ProShares Trust II 10-Q

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This information should be read in conjunction with the financial statements and notes to the financial statements included with this Quarterly Report on Form 10-Q. The discussion and analysis that follows may contain statements that relate to future events or future performance. In some cases, such forward-looking statements can be identified by terminology such as “will,” “may,” “should,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “intend,” “project,” “seek” or the negative of these terms or other comparable terminology. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risk and changes in circumstances that are difficult to predict and many of which are outside of the Funds’ control. The Funds’ forward-looking statements are not guarantees of future results and conditions and important factors, risks and uncertainties \in the markets for financial instruments that the Funds trade, in the markets for related physical commodities, in the legal and regulatory regimes applicable to the Sponsor, the Funds, and the Funds’ service providers, and in the broader economy may cause the Funds’ actual results to differ materially from those expressed in forward-looking statements. These forward-looking statements are based on information currently available to the Sponsor and are subject to a number of risks, uncertainties and other factors, both known, such as those described in “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and in this Quarterly Report on Form 10-Q for the period ended June 30, 2025, and unknown, that could cause the actual results, performance, prospects or opportunities of the Funds to differ materially from those expressed in, or implied by, these forward-looking statements. Factors that could cause results to differ from those expressed in the forward-looking statements include those described in the aforementioned filings and in other SEC filings by the Funds, as well as the following: risks and uncertainty related to geopolitical conflict, world health crises and the global economic markets; risks associated with a rising rate environment; risks associated with regulatory and exchange daily price limits, position limits and accountability levels; and risks related to market competition. None of the Trust, the Sponsor, the Trustee, or the Administrator assumes responsibility for the accuracy or completeness of any forward-looking statements. Except as expressly required by federal securities laws, none of the Trust, the Sponsor, the Trustee, or the Administrator is under a duty to update any of the forward-looking statements to conform such statements to actual results or to a change in expectations or predictions. Introduction Each of the Funds generally invests in instruments whose value is derived from the value of an underlying asset, rate or index (Collectively, “Financial Instruments”), including futures contracts, swap agreements, forward contracts and other instruments as a substitute for investing directly in commodities, currencies, or spot volatility products in order to gain exposure to its applicable underlying commodity futures index, commodity, currency exchange rate or equity volatility index. Financial Instruments also are used to produce economically “inverse,” “inverse leveraged” or “leveraged” investment results for the Geared Funds. 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. Each Geared Fund seeks investment results for a single day only, not for any other period. This is different from most exchange-traded funds and means that the return of such Fund for a period longer than a single trading day will be the result of each day’s returns compounded over the period, which will very likely differ in amount and possibly even direction from -0.5x, -2x, 1.5x, or 2x, of the return of the benchmark to which such Fund is benchmarked for that period. Volatility of the benchmark may be at least as important to a Geared Fund’s return for the period as the return of the benchmark. Geared Funds that use leverage, are riskier than similarly benchmarked exchange-traded funds that do not use leverage. Accordingly, these Funds may not be suitable for all investors and should be used only by knowledgeable investors who understand the potential consequences of seeking daily leveraged, inverse or inverse leveraged investment results. Shareholders who invest in the Geared Funds should actively manage and monitor their investments, as frequently as daily. Each Matching VIX Fund seeks investment results, before fees and expenses, that match the performance of the S&P 500 VIX Short-Term Futures Index (the “Short-Term VIX Index”) or the S&P 500 VIX Mid-Term Futures Index (the “Mid-Term VIX Index”) (each a “VIX Futures Index”). Each Geared VIX Fund seeks daily investment results, before fees and expenses, that correspond to a multiple or the inverse of the daily performance of the Short-Term VIX Index. Each VIX Fund intends to obtain exposure to its benchmark by taking positions in futures contracts (“VIX futures contracts”) based on the Chicago Board Options Exchange (“Cboe”) Volatility Index (the “VIX”). 127 Table of Contents ProShares UltraShort Bloomberg Crude Oil, ProShares Ultra Gold, ProShares Ultra Silver, ProShares UltraShort Gold, ProShares UltraShort Silver, ProShares UltraShort Bloomberg Natural Gas, ProShares Ultra Bloomberg Crude Oil, and ProShares Ultra Bloomberg Natural Gas are benchmarked to indexes designed to track the performance of commodity futures contracts, as applicable. The daily performance of these Indexes and the corresponding Funds will likely be very different in amount and possibly even direction from the daily performance of the price of the related physical commodities. Each Geared Fund continuously offers and redeems its Shares in blocks of 50,000 Shares and each Matching VIX Fund continuously offers and redeems its Shares in blocks of 25,000 Shares (each such block a “Creation Unit”). Only Authorized Participants may purchase and redeem Shares from a Fund and then only in Creation Units. An Authorized Participant is an entity that has entered into an Authorized Participant Agreement with one or more of the Funds. Shares of the Funds are offered to Authorized Participants in Creation Units at each Fund’s respective NAV. Authorized Participants may then offer to the public, from time to time, Shares from any Creation Unit they create at a per-Share market price that varies depending on, among other factors, the trading price of the Shares of each Fund on its applicable listing exchange, the NAV and the supply of and demand for the Shares at the time of the offer. Shares from the same Creation Unit may be offered at different times and may have different offering prices based upon the above factors. The form of Authorized Participant Agreement and related Authorized Participant Handbook set forth the terms and conditions under which an Authorized Participant may purchase or redeem a Creation Unit. Authorized Participants do not receive from any Fund, the Sponsor, or any of their affiliates, any underwriting fees or compensation in connection with their sale of Shares to the public. The Sponsor maintains a website at www.ProShares.com, through which monthly account statements and the Trust’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”), can be accessed free of charge, as soon as reasonably practicable after such material is electronically filed with, or furnished to, the U.S. Securities and Exchange Commission (the “SEC”). Additional information regarding the Trust may also be found on the SEC’s EDGAR database at www.sec.gov. Forward and Reverse Splits On March 20, 2024, the Trust issued a press release announcing a forward share split on ProShares Short VIX Short-Term Futures, ProShares UltraShort Bloomberg Natural Gas and a reverse share split on ProShares Ultra VIX Short-Term Futures. The Splits did not change the value of a shareholder’s investment. ProShares Short VIX Short-Term Futures executed a 2:1 Forward Split of its shares. ProShares UltraShort Bloomberg Natural Gas also executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on April 11, 2024, when the Funds begin trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares Ultra VIX Short-Term Futures executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on April 11, 2024, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y755 for UVXY). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On October 28, 2024, the Trust issued a press release announcing a forward share split on ProShares UltraShort Yen and a reverse share split on ProShares UltraShort Silver, ProShares VIX Short-Term Futures, ProShares Ultra Bloomberg Natural Gas. The Splits did not change the value of a shareholder’s investment. ProShares UltraShort Yen executed a 2:1 Forward Split of its shares. The Forward Splits were effective at the market open on November 7, 2024, when the Funds began trading at their post-Forward Split prices. The Forward Split decreased the price per share of each Funds with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Silver and ProShares ProShares VIX Short-Term Futures executed a 1:4 Reverse Split of its shares and ProShares Ultra Bloomberg Natural Gas executed a 1:5 Reverse Split of its shares. The Reverse Split was effective at the market open on November 7, 2024, when the Fund begins trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y722 for ZSL), (74347Y730 for VIXY), (74347Y748 for BOIL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. On May 28, 2025, the Trust issued a press release announcing a forward share split on ProShares Ultra Gold and a reverse share split on ProShares UltraShort Gold. The Splits did not change the value of a shareholder’s investment. ProShares Ultra Gold executed a 4:1 Forward Split of its shares. The Forward Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Forward Split price. The Forward Split decreased the price per share of the Fund with a proportionate increase in the number of its shares outstanding. ProShares UltraShort Gold executed a 1:2 Reverse Split of its shares. The Reverse Split was effective at the market open on June 13, 2025, when the Fund began trading at its post-Reverse Split price. The ticker symbol for the Fund did not change, but the Fund was issued a new CUSIP number (74347Y714 for GLL). The Reverse Split increased the price per share of the Fund with a proportionate decrease in the number of shares outstanding. 