) 3.04 % 3.52 % 3.73 % 3.40 % * 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, 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. F-114 Table of Contents 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 Short VIX Short-Term Futures ETF Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas Ultra Euro Ultra Gold * Ultra Silver Net asset value, at December 31, 2024 $ 50.03 $ 27.49 $ 54.84 $ 10.46 $ 23.36 $ 33.56 Net investment income (loss) 0.51 0.28 0.73 0.16 0.48 0.59 Net realized and unrealized gain (loss)# ( 7.92 ) ( 5.28 ) ( 9.22 ) 2.78 10.56 12.92 Change in net asset value from operations ( 7.41 ) ( 5.00 ) ( 8.49 ) 2.94 11.04 13.51 Net asset value, at June 30, 2025 $ 42.62 $ 22.49 $ 46.35 $ 13.40 $ 34.40 $ 47.07 Market value per share, at December 31, 2024 † $ 50.06 $ 27.50 $ 55.82 $ 10.45 $ 23.37 $ 33.67 Market value per share, at June 30, 2025 † $ 42.60 $ 22.41 $ 46.08 $ 13.37 $ 34.66 $ 47.49 Total Return, at net asset value^ ( 14.8 )% ( 18.2 )% ( 15.5 )% 28.1 % 47.2 % 40.2 % Total Return, at market value^ ( 14.9 )% ( 18.5 )% ( 17.5 )% 27.9 % 48.3 % 41.1 % Ratios to Average Net Assets** Expense ratio^^ 1.19 % 1.00 % 1.47 % 0.95 % 0.97 % 0.98 % Net investment income gain (loss) 2.43 % 2.34 % 2.31 % 2.67 % 3.11 % 2.85 % * 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. F-115 Table of Contents For the Six Months Ended June 30, 2025 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas UltraShort Euro UltraShort Gold * Net asset value, at December 31, 2024 $ 20.77 $ 20.23 $ 16.93 $ 43.61 $ 34.91 $ 35.11 Net investment income (loss) 0.13 0.30 0.24 0.29 0.43 0.29 Net realized and unrealized gain (loss)# ( 2.21 ) 2.79 0.85 ( 18.46 ) ( 7.89 ) ( 12.96 ) Change in net asset value from operations ( 2.08 ) 3.09 1.09 ( 18.17 ) ( 7.46 ) ( 12.67 ) Net asset value, at June 30, 2025 $ 18.69 $ 23.32 $ 18.02 $ 25.44 $ 27.45 $ 22.44 Market value per share, at December 31, 2024 † $ 20.72 $ 20.35 $ 16.92 $ 42.74 $ 34.92 $ 35.16 Market value per share, at June 30, 2025 † $ 18.75 $ 23.23 $ 18.06 $ 25.61 $ 27.48 $ 22.26 Total Return, at net asset value^ ( 10.0 )% 15.3 % 6.5 % ( 41.7 )% ( 21.4 )% ( 36.1 )% Total Return, at market value^ ( 9.5 )% 14.2 % 6.7 % ( 40.1 )% ( 21.3 )% ( 36.7 )% Ratios to Average Net Assets** Expense ratio^^ 1.89 % 0.95 % 1.10 % 1.46 % 0.95 % 0.99 % Net investment income gain (loss) 1.21 % 2.67 % 2.71 % 2.40 % 2.71 % 2.43 % * 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. F-116 Table of Contents For the Six Months Ended June 30, 2025 (unaudited) Per Share Operating Performance UltraShort Silver UltraShort Yen VIX Mid- Term Futures ETF VIX Short- Term Futures ETF Net asset value, at December 31, 2024 $ 42.40 $ 47.66 $ 14.51 $ 45.05 Net investment income (loss) 0.29 0.59 0.21 0.55 Net realized and unrealized gain (loss)# ( 16.66 ) ( 6.90 ) 2.01 1.19 Change in net asset value from operations ( 16.37 ) ( 6.31 ) 2.22 1.74 Net asset value, at June 30, 2025 $ 26.03 $ 41.35 $ 16.73 $ 46.79 Market value per share, at December 31, 2024 † $ 42.00 $ 46.68 $ 14.46 $ 45.02 Market value per share, at June 30, 2025 † $ 25.81 $ 41.38 $ 16.76 $ 46.88 Total Return, at net asset value^ ( 38.6 )% ( 13.2 )% 15.3 % 3.9 % Total Return, at market value^ ( 38.6 )% ( 11.4 )% 15.9 % 4.1 % Ratios to Average Net Assets** Expense ratio^^ 1.02 % 0.95 % 1.03 % 1.34 % Net investment income gain (loss) 1.84 % 2.76 % 2.70 % 2.24 % ** 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 %, 0.85 % and 0.85 %, respectively, if brokerage commissions and futures account fees were excluded. F-117 Table of Contents 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 Short VIX Short-Term Futures ETF * Ultra Bloomberg Crude Oil Ultra Bloomberg Natural Gas * Ultra Euro Ultra Gold* Ultra Silver Net asset value, at December 31, 2023 $ 51.69 $ 26.28 $ 142.73 $ 11.86 $ 15.96 $ 27.29 Net investment income (loss) 0.91 0.44 1.28 0.21 0.33 0.54 Net realized and unrealized gain (loss)# 8.75 6.79 ( 66.04 ) ( 0.88 ) 3.04 9.61 Change in net asset value from operations 9.66 7.23 ( 64.76 ) ( 0.67 ) 3.37 10.15 Net asset value, at June 30, 2024 $ 61.35 $ 33.51 $ 77.97 $ 11.19 $ 19.33 $ 37.44 Market value per share, at December 31, 2023 † $ 51.70 $ 26.10 $ 142.20 $ 11.84 $ 15.97 $ 27.17 Market value per share, at June 30, 2024 † $ 61.39 $ 33.50 $ 78.35 $ 11.17 $ 19.26 $ 37.09 Total Return, at net asset value^ 18.7 % 27.5 % ( 45.4 )% ( 5.6 )% 21.1 % 37.2 % Total Return, at market value^ 18.7 % 28.4 % ( 44.9 )% ( 5.7 )% 20.6 % 36.5 % Ratios to Average Net Assets** Expense ratio^^ 1.18 % 0.99 % 1.51 % 0.95 % 0.97 % 0.99 % Net investment income gain (loss) 3.28 % 2.89 % 2.89 % 3.80 % 3.70 % 3.44 % * 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, 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. F-118 Table of Contents For the Six Months Ended June 30, 2024 (unaudited) Per Share Operating Performance Ultra VIX Short-Term Futures ETF * Ultra Yen UltraShort Bloomberg Crude Oil UltraShort Bloomberg Natural Gas * UltraShort Euro UltraShort Gold* Net asset value, at December 31, 2023 $ 42.17 $ 27.46 $ 20.75 $ 48.05 $ 29.16 $ 52.78 Net investment income (loss) 0.35 0.41 0.32 0.78 0.55 0.76 Net realized and unrealized gain (loss)# ( 18.94 ) ( 7.64 ) ( 5.50 ) 0.54 2.15 ( 10.35 ) Change in net asset value from operations ( 18.59 ) ( 7.23 ) ( 5.18 ) 1.32 2.70 ( 9.59 ) Net asset value, at June 30, 2024 $ 23.58 $ 20.23 $ 15.57 $ 49.37 $ 31.86 $ 43.19 Market value per share, at December 31, 2023 † $ 42.20 $ 27.49 $ 20.89 $ 48.21 $ 29.15 $ 52.74 Market value per share, at June 30, 2024 † $ 23.54 $ 20.30 $ 15.57 $ 49.19 $ 31.83 $ 43.34 Total Return, at net asset value^ ( 44.1 )% ( 26.3 )% ( 25.0 )% 2.8 % 9.2 % ( 18.2 )% Total Return, at market value^ ( 44.2 )% ( 26.2 )% ( 25.5 )% 2.0 % 9.2 % ( 17.8 )% Ratios to Average Net Assets** Expense ratio^^ 1.80 % 0.95 % 1.05 % 1.93 % 0.95 % 0.98 % Net investment income gain (loss) 2.16 % 3.64 % 3.77 % 2.92 % 3.58 % 3.26 % * 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, 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. F-119 Table of Contents For the Six Months Ended June 30, 2024 (unaudited) Per Share Operating Performance UltraShort Silver * UltraShort Yen * VIX Mid- Term Futures ETF VIX Short- Term Futures ETF * Net asset value, at December 31, 2023 $ 72.56 $ 34.44 $ 16.74 $ 61.99 Net investment income (loss) 0.83 0.74 0.27 0.89 Net realized and unrealized gain (loss)# ( 28.51 ) 12.45 ( 2.72 ) ( 19.55 ) Change in net asset value from operations ( 27.68 ) 13.19 ( 2.45 ) ( 18.66 ) Net asset value, at June 30, 2024 $ 44.88 $ 47.63 $ 14.29 $ 43.33 Market value per share, at December 31, 2023 † $ 72.96 $ 34.47 $ 16.75 $ 62.04 Market value per share, at June 30, 2024 † $ 45.32 $ 47.56 $ 14.33 $ 43.40 Total Return, at net asset value^ ( 38.2 )% 38.3 % ( 14.6 )% ( 30.1 )% Total Return, at market value^ ( 37.9 )% 38.0 % ( 14.5 )% ( 30.0 )% Ratios to Average Net Assets** Expense ratio^^ 1.03 % 0.95 % 1.15 % 1.04 % Net investment income gain (loss) 3.01 % 3.55 % 3.63 % 3.40 % * 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, 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. F-120 Table of Contents NOTE 7 – RISK Correlation and Holding Period Risk Each of the Geared Funds is “geared” which means that each has an investment objective to seek daily investment results, before fees and expenses, that correspond either to one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark (referred to as the “Daily Target”). The Geared Funds do not seek to achieve their Daily Target for any period of time other than a single day (as measured from NAV calculation time to NAV calculation time). The return of a Geared Fund for a period longer than a single day is the result of its return for each day compounded over the period and usually will differ from one-half the inverse (-0.5x), two times the inverse (-2x), one and one-half times (1.5x) the return or two times (2x) the return of the Geared Fund’s benchmark for the same period. This difference may be significant. Compounding is the cumulative effect of applying investment gains and losses and income to the principal amount invested over time. Gains or losses experienced over a given period will increase or reduce the principal amount invested from which the subsequent period’s returns are calculated. The effects of compounding will likely cause the performance of a Geared Fund to differ from the Geared Fund’s stated multiple times the return of its benchmark for the same period. The effect of compounding becomes more pronounced as benchmark volatility and holding period increase. The impact of compounding will impact each shareholder differently depending on the period of time an investment in a Geared Fund is held and the volatility of the benchmark during the holding period of an investment in the Geared Fund. The return of a Geared Fund for periods longer than a day is the product of a series of daily leveraged returns for each trading day during that period. If you hold Geared Fund shares for any period other than a day, it is important for you to understand the risks and long-term performance of a daily objective fund. You should know that over your holding period: • Your return may be higher or lower than the Daily Target, and this difference may be significant. • Factors that contribute to returns that are worse than the Daily Target include smaller Benchmark gains or losses and higher Benchmark volatility, as well as longer holding periods when these factors apply. • Factors that contribute to returns that are better than the Daily Target include larger Benchmark gains or losses and lower Benchmark volatility, as well as longer holding periods when these factors apply. • The more extreme these factors are, and the more they occur together, the more your return