128 Table of Contents Liquidity and Capital Resources In order to collateralize derivatives positions in indices, commodities or currencies, a portion of the NAV of each Fund is held in cash and/or U.S. Treasury securities, agency securities, or other high credit quality short term fixed-income or similar securities (such as shares of money market funds, bank deposits, bank money market accounts, certain variable rate-demand notes and repurchase agreements collateralized by government securities, whether denominated in U.S. dollars or the applicable foreign currency with respect to a Currency Fund). A portion of these investments may be posted as collateral in connection with swap agreements, futures, and/or forward contracts. The percentage that U.S. Treasury bills and other short-term fixed-income securities bear to the shareholders’ equity of each Fund varies from period to period as the market values of the underlying swaps, futures contracts and forward contracts change. During the three and six months ended June 30, 2025 and 2024, each of the Funds earned interest income as follows: Fund Interest Income Three Months Ended June 30, 2025 Interest Income Three Months Ended June 30, 2024 Interest Income Six Months Ended June 30, 2025 Interest Income Six Months Ended June 30, 2024 ProShares Short VIX Short-Term Futures ETF $ 3,664,726 $ 3,457,223 $ 5,820,643 $ 6,766,508 ProShares Ultra Bloomberg Crude Oil 3,240,612 6,506,199 6,745,716 11,516,649 ProShares Ultra Bloomberg Natural Gas 2,079,577 6,418,687 4,980,630 12,870,827 ProShares Ultra Euro 68,572 70,817 114,044 149,303 ProShares Ultra Gold 5,119,975 2,819,359 8,858,522 4,833,274 ProShares Ultra Silver 6,095,350 6,245,723 12,115,255 9,880,580 ProShares Ultra VIX Short-Term Futures ETF 2,804,863 2,335,823 5,692,389 5,094,065 ProShares Ultra Yen 580,313 483,557 1,108,434 853,811 ProShares UltraShort Bloomberg Crude Oil 1,176,354 2,290,280 3,111,177 4,533,047 ProShares UltraShort Bloomberg Natural Gas 3,919,799 1,577,496 8,363,249 2,924,574 ProShares UltraShort Euro 303,400 429,872 651,455 888,189 ProShares UltraShort Gold 712,768 176,727 925,475 319,930 ProShares UltraShort Silver 227,082 597,421 404,937 978,854 ProShares UltraShort Yen 208,788 456,243 417,761 771,660 ProShares VIX Mid-Term Futures ETF 216,994 1,106,849 498,093 1,622,013 ProShares VIX Short-Term Futures ETF 1,189,233 1,619,921 2,751,531 3,378,183 Each Fund’s underlying swaps, futures, options, forward contracts and foreign currency forward contracts, as applicable, may be subject to periods of illiquidity because of market conditions, regulatory considerations and other reasons. For example, swaps and forward contracts are not traded on an exchange, do not have uniform terms and conditions, and in general are not transferable without the consent of the counterparty. In the case of futures contracts, commodity exchanges may limit fluctuations in certain futures contract prices during a single day by regulations referred to as “daily limits.” During a single day, no futures trades may be executed at prices beyond the daily limit. Once the price of a futures contract has increased or decreased by an amount equal to the daily limit, positions in such futures contracts can neither be taken nor liquidated unless the traders are willing to effect trades at or within the limit. Futures contract prices have occasionally moved to the daily limit for several consecutive days with little or no trading. Such market conditions could prevent a Fund from promptly liquidating its futures positions. Entry into swap agreements or forward contracts may further impact liquidity because these contractual agreements are executed “off-exchange” between private parties and, therefore, the time required to offset or “unwind” these positions may be greater than that for exchange-traded instruments. This potential delay could be exacerbated to the extent a counterparty is not a United States person. The large size of the positions in which a Fund 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 Investments related to one benchmark, which in many cases is highly concentrated. Because each Fund may enter into swaps and may trade futures and forward contracts, its capital is at risk due to changes in the value of these contracts (market risk) or the inability of counterparties to perform under the terms of the contracts (credit risk). 129 Table of Contents Market Risk Trading in derivatives contracts involves each Fund entering into contractual commitments to purchase or sell a commodity, currency or spot volatility product underlying such Fund’s benchmark at a specified date and price, should it hold such derivative contract into the deliverable period. Should a Fund enter into a contractual commitment to sell a physical commodity, currency or spot volatility product, it would be required to make delivery of that commodity, currency or spot volatility product at the contract price and then repurchase the contract at prevailing market prices or settle in cash. Since the repurchase price to which the value of a commodity, currency or spot volatility product can rise is unlimited, entering into commitments to sell commodities, currencies or spot volatility products would expose a Fund to theoretically unlimited risk. For more information, see “Item 3. Quantitative and Qualitative Disclosures About Market Risk” in this Quarterly Report on Form 10-Q. Credit Risk When a Fund enters into swap agreements, futures contracts or forward contracts, the Fund is exposed to credit risk that the counterparty to the contract will not meet its obligations. The counterparty for futures contracts traded on United States and most foreign futures exchanges as well as certain swaps is the clearing house associated with the particular exchange. In general, clearing houses are backed by their corporate members who may be required to share in the financial burden resulting from the nonperformance by one of their members and, as such, should significantly reduce this credit risk. In cases where the clearing house is not backed by the clearing members (i.e., some foreign exchanges, which may become applicable in the future), it may be backed by a consortium of banks or other financial institutions. Certain swap and forward agreements are contracted for directly with counterparties. There can be no assurance that any counterparty, clearing member or clearing house will meet its obligations to a Fund. Swap agreements do not generally involve the delivery of underlying assets either at the outset of a transaction or upon settlement. Accordingly, if the counterparty to an OTC swap agreement defaults, the Fund’s risk of loss typically consists of the net amount of payments that the Fund is contractually entitled to receive, if any. Swap counterparty risk is generally limited to the amount of any unrealized gains, although in the event of a counterparty bankruptcy, there could be delays and costs associated with the recovery of collateral posted in segregated tri-party accounts at the Fund’s custodian bank. Forward agreements do not involve the delivery of assets at the onset of a transaction, but may be settled physically in the underlying asset if such contracts are held to expiration, particularly in the case of currency forwards. Thus, prior to settlement, if the counterparty to a forward contract defaults, a Fund’s risk of loss will generally consist of the net amount of payments that the Fund is contractually entitled to receive, if any. However, if physically settled forwards are held until expiration (presently, there is no plan to do this), at the time of settlement, a Fund may be at risk for the full notional value of the forward contracts depending on the type of settlement procedures used. The Sponsor attempts to minimize certain of these market and credit risks by normally: • executing and clearing trades with creditworthy counterparties, as determined by the Sponsor; • limiting the outstanding amounts due from counterparties to the Funds; • not posting margin directly with a counterparty; • requiring that the counterparty posts collateral in amounts approximately equal to that owed to the Funds, as marked to market daily, subject to certain minimum thresholds; • limiting the amount of margin or premium posted at a FCM; and • ensuring that deliverable contracts are not held to such a date when delivery of the underlying asset could be called for. Off-Balance Sheet Arrangements and Contractual Obligations As of August 4, 2025, the Funds have not used, nor do they expect to use in the future, special purpose entities to facilitate off-balance sheet financing arrangements and have no loan guarantee arrangements or off-balance sheet arrangements of any kind other than agreements entered into in the normal course of business, which may include indemnification provisions related to certain risks service providers undertake in performing services which are in the best interests of the Funds. While each Fund’s exposure under such indemnification provisions cannot be estimated, these general business indemnifications are not expected to have a material impact on a Fund’s financial position. Management fee payments made to the Sponsor are calculated as a fixed percentage of each Fund’s NAV. As such, the Sponsor cannot anticipate the payment amounts that will be required under these arrangements for future periods as NAVs are not known until a future date. The agreement with the Sponsor may be terminated by either party upon 30 days written notice to the other party. 130 Table of Contents Critical Accounting Policies Preparation of the financial statements and related disclosures in compliance with accounting principles generally accepted in the United States of America requires the application of appropriate accounting rules and guidance, as well as the use of estimates. The Trust’s and the Funds’ application of these policies involves judgments and actual results may differ from the estimates used. Each Fund has significant exposure to Financial Instruments. The Funds hold a significant portion of their assets in swaps, futures, forward contracts or foreign currency forward contracts, all of which are recorded on a trade date basis and at fair value in the financial statements, with changes in fair value reported in the Statements of Operations. The use of fair value to measure Financial Instruments, with related unrealized gains or losses recognized in earnings in each period, is fundamental to the Trust’s and the Funds’ financial statements. The fair value of a Financial Instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (the exit price). For financial reporting purposes, the Funds value investments based upon the closing price in their primary markets. Accordingly, the investment valuations in these financial statements may differ from those used in the calculation of certain Funds’ final creation/redemption NAV for the period ended June 30, 2025. 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. Repurchase agreements are generally valued at amortized cost, provided such amounts approximate fair value. 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. 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 be generally 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 normal industry standards. The Sponsor may fair value an asset of a Fund pursuant to the policies the Sponsor has adopted, which are consistent with normal industry standards. Fair value pricing may require subjective determinations about the value of an investment. While each Fund’s policy is intended to result in a calculation of the Fund’s NAV that fairly reflects investment values as of the time of pricing, the Funds cannot ensure that fair values determined by the Sponsor or persons acting at their direction would accurately reflect the price that the 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 a 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. Interest income is recognized on an accrual basis and includes, where applicable, the amortization of premium or discount, and is reflected as Interest Income in the Statement of Operations. Additionally, interest income may be earned on Repurchase Agreements, cash held at the custodian bank and/or cash held on deposit with brokers for futures contracts. Realized gains (losses) and changes in unrealized gain (loss) on open investments are determined on a specific identification basis and recognized in the Statements of Operations in the period in which the contract is closed or the changes occur, respectively. Each Fund pays its respective brokerage commissions, including applicable exchange fees, NFA fees, give up fees, pit futures account 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 regulated investments. Brokerage commissions on futures contracts are recognized on a half-turn basis. The Sponsor is currently paying brokerage commissions in VIX futures contracts for the Matching VIX Funds that exceed variable create/redeem fees collected by more than 0.02% of the Matching VIX Fund’s average net assets annually. 131 Table of Contents Results of Operations for the Three Months Ended June 30, 2025 Compared to the Three Months Ended June 30, 2024 ProShares Short VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 232,107,856 $ 313,978,799 NAV end of period $ 279,925,400 $ 298,712,515 Percentage change in NAV 20.6 % (4.9 )% Shares outstanding beginning of period 5,068,614 5,568,614 Shares outstanding end of period 6,568,614 4,868,614 Percentage change in shares outstanding 29.6 % (12.6 )% Shares created 16,400,000 350,000 Shares redeemed 14,900,000 1,050,000 Per share NAV beginning of period $ 45.79 $ 56.38 Per share NAV end of period $ 42.62 $ 61.35 Percentage change in per share NAV (6.9 )% 8.8 % Percentage change in benchmark (6.5 )% (15.8 )% Benchmark annualized volatility 114.0 % 41.2 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,068,614 outstanding Shares at March 31, 2025 to 6,568,614 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,568,614 outstanding Shares at March 31, 2024 to 4,868,614 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to one-half the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.9% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 8.8% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s decline of 6.5% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 15.8% for the three months ended June 30, 2024, can be attributed to a lesser decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025. 132 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 2,458,621 $ 2,584,261 Management fee 973,113 702,645 Brokerage commission 205,533 170,317 Futures account fees 27,459 —  Net realized gain (loss) 2,460 26,761,918 Change in net unrealized appreciation (depreciation) 13,637,223 (4,167,221 ) Net Income (loss) $ 16,098,304 $ 25,178,958 The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser decrease in the value of futures prices during the three months ended June 30, 2025. ProShares Ultra Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 432,463,827 $ 597,176,895 NAV end of period $ 420,493,513 $ 527,486,095 Percentage change in NAV (2.8 )% (11.7 )% Shares outstanding beginning of period 15,943,096 17,993,096 Shares outstanding end of period 18,693,096 15,743,096 Percentage change in shares outstanding 17.2 % (12.5 )% Shares created 9,200,000 5,050,000 Shares redeemed 6,450,000 7,300,000 Per share NAV beginning of period $ 27.13 $ 33.19 Per share NAV end of period $ 22.49 $ 33.51 Percentage change in per share NAV (17.1 )% 1.0 % Percentage change in benchmark (7.7 )% 0.5 % Benchmark annualized volatility 35.6 % 17.4 % During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . The decrease in the Fund’s NAV was offset by an increase from 15,943,096 outstanding Shares at March 31, 2025 to 18,693,096 outstanding Shares at June 30, 2025. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 17,993,096 outstanding Shares at March 31, 2024 to 15,743,096 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 17.1% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 1.0% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. 133 Table of Contents The benchmark’s decline of 7.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 0.5% for the three months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 2,227,570 $ 5,118,436 Management fee 951,694 1,344,787 Brokerage commission 61,348 42,976 Net realized gain (loss) (28,591,884 ) 6,957,617 Change in net unrealized appreciation (depreciation) (41,335,786 ) (738,826 ) Net Income (loss) $ (67,700,100 ) $ 11,337,227 The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of WTI Crude Oil during the three months ended June 30, 2025. ProShares Ultra Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 232,237,503 $ 580,741,377 NAV end of period $ 334,757,794 $ 540,643,821 Percentage change in NAV 44.1 % (6.9 )% Shares outstanding beginning of period 2,723,047 8,843,709 Shares outstanding end of period 7,223,047 6,933,709 Percentage change in shares outstanding 165.3 % (21.6 )% Shares created 13,150,000 4,870,000 Shares redeemed 8,650,000 6,780,000 Per share NAV beginning of period $ 85.29 $ 65.67 Per share NAV end of period $ 46.35 $ 77.97 Percentage change in per share NAV (45.7 )% 18.7 % Percentage change in benchmark (22.2 )% 13.9 % Benchmark annualized volatility 60.7 % 53.0 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,723,047 outstanding Shares at March 31, 2025 to 7,223,047 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 8,843,709 outstanding Shares at March 31, 2024 to 6,933,709 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . 134 Table of Contents For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 45.7% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 18.7% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s decline of 22.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 13.9% for the three months ended June 30, 2024, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 1,224,122 $ 4,256,254 Management fee 548,526 1,323,880 Brokerage commission 288,858 785,377 Futures account fees 18,071 53,176 Net realized gain (loss) (12,342,333 ) 211,772,181 Change in net unrealized appreciation (depreciation) (84,894,992 ) (60,263,391 ) Net Income (loss) $ (96,013,203 ) $ 155,765,044 The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2025. 135 Table of Contents ProShares Ultra Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 5,111,473 $ 6,804,048 NAV end of period $ 8,708,069 $ 5,595,533 Percentage change in NAV 70.4 % (17.8 )% Shares outstanding beginning of period 450,000 600,000 Shares outstanding end of period 650,000 500,000 Percentage change in shares outstanding 44.4 % (16.7 )% Shares created 200,000 —  Shares redeemed —  100,000 Per share NAV beginning of period $ 11.36 $ 11.34 Per share NAV end of period $ 13.40 $ 11.19 Percentage change in per share NAV 17.9 % (1.3 )% Percentage change in benchmark 8.9 % (0.7 )% Benchmark annualized volatility 10.2 % 5.5 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 450,000 outstanding Shares at March 31, 2025 to 650,000 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at March 31, 2024 to 500,000 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 17.9% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 1.3% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 8.9% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 0.7% for the three months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S. dollar during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 50,493 $ 56,873 Management fee 18,079 13,944 Net realized gain (loss) 616,633 (219,350 ) Change in net unrealized appreciation (depreciation) 415,771 62,167 Net Income (loss) $ 1,082,897 $ (100,310 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the euro versus the U.S. dollar during the three months ended June 30, 2025. 136 Table of Contents ProShares Ultra Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 480,619,425 $ 215,970,841 NAV end of period $ 485,005,243 $ 216,456,025 Percentage change in NAV 0.9 % 0.2 % Shares outstanding beginning of period 15,000,000 12,000,000 Shares outstanding end of period 14,100,000 11,200,000 Percentage change in shares outstanding (6.0 )% (6.7 )% Shares created 7,250,000 1,400,000 Shares redeemed 8,150,000 2,200,000 Per share NAV beginning of period $ 32.04 $ 18.00 Per share NAV end of period $ 34.40 $ 19.33 Percentage change in per share NAV 7.4 % 7.4 % Percentage change in benchmark 5.2 % 4.9 % Benchmark annualized volatility 26.3 % 16.8 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Funds’s NAV was offset by a decrease from 15,000,000 outstanding Shares at March 31, 2025 to 14,100,000 outstanding Shares at June 30, 2025. By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Fund’s NAV was offset by a decrease from 12,000,000 outstanding Shares at March 31, 2024 to 11,200,000 outstanding Shares at June 30, 2024. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 7.4% for the three months ended June 30, 2024, was primarily due to no change in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 5.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 4.9% for the three months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025. 