will tend to deviate from the Daily Target. For periods longer than a day, you will lose money if the Benchmark’s performance is flat. It is possible that you will lose money invested in a Short or UltraShort Fund even if the value of the Benchmark falls during that period or money invested in an Ultra Fund even if the value of the Benchmark rises during that period. Returns may move in the opposite direction of the Benchmark during periods of higher Benchmark volatility, low Benchmark returns, or both. In addition, during periods of higher Benchmark volatility, the Benchmark volatility may affect your return as much or more than the return of the Benchmark. Each Ultra and UltraShort Fund uses leverage and should produce daily returns that are more volatile than that of its benchmark. For example, the daily return of an Ultra with a 1.5x or 2x multiple should be approximately one and one-half or two times as volatile on a daily basis as is the return of a fund with an objective of matching the same benchmark. The daily return of an UltraShort Fund is designed to return two times the inverse (-2x) of the return that would be expected of a fund with an objective of matching the same benchmark. The Geared Funds are not appropriate for all investors and present significant risks not applicable to other types of funds. The Leveraged Funds use leverage and are riskier than similarly benchmarked exchange-traded funds that do not use leverage. An investor should only consider an investment in a Geared Fund if he or she understands the consequences of seeking daily leveraged, daily inverse or daily inverse leveraged investment results. Investors should understand the consequences of holding daily rebalanced funds for periods longer than a given day, including the impact of compounding on fund performance. Shareholders who invest in the Geared Funds should consider actively monitoring and/or periodically rebalancing their investments (which will possibly trigger transaction costs and tax consequences) in light of their investment goals and risk tolerances. The Matching VIX Funds seek to achieve their stated investment objective over time. F-121 Table of Contents While the Funds seek to meet their investment objectives, there is no guarantee they will do so. Factors that may affect a Fund’s ability to meet its investment objective include: (1) the Sponsor’s ability to purchase and sell Financial Instruments in a manner that correlates to a Fund’s objective; (2) an imperfect correlation between the performance of Financial Instruments held by a Fund and the performance of the applicable benchmark; (3) bid-ask spreads on such Financial Instruments; (4) fees, expenses, transaction costs, financing costs associated with the use of Financial Instruments and commission costs; (5) holding or trading instruments in a market that has become illiquid or disrupted; (6) a Fund’s Share prices being rounded to the nearest cent and/or valuation methodology; (7) changes to a benchmark Index that are not disseminated in advance; (8) the need to conform a Fund’s portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; (9) early and unanticipated closings of the markets on which the holdings of a Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; (10) accounting standards; (11) differences caused by a Fund obtaining exposure to only a representative sample of the components of a benchmark, over weighting or under weighting certain components of a benchmark or obtaining exposure to assets that are not included in a benchmark; (12) large movements of assets into and/or out of a Fund, particularly late in the day; (13) significant and/or rapid increases in the size of the Fund as a result of an increase in creation activity that cause the Fund to approach or reach position or accountability limits or other portfolio limits; and (14) events such as natural disasters (including disease, epidemics and pandemics) that can be highly disruptive to economies, markets and companies including, but not limited to, the Sponsor and third party service providers. A number of factors may affect a Geared Fund’s ability to achieve a high degree of correlation with its benchmark, and there can be no guarantee that a Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent a Geared Fund from achieving its investment objective. In order to achieve a high degree of correlation with their underlying benchmarks, the Geared Funds seek to rebalance their portfolios daily to keep exposure consistent with their investment objectives. Being materially under- or over-exposed to the benchmark may prevent such Geared Funds from achieving a high degree of correlation with such benchmark. Market disruptions or closure, large amounts of assets into or out of the Geared Funds, regulatory restrictions, extreme market volatility, and other factors will adversely affect such Funds’ ability to adjust exposure to requisite levels. The target amount of portfolio exposure is impacted dynamically by the benchmarks’ movements during each day. The target amount of portfolio exposure is impacted dynamically by a benchmark’s movements, including intraday movements. Because of this, it is unlikely that the Geared Funds will be perfectly exposed (i.e., -0.5x, -2x, 1.5x, or 2x, as applicable) to its benchmark at the end of each day, and the likelihood of being materially under- or over-exposed is higher on days when the benchmark levels are volatile near the close of the trading day. Each Geared Fund seeks to rebalance its portfolio on a daily basis. The time and manner in which a Geared Fund rebalances its portfolio may vary from day to day depending upon market conditions and other circumstances at the discretion of the Sponsor. If for any reason a Fund is unable to rebalance all or a portion of its portfolio, or if all or a portion of the portfolio is rebalanced incorrectly, the Fund’s investment exposure may not be consistent with the Fund’s investment objective. In these instances, the Fund may have investment exposure to its benchmark that is significantly greater or less than its stated multiple. As a result, the Fund may be more or less exposed to leverage risk than if it had been properly rebalanced and may not achieve its investment objective. Unlike other funds that do not rebalance their portfolios as frequently, each Geared Fund may be subject to increased trading costs associated with daily portfolio rebalancing in order to maintain appropriate exposure to the underlying benchmarks. Counterparty Risk Each Fund may use derivatives such as swap agreements and forward contracts (collectively referred to in this Counterparty Risk section as “derivatives”) in the manner described herein as a means to achieve their respective investment objectives. The use of derivatives by a Fund exposes the Fund to counterparty risks. Regulatory Treatment Derivatives are generally traded in OTC markets and are subject to comprehensive regulation in the United States. Cash-settled forwards are generally regulated as “swaps”, whereas physically settled forwards are generally not subject to regulation (in the case of commodities other than currencies) or subject to the federal securities laws (in the case of securities). 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 F-122 Table of Contents 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. The regulatory requirements under Title VII continue to be developed and there may be further modifications that could materially and adversely impact the Funds, the markets in which a Fund trades and the counterparties with which the Fund engages in transactions. As noted, all of the relevant CFTC rules may not apply to all of the swap agreements and forward contracts entered into by the Funds. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act (the “CEA”) in connection with each Fund’s swap agreements or forward contracts. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. Counterparty Credit Risk The Funds will be subject to the credit risk of the counterparties to the derivatives. In the case of cleared derivatives, the Funds will have credit risk to the clearing corporation in a similar manner as the Funds would for futures contracts. In the case of uncleared OTC derivatives, the Funds will be subject to the credit risk of the counterparty to the transaction – typically a single bank or financial institution. As a result, a Fund is subject to increased credit risk with respect to the amount it expects to receive from counterparties to uncleared OTC derivatives entered into as part of that Fund’s principal investment strategy. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties or otherwise, a Fund could suffer significant losses on these contracts and the value of an investor’s investment in a Fund may decline. The Funds have sought to mitigate these risks by generally requiring that the counterparties for each Fund agree to post collateral for the benefit of the Fund, marked to market daily, subject to certain minimum thresholds. However, there are no limitations on the percentage of assets each Fund may invest in swap agreements or forward contracts with a particular counterparty. To the extent any such collateral is insufficient or there are delays in accessing the collateral, the Funds will be exposed to counterparty risk as described above, including possible delays in recovering amounts as a result of bankruptcy proceedings. The Funds typically enter into transactions only with major global financial institutions. OTC derivatives of the type that may be utilized by the Funds are generally less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. These agreements contain various conditions, events of default, termination events, covenants and