137 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 3,895,862 $ 2,264,848 Management fee 1,197,578 546,388 Brokerage commission 26,535 8,123 Net realized gain (loss) 86,158,116 31,567,821 Change in net unrealized appreciation (depreciation) (61,454,302 ) (17,226,689 ) Net Income (loss) $ 28,599,676 $ 16,605,980 The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a greater increase in the value of futures prices during the three months ended June 30, 2025. * See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold. ProShares Ultra Silver Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 717,992,459 $ 403,584,744 NAV end of period $ 708,196,011 $ 570,829,521 Percentage change in NAV (1.4 )% 41.4 % Shares outstanding beginning of period 15,696,526 14,146,526 Shares outstanding end of period 15,046,526 15,246,526 Percentage change in shares outstanding (4.1 )% 7.8 % Shares created 5,000,000 5,150,000 Shares redeemed 5,650,000 4,050,000 Per share NAV beginning of period $ 45.74 $ 28.53 Per share NAV end of period $ 47.07 $ 37.44 Percentage change in per share NAV 2.9 % 31.2 % Percentage change in benchmark 3.7 % 17.8 % Benchmark annualized volatility 33.6 % 38.5 % During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 15,696,526 outstanding Shares at March 31, 2025 to 15,046,526 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . The increase in the Fund’s NAV also resulted in part from an increase from 14,146,526 outstanding Shares at March 31, 2024 to 15,246,526 outstanding Shares at June 30, 2024. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 31.2% for the three months ended June 30, 2024, was primarily due to a lesser appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. 138 Table of Contents The benchmark’s rise of 3.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 17.8% for the three months ended June 30, 2024, can be attributed to a lesser increase in the value of silver futures contracts during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 4,551,855 $ 4,944,726 Management fee 1,485,223 1,244,817 Brokerage commission 58,272 56,180 Net realized gain (loss) 99,198,831 220,680,441 Change in net unrealized appreciation (depreciation) (73,497,185 ) (87,279,257 ) Net Income (loss) $ 30,253,501 $ 138,345,910 The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser increase in the value of futures prices during the three months ended June 30, 2025. 139 Table of Contents ProShares Ultra VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 323,381,943 $ 278,240,649 NAV end of period $ 579,408,908 $ 232,135,198 Percentage change in NAV 79.2 % (16.6 )% Shares outstanding beginning of period 13,793,643 8,844,891 Shares outstanding end of period 30,993,643 9,843,643 Percentage change in shares outstanding 124.7 % 11.3 % Shares created 39,350,000 7,030,000 Shares redeemed 22,150,000 6,031,248 Per share NAV beginning of period $ 23.44 $ 31.46 Per share NAV end of period $ 18.69 $ 23.58 Percentage change in per share NAV (20.3 )% (25.0 )% Percentage change in benchmark (6.5 )% (15.8 )% Benchmark annualized volatility 114.0 % 41.2 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,793,643 outstanding Shares at March 31, 2025 to 30,993,643 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 8,844,891 outstanding Shares at March 31, 2024 to 9,843,643 outstanding Shares at June 30, 2024. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x the daily performance of its benchmark. The Fund’s per Share NAV decrease of 20.3% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 25.0% for the three months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s decline of 6.5% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 15.8% for the three months ended June 30, 2024, can be attributed to a lesser decrease in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 1,151,011 $ 1,263,439 Management fee 906,425 553,814 Brokerage commission 621,171 454,606 Futures account fees 126,256 63,964 Net realized gain (loss) 56,043,330 (57,412,686 ) Change in net unrealized appreciation (depreciation) (88,992,737 ) 11,698,440 Net Income (loss) $ (31,798,396 ) $ (44,450,807 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser decrease in the value of futures prices, during the three months ended June 30, 2025. 140 Table of Contents ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 61,327,343 $ 41,994,545 NAV end of period $ 66,461,439 $ 44,510,138 Percentage change in NAV 8.4 % 6.0 % Shares outstanding beginning of period 2,799,970 1,799,970 Shares outstanding end of period 2,849,970 2,199,970 Percentage change in shares outstanding 1.8 % 22.2 % Shares created 350,000 500,000 Shares redeemed 300,000 100,000 Per share NAV beginning of period $ 21.90 $ 23.33 Per share NAV end of period $ 23.32 $ 20.23 Percentage change in per share NAV 6.5 % (13.3 )% Percentage change in benchmark 4.2 % (5.9 )% Benchmark annualized volatility 13.7 % 9.0 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The increase in the Fund’s NAV also resulted in part from an increase from 2,799,970 outstanding Shares at March 31, 2025 to 2,849,970 outstanding Shares at June 30, 2025. By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,799,970 outstanding Shares at March 31, 2024 to 2,199,970 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 6.5% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 13.3% for the three months ended June 30, 2024, was primarily due to appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 4.2% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 5.9% for the three months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2025. 141 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 426,548 $ 384,185 Management fee 153,765 99,372 Net realized gain (loss) 1,428,203 (5,365,623 ) Change in net unrealized appreciation (depreciation) 2,283,730 (842,412 ) Net Income (loss) $ 4,138,481 $ (5,823,850 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S. dollar during the three months ended June 30, 2025. ProShares UltraShort Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 179,185,227 $ 197,512,295 NAV end of period $ 135,277,470 $ 177,620,038 Percentage change in NAV (24.5 )% (10.1 )% Shares outstanding beginning of period 10,705,220 12,405,220 Shares outstanding end of period 7,505,220 11,405,220 Percentage change in shares outstanding (29.9 )% (8.1 )% Shares created 9,900,000 4,200,000 Shares redeemed 13,100,000 5,200,000 Per share NAV beginning of period $ 16.74 $ 15.92 Per share NAV end of period $ 18.02 $ 15.57 Percentage change in per share NAV 7.7 % (2.2 )% Percentage change in benchmark (7.7 )% 0.5 % Benchmark annualized volatility 35.6 % 17.4 % During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 10,705,220 outstanding Shares at March 31, 2025 to 7,505,220 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 12,405,220 outstanding Shares at March 31, 2024 to 11,405,220 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 7.7% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 2.2% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s decline of 7.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 0.5% for the three months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025. 142 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 819,688 $ 1,805,686 Management fee 294,244 440,755 Brokerage commission 62,422 43,839 Net realized gain (loss) 32,209,630 (143,424 ) Change in net unrealized appreciation (depreciation) 14,026,830 (1,552,095 ) Net Income (loss) $ 47,056,148 $ 110,167 The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of WTI Crude Oil during the three months ended June 30, 2025. ProShares UltraShort Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 573,853,468 $ 94,345,355 NAV end of period $ 283,266,637 $ 147,292,427 Percentage change in NAV (50.6 )% 56.1 % Shares outstanding beginning of period 29,133,712 1,233,712 Shares outstanding end of period 11,133,712 2,983,712 Percentage change in shares outstanding (61.8 )% 141.8 % Shares created 18,750,000 7,400,000 Shares redeemed 36,750,000 5,650,000 Per share NAV beginning of period $ 19.70 $ 76.47 Per share NAV end of period $ 25.44 $ 49.37 Percentage change in per share NAV 29.2 % (35.4 )% Percentage change in benchmark (22.2 )% 13.9 % Benchmark annualized volatility 60.7 % 53.0 % 143 Table of Contents During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 29,133,712 outstanding Shares at March 31, 2025 to 11,133,712 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM . By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,233,712 outstanding Shares at March 31, 2024 to 2,983,712 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM . For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 29.2% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 35.4% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s decline of 22.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 13.9% for the three months ended June 30, 2024, can be attributed to a decrease in the value of Henry Hub Natural Gas during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 2,395,490 $ 951,460 Management fee 972,550 310,060 Brokerage commission 525,062 304,998 Futures account fees 26,697 10,978 Net realized gain (loss) 124,592,646 (44,563,292 ) Change in net unrealized appreciation (depreciation) 80,955,495 20,550,559 Net Income (loss) $ 207,943,631 $ (23,061,273 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a decrease in the value of Henry Hub Natural Gas during the three months ended June 30, 2025. 144 Table of Contents ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 33,912,850 $ 38,712,882 NAV end of period $ 31,567,012 $ 38,226,983 Percentage change in NAV (6.9 )% (1.3 )% Shares outstanding beginning of period 1,050,000 1,250,000 Shares outstanding end of period 1,150,000 1,200,000 Percentage change in shares outstanding 9.5 % (4.0 )% Shares created 300,000 50,000 Shares redeemed 200,000 100,000 Per share NAV beginning of period $ 32.30 $ 30.97 Per share NAV end of period $ 27.45 $ 31.86 Percentage change in per share NAV (15.0 )% 2.9 % Percentage change in benchmark 8.9 % (0.7 )% Benchmark annualized volatility 10.2 % 5.5 % During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV was offset by an increase from 1,050,000 outstanding Shares at March 31, 2025 to 1,150,000 outstanding Shares at June 30, 2025. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,250,000 outstanding Shares at March 31, 2024 to 1,200,000 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 15.0% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 2.9% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 8.9% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 0.7% for the three months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S. dollar during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 224,338 $ 338,894 Management fee 79,062 90,978 Net realized gain (loss) (3,936,874 ) 900,760 Change in net unrealized appreciation (depreciation) (1,538,631 ) (199,005 ) Net Income (loss) $ (5,251,167 ) $ 1,040,649 The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the euro versus the U.S. dollar during the three months ended June 30, 2025. 145 Table of Contents ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 45,122,935 $ 15,170,884 NAV end of period $ 76,838,176 $ 16,131,791 Percentage change in NAV 70.3 % 6.3 % Shares outstanding beginning of period 1,773,489 323,489 Shares outstanding end of period 3,423,421 373,489 Percentage change in shares outstanding 93.0 % 15.5 % Shares created 12,200,000 225,000 Shares redeemed 10,550,068 175,000 Per share NAV beginning of period $ 25.44 $ 46.90 Per share NAV end of period $ 22.44 $ 43.19 Percentage change in per share NAV (11.8 )% (7.9 )% Percentage change in benchmark 5.2 % 4.9 % Benchmark annualized volatility 26.3 % 16.8 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,773,489 outstanding Shares at March 31, 2025 to 3,423,421 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (2x) the daily performance of the Bloomberg Gold Subindex SM . By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 323,489 outstanding Shares at March 31, 2024 to 373,489 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM . For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 11.8% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 7.9% for the three months ended June 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 5.2% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 4.9% for the three months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 504,356 $ 136,135 Management fee 198,669 39,309 Brokerage commission 9,743 1,283 Net realized gain (loss) 5,846,099 (2,516,474 ) Change in net unrealized appreciation (depreciation) 5,933,528 1,264,436 Net Income (loss) $ 12,283,983 $ (1,115,903 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in average net assets, in conjunction with a greater increase in the value of the futures prices during the three months ended June 30, 2025. * See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold. 146 Table of Contents ProShares UltraShort Silver Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 32,867,619 $ 24,245,029 NAV end of period $ 35,410,975 $ 76,198,743 Percentage change in NAV 7.7 % 214.3 % Shares outstanding beginning of period 1,110,264 360,332 Shares outstanding end of period 1,360,264 1,697,832 Percentage change in shares outstanding 22.5 % 371.2 % Shares created 1,500,000 1,900,000 Shares redeemed 1,250,000 562,500 Per share NAV beginning of period $ 29.60 $ 67.29 Per share NAV end of period $ 26.03 $ 44.88 Percentage change in per share NAV (12.1 )% (33.3 )% Percentage change in benchmark 3.7 % 17.8 % Benchmark annualized volatility 33.6 % 38.5 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 1,110,264 outstanding Shares at March 31, 2025 to 1,360,264 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM . By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 360,332 outstanding Shares at March 31, 2024 to 1,697,832 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM . 147 Table of Contents For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 12.1% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 33.3% for the three months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 3.7% for the three months ended June 30, 2025, as compared to the benchmark’s rise of 17.8% for the three months ended June 30, 2024, can be attributed to a lesser increase in the value of the silver futures contracts during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 148,415 $ 444,517 Management fee 72,877 139,041 Brokerage commission 5,790 13,863 Net realized gain (loss) (3,327,232 ) (16,070,138 ) Change in net unrealized appreciation (depreciation) 2,491,447 4,902,824 Net Income (loss) $ (687,370 ) $ (10,722,797 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser increase in the value of futures prices during the three months ended June 30, 2025. ProShares UltraShort Yen Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 26,449,371 $ 32,662,223 NAV end of period $ 20,559,703 $ 47,495,032 Percentage change in NAV (22.3 )% 45.4 % Shares outstanding beginning of period 597,160 797,160 Shares outstanding end of period 497,160 997,160 Percentage change in shares outstanding (16.7 )% 25.1 % Shares created 100,000 400,000 Shares redeemed 200,000 200,000 Per share NAV beginning of period $ 44.29 $ 40.97 Per share NAV end of period $ 41.35 $ 47.63 Percentage change in per share NAV (6.6 )% 16.3 % Percentage change in benchmark 4.2 % (5.9 )% Benchmark annualized volatility 13.7 % 9.0 % 148 Table of Contents During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 597,160 outstanding Shares at March 31, 2025 to 497,160 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the three months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 797,160 outstanding Shares at March 31, 2024 to 997,160 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 6.6% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 16.3% for the three months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 4.2% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 5.9% for the three months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 155,622 $ 359,294 Management fee 53,166 96,949 Net realized gain (loss) (1,138,233 ) 4,417,569 Change in net unrealized appreciation (depreciation) (710,709 ) 1,529,867 Net Income (loss) $ (1,693,320 ) $ 6,306,730 The Fund’s net income decreased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the Japanese yen versus the U.S. dollar during the three months ended June 30, 2025. 149 Table of Contents ProShares VIX Mid-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 34,246,807 $ 84,603,064 NAV end of period $ 21,537,610 $ 33,401,452 Percentage change in NAV (37.1 )% (60.5 )% Shares outstanding beginning of period 2,162,403 5,337,403 Shares outstanding end of period 1,287,403 2,337,403 Percentage change in shares outstanding (40.5 )% (56.2 )% Shares created 25,000 5,250,000 Shares redeemed 900,000 8,250,000 Per share NAV beginning of period $ 15.84 $ 15.85 Per share NAV end of period $ 16.73 $ 14.29 Percentage change in per share NAV 5.6 % (9.9 )% Percentage change in benchmark 6.1 % (9.5 )% Benchmark annualized volatility 50.3 % 19.6 % During the three months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 2,162,403 outstanding Shares at March 31, 2025 to 1,287,403 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 5,337,403 outstanding Shares at March 31, 2024 to 2,337,403 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 5.6% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 9.9% for the three months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. The benchmark’s rise of 6.1% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 9.5% for the three months ended June 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 159,534 $ 838,943 Management fee 49,547 191,320 Brokerage commission 5,909 66,049 Futures account fees 2,004 10,537 Net realized gain (loss) 4,727,074 (8,949,418 ) Change in net unrealized appreciation (depreciation) (1,835,417 ) 1,095,379 Net Income (loss) $ 3,051,191 $ (7,015,096 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to an increase in the value of the futures prices during the three months ended June 30, 2025. 150 Table of Contents ProShares VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 NAV beginning of period $ 162,998,741 $ 162,936,051 NAV end of period $ 164,541,842 $ 148,420,028 Percentage change in NAV 0.9 % (8.9 )% Shares outstanding beginning of period 3,241,252 3,150,237 Shares outstanding end of period 3,516,252 3,425,237 Percentage change in shares outstanding 8.5 % 8.7 % Shares created 2,500,000 925,000 Shares redeemed 2,225,000 650,000 Per share NAV beginning of period $ 50.29 $ 51.72 Per share NAV end of period $ 46.79 $ 43.33 Percentage change in per share NAV (7.0 )% (16.2 )% Percentage change in benchmark (6.5 )% (15.8 )% Benchmark annualized volatility 114.0 % 41.2 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 3,241,252 outstanding Shares at March 31, 2025 to 3,516,252 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the three months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 3,150,237 outstanding Shares at March 31, 2024 to 3,425,237 outstanding Shares at June 30, 2024. For the three months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV decrease of 7.0% for the three months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 16.2% for the three months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the three months ended June 30, 2025. 151 Table of Contents The benchmark’s decline of 6.5% for the three months ended June 30, 2025, as compared to the benchmark’s decline of 15.8% for the three months ended June 30, 2024, can be attributed to a lesser decrease in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the three months ended June 30, 2025 and 2024: Three Months Ended June 30, 2025 Three Months Ended June 30, 2024 Net investment income (loss) $ 763,347 $ 1,239,189 Management fee 286,187 310,061 Brokerage commission 117,436 39,404 Futures account fees 22,263 31,267 Net realized gain (loss) 44,564,970 (27,512,354 ) Change in net unrealized appreciation (depreciation) (21,523,329 ) 4,022,209 Net Income (loss) $ 23,804,988 $ (22,250,956 ) The Fund’s net income increased for the three months ended June 30, 2025 as compared to the three months ended June 30, 2024, primarily due to a lesser decrease in the value of the futures prices, during the three months ended June 30, 2025. 