representations. The triggering of certain events or the default on certain terms of the agreement could allow a party to terminate a transaction under the agreement and request immediate payment in an amount equal to the net positions owed to the party under the agreement. For example, if the level of the Fund’s benchmark has a dramatic intraday move that would cause a material decline in the Fund’s NAV, the terms of the swap may permit the counterparty to immediately close out the transaction with the Fund. In that event, it may not be possible for the Fund to enter into another swap or to invest in other Financial Instruments necessary to achieve the desired exposure consistent with the Fund’s objective. This, in turn, may prevent the Fund from achieving its investment objective, particularly if the level of the Fund’s benchmark reverses all or part of its intraday move by the end of the day. In addition, cleared derivatives benefit from daily mark-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. To the extent the Fund enters into cleared swap transactions, the Fund will deposit collateral with a futures commission merchant in cleared swaps customer accounts, which are required by CFTC regulations to be separate from the futures commission merchant’s proprietary collateral posted for cleared swaps transactions. Cleared swap customer collateral is subject to regulations that closely parallel the regulations governing customer segregated funds for futures transactions but provide certain additional protections to cleared swaps collateral in the event of a clearing broker or clearing broker customer default. For example, in the event of a default of both the clearing broker and a customer of the clearing broker, a clearing house is only permitted to access the cleared swaps collateral in the legally separate (but operationally comingled) account of the defaulting cleared swap customer of the clearing broker, as opposed to the treatment of futures customer segregated funds, under which the clearing house may access all of the commingled futures customer segregated funds of a defaulting clearing broker. Derivatives entered into directly between two counterparties do not necessarily benefit from such protections, particularly if entered into with an entity that is not registered as a “swap dealer” with the CFTC. Bilateral OTC derivatives expose the Funds to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Funds to suffer a loss. The Sponsor regularly reviews the performance of its counterparties for, among other things, creditworthiness and execution quality. In addition, the Sponsor periodically considers the addition of new counterparties and the counterparties used by a Fund may change at any time. Each day, the Funds disclose their portfolio holdings as of the prior Business Day. Each Fund’s portfolio holdings identifies its counterparties, as applicable. This portfolio holdings information may be accessed through the web on the Sponsor’s website at www.ProShares.com. F-123 Table of Contents Each counterparty and/or any of its affiliates may be an Authorized Participant or shareholder of a Fund, subject to applicable law. The counterparty risk for cleared derivatives transactions is generally lower than for OTC derivatives. Once a transaction is cleared, the clearing organization is substituted and is a Fund’s counterparty on the derivative. The clearing organization guarantees the performance of the other side of the derivative. Nevertheless, some risk remains, as there is no assurance that the clearing organization, or its members, will satisfy its obligations to a Fund. Leverage Risk The Leveraged Funds may utilize leverage in seeking to achieve their respective investment objectives and will lose more money in market environments adverse to their respective daily investment objectives than funds that do not employ leverage. The use of leveraged and/or inverse leveraged positions increases the risk of total loss of an investor’s investment, even over periods as short as a single day. For example, because the UltraShort Funds and Ultra Funds (except for the Ultra VIX Short-Term Futures ETF which includes a one and one-half times (1.5x) multiplier) include a two times the inverse (-2x), or a two times (2x) multiplier, a single-day movement in the relevant benchmark approaching 50 % at any point in the day could result in the total loss or almost total loss of an investor’s investment if that movement is contrary to the investment objective of the Fund in which an investor has invested, even if such Fund’s benchmark subsequently moves in an opposite direction, eliminating all or a portion of the movement. This would be the case with downward single-day or intraday movements in the underlying benchmark of an Ultra Fund or upward single-day or intraday movements in the benchmark of an UltraShort Fund, even if the underlying benchmark maintains a level greater than zero at all times. Liquidity Risk Financial Instruments cannot always be liquidated at the desired price. It is difficult to execute a trade at a specific price when there is a relatively small volume of buy and sell orders in a market. A market disruption can also make it difficult to liquidate a position or find a swap or forward contract counterparty at a reasonable cost. Market illiquidity may cause losses for the Funds. The large size of the positions which the Funds may acquire increases the risk of illiquidity by both making their positions more difficult to liquidate and increasing the losses incurred while trying to do so. Any type of disruption or illiquidity will potentially be exacerbated due to the fact that the Funds will typically invest in Financial Instruments related to one benchmark, which in many cases is highly concentrated. “Contango” and “Backwardation” Risk In Funds that hold futures contracts, as the futures contracts near expiration, they are generally replaced by contracts that have a later expiration. Thus, for example, a contract purchased and held in November 2022 may specify a January 2023 expiration. As that contract nears expiration, it may be replaced by selling the January 2023 contract and purchasing the contract expiring in March 2023. This process is referred to as “rolling.” Rolling may have a positive or negative impact on performance. For example, historically, the prices of certain types of futures contracts have frequently been higher for contracts with shorter-term expirations than for contracts with longer-term expirations, which is referred to as “backwardation.” In these circumstances, absent other factors, the sale of the January 2023 contract would take place at a price that is higher than the price at which the March 2023 contract is purchased, thereby creating a gain in connection with rolling. While certain types of futures contracts have historically exhibited consistent periods of backwardation, backwardation will likely not exist in these markets at all times. The presence of contango (where prices of contracts are higher in the distant delivery months than in the nearer delivery months due to the costs of long-term storage of a physical commodity prior to delivery or other factors) in certain futures contracts at the time of rolling would be expected to adversely affect an Ultra Fund or a Matching VIX Fund that invests in such futures, and positively affect a Short Fund or an UltraShort Fund that invests in such futures. Similarly, the presence of backwardation in certain futures contracts at the time of rolling such contracts would be expected to adversely affect the Short Fund and UltraShort Funds, and positively affect the Ultra Funds and Matching VIX Funds. Since the introduction of VIX futures contracts, there have frequently been periods where VIX futures prices reflect higher expected volatility levels further out in time. This can result in a loss from “rolling” the VIX futures to maintain the constant weighted average maturity of the applicable VIX Futures Index. Losses from exchanging a lower priced VIX future for a higher priced longer-term future in the rolling process would adversely affect the value of each VIX Futures Index and, accordingly, decrease the return of the Ultra VIX Short-Term Futures ETF and the Matching VIX Funds. F-124 Table of Contents Gold and silver have historically exhibited persistent “contango” markets rather than backwardation. Natural gas, like crude oil, moves in and out of backwardation and contango but historically has been in contango most commonly. There have been times where WTI crude oil futures contracts experience “extraordinary contango or extraordinary backwardation”. For example, in April 2020, the market for crude oil futures contracts experienced a period of “extraordinary contango” that resulted in a negative price in the May 2020 WTI crude oil futures contract. In the summer of 2022, the market for crude oil futures contracts experienced a period of extreme backwardation, but normalized towards the end of the year. The futures contracts held by the Funds may experience a period of extraordinary contango or backwardation in the future. If all or a significant portion of the futures contracts held by an Ultra Fund at a future date were to reach a negative price, investors in such Fund could lose their entire investment. Conversely, investors in an UltraShort Fund could suffer significant losses or lose their entire investment if prices reversed or were subject to extraordinary backwardation. The effects of rolling futures contracts under extraordinary contango or backwardation market conditions generally are more exaggerated than rolling futures contracts under more typical contango or backwardation market conditions. Either scenario may result in significant