152 Table of Contents Results of Operations for the Six Months Ended June 30, 2025 Compared to the Six Months Ended June 30, 2024 ProShares Short VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 266,090,233 $ 267,184,359 NAV end of period $ 279,925,400 $ 298,712,515 Percentage change in NAV 5.2 % 11.8 % Shares outstanding beginning of period 5,318,614 5,168,614 Shares outstanding end of period 6,568,614 4,868,614 Percentage change in shares outstanding 23.5 % (5.8 )% Shares created 18,650,000 2,750,000 Shares redeemed 17,400,000 3,050,000 Per share NAV beginning of period $ 50.03 $ 51.69 Per share NAV end of period $ 42.62 $ 61.35 Percentage change in per share NAV (14.8 )% 18.7 % Percentage change in benchmark 5.1 % (29.4 )% Benchmark annualized volatility 94.3 % 40.3 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,318,614 outstanding Shares at December 31, 2024 to 6,568,614 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one-half the inverse (-0.5x) of the daily performance of the S&P 500 VIX Short-Term Futures Index. The increase in the Fund’s NAV was offset by a decrease from 5,168,614 outstanding Shares at December 31, 2023 to 4,868,614 outstanding Shares at June 30, 2024. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 0.5x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 14.8% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 18.7% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 5.1% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 29.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025. 153 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 3,906,240 $ 4,981,551 Management fee 1,528,502 1,443,041 Brokerage commission 332,745 341,916 Futures account fees 53,156 —  Net realized gain (loss) (17,634,393 ) 55,276,535 Change in net unrealized appreciation (depreciation) 13,394,285 (8,822,042 ) Net Income (loss) $ (333,868 ) $ 51,436,044 The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of futures prices during the six months ended June 30, 2025. ProShares Ultra Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 523,420,064 $ 652,793,437 NAV end of period $ 420,493,513 $ 527,486,095 Percentage change in NAV (19.7 )% (19.2 )% Shares outstanding beginning of period 19,043,096 24,843,096 Shares outstanding end of period 18,693,096 15,743,096 Percentage change in shares outstanding (1.8 )% (36.6 )% Shares created 14,900,000 9,100,000 Shares redeemed 15,250,000 18,200,000 Per share NAV beginning of period $ 27.49 $ 26.28 Per share NAV end of period $ 22.49 $ 33.51 Percentage change in per share NAV (18.2 )% 27.5 % Percentage change in benchmark (8.1 )% 13.3 % Benchmark annualized volatility 28.8 % 19.5 % During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . The decrease in the Fund’s NAV also resulted in part from a decrease from 19,043,096 outstanding Shares at December 31, 2024 to 18,693,096 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 24,843,096 outstanding Shares at December 31, 2023 to 15,743,096 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 27.5% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. 154 Table of Contents The benchmark’s decline of 8.1% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 13.3% for the six months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 4,721,193 $ 8,590,065 Management fee 1,916,607 2,821,804 Brokerage commission 107,916 104,780 Net realized gain (loss) (13,075,023 ) 100,088,722 Change in net unrealized appreciation (depreciation) (41,800,136 ) 54,345,016 Net Income (loss) $ (50,153,966 ) $ 163,023,803 The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due a decrease in the value of WTI Crude Oil during the six months ended June 30, 2025. ProShares Ultra Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 396,081,499 $ 729,892,808 NAV end of period $ 334,757,794 $ 540,643,821 Percentage change in NAV (15.5 )% (25.9 )% Shares outstanding beginning of period 7,223,047 5,113,709 Shares outstanding end of period 7,223,047 6,933,709 Percentage change in shares outstanding —  % 35.6 % Shares created 18,450,000 12,890,000 Shares redeemed 18,450,000 11,070,000 Per share NAV beginning of period $ 54.84 $ 142.73 Per share NAV end of period $ 46.35 $ 77.97 Percentage change in per share NAV (15.5 )% (45.4 )% Percentage change in benchmark 2.2 % (18.8 )% Benchmark annualized volatility 61.3 % 55.3 % During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . There was no net change in the Fund’s outstanding Shares from December 31, 2024 to June 30, 2025. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Natural Gas Subindex SM . The decrease in the Fund’s NAV was offset by an increase from 5,113,709 outstanding Shares at December 31, 2023 to 6,933,709 outstanding Shares at June 30, 2024. 155 Table of Contents For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 15.5% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 45.4% for the six months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 2.2% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 18.8% for the six months ended June 30, 2024, can be attributed to an increase in the value of Henry Hub Natural Gas during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 3,041,429 $ 8,466,890 Management fee 1,251,579 2,773,307 Brokerage commission 571,013 1,488,469 Futures account fees 116,609 142,161 Net realized gain (loss) 210,262,895 (30,408,733 ) Change in net unrealized appreciation (depreciation) (127,033,885 ) (196,656,346 ) Net Income (loss) $ 86,270,439 $ (218,598,189 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of Henry Hub Natural Gas during the six months ended June 30, 2025. 156 Table of Contents ProShares Ultra Euro Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 5,751,156 $ 7,114,015 NAV end of period $ 8,708,069 $ 5,595,533 Percentage change in NAV 51.4 % (21.3 )% Shares outstanding beginning of period 550,000 600,000 Shares outstanding end of period 650,000 500,000 Percentage change in shares outstanding 18.2 % (16.7 )% Shares created 200,000 100,000 Shares redeemed 100,000 200,000 Per share NAV beginning of period $ 10.46 $ 11.86 Per share NAV end of period $ 13.40 $ 11.19 Percentage change in per share NAV 28.1 % (5.6 )% Percentage change in benchmark 13.7 % (3.0 )% Benchmark annualized volatility 9.6 % 5.2 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. The increase in the Fund’s NAV also resulted in part from an increase from 550,000 outstanding Shares at December 31, 2024 to 650,000 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 600,000 outstanding Shares at December 31, 2023 to 500,000 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the euro versus the U.S. dollar. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 28.1% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 5.6% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 13.7% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 3.0% for the six months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S. dollar during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 84,153 $ 119,424 Management fee 29,891 29,879 Net realized gain (loss) 777,150 (74,776 ) Change in net unrealized appreciation (depreciation) 610,648 (447,347 ) Net Income (loss) $ 1,471,951 $ (402,699 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the euro versus the U.S. dollar during the six months ended June 30, 2025. 157 Table of Contents ProShares Ultra Gold* Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 289,709,332 $ 191,502,023 NAV end of period $ 485,005,243 $ 216,456,025 Percentage change in NAV 67.4 % 13.0 % Shares outstanding beginning of period 12,400,000 12,000,000 Shares outstanding end of period 14,100,000 11,200,000 Percentage change in shares outstanding 13.7 % (6.7 )% Shares created 10,650,000 3,200,000 Shares redeemed 8,950,000 4,000,000 Per share NAV beginning of period $ 23.36 $ 15.96 Per share NAV end of period $ 34.40 $ 19.33 Percentage change in per share NAV 47.2 % 21.1 % Percentage change in benchmark 24.4 % 12.7 % Benchmark annualized volatility 21.0 % 14.3 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Funds’s NAV also resulted in part by an increase from 12,400,000 outstanding Shares at December 31, 2024 to 14,100,000 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Gold Subindex SM . The increase in the Fund’s NAV was offset by a decrease from 12,000,000 outstanding Shares at December 31, 2023 to 11,200,000 outstanding Shares at June 30, 2024. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 47.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 21.1% for the six months ended June 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 24.4% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 12.7% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025. 158 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 6,751,521 $ 3,832,287 Management fee 2,061,122 982,991 Brokerage commission 45,879 17,996 Net realized gain (loss) 144,586,702 50,042,103 Change in net unrealized appreciation (depreciation) (5,429,584 ) (14,505,497 ) Net Income (loss) $ 145,908,639 $ 39,368,893 The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a greater increase in futures prices, during the six months ended June 30, 2025. * See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the forward Share split for ProShares Ultra Gold. ProShares Ultra Silver Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 562,083,293 $ 390,146,373 NAV end of period $ 708,196,011 $ 570,829,521 Percentage change in NAV 26.0 % 46.3 % Shares outstanding beginning of period 16,746,526 14,296,526 Shares outstanding end of period 15,046,526 15,246,526 Percentage change in shares outstanding (10.2 )% 6.6 % Shares created 9,850,000 7,450,000 Shares redeemed 11,550,000 6,500,000 Per share NAV beginning of period $ 33.56 $ 27.29 Per share NAV end of period $ 47.07 $ 37.44 Percentage change in per share NAV 40.2 % 37.2 % Percentage change in benchmark 22.9 % 22.3 % Benchmark annualized volatility 29.4 % 31.2 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . The increase in the Fund’s NAV was offset by a decrease from 16,746,526 outstanding Shares at December 31, 2024 to 15,046,526 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the Bloomberg Silver Subindex SM . The increase in the Fund’s NAV also resulted in part from an increase from 14,296,526 outstanding Shares at December 31, 2023 to 15,246,526 outstanding Shares at June 30, 2024. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 40.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 37.2% for the six months ended June 30, 2024, was primarily due to a greater appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. 159 Table of Contents The benchmark’s rise of 22.9% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 22.3% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of silver futures contracts during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 9,008,749 $ 7,677,640 Management fee 3,001,678 2,118,718 Brokerage commission 104,828 84,222 Net realized gain (loss) 153,909,618 216,214,526 Change in net unrealized appreciation (depreciation) 65,780,286 (65,670,658 ) Net Income (loss) $ 228,698,653 $ 158,221,508 The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due a greater increase in the value of futures prices during the six months ended June 30, 2025. 