losses. Investments in futures contracts are subject to current position limits and accountability levels established by the exchanges. Accordingly, the Sponsor and the Funds may be required to reduce the size of outstanding positions or be restricted from entering into new positions that would otherwise be taken for a Fund or not trade in certain markets on behalf of the Fund in order to comply with those limits or any future limits. These restrictions, if implemented, could limit the ability of each Fund to invest in additional futures contracts, add to existing positions in the desired amount, or create additional Creation Units and could otherwise have a significant negative impact on Fund operations and performance, decreasing a Fund’s correlation to the performance of its benchmark, and otherwise preventing a Fund from achieving its investment objective. On May 4, 2020, CME imposed a more restrictive position limit in September 2020 WTI oil futures contracts with respect to the Oil Funds. In response to CME’s imposition of a more restrictive position limit, global developments, and other factors, the Sponsor modified certain of the Oil Funds’ investment strategies to invest in longer-dated futures contracts. 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, 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. Further, such events can be highly disruptive to economies and markets, significantly disrupt the operations of individual companies (including, but not limited to, the Funds, the Funds’ Sponsor and third party service providers), sectors, industries, markets, securities and commodity exchanges, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Funds’ investments. These factors can cause extreme market volatility, illiquidity, exchange trading suspensions and market closures. For example, market factors may adversely affect the price and liquidity of the Funds’ investments and potentially increase margins and collateral requirements in ways that have a significant negative impact on Fund performance or make it difficult, or impossible, for a Fund to achieve its investment objective. Under these circumstances, a Fund could have difficulty finding counterparties to transactions, entering or exiting positions at favorable prices and could incur significant losses. Further, Fund counterparties may close out positions with the Funds without notice, at unfavorable times or unfavorable prices, or may choose to transaction on a more limited basis (or not at all). In such cases, it may be difficult or impossible for a Fund to achieve the desired investment exposure with its investment objective. These conditions also can impact the ability of the Funds to complete creation and redemption transactions and disrupt Fund trading in the secondary market. Additionally, geopolitical conflict, including, war and armed conflicts (such as Russia’s continued military actions against Ukraine that started in February 2022, the Israel-Hamas conflict, the Houthi movement’s attacks on marine vessels in the Red Sea, and the expansion of such conflicts in surrounding areas), sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers, changes in U.S. government policy or agency staffing or agency reorganizations, acts of terrorism, sustained elevated inflation, supply chain issues or other events could have a significant negative impact on global financial markets and economies. A widespread crisis may also affect the global economy in ways that cannot necessarily be foreseen at the current time. How long such events will last and whether they will continue or recur cannot be predicted. Impacts from these events could have significant impact on a Fund’s performance, and the value of an investment in the Fund may decline significantly. F-125 Table of Contents Risks Related to Trade Disputes May Negatively Affect Each Fund. Global economies are interdependent and may be adversely affected by trade disputes with key trading partners and escalating tariffs imposed on goods and services produced by such countries. To the extent a country engages in retaliatory tariffs, a company that relies on imported parts to produce its own goods may experience increased costs of production or reduced profitability, which may affect consumers, investors and the domestic economy. Trade disputes and retaliatory actions may include embargoes and other trade limitations, which may trigger a significant reduction in international trade and impact the global economy. Trade disputes may also lead to increased currency exchange rate volatility, which can adversely affect the prices of the Fund securities valued in U.S. dollars. 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 determined that there are no material events that would require disclosure in the Trust’s or the Funds’ financial statements through this date. F-126 Table of Contents Table of Contents