160 Table of Contents ProShares Ultra VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 284,452,060 $ 348,555,743 NAV end of period $ 579,408,908 $ 232,135,198 Percentage change in NAV 103.7 % (33.4 )% Shares outstanding beginning of period 13,693,643 8,264,892 Shares outstanding end of period 30,993,643 9,843,643 Percentage change in shares outstanding 126.3 % 19.1 % Shares created 84,700,000 9,850,000 Shares redeemed 67,400,000 8,271,248 Per share NAV beginning of period $ 20.77 $ 42.17 Per share NAV end of period $ 18.69 $ 23.58 Percentage change in per share NAV (10.0 )% (44.1 )% Percentage change in benchmark 5.1 % (29.4 )% Benchmark annualized volatility 94.3 % 40.3 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 13,693,643 outstanding Shares at December 31, 2024 to 30,993,643 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to one and one-half times (1.5x) the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 8,264,892 outstanding Shares at December 31, 2023 to 9,843,643 outstanding Shares at June 30, 2024. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 1.5x of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 10.0% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 44.1% for the six months ended June 30, 2024, was primarily due to a lesser depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 5.1% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 29.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of near-term futures contracts on the VIX futures curve during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 2,227,608 $ 2,781,434 Management fee 1,742,735 1,221,345 Brokerage commission 1,508,883 941,152 Futures account fees 213,163 150,134 Net realized gain (loss) 155,964,717 (148,405,278 ) Change in net unrealized appreciation (depreciation) (69,359,376 ) 24,979,009 Net Income (loss) $ 88,832,949 $ (120,644,835 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of futures prices during the six months ended June 30, 2025. 161 Table of Contents ProShares Ultra Yen Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 44,505,646 $ 30,205,770 NAV end of period $ 66,461,439 $ 44,510,138 Percentage change in NAV 49.3 % 47.4 % Shares outstanding beginning of period 2,199,970 1,099,970 Shares outstanding end of period 2,849,970 2,199,970 Percentage change in shares outstanding 29.5 % 100.0 % Shares created 1,250,000 1,300,000 Shares redeemed 600,000 200,000 Per share NAV beginning of period $ 20.23 $ 27.46 Per share NAV end of period $ 23.32 $ 20.23 Percentage change in per share NAV 15.3 % (26.3 )% Percentage change in benchmark 9.3 % (12.4 )% Benchmark annualized volatility 11.4 % 8.4 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,199,970 outstanding Shares at December 31, 2024 to 2,849,970 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 1,099,970 outstanding Shares at December 31, 2023 to 2,199,970 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times (2x) the daily performance of the spot price of the Japanese yen versus the U.S. dollar. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the daily performance of its benchmark. The Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 26.3% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 9.3% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 12.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2025. 162 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 817,655 $ 677,203 Management fee 290,779 176,608 Net realized gain (loss) 3,070,845 (7,397,198 ) Change in net unrealized appreciation (depreciation) 4,951,669 (4,421,343 ) Net Income (loss) $ 8,840,169 $ (11,141,338 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S. dollar during the six months ended June 30, 2025. ProShares UltraShort Bloomberg Crude Oil Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 121,997,334 $ 188,963,592 NAV end of period $ 135,277,470 $ 177,620,038 Percentage change in NAV 10.9 % (6.0 )% Shares outstanding beginning of period 7,205,220 9,105,220 Shares outstanding end of period 7,505,220 11,405,220 Percentage change in shares outstanding 4.2 % 25.3 % Shares created 20,000,000 12,650,000 Shares redeemed 19,700,000 10,350,000 Per share NAV beginning of period $ 16.93 $ 20.75 Per share NAV end of period $ 18.02 $ 15.57 Percentage change in per share NAV 6.5 % (25.0 )% Percentage change in benchmark (8.1 )% 13.3 % Benchmark annualized volatility 28.8 % 19.5 % 163 Table of Contents During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . The increase in the Fund’s NAV also resulted in part from an increase from 7,205,220 outstanding Shares at December 31, 2024 to 7,505,220 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Commodity Balanced WTI Crude Oil Index SM . The decrease in the Fund’s NAV was offset by an increase from 9,105,220 outstanding Shares at December 31, 2023 to 11,405,220 outstanding Shares at June 30, 2024. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV increase of 6.5% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 25.0% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s decline of 8.1% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 13.3% for the six months ended June 30, 2024, can be attributed to a decrease in the value of WTI Crude Oil during the period ended June 30, 2025. 164 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 2,212,411 $ 3,542,907 Management fee 775,568 892,340 Brokerage commission 123,198 97,800 Net realized gain (loss) 41,143,529 (12,652,246 ) Change in net unrealized appreciation (depreciation) 17,511,380 (36,001,228 ) Net Income (loss) $ 60,867,320 $ (45,110,567 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a decrease in the value of WTI Crude Oil, during the six months ended June 30, 2025. ProShares UltraShort Bloomberg Natural Gas Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 260,940,143 $ 140,963,092 NAV end of period $ 283,266,637 $ 147,292,427 Percentage change in NAV 8.6 % 4.5 % Shares outstanding beginning of period 5,983,712 2,933,712 Shares outstanding end of period 11,133,712 2,983,712 Percentage change in shares outstanding 86.1 % 1.7 % Shares created 65,750,000 14,000,000 Shares redeemed 60,600,000 13,950,000 Per share NAV beginning of period $ 43.61 $ 48.05 Per share NAV end of period $ 25.44 $ 49.37 Percentage change in per share NAV (41.7 )% 2.8 % Percentage change in benchmark 2.2 % (18.8 )% Benchmark annualized volatility 61.3 % 55.3 % 165 Table of Contents During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 5,983,712 outstanding Shares at December 31, 2024 to 11,133,712 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM . By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 2,933,712 outstanding Shares at December 31, 2023 to 2,983,712 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Natural Gas Subindex SM . For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 41.7% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 2.8% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 2.2% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 18.8% for the six months ended June 30, 2024, can be attributed to an increase in the value of Henry Hub Natural Gas during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 5,201,181 $ 1,758,807 Management fee 2,059,769 572,504 Brokerage commission 1,029,562 566,252 Futures account fees 72,737 27,011 Net realized gain (loss) (97,235,066 ) 89,322 Change in net unrealized appreciation (depreciation) 66,357,458 44,377,047 Net Income (loss) $ (25,676,427 ) $ 46,225,176 The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of Henry Hub Natural Gas during the six months ended June 30, 2025. 166 Table of Contents ProShares UltraShort Euro Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 41,892,674 $ 39,367,550 NAV end of period $ 31,567,012 $ 38,226,983 Percentage change in NAV (24.6 )% (2.9 )% Shares outstanding beginning of period 1,200,000 1,350,000 Shares outstanding end of period 1,150,000 1,200,000 Percentage change in shares outstanding (4.2 )% (11.1 )% Shares created 350,000 50,000 Shares redeemed 400,000 200,000 Per share NAV beginning of period $ 34.91 $ 29.16 Per share NAV end of period $ 27.45 $ 31.86 Percentage change in per share NAV (21.4 )% 9.2 % Percentage change in benchmark 13.7 % (3.0 )% Benchmark annualized volatility 9.6 % 5.2 % During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 1,200,000 outstanding Shares at December 31, 2024 to 1,150,000 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,350,000 outstanding Shares at December 31, 2023 to 1,200,000 outstanding Shares at June 30, 2024. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the euro versus the U.S. dollar. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 21.4% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 9.2% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 13.7% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 3.0% for the six months ended June 30, 2024, can be attributed to an increase in the value of the euro versus the U.S. dollar during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 482,445 $ 701,961 Management fee 169,010 186,228 Net realized gain (loss) (5,567,827 ) (38,460 ) Change in net unrealized appreciation (depreciation) (2,883,349 ) 2,768,728 Net Income (loss) $ (7,968,731 ) $ 3,432,229 The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the euro versus the U.S. dollar during the six months ended June 30, 2025. 167 Table of Contents ProShares UltraShort Gold* Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 16,624,428 $ 11,795,779 NAV end of period $ 76,838,176 $ 16,131,791 Percentage change in NAV 362.2 % 36.8 % Shares outstanding beginning of period 473,489 223,489 Shares outstanding end of period 3,423,421 373,489 Percentage change in shares outstanding 623.0 % 67.1 % Shares created 13,700,000 325,000 Shares redeemed 10,750,068 175,000 Per share NAV beginning of period $ 35.11 $ 52.78 Per share NAV end of period $ 22.44 $ 43.19 Percentage change in per share NAV (36.1 )% (18.2 )% Percentage change in benchmark 24.4 % 12.7 % Benchmark annualized volatility 21.0 % 14.3 % During the three months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 473,489 outstanding Shares at March 31, 2025 to 3,423,421 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (2x) the daily performance of the Bloomberg Gold Subindex SM . By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 223,489 outstanding Shares at December 31, 2023 to 373,489 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Gold Subindex SM . For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 36.1% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 18.2% for the six months ended June 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 24.4% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 12.7% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of gold futures contracts during the period ended June 30, 2025. 168 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 657,204 $ 246,002 Management fee 256,449 71,710 Brokerage commission 11,822 2,218 Net realized gain (loss) 2,403,495 (3,914,287 ) Change in net unrealized appreciation (depreciation) 1,607,812 919,857 Net Income (loss) $ 4,668,511 $ (2,748,428 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in average net assets, in conjunction with a greater increase in the value of the futures prices during the six months ended June 30, 2025. * See Note 1 of the Notes to Financial Statements in Item 1 of part I in this Quarterly Report on Form 10-Q regarding the reverse Share split for ProShares UltraShort Gold. ProShares UltraShort Silver Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 23,752,619 $ 65,149,686 NAV end of period $ 35,410,975 $ 76,198,743 Percentage change in NAV 49.1 % 17.0 % Shares outstanding beginning of period 560,264 897,832 Shares outstanding end of period 1,360,264 1,697,832 Percentage change in shares outstanding 142.8 % 89.1 % Shares created 2,650,000 2,250,000 Shares redeemed 1,850,000 1,450,000 Per share NAV beginning of period $ 42.40 $ 72.56 Per share NAV end of period $ 26.03 $ 44.88 Percentage change in per share NAV (38.6 )% (38.2 )% Percentage change in benchmark 22.9 % 22.3 % Benchmark annualized volatility 29.4 % 31.2 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 560,264 outstanding Shares at December 31, 2024 to 1,360,264 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM . By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 897,832 outstanding Shares at December 31, 2023 to 1,697,832 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the Bloomberg Silver Subindex SM . 169 Table of Contents For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 38.6% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 38.2% for the six months ended June 30, 2024, was primarily due to a greater depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 22.9% for the six months ended June 30, 2025, as compared to the benchmark’s rise of 22.3% for the six months ended June 30, 2024, can be attributed to a greater increase in the value of the silver futures contracts during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 260,570 $ 728,788 Management fee 134,248 230,179 Brokerage commission 10,119 19,887 Net realized gain (loss) (6,436,218 ) (10,290,118 ) Change in net unrealized appreciation (depreciation) (2,560,601 ) 3,484,222 Net Income (loss) $ (8,736,249 ) $ (6,077,108 ) The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to a greater increase in the value of futures prices during the six months ended June 30, 2025. 170 Table of Contents ProShares UltraShort Yen Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 26,080,295 $ 24,010,010 NAV end of period $ 20,559,703 $ 47,495,032 Percentage change in NAV (21.2 )% 97.8 % Shares outstanding beginning of period 547,160 697,160 Shares outstanding end of period 497,160 997,160 Percentage change in shares outstanding (9.1 )% 43.0 % Shares created 250,000 600,000 Shares redeemed 300,000 300,000 Per share NAV beginning of period $ 47.66 $ 34.44 Per share NAV end of period $ 41.35 $ 47.63 Percentage change in per share NAV (13.2 )% 38.3 % Percentage change in benchmark 9.3 % (12.4 )% Benchmark annualized volatility 11.4 % 8.4 % During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. The decrease in the Fund’s NAV also resulted in part from a decrease from 547,160 outstanding Shares at December 31, 2024 to 497,160 outstanding Shares at June 30, 2025. By comparison, during the six months ended June 30, 2024, the increase in the Fund’s NAV resulted primarily from an increase from 697,160 outstanding Shares at December 31, 2023 to 997,160 outstanding Shares at June 30, 2024. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to two times the inverse (-2x) of the daily performance of the spot price of the Japanese yen versus the U.S. dollar. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to 2x of the inverse of the daily performance of its benchmark. The Fund’s per Share NAV decrease of 13.2% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV increase of 38.3% for the six months ended June 30, 2024, was primarily due to a depreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 9.3% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 12.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of the Japanese yen versus the U.S. dollar during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 310,658 $ 608,578 Management fee 107,103 163,082 Net realized gain (loss) (1,296,927 ) 6,126,381 Change in net unrealized appreciation (depreciation) (2,515,360 ) 4,468,019 Net Income (loss) $ (3,501,629 ) $ 11,202,978 The Fund’s net income decreased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due an increase in the value of the Japanese yen versus the U.S. dollar during the six months ended June 30, 2025. 171 Table of Contents ProShares VIX Mid-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 28,111,210 $ 37,866,143 NAV end of period $ 21,537,610 $ 33,401,452 Percentage change in NAV (23.4 )% (11.8 )% Shares outstanding beginning of period 1,937,403 2,262,403 Shares outstanding end of period 1,287,403 2,337,403 Percentage change in shares outstanding (33.6 )% 3.3 % Shares created 1,325,000 8,625,000 Shares redeemed 1,975,000 8,550,000 Per share NAV beginning of period $ 14.51 $ 16.74 Per share NAV end of period $ 16.73 $ 14.29 Percentage change in per share NAV 15.3 % (14.6 )% Percentage change in benchmark 16.2 % (13.8 )% Benchmark annualized volatility 41.7 % 19.3 % During the six months ended June 30, 2025, the decrease in the Fund’s NAV resulted primarily from a decrease from 1,937,403 outstanding Shares at December 31, 2024 to 1,287,403 outstanding Shares at June 30, 2025. The decrease in the Fund’s NAV was offset by the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Mid-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 2,262,403 outstanding Shares at December 31, 2023 to 2,337,403 outstanding Shares at June 30, 2024. For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 15.3% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 14.6% for the six months ended June 30, 2024, was primarily due to appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 16.2% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 13.8% for the six months ended June 30, 2024, can be attributed to an increase in the value of the futures contracts that made the S&P 500 VIX Mid-Term Futures Index during the period ended June 30, 2025. 172 Table of Contents Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 360,994 $ 1,231,053 Management fee 113,521 288,207 Brokerage commission 18,454 86,212 Futures account fees 5,124 16,541 Net realized gain (loss) 5,434,266 (15,054,609 ) Change in net unrealized appreciation (depreciation) (210,933 ) 3,885,170 Net Income (loss) $ 5,584,327 $ (9,938,386 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of the futures prices during the six months ended June 30, 2025. ProShares VIX Short-Term Futures ETF Fund Performance The following table provides summary performance information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 NAV beginning of period $ 133,641,615 $ 157,321,746 NAV end of period $ 164,541,842 $ 148,420,028 Percentage change in NAV 23.1 % (5.7 )% Shares outstanding beginning of period 2,966,252 2,537,737 Shares outstanding end of period 3,516,252 3,425,237 Percentage change in shares outstanding 18.5 % 35.0 % Shares created 7,225,000 1,875,000 Shares redeemed 6,675,000 987,500 Per share NAV beginning of period $ 45.05 $ 61.99 Per share NAV end of period $ 46.79 $ 43.33 Percentage change in per share NAV 3.9 % (30.1 )% Percentage change in benchmark 5.1 % (29.4 )% Benchmark annualized volatility 94.3 % 40.3 % During the six months ended June 30, 2025, the increase in the Fund’s NAV resulted primarily from an increase from 2,966,252 outstanding Shares at December 31, 2024 to 3,516,252 outstanding Shares at June 30, 2025. The increase in the Fund’s NAV also resulted in part from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. By comparison, during the six months ended June 30, 2024, the decrease in the Fund’s NAV resulted primarily from the cumulative effect of the Fund seeking daily investment results, before fees and expenses, that correspond to the daily performance of the S&P 500 VIX Short-Term Futures Index. The decrease in the Fund’s NAV was offset by an increase from 2,537,737 outstanding Shares at December 31, 2023 to 3,425,237 outstanding Shares at June 30, 2024. 173 Table of Contents For the six months ended June 30, 2025 and 2024, the Fund’s daily performance had a statistical correlation over 0.99 to the daily performance of its benchmark. The Fund’s per Share NAV increase of 3.9% for the six months ended June 30, 2025, as compared to the Fund’s per Share NAV decrease of 30.1% for the six months ended June 30, 2024, was primarily due to an appreciation in the value of the assets held by the Fund during the six months ended June 30, 2025. The benchmark’s rise of 5.1% for the six months ended June 30, 2025, as compared to the benchmark’s decline of 29.4% for the six months ended June 30, 2024, can be attributed to an increase in the value of the near-term futures contracts on the VIX futures curve during the period ended June 30, 2025. Net Income/Loss The following table provides summary income information for the Fund for the six months ended June 30, 2025 and 2024: Six Months Ended June 30, 2025 Six Months Ended June 30, 2024 Net investment income (loss) $ 1,722,025 $ 2,587,545 Management fee 652,682 646,437 Brokerage commission 288,163 79,663 Futures account fees 88,661 64,538 Net realized gain (loss) 76,774,233 (59,266,488 ) Change in net unrealized appreciation (depreciation) (14,541,848 ) 6,991,389 Net Income (loss) $ 63,954,410 $ (49,687,554 ) The Fund’s net income increased for the six months ended June 30, 2025 as compared to the six months ended June 30, 2024, primarily due to an increase in the value of the futures prices during the six months ended June 30, 2025. 174